What To Expect In Builder’s Risk Insurance Claims In 2023
With interest rates on the rise, sticky inflation, few signs of a cooling labor market, and continued instability in Russia, China and beyond affecting energy prices and exports, the builder’s risk insurance industry is in store for more complex claims in 2023.
January 6, 2023
Excess & Surplus Lines
Oh, The Irony: Climate Change-Related Catastrophes Put Green Energy Infrastructure In Peril
The insurance industry may turn its back on the renewable energy sector if it endures another year of unprecedented natural catastrophe losses like 2022.
December 15, 2022
Catastrophe
Excess & Surplus Lines
Hurricane Lisa’s Belize Landfall Triggered Parametric Payout For Coral Reef Protection
Hurricane Lisa’s landfall in Belize on November 2 triggered a parametric insurance policy that quickly provides funds to repair storm damage to the world’s second-largest barrier reef system.
December 1, 2022
Excess & Surplus Lines
Serious Cyberattacks On The Rise, Report Shows
About 75% of organisations have experienced a serious cyberattack in the past three years -- up from 60% last year -- according to the 2022 Cyber Security Insights Report conducted by S-RM, a global intelligence and cybersecurity consultancy.
November 18, 2022
Excess & Surplus Lines
Technology
California’s Mosquito Fire to Cost Utility PG&E $100M
PG&E Corp. recorded a $100 million third-quarter charge for a California wildfire that its equipment may have sparked last month in the Sierra Nevada mountains.
California’s biggest utility said the costs of the Mosquito Fire should be largely offset by insurance and other rate recoveries, according to a filing Thursday with the US Securities and Exchange Commission.
November 2, 2022
Excess & Surplus Lines
Liability
California
California’s biggest utility said the costs of the Mosquito Fire should be largely offset by insurance and other rate recoveries, according to a filing Thursday with the US Securities and Exchange Commission.
Mondelez, Zurich Reach Settlement in $100M Cyberattack Lawsuit
Mondelez International and Zurich American Insurance reached a settlement late last week in their multi-year legal battle over the food company’s $100 million claim regarding damage from the NotPetya cyberattack in 2017.
November 1, 2022
Excess & Surplus Lines
Litigation
Property
Expert Opinion: Conflicting Testimonies In Billionaire’s Lawsuit Over Fire-Damaged Artwork
Late on the night of September 28, 2018, a fire broke out at billionaire financier Ronald Perelman’s East Hampton estate, known as the Creeks. Multiple firefighting teams from neighboring towns raced in to assist and, after approximately two hours, finally extinguished the blaze.
October 31, 2022
Excess & Surplus Lines
Litigation
New York
Renewable Energy Sector Hit by Hail Losses
U.S. renewable energy insurers are expected to pay out more than $300 million in claims due to hailstorms in Texas this year, GCube Underwriting Ltd. said in a report Tuesday.
October 19, 2022
Excess & Surplus Lines
Texas
Hackers Testing Data Destruction to Make Ransomware Attacks More Effective
Ransomware hackers are experimenting with a new kind of attack that, instead of encrypting data, outright destroys it. The aim is to make it impossible for victims to retrieve their data if they don’t pay the ransom.
September 28, 2022
Excess & Surplus Lines
Fraud
Technology
Shipbuilder’s COVID Insurance Lawsuit Revived by Vermont High Court
The Vermont Supreme Court revived a military shipbuilder’s lawsuit for insurance coverage of lost income and extra expenses incurred in dealing with the virus that causes COVID-19, becoming the first state high court to rule for the policyholder in such cases.
September 27, 2022
Excess & Surplus Lines
Litigation
Vermont
Lloyd’s of London Reserves $1.3B for Ukraine Claims
Lloyd’s of London (SOLYD.UL) has set aside 1.1 billion pounds ($1.26 billion) to pay claims related to the war in Ukraine, the commercial insurance market said on Thursday, as it recorded a first-half pre-tax loss of 1.8 billion pounds. The reserves for the Ukraine claims were net of reinsurance, Lloyd’s said in a statement.
September 14, 2022
Catastrophe
Excess & Surplus Lines
AIG Sued by Aloha Petroleum in Climate Litigation Dispute
AIG’s National Union Fire Insurance Company has been sued by Sunoco subsidiary Aloha Petroleum for refusing to cover the costs of defending climate-related claims by local governments in Hawaii.
September 1, 2022
Excess & Surplus Lines
Litigation
Hawaii
Insurance Claim For Failed Measat-3 Satellite In Dispute
An insurance claim for a Malaysian satellite that ran out of fuel prematurely remains unsettled more than a year after the incident. Some underwriters are disputing Malaysian satellite operator Measat’s $45 million claim to recover losses from Measat-3, an insurance source said, while others have agreed to pay out.
August 8, 2022
Excess & Surplus Lines
Crypto Risks Prompt Uptick In Insurance Exclusions
As the crypto market crashes, some insurance companies are stepping up efforts to exclude coverage for crypto-related risks under a range of insurance policies. But because crypto is still new, insurers are having a hard time defining and pricing the risk.
August 5, 2022
Excess & Surplus Lines
Liability
Property
Paramount, Insurer Settle Over ‘Mission: Impossible 7’ Delays Claims
Paramount has reached a confidential settlement with Chubb, its insurer, over claims arising from repeated COVID-19 production delays on ‘Mission: Impossible 7.’ The studio sued in August 2021, alleging that the insurer was trying to limit its losses to just $1 million.
August 1, 2022
Excess & Surplus Lines
Liability
Litigation
