Insurance

The impending loss and federal probe are the latest blows for embattled PG&E. The company incurred a $1.09 billion third-quarter loss because of bankruptcy costs, state-mandated contributions to a wildfire-insurance fund, prior fire-season damages and other costs, according to a statement.

B2B payments represent the last mile for insurance carriers — the final step that must be integrated and digitized to achieve the industry vision of straight-through processing (STP). And the likely starting point for STP is auto claims, which represent nearly half of all P&C claim volume.

French lender La Banque Postale is offering to buy the shares it doesn’t already own in CNP Assurances, valuing the firm at some $17 billion in what stands to be the largest takeover of an insurer this year.

China Life Insurance Co. posted a drop in third-quarter profit as a slowing economy weighed on the nation’s largest life insurer.

In other news: Zurich releases cyber risk survey results; Hertz and Uber to add 50,000 Teslas to network; Amica selects Shift Technology.

Keynova Group, a financial services intelligence firm specializing in benchmark insights, released its 2021 Small Commercial Insurance Scorecard report, which evaluates the small commercial insurance digital capabilities of the 10 largest U.S. carriers.

About four in 10 executives cited technology as their company’s greatest challenge, twice as many as in 2019, according to a new survey from LIMRA and Boston Consulting Group.

Tesla jumped as much as 6.7% to a record high of $970.84 in New York, before paring gains to 4.4%, with the company’s market valuation around $955 billion.

That’s the takeaway from an Aon Plc survey of 2,344 risk managers, chief risk officers and chief financial officers conducted in the second quarter. Cyber attacks were the No. 1 most-cited hazard, and more than half of the Top 10 risks executives say they face today are tied to the pandemic, according to survey results released Tuesday.

The change is effective Jan. 1, when Lyons will move to the newly created role of executive vice president, global chief actuary and head of portfolio management, the New York-based insurer said in a statement Monday.

At this point in the insurance sector’s lifecycle, change is inevitable. Now more than ever, especially with the rise of technology and insurtechs, competition in the space is cutthroat. And that is why first and cheap are no longer going to cut it.

Insurance blockchain working group The Institutes RiskStream Collaborative has partnered with Trustlayer to build out an insurance verification proof of concept.

Activist investor Starboard Value disclosed a new position in Willis Towers Watson Plc Thursday, and said it believes the insurance broker could nearly double its share price in the next three years.

Life insurers are warning Chile that they may have their day in court if a bill that allows people to demand early annuity payments is passed into law.

Deciding which transformation initiatives to tackle first should involve a careful examination of the dysfunction, importance and level of change resistance expected among stakeholders of any process that may be impacted.

The company sold as much as 162 million new shares, at 120 rubles each in Moscow, it said in a statement. The sale values the insurance group, controlled by investors led by Boris Jordan, at 66.8 billion rubles. The stake was smaller than initially planned, when the company said it could raise up to 25.2 billion rubles.

Digital Insurance spoke with Maroun Mourad, president of global underwriting and leader of the life unit at Verisk about life insurance technology and what’s ahead for the industry.

Insurers should enhance the capabilities and broaden the roles of claims professionals to reap the benefits of advanced tools while maintaining personal engagement at moments that matter.

The company said it has taken a majority stake in Cardif Pinnacle, a pet insurance-focused subsidiary of BNP Paribas SA, and is buying Chicago-based Figo Pet Insurance LLC, beginning a series of investments in the sector. The prices weren’t disclosed.