Weekly News Roundup: March 3

In this week's news we have updates from strategy plans for 2023 to steps towards a sustainable transition across the insurance industry, and much more...

1. Insurance’s key role in the net-zero transition

The Net-Zero Insurance Alliance’s (NZIA) announcement of its first ever target-setting protocol is designed to mark a key step towards a sustainable transition across the industry. While improved reporting may reduce climate damage in the long-term, the industry can simultaneously mitigate risks by leveraging advanced technologies and creating meaningful partnerships with extra-industry bodies.

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2. Chubb names new leader for key North American division

Chubb has announced the appointment of Steven M. Hill, as executive vice president, leading management liability for the company's North America financial lines division. Hill, who has been with Chubb for over two decades, currently serves as the division’s senior vice president. Upon his transition, he will be responsible for developing and executing operational strategies, as well as ensuring the management and delivery of management liability products and services across all distribution channels.



PCF Insurance Services has announced the appointment of Jenni Lee Crocker, as president of the company. In her new role, Crocker will be responsible for overseeing the company’s agency partnership potential, organic growth, enterprise carrier relationships and strategic partner initiatives.

Prior to her appointment as president, Crocker served as senior vice president for growth and operations. In that role, she helped shape new agency partnerships, enabled growth, fostered national carrier appointments, and furthered risk advisory and business transformation.

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4. The cost to cover Colorado Springs Police liability insurance doubles

An 11 Call to Action Investigation finds the cost for the same insurance premium to cover the police department and lawsuits they settle has doubled, and that money is coming from your tax dollars. 11 News obtained documents through open records requests showing those premiums for special law enforcement liability coverage rising year over year. But city officials claim these huge increases have nothing to do with a nearly $3 million settlement the city paid out to the family of De’von Bailey in 2022. The claim was turned on the city’s special insurance. Under the current policy, the cost of the same coverage increased again.



5. American insurance market's priorities for the year 2023

The National Association of Insurance Commissioners (NAIC) has published its annual strategic plan for the year 2023. The priorities disclosed by the American organization include: strengthening climate risk response mechanisms, encouraging innovation, moving toward artificial intelligence (AI), improving cybersecurity.

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