underwriting News

Reinsurers Look at Dumping Coal From Bulk-Buy Policies in Green Gambit

LONDON — Major reinsurers have already pulled back from providing bespoke cover for coal projects as part of efforts to meet global climate change commitments, but now comes the hard part – finding ways to exclude coal from bulk-buy contracts, …

COVID-19 Travel Insurance Becoming a Vacation Staple

COVID-19 insurance policies are increasingly joining passports and sunscreen as vacation staples, creating opportunities for insurers as more countries require mandatory coverage in case visitors fall ill from the coronavirus. Airline bookings are on the rise in some regions, driving …

Lloyd’s of London Ditches Plan to Create its Own Electronic Exchanges

LONDON — Lloyd’s of London has dropped ambitious plans to set up its own electronic exchanges and will work with other existing platforms to speed up the underwriting process and cut costs, the commercial insurance market said on Thursday. Lloyd’s …

Businesses Call On U.S. Insurers to Ditch Fossil Fuel Underwriting

A group of about 60 American businesses on Thursday urged their insurers to stop providing coverage to and investing in fossil fuel producers. In a letter, companies including outdoor-gear producer Patagonia and ice-cream maker Ben & Jerry’s, a unit of …

A.M. Best Says Commercial Auto Losses Worst in 10 Years

The U.S.commercial automobile insurance segment’s underwriting losses deepened to $4.0 billion in 2019, the segment’s worst loss in 10 years and a continuation of a decade-long trend of worsening underwriting results, according to a new AM Best report. Indeed, the …

Can a ‘Numbers Guy’ with Insurance DNA Finally Fix AIG?

NEW YORK — Peter Zaffino sat at 2 World Trade Center poring over financial reports on the morning of Sept. 11, 2001, when the first plane struck a neighboring building. Zaffino, known by colleagues for his laser-like focus, remained at …

Travelers Sets Aside ‘Modest’ Funds for Child Sex-Abuse Claims

Travelers Companies Inc has set aside a “modest” amount of additional money to cover its possible exposure to child sex-abuse claims, the insurer’s finance chief, Daniel Frey, told analysts during an earnings call on Thursday. Two analysts asked about Travelers’ …

Viewpoint: Streamlining Claims Processing with Intelligent Process Automation

In recent years, the insurance industry has seen an influx of new market entrants seeking to disrupt and reinvent specific business segments by launching new products and services free of the expense and overhead of “traditional” players. These digital “insuretechs” …

Fitch: Technology Needed to Reverse Commercial Auto’s Dismal Performance

The commercial auto line hasn’t returned an underwriting profit for eight years now. Growing claim severity is a big part of the problem. Advanced technology needs to be a part of the solution, according to a report released Tuesday by …

Insurance, Economy, Tariffs Weigh on Berkshire Hathaway

Berkshire Hathaway Inc on Saturday said its quarterly operating profit fell more than analysts expected, as weakness in insurance underwriting, a slowing economy and trade woes weighed on the conglomerate run by billionaire Warren Buffett. Berkshire’s auto insurer Geico suffered …