Features

ILS Market Could Bear 20% of Hurricanes Harvey, Irma, Marie Loss: A.M. Best

The insurance-linked securities (ILS) market potentially could bear up 20 percent of the insured losses generated by Hurricanes Harvey, Irma and Marie, according to an A.M. Best report. These three hurricanes during a two-month period in 2017 now serve as …

Michigan Offering Matching Grants for Workplace Safety, Health Improvements

Matching grants of up to $5,000 to improve workplace safety and health are being made available to Michigan companies that have up to 250 employees. Administered by the Michigan’s Occupational Safety and Health Administration (MIOSHA), the goal of the MIOSHA …

19% Workers’ Comp Rate Decrease Proposed for Tennessee

The National Council on Compensation Insurance (NCCI) has filed for a 19.1 percent decrease for workers’ compensation voluntary market loss costs in Tennessee – the largest recommended decrease since reforms to the state’s workers’ compensation system were passed in 2013. …

State Farm Settles, Avoids Racketeering Trial

Insurance giant State Farm on Sept.4 reached a $250 million preliminary settlement in a federal class-action lawsuit claiming the company funneled money to the campaign of an Illinois Supreme Court candidate. The lawsuit filed in U.S. District Court in East …

Florida Workers’ Comp Rates Going Down Again, But Future Challenges Remain

Florida businesses could see another significant rate decrease in workers’ compensation rates next year if Florida regulators approve the latest filing from the National Council on Compensation Insurance (NCCI). But the trend of lower rates may not last for long …

State Farm to Cut Rates in New York

State Farm Mutual Automobile Insurance Co. has announced plans to cut its rates in New York state. As a result, the company’s overall personal auto rate in New York will drop by 3.4 percent. The total statewide expected impact for …

San Francisco May Screen Insurers for Their Fossil Fuels Investments

The San Francisco Board of Supervisors has become what is believed to be the first U.S. municipal body to try to force insurance companies to stop insuring and investing in fossil fuels. In July, the board voted unanimously in favor …

State Farm Purchases Naming Rights to Atlanta Hawks Arena

Philips Arena in Atlanta is being renamed for State Farm after a $192.5 million renovation. The Atlanta Hawks and the insurance company announced Aug. 29 they have reached a 20-year deal on naming rights for the arena, currently in the …

Rhode Island’s ProTucket Launches First Cell with $35M Surplus Funding

Pro US Holdings, the sole shareholder and immediate parent of ProTucket Insurance Company — the insurance carrier established in Rhode Island to provide run-off transfer solutions in the U.S. — has contributed $35 million of funding to ProTucket Insurance Co. …

Agencies Focus on Growing Larger Accounts: Channel Harvest Survey

Independent agents and brokers are focusing on growing the average size of their commercial lines accounts, according to “Agent Voices 2018,” a report based on a survey conducted earlier this year and cosponsored by Channel Harvest Research and Insurance Journal. …

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