Industry News

​AIG, Underwriters Leaning on Reinsurance with Prices Set To JumpAmerican International Group Inc. and other insurers avoided steep losses from a spate of extreme weather this year thanks in part to the reinsurance industry. But increased reliance on those policies probably means price hikes are coming.6 Factors That Will Shape P&C Insurance by 2025With a projected compound annual growth rate (AGR) of almost 6%, according to Mordor Intelligence, the U.S. property and casualty (P&C) insurance market outlook for 2020-2025 looks robust.Here's Why Many Workers are Now Hunting for a New JobUsing data from a survey of more than 200 professionals, The Chiral Project, they found…

​The newly-created New York State Office of Cannabis Management has proposed new regulations that would govern the personal cultivation of cannabis plants. If adopted, the proposal published in the Nov. 17, 2021 edition of ​New York State Register would set the legal parameters for individuals who wish to grow marijuana plants  in their homes. Growing cannabis at home may increase the risks of losses covered by homeowners and renters insurance.The proposed rules permit cultivation of cannabis plants by individuals over age 21 in or on the grounds of their private residences. There are limits on the permissible number of "mature plants" (flowering plants visibly budding) and "immature plants"…

​The New York State Department of Financial Services (DFS) this week issued final guidance to licensed domestic insurers on how they should manage the financial risks presented by climate change. The document culminated a months-long process that started with proposed guidance on which 45 parties provided detailed comments.Acting Superintendent of Financial Services Adrienne A. Harris said that DFS intends the guidance to "support insurers’ efforts to manage the financial risks from climate change, bolstering the safety and soundness of the industry and the protection of consumers. " According to the document, DFS expects all New York insurers to start integrating consideration of climate change's financial risks…