Industry Roundup: Pricing for Insurance Lines Begins to Stabilize Excluding Cyber; AIG Considers Adding Policy Exclusions for Russia, Ukraine; Goldman Poll Finds Insurers Expect a U.S. Recession; Employers Adapting to New World of Worries

​Pricing for Insurance Lines Begins to Stabilize Excluding CyberThe commercial insurance market is beginning to show signs of normalcy in 2022, despite a steady slowing of rate increases. According to the 2022 Marketplace Realities Report, Spring Update by WTW, a leading global advisory, broking, and solutions company, buyers are still seeing rate increases; however, many of those increases are now dropping to single digits and even flat renewals.AIG Considers Adding Policy Exclusions for Russia, UkraineAccording to an insurance broker and a source familiar with the matter, one of the world's largest commercial insurers, AIG, is considering cutting cover for Russia and Ukraine in order to…

Continue ReadingIndustry Roundup: Pricing for Insurance Lines Begins to Stabilize Excluding Cyber; AIG Considers Adding Policy Exclusions for Russia, Ukraine; Goldman Poll Finds Insurers Expect a U.S. Recession; Employers Adapting to New World of Worries

Industry Roundup: ​What to do About the Crisis of Underinsurance; Russian Invasion of Ukraine, Cyberattacks, and War Exclusions in P/C Policies; Chubb Investors to Vote on Proposal to End New Fossil Fuel Underwriting; & More

​What to do About the Crisis of UnderinsuranceThree out of five homes in the U.S. are underinsured by an average of 20% below full value, according to a citation from the property data aggregator CoreLogic in a 2019 report published by Rutgers Center for Risk and Responsibility. Chubb Investors to Vote on Proposal to End New Fossil Fuel UnderwritingThe U.S. Securities and Exchange Commission (SEC) has ruled in favor of a landmark shareholder resolution calling for Chubb to stop underwriting new fossil fuel supply projects. Floods Drive Economic Losses in 2021, but Only 25% of Risks Are InsuredMore than 50 severe flood events around the…

Continue ReadingIndustry Roundup: ​What to do About the Crisis of Underinsurance; Russian Invasion of Ukraine, Cyberattacks, and War Exclusions in P/C Policies; Chubb Investors to Vote on Proposal to End New Fossil Fuel Underwriting; & More

Industry Roundup: ​Can Firms Exiting Russia Recoup Losses Through Insurance?; Judge Reinstates Trump Independent Contractor Rule Withdrawn by Biden; Push to Relax Marijuana Laws Hits Roadblocks; Biggest Ransomware Trends Facing US Businesses

​Can Firms Exiting Russia Recoup Losses Through Insurance?See how insurance and international arbitration might soften the blow to those companies, which stand to lose billions of dollars.Judge Reinstates Trump Independent Contractor Rule Withdrawn by BidenA federal judge in Texas has nixed the Biden Department of Labor's withdrawal of a Trump administration rule governing whether a worker is an employee or an independent contractorPush to Relax Marijuana Laws Hits RoadblocksFacing a tough midterm election and divisions in Congress, the Biden administration is sidestepping the politically sensitive issue of loosening marijuana laws even as the idea has gained support of most Americans.Only 3% of White Collar Workers…

Continue ReadingIndustry Roundup: ​Can Firms Exiting Russia Recoup Losses Through Insurance?; Judge Reinstates Trump Independent Contractor Rule Withdrawn by Biden; Push to Relax Marijuana Laws Hits Roadblocks; Biggest Ransomware Trends Facing US Businesses