Overdue or Overboard? Florida Divided on Demotech’s Planned Downgrades

New You can now listen to Insurance Journal articles! The property insurance community has divided into two camps after the firestorm that erupted over the potential financial rating downgrades for 17 Florida insurance carriers. One camp argues that the Demotech rating firm has gone too far, has lumped healthy insurers in with those teetering on … Read more

Japanese Insurers Sell Heatstroke Coverage as Temperatures Soar to Record Levels

As temperatures soar to unprecedented levels from Europe to Asia this summer, some Japanese insurance companies have begun selling policies to protect people struck down by the heatwave. Sompo Holdings Inc. and Sumitomo Life Insurance Co., two of the country’s biggest insurers, are offering policies specifically designed to cover medical expenses arising from heatstroke. Japan … Read more

Insurtech Funding Levels Hold Steady in Q2 vs. Q1: CB Insights

New You can now listen to Insurance Journal articles! Funding for the insurtech sector held steady in the second-quarter of 2022, coming in at roughly $2.4 billion, the same as the overall funding figure recorded for first-quarter 2022, according to data released by CB Insights last week. The consistent quarter-over-quarter dollar figure comes after a … Read more

Uber Admits Covering Up 2016 Hacking, Avoids Prosecution in U.S. Settlement

New You can now listen to Insurance Journal articles! Uber Technologies Inc. on Friday accepted responsibility for covering up a 2016 data breach that affected 57 million passengers and drivers, as part of a settlement with U.S. prosecutors to avoid criminal charges. In entering a non-prosecution agreement, Uber admitted that its personnel failed to report … Read more

Fidelis to Launch New MGU That Writes More Than $3 Billion of GWP

Fidelis Insurance Holdings Ltd. announced its intention to create a new managing general underwriter, which, subject to regulatory approval, will be separated from the existing balance sheet insurance companies, called Fidelis Balance Sheet Companies. This new structure will allow each entity to focus on its core functions and specialisms, and provide clients, brokers and other … Read more

Florida Bar Files New Complaint on Strems Over Settlement and Fee Deal

New You can now listen to Insurance Journal articles! The plaintiffs’ lawyer that Florida insurers love to hate could see his two-year suspension completed this month. But new allegations by the state Bar could result in new sanctions or even a permanent disbarment. A 25-page complaint filed last month charges that Miami attorney Scot Strems … Read more