In this week's news will talk about how AXIS launches new rapid response cyber product for the US, Climate change to impact wind power production–Swiss Re, and much more…
AXIS Capital Holdings has announced the launch of a new service for US-based, direct primary cyber insurance customers, called AXIS Cyber Incident Commander.
The service provides policyholders who experience a cyber incident with a single point of contact to access immediate guidance from experienced cyber experts.
Incident Commander offers services including legal counsel, digital forensics, incident response, and crisis and reputation management. These services are provided by AXIS-approved third-party vendors that work closely with the AXIS Cyber Risk Advisory and Cyber Claims team to support customer recovery after an incident.
The service is available 24/7, 365 days a year, and can be accessed by email or phone. It provides rapid triage and support from the moment an incident occurs until the case is transferred to the cyber claims team for further management.
Swiss Re reports that climate change is projected to alter global wind patterns, potentially reducing average wind speeds in some regions. This change could affect the productivity of wind farms.
Additionally, storm intensity is expected to increase, with stronger gusts and more frequent lightning strikes posing risks to wind turbine infrastructure. Producers and their insurers will need to monitor these trends closely.
As per the reinsurer, there is currently approximately 1 terawatt of installed wind power worldwide, equivalent to the annual electricity consumption of the Netherlands. This capacity is expected to double by 2030, although it will still fall short of net-zero targets.
Regional property insurance provider American Integrity Insurance Group has unveiled its expansion into the Georgia market. The move follows the company’s successful entry into South Carolina two years ago and nearly two decades of leadership in Florida’s property insurance sector.
“I am excited to announce that American Integrity is enlarging our footprint by entering the Georgia market,” president and chief executive Bob Ritchie said.
“Since our company’s inception in 2006, we have been dedicated to offering customized insurance solutions and compassionate, timely, and innovative solutions to our agents and policyholders. We look forward to extending these same values to our newest agents and customers in Georgia.”
The latest expansion represents a significant milestone for American Integrity, highlighting its focus on prudent growth. Drawing on its extensive experience and strong reputation in Florida, the home insurer aims to offer the same level of excellence and dependability in Georgia.
Louisiana Gov. Jeff Landry announced he will veto insurance reform legislation that aimed to revise the state's collateral source doctrine.
This tort law principle ensures policyholders are compensated by the liable party for damages, regardless of any third-party payments, such as an insurance settlement.
According to a report by AM Best, current Louisiana law allows a plaintiff to receive 40% of the difference between the amount billed and the actual amount paid to a medical provider.
The proposed legislation sought to lower this threshold to 30% and exclude any medical payments made as part of an automobile insurance policy. The bill passed the state House by a vote of 88-10 and the state Senate by a vote of 25-14.
In Florida, homeowners may soon face a significant increase in their insurance premiums, as the Board of Governors of troubled insurer of last resort Citizens Insurance has approved a substantial 14% rate hike. This increase, the highest allowed by the state, aims to stabilize Florida's insurance market and reduce the financial burden on Citizens Insurance, the state’s insurer of last resort. The state’s governor, Ron DeSantis has referred to the insurer as “insolvent” in the past.
Recent years have seen Citizens become the largest property insurer in Florida, responsible for 18% of the market, but state officials have been actively working to transfer policies from Citizens to private insurers to mitigate financial risks associated with major hurricanes. Since October, over 400,000 policies have transitioned to the private market. "We've seen more than 400,000 Citizens policies move to the private market. Why is that a good thing? Number one, it eliminates risk exposure for Citizens, but number two, it shows the private market is healthier," explained Mark Friedlander from the Insurance Information Institute.