Commercial property/casualty premium increases in the second quarter 2024 were flat or down from the previous quarter for all lines of business—evidence of a softening insurance market, according to The Council of Insurance Agents & Brokers (CIAB) quarterly survey. Premiums …
Due to the limited amount of impacted companies with insurance and the deployment of a quick fix to mitigate losses, Guy Carpenter said the insured losses from the CrowdStrike outage is likely between $300 million and $1 billion. The reinsurance …
Due to the limited amount of impacted companies with insurance and the deployment of a quick fix to mitigate losses, Guy Carpenter said the insured losses from the CrowdStrike outage is likely between $300 million and $1 billion. The leading …
The formal split of its life and retirement business Corebridge Financial resulted in a second quarter net loss of nearly $4 billion for American International Group (AIG). The deconsolidation and divestitures from last year affected AIG’s general insurance underwriting income, …
Verisk’s Property Claim Services unit confirmed reports it has designated the recent global information technology outage as a cyber catastrophe event. With the designation, PCS Global Cyber believes what has come to be known as the CrowdStrike event will cause …
Insurer Nationwide said late last week that it is reducing its headcount by about 5% over the next year. “We can’t speculate on the total number of job impacts,” said Nationwide in a statement. “Eligible associates are able to apply …
Allstate’s National General auto insurance brand has been sued by the U.S. Department of Justice over allegations that National General and subsidiaries “engaged in a scheme to defraud customers” by putting its insurance product onto vehicles financed by Wells Fargo. …
W.R. Berkley CEO W. Robert Berkley, Jr. said the company does not see last week’s global network systems outage “being a material loss to the organization.” “I would be surprised if we didn’t have any loss activity, but we certainly …
Chubb said second quarter net income was up more than 24% to about $2.2 billion despite higher catastrophe losses than a year ago. Catastrophe losses for the second quarter were $580 million, pretax, compared to $400 million last year during …
Industry stakeholders continue to try to get a grasp of the implications from last week’s massive technology outage affecting motley industries around the world, but the theme of policy language is reoccurring for a cyber insurance industry not known for …
