In this week's news we have updates from BIG I reports, State farm seeking $1.5M from garage that collapsed to QBE North America partners with MGA, and much more...
State Farm Seeks $1.5M From Owners of Manhattan Garage That Collapsed
The collapse of a New York City garage in April was caused by the negligence of the owners of the building, according to their insurer, State Farm, which is suing them to recover $1.5 million in payments to the garage’s customers whose vehicles and personal property were damaged in the collapse.
As obligated under its insurance policies for the garage, State Farm says it has paid or will pay 43 customers that amount for the damages and losses they sustained and is therefore entitled to recover the same amount in subrogation.
The defendant garage owners named in the suit are 57 Ann Street Realty Associates, Inc., Enterprise Ann Parking, LLC and Little Man Parking, LLC.
As obligated under its insurance policies for the garage, State Farm says it has paid or will pay 43 customers that amount for the damages and losses they sustained and is therefore entitled to recover the same amount in subrogation.
The defendant garage owners named in the suit are 57 Ann Street Realty Associates, Inc., Enterprise Ann Parking, LLC and Little Man Parking, LLC.
Liberty Mutual to Stop Offering Business Owner’s Policy In California As Costs Bite
Property and casualty insurer Liberty Mutual will stop offering its business owner’s policy (BOP) product in wildfire-prone state California from Oct. 1, in a sign that cost inflation and higher catastrophe losses are pounding insurers’ profits.
A spokesperson for Liberty Mutual also told Reuters in an emailed statement that the company “will not renew its current book of this line of business beginning in December.”
BOP is an insurance product usually required by business owners that bundles all major property and liability risks into a single package.
A spokesperson for Liberty Mutual also told Reuters in an emailed statement that the company “will not renew its current book of this line of business beginning in December.”
BOP is an insurance product usually required by business owners that bundles all major property and liability risks into a single package.
Big ‘I’ Report: Independent Agency Channel Slowly Growing
The independent agency channel is holding ground and showing slow, steady gains in lines of business penetration, including homeowners, according to the Big “I” 2023 Market Share Report.
Based on 2022 data, this year’s report points to the growth of the independent agency channel, which places 63% of all property-casualty insurance written in the U.S., an increase of 3% over the past five years’ average penetration rate.
Based on 2022 data, this year’s report points to the growth of the independent agency channel, which places 63% of all property-casualty insurance written in the U.S., an increase of 3% over the past five years’ average penetration rate.
QBE North America partners with MGA to launch cyber program
QBE North America has introduced a new cyber insurance offering with managing general agent (MGA) Converge serving as the program administrator.
This new program is divided into two distribution structures, each with a specific revenue focus and cyber security data access formation.
The first segment is called ConvergeElements and will provide primary and excess cyber coverage through select agents and brokers for companies with revenue up to $100 million.
The second component, ConvergeConnect, focuses on primary cyber coverage for companies with up to $750 million in annual revenue.
This new program is divided into two distribution structures, each with a specific revenue focus and cyber security data access formation.
The first segment is called ConvergeElements and will provide primary and excess cyber coverage through select agents and brokers for companies with revenue up to $100 million.
The second component, ConvergeConnect, focuses on primary cyber coverage for companies with up to $750 million in annual revenue.
Aon reports 7% revenue rise in Q2
Aon has reported its financials for the second quarter ended June 30, 2023. The global broking giant saw a total revenue increase of 7% to $3.2 billion, including organic revenue growth of 6%.
Net income attributable to Aon shareholders increased 12% year-on year to $560 million, or $2.71 per share
Net income attributable to Aon shareholders increased 12% year-on year to $560 million, or $2.71 per share
