In this week's news will talk about what insurtech Roadzen has in store after Nasdaq listing, top European firms underwriting 30% of US coal despite net zero commitments, and much more...
US auto insurers faced with soaring liability claim payouts
US auto insurers have been seeing a dramatic surge in liability claim payouts as a result of social and economic inflation, according to a new study from the Insurance Information Institute (Triple-I).
It was found that the increase in personal and commercial auto insurer liability claim payouts had been $96 billion to $105 billion higher between 2013 and 2022.
During the same period, personal auto liability insurance saw a $61 billion rise in losses and defense containment costs (DCC), while commercial auto liability incurred an additional $35 billion to $44 billion due to mounting inflationary pressures.
It was found that the increase in personal and commercial auto insurer liability claim payouts had been $96 billion to $105 billion higher between 2013 and 2022.
During the same period, personal auto liability insurance saw a $61 billion rise in losses and defense containment costs (DCC), while commercial auto liability incurred an additional $35 billion to $44 billion due to mounting inflationary pressures.
Top European firms underwriting 30% of US coal despite net zero commitments
A recent report by Insure Our Future reveals that major European insurers are supporting nearly one-third of US coal production despite their commitments to achieve net-zero emissions.
The report highlights insurers like Lloyd’s of London, Zurich, and Swiss Re among the top ten underwriters for 25 major US mines, contributing to over 60% of the country’s coal production in 2022. These insurers underwrite 13 mines, constituting 30.7% of national output.
The report highlights insurers like Lloyd’s of London, Zurich, and Swiss Re among the top ten underwriters for 25 major US mines, contributing to over 60% of the country’s coal production in 2022. These insurers underwrite 13 mines, constituting 30.7% of national output.
What insurtech Roadzen has in store after Nasdaq listing
Last week, B2B auto insurtech Roadzen secured a Nasdaq listing with a $683 million equity value, which the company’s CEO, Rohan Malhotra, said is the next step in its evolution.
“Nasdaq was a perfect home for a company like ours,” he said.
“The last three to four years have just been about scaling, leading to this listing, which is part of our four core ways of growth and innovation.”
“Nasdaq was a perfect home for a company like ours,” he said.
“The last three to four years have just been about scaling, leading to this listing, which is part of our four core ways of growth and innovation.”
Trump liable for insurance fraud
In a landmark ruling, Judge Arthur Engoron has found that former President Donald Trump and his organization had misled financial institutions, including insurance companies, by greatly inflating asset values. This manipulation of asset worth, as discovered in a lawsuit initiated by New York’s attorney general, could have manipulated his insurance premiums.
"In defendants’ world... a disclaimer by one party casting responsibility on another party exonerates the other party’s lies,” opined Engoron in a detailed 35-page decision, highlighting the stark disconnect between the claims made and reality. As Engoron established, this misrepresentation not only violated the law but possibly impacted the insurance calculations.
"In defendants’ world... a disclaimer by one party casting responsibility on another party exonerates the other party’s lies,” opined Engoron in a detailed 35-page decision, highlighting the stark disconnect between the claims made and reality. As Engoron established, this misrepresentation not only violated the law but possibly impacted the insurance calculations.
NFP launches new brand for specialty program business
Property-casualty broker NFP has announced the launch of a new brand for its speciality program business.
Called Totalis Program Underwriters, the new brand will consolidate NFP’s specialty underwriters into one integrated platform, the company said. Totalis will offer niche specialty underwriting across a range of industries, as well as providing services such as product development and distribution.
Totalis will include 17 programs representing $750 million in annual gross written premium, NFP said. It will be led by Todd Gillingham, NFP head of programs.
Called Totalis Program Underwriters, the new brand will consolidate NFP’s specialty underwriters into one integrated platform, the company said. Totalis will offer niche specialty underwriting across a range of industries, as well as providing services such as product development and distribution.
Totalis will include 17 programs representing $750 million in annual gross written premium, NFP said. It will be led by Todd Gillingham, NFP head of programs.
