Risk

Insurers have closed shop in Louisiana and Florida, leaving in the lurch thousands of homeowners.

The Insurance Institute for Business & Home Safety announced standards that can demonstrably lower a home’s risk of wildfire damage.

Hemant Shah co-founded the company in 2018, which is a streamlined platform for commercial risk property data.

The World Property and Casualty Insurance Report emphasizes the effects of climate change on the insurance industry.

Automation can uncover new opportunities to improve the way insurers do their jobs.

Underwriters are charging as much as 10% of the value of a ship’s hull, according to four people involved in the market.

Keeping track of frequent changes to homes has become a complex issue for many insurers. With limited resources and rising customer expectations, many insurers are moving beyond traditional forms of customer outreach – emails, phone calls, and on-site inspections— to obtain the latest underwriting data about the properties in their portfolio.

The New York-based investment firm said in a letter to the company’s board Thursday that it has also been advocating for more independent directors on the board and operational improvements at the company in recent months.

Lessors of planes stuck in Russia since the onset of sanctions have warned insurers of possible claims to come if the jets aren’t returned. Insurers, meanwhile, are canceling some policies, including for war risk, and may challenge claims on coverage still in force, industry participants say.

More than 14.5 million single and multi-family homes were affected by natural disaster events last year. There was an estimated $56.92 billion in property damage.