insurance industry News

Number of Federal COVID-19 Business Interruption Lawsuits at 101 and Rising

A federal court has received notice that 101 lawsuits have been filed as of Wednesday seeking coverage from insurers for business interruption losses caused by COVID-19. Plaintiffs attorneys say they expect the number to rise into the thousands. “Ultimately, I …

World’s Insurers Face $203 Billion Losses From Coronavirus

Lloyd’s of London, the world’s largest insurance exchange, estimates the industry will suffer around $203 billion in losses from the coronavirus pandemic this year. The projected losses include about $107 billion from underwriting claims, with the rest from insurers’ investment …

Insurers Want Taxpayers to Back Pandemic Coverage For Businesses

The U.S. insurance industry is promoting the idea of an insurance plan backed by the federal government that would help businesses that in the future suffer losses from a pandemic, people familiar with the effort told Reuters. The campaign involves …

British Insurers to Pay $1.5 Billion in Virus Claims, ABI Says

British insurers are on the hook for more than 1.2 billion pounds ($1.5 billion) in claims from businesses and individuals hit by the coronavirus pandemic, according to the industry’s trade body. Initial estimates put payments for business interruption at 900 …

Insurers Feel the Heat as Chefs, Trump Join Calls for Payouts

LONDON/NEW YORK — Daniel Duckett, owner of the Lazy Claire patisserie in Belfast, was hoping for an insurance payout of up to 100,000 pounds ($123,460.00) to cover losses during the coronavirus lockdown. Now he fears for the future as he …

Insurers Warn on Forced Payouts for Uncovered Coronavirus Losses

LONDON — World insurers told governments on Monday that making them pay out on losses suffered due to the coronavirus that were not covered by policies risked destabilizing the insurance industry. With the global economy hammered by measures to halt …

CMIC Group and Crime Bureau Announce Appointments

CMIC Promotes Loss Prevention and Claims Directors CMIC Group, a member-owned medical professional liability insurance carrier has promoted Denise M. Condron, previously the director of loss prevention, to the role of vice president of loss prevention. Additionally, the company promoted …

2017 InsurTech Investment Surged, Europe Emerges as Key Hub

Global investment in the insurance technology (insurtech) industry surged in 2017, with Europe emerging as a new insurtech hub outside the U.S., according to new research from Accenture. The research, which includes new analysis of CB Insights data on insurtech …

Share Your Story: Sexual Harassment and the Workplace

From Hollywood to the corporate world, sexual harassment — the making of unwanted sexual advances or obscene remarks — is drawing greater public scrutiny than ever before. Victims (mostly women) and their supporters have taken on the cause, publicizing the …

Millennial Says Individual Development Plans, Pay Incentives Nurture Younger Staff

The insurance and risk management fields are professions with legions of rapidly-retiring older employees, and they struggle to hire and keep promising new, and younger ones. How to accomplish this? Customized training is one way to do this, a millennial …