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California Wildfire Insured Losses at Billions of Dollars and Climbing
November 12, 2018
An analysis by catastrophe modeler RMS shows 15 wildfires are burning more than 280,000 acres in California have collectively destroyed nearly 7,000 homes and businesses and killed 31 people. Roughly 300,000 have been evacuated, while 12,000 firefigh …

Deaths, Damages Continue to Rise in California’s Most Destructive Wildfires
November 12, 2018
The most destructive wildfires in California’s history have killed at least 31 people and forced tens of thousands more to evacuate as firefighters struggle to gain control amid swirling winds. The so-called Camp Fire in Northern California and the W …

Markel’s German Insurance Unit Gets Approval to Operate UK Branch
November 12, 2018
Markel Corp. announced that its German insurance company, Markel Insurance SE (MISE), has received regulatory approval to operate a branch office in the UK. MISE was established to meet the insurance needs of clients located or with risk exposures in …

UK PM May’s Brexit Strategy Under Increasing Attack, as Political ‘Mess’ Grows
November 12, 2018
Prime Minister Theresa May’s Brexit strategy came under attack from all sides on Monday, increasing the risk that her plan for leaving the EU will be voted down by parliament and thrust the United Kingdom towards a potentially chaotic “no-deal” … …

Hannover Re Executive Board Member Graeber Dies
November 12, 2018
Hannover Re’s long-serving executive board member Juergen Graeber passed away suddenly and unexpectedly on Nov. 9, 2018 at the age of 62. “We are deeply shocked by the news of his unexpected death,” said Ulrich Wallin, chief executive officer of … …

Italy’s Atlantia Sets Aside $400M to Rebuild Genoa Bridge; Reveals Insurer Dispute
November 12, 2018
Italian infrastructure group Atlantia has set aside 350 million euros ($400 million) to cover the estimated cost of rebuilding the Genoa bridge which collapsed in August and compensating the families of those killed. The viaduct disaster claimed 43 l …

SEC Wants More Details from AIG on Berkshire Reinsurance
November 12, 2018
The U.S. Securities and Exchange Commission told American International Group Inc. to improve disclosures about its use of reinsurance to mitigate losses in its property and casualty unit, according to correspondence made public on Friday. After revi …

California Wildfire Update: Thousands Flee, More Than 50K Without Power
November 9, 2018
Fanned by hot, dry winds, wildfires north of San Francisco and near Los Angeles have forced the evacuation of more than 150,000 people in the state, including Malibu, the coastal enclave of the rich and famous. The fires cover about …

PLUS Experts: One of the Biggest Gaps in Cyber is Explaining it to Customers
November 9, 2018
What’s one of the biggest gaps in cyber? Good communication between the insurance industry and customers, who are in need of more than just products to help protect them from risks in the rapidly changing digital world. That was the …

Pinnacol in Colorado to Drop Workers’ Comp Rates, Issue Dividend in 2019
November 9, 2018
Pinnacol Assurance’s Board of Directors has approved a plan to decrease workers’ compensation rates in 2019 by an average of 10 percent. The decrease will go into effect on Jan. 1, 2019, and will be the fourth straight year Pinnacol …

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