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Nepal floods could cost insurers over $130 million even before death, injury claims
20+ hour, 36+ min ago (517+ words) MUMBAI, Sept 4 (Reuters) – The devastating flood in Nepal last week could result in commercial insurance losses exceeding 20 billion Nepali rupees ($132.3 million), with hydropower projects accounting for most claims, according to a top official at one of the country’s leading insurers....
European wildfires likely to increase insurance demand, Swiss Re says
1+ mon, 1+ week ago (134+ words) ZURICH, July 28 (Reuters) – The ongoing wildfires in France and Spain are likely to increase insurance demand, Swiss Re said on Tuesday. Wildfire losses are generally not covered by national insurance pools in southern Europe, meaning homeowners have to opt for…...
Sicily’s Cyclone Harry tests Italian mandatory insurance plan
1+ mon, 1+ week ago (929+ words) CATANIA, Italy, July 23 – A cyclone that wreaked more than €1 billion ($1.14 billion) in damage along Sicily’s coast has also exposed a flaw in Italy’s push to expand mandatory insurance against natural disasters. Businesses were insured, but not for the risks they…...
Insurance regulation bills clear General Assembly
3+ mon, 1+ week ago (700+ words) SPRINGFIELD, Ill. (Capitol News Illinois) — Gov. JB Pritzker says he looks forward to signing a pair of bills that cleared the Illinois House on Wednesday giving the state Insurance Department authority to regulate premiums charged for automobile and homeowners insurance. “Too…...
Insurance bill combining homeowners and auto regulation passes House, awaits Senate action
5+ mon, 1+ week ago (633+ words) SPRINGFIELD, Ill. (Capitol News Illinois) – A bill that would give the Illinois Department of Insurance authority to review and approve rates for both homeowners and automobile coverage. Those two proposals, which started as separate pieces of legislation, were combined into a…...
Global insured catastrophe losses set to hit $107 billion in 2025, report shows
8+ mon, 2+ week ago (387+ words) Dec 16 (Reuters) – Annual global insured losses from natural catastrophes are expected to hit $107 billion in 2025, driven by the Los Angeles wildfires and severe convective storms in parts of the United States, a Swiss Re Institute study showed on Tuesday. The…...
Bill to regulate homeowners’ insurance rates fails on final day of veto session
10+ mon, 1+ day ago (844+ words) SPRINGFIELD, Ill. (Capitol News Illinois) — The Illinois House rejected a bill Thursday that would have given the state Department of Insurance authority to regulate homeowners’ insurance rates. Gov. JB Pritzker had called for the legislation in July after State Farm Insurance…...