Business Insurance

Insurers Should Be Ready for Global Average Disaster Losses of $123 Billion

The global insurance industry should be prepared for insured losses from natural catastrophes well in excess of $100 billion every year, according to the 2022 Global Modeled Catastrophe Losses Report from Verisk Extreme Event Solutions. In fact, the latest analysis, which uses Verisk’s models released in June 2022 and a global suite of industry exposure data as …

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Cyber insurance rate increases see welcome slowdown

Cyber insurance rate increases have decelerated nearly 80% on average in just six months, according to a new report from Marsh. According to Marsh’s latest quarterly US cyber insurance market update, the market began to embrace a new paradigm toward the end of last year. At that time, many observers wondered if the troubled market would …

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What are the top risks facing cannabis businesses in the US?

The cannabis industry in the US is growing at such a rapid rate that sales of regulated marijuana have eclipsed those of a prominent coffee brand, recent research by MJBiz – a media company focusing on the cannabis and hemp industries – has found. Data gathered by the news outlet revealed that sales of licensed …

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UPC lays off staff, insurer on “verge” of failure – Triple-I

Another Florida homeowners’ insurer insolvency could be on the horizon, and it could be the biggest the state has seen this year, according to the Insurance Information Institute (Triple-i). United Property & Casualty parent company United Insurance Holdings announced yesterday that it had been informed UPC’s Demotech rating was being withdrawn and that it was …

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Hurricane Ian losses could hit $74 billion – RMS

Total private-market insured losses from Hurricane Ian could total between $53 billion and $74 billion, according to an estimate by risk modeling company RMS. The company also estimated that the National Flood Insurance Program could see an additional $10 billion in losses from storm surge and inland flooding caused by the storm.   Wind including …

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UPC Insurance expects $1bn hurricane Ian loss

UPC Insurance is expecting 27,000 to 30,000 claims from hurricane Ian, driving an estimated gross loss of $1 billion. The carrier, which has sought to exit its personal lines business in Florida, Louisiana, New York and Texas, had its personal line’s insurer’s Demotech rating withdrawn in August. That same month it made a round of …

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