Insurance Information Institute News

Lloyd’s U.S. Chief Says They’re Ready to Get into Canadian Cannabis Market

Lloyd’s is set to get into Canada’s cannabis market when recreational marijuana becomes legal there on Oct. 17, according to Hank Watkins, president of Lloyd’s America Inc. Watkins was speaking today at the 2018 Insurance Forum, an annual event in …

IIAV ‘Redoubling’ Hurricane Preparedness Efforts Since Following Harvey’s Texas Impact

The Independent Insurance Agents of Virginia (IIAV) is motivated to “redouble its efforts” around hurricane preparedness, particularly as it relates to flood damage, since following Hurricane Harvey’s impact in Texas, according to President and CEO Robert Bradshaw in an emailed …

Hurricane Harvey’s Flood Insurance Losses Could Match Katrina’s

Flood damage in Texas from Hurricane Harvey may equal that from 2005’s Hurricane Katrina, the costliest natural disaster in U.S. history, said an insurance research group on Sunday. As heavy rain pounded Houston and Texas’s coastal counties, the Insurance Information …

Watchdog Group Wants California to Look into Claims in ProPublica Report

Consumer Watchdog, a California-based advocacy group, is asking the state’s insurance commissioner to open an investigation into the alleged redlining uncovered by a ProPublica report that claims that four auto insurance companies in California mark up prices by as much …

P/C Insurance Executives Express Cautious Optimism for 2017

A panel of financial experts discussed the opportunities and challenges they see ahead in 2017 at the Insurance Information Institute’s (III) 21st Annual Property and Casualty Insurance Joint Industry Forum, held last week at the Waldorf-Astoria in New York. The …

Fintech Firms Alibaba, Tencent Support China’s New Cyber Law Despite Foreign Opposition

China’s Alibaba Group Holding Ltd. and Tencent Holdings Ltd. rallied behind Beijing’s recently imposed cyber security law on Thursday, following criticism of it from overseas technology rivals. The country’s two tech giants also urged closer cooperation between the public and …

China’s Cyber Security Law Could Hamper Foreign Business: P/C Industry Reps

China’s new wide-ranging cyber security law is drawing some serious apprehension from the U.S. property/casualty insurance industry. Trade associations and experts alike caution that it will create business obstacles in the world’s second-largest economy. “Most insurers already find China a …

Insurance Industry Collaboration Key to Facing Disruption, III CEO Says

In an increasingly connected and globalized world, the insurance industry needs to work together to understand and accommodate the many disruptions it faces today and in the future, according to Sean Kevelighan, CEO of the Insurance Information Institute (III), during …

Schwarzenegger Discusses Risk at California Insurance Forum

It turns out characters like Conan the Barbarian, the cyborg from Terminator and Dutch the protagonist in the original “Predator” movie, know a thing or two about risk. Definitely the actor who portrayed them does. Actor Arnold Schwarzenegger on Monday …

Schwarzenegger, Hartwig to Headline May Southern California Symposium

Former California Gov. Arnold Schwarzenegger will headline an event next month at a Southern California university to benefit insurance students. Schwarzenegger will be joined by Robert Hartwig, an economist and president of the Insurance Information Institute, who could be making …