Month: August 2020

Lawyers’ Group Approves Best Practices to Guide Litigation Funding

Lawyers’ Group Approves Best Practices to Guide Litigation Funding

August 31, 2020

The policymaking arm of the American Bar Association (ABA) recently approved a set of best practices for litigation funding arrangements.  Litigation funding is an increasingly popular technique in which investors finance lawsuits in which they are not a party against companies – often insurers – in return for a share in the settlement. It contributes to “social inflation” – rising […]

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Recession, Pandemic to Impact P/C Underwriting Results, New Report Shows

Recession, Pandemic to Impact P/C Underwriting Results, New Report Shows

August 27, 2020

The COVID-19 pandemic and the recession it started will result in no premium growth for 2020 and a deteriorated combined ratio for the property/casualty industry, according to the new report, Insurance Information Institute (Triple-I) / Milliman P/C Underwriting Projections: 2020-2022.  Sean Kevelighan Direct and net premium written will be virtually unchanged from 2019, while the industry […]

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Additional Insureds: How Policy Language Can Create Dramatic Consequences

Additional Insureds: How Policy Language Can Create Dramatic Consequences

August 23, 2020

By John Novaria, Managing Director, Amplify Underwriters routinely receive requests to add additional insureds to policies. But failure to add insureds correctly can open up insurers to potentially huge losses. Companies typically need to add additional insureds to allow them to fulfill their obligations with their contractual partners. The requests are commonly associated with coverage […]

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Legislatures  AdvanceCOVID-19-related Bills

Legislatures AdvanceCOVID-19-related Bills

August 15, 2020

As states struggle to identify the best ways to reopen their economies, agencies, and schools from the coronavirus-related lockdown, legislatures have been moving forward legislation to protect them and the people they employ. Virginia Approves Worker Health & Safety Standard The Virginia Occupational Safety and Health (VOSH) – the state’s version of the federal Occupational […]

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Chubb CEO says business interruption policies are a good value and work as they should

Chubb CEO says business interruption policies are a good value and work as they should

August 11, 2020

Evan Greenberg In a July 29 earnings call Evan Greenberg, the CEO of Chubb, addressed the lawsuits filed by many businesses over business income (interruption) coverage during the COVID-19 pandemic. He stressed that even though business interruption (BI) policies do not cover a pandemic, they are a good value and work as intended. “Standard BI […]

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Insurance Careers Corner: Q&A with Rahel Abraham, ClimaGuard

Insurance Careers Corner: Q&A with Rahel Abraham, ClimaGuard

August 7, 2020

By Kris Maccini, Social Media Director, Triple-I Triple-I’s “Insurance Careers Corner” series was created to highlight trailblazers in the insurance industry and to spread awareness on the career opportunities within the industry. This month we interviewed Rahel Abraham, CEO of ClimaGuard, a Houston-based start-up that provides protective coverings for cars (and personal belongings) to prevent […]

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Property/Casualty Insurance Industry Suffered Largest-Ever Drop in Surplus in the First Quarter of 2020

Property/Casualty Insurance Industry Suffered Largest-Ever Drop in Surplus in the First Quarter of 2020

August 3, 2020

Insurers Face Multiple Challenges as Impacts of COVID-19 Continue to Unfold The surplus for the private U.S. property/casualty insurance industry dropped by $75.9 billion in the first quarter of 2020—its largest-ever quarterly decline—as the stock market suffered a major downturn, according to Verisk (Nasdaq:VRSK), a leading data analytics provider, and the American Property Casualty Insurance […]

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