Insurance Journal

Economic losses caused by natural catastrophes reached an estimated US$280 billion in 2023, with US$51.6 billion of that total due to floods, according to Swiss Re Institute. As climate change intensifies extreme weather events and rapid urban sprawl increased asset values in high-risk areas, these flood losses are likely to keep rising, said Swiss Re in a report titled “Resilience or rebuild? The costs and benefits of climate adaptation measures for flood.” https://lnkd.in/gNxMdMVX

A Miami insurance agent has pleaded guilty to defrauding a Georgia credit union by obtaining loans for condominium associations’ premium financing then using the $6 million for personal gain. https://lnkd.in/gQmMd72U

Predictions of a softer insurance pricing market are on the horizon. Perhaps not in early 2025, but there’s no question the market is stabilizing from the high prices the sector has seen in recent years. Relying on higher revenue from higher prices in the property/casualty market is not a sustainable way to keep pace with agency growth. Now is the time to make plans for future agency growth. This report highlights a few recommendations on how agencies can grow in the changing market. https://lnkd.in/g9WeTaXr

A federal appeals court has affirmed that a homeowners insurance policy does not cover the theft of cryptocurrency because the loss of a digital currency does not involve a “direct physical loss” as required by the policy. https://lnkd.in/gAJDD75W

The report (Evaluating Unintentional Bias in Private Passenger Automobile Insurance) published by the District of Columbia Department of Insurance, Securities and Banking (DISB) analyzed data from insurers on one-vehicle/one driver private passenger auto policies in D.C— a group that represents 64% of all auto policies in the District. The researchers also interviewed industry and consumer representatives, and subject matter experts. https://lnkd.in/gUKiZA95

U.S. officials would allow increased logging on federal lands across the Pacific Northwest in the name of fighting wildfires and boosting rural economies under proposed changes to a sweeping forest management plan that’s been in place for three decades. https://lnkd.in/gmJR2YAQ

Florida’s newest legislative leaders on Tuesday rattled some sabers about property insurance rates and claims but offered no agenda for the upcoming session that begins in March, according to state news reports. https://lnkd.in/gad8URqK

Almost two months after Hurricane Helene wreaked havoc on western North Carolina, Republican lawmakers grilled officials Monday over how they handled two other hurricanes that hit the state several years ago. As part of a massive $3.9 billion Helene recovery package presented to legislators last month, Democratic Gov. Roy Cooper included a request for more money to finish housing projects in eastern North Carolina still pending from Hurricane Matthew in 2016 and Hurricane Florence in 2018. The overall request included $175 million more for the state Homeowner Recovery Program to complete work related to those previous storms. On Monday, officials from the governor’s administration raised that amount by 26% to $221 million. https://lnkd.in/g48munkN

Prosecutors report that a New York insurance broker has admitted his role in a $38 million employment tax fraud scheme involving nursing homes he owned across the country. U.S. Attorney Philip R. Sellinger announced that Joseph Schwartz, of Suffern, New York, pleaded guilty in Newark federal court to charges of willfully failing to pay over employment taxes withheld from employees of his company, and willfully failing to file an annual financial report with the Department of Labor for the employee 401K benefit plan. https://lnkd.in/gN3XWSmc

Insurance carriers may want to examine policy language – and what information they request from insureds – after the U.S. Supreme Court let stand a lower court’s ruling which could force Argo Group to cover claims that a wood-treating company caused a South Carolina fence builder’s cancer. https://lnkd.in/gj3TraYD