Insurance news

• Direct Line, why has my home insurance gone up by 442% in one year?

  23-09-2017 07:59
  The firm’s new tool for assessing flood risk could see home premiums soar, as one readerwith a £1,000 policy discoveredWhen Paul Barlow from south London opened his latest home insurance renewal quote from Direct Line, he was staggered by the increase in the premium. The year before the insurer had charged just £189 for his property: a ground-floor, two-bed flat he rents out in Bermondsey, near Tower Bridge. But this year it wanted £1,025 – an increase of 442%. When
  
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• AIG yet to shed ‘too big to fail’ status

  23-09-2017 02:35 via ft.com
  Washington watchdogs pass up opportunity to lighten supervision
  
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• Puerto Rico Maria insured losses could top $15bn: AIR

  23-09-2017 01:38
  AIR Worldwide believes Hurricane Maria insured losses for Puerto
  Rico alone could exceed $15bn, The Insurance
  Insider has learned.The catastrophe modelling firm is yet to publish an official loss
  estimate for Maria, with a release expected early next week.But AIR president Bill Churney is said to have told Bank of America
  clients that an earlier deadly Category 5 storm that struck the
  island in 1928 would represent $15bn of insured losses in
  today's terms.That estimate would include...
  
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• Latest Mexican quake could cost up to $2.1bn: AIR

  23-09-2017 01:38
  The magnitude 7.1 earthquake that rocked Mexico City on Tuesday
  could cost insurers up to $2.07bn, modelling firm AIR Worldwide
  said today.
  But the modeler said the insured loss could be as little as
  $732.5mn, which AIR said reflected "uncertainty in earthquake
  source parameters, modelled ground motion, and damage
  estimation".
  The tremblor felled 52 buildings in Mexico City which lies 120km
  (75 miles) northwest of the epicenter in Puebla State.
  The modelling firm said the loss estimate explicitl
  
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• E&S writer Prime wins AM Best upgrade

  23-09-2017 01:38
  Excess and surplus (E&S) lines insurer Prime Insurance
  Company has had its financial strength rating upgraded by AM Best
  to A from A-.
  The outlook has been revised from positive to stable, the
  ratings agency said today.
  AM Best said that it had upgraded the Chicago-based E&S
  insurer owing to its "excellent" underwriting
  profitability and the "strong" levels of capitalisation
  needed to support growth initiatives.
  It said that they also reflected its partnership with RLI via
  reinsurance an
  
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• AIG keeps 'too big to fail' tag after FSOC skips vote

  23-09-2017 01:38
  AIG did not win a reprieve from stricter federal oversight
  during a regulatory meeting today.
  The global insurer's status as a systemically important
  financial institution, often referred to as "too big to
  fail", was up for discussion when a panel of regulators met to
  weigh such designations, according to news reports and
  lobbyists.
  The Financial Stability Oversight Council, a 10-member panel led
  by Treasury Secretary Steve Mnuchin, discussed the annual
  reevaluations of nonbank companies that ha
  
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