Live Insurance News

Insurance Giants in Focus: A Tale of Two Third Quarters

November 6, 2024November 5, 2024 Ester Adams

Spotlight for Insurance Investors As the third-quarter financial results roll in, the spotlight is on two titans of the insurance industry: Berkshire Hathaway and Allstate. Both companies have reported significant figures that reflect their current standing and future prospects in the insurance market. The question arises: Are insurance investors likely to shift their focus, perhaps swayed by Allstate’s recent performance? Berkshire Hathaway: Navigating Setbacks Berkshire Hathaway, renowned for its exceptional insurance underwriting, faced uncharacteristic setbacks this quarter. The company reported more than $1 billion in insurance-related losses, attributed to increased…

Cybertruck Confusion: GEICO’s Insurance Denial and Safety Debates Explained

October 9, 2024October 8, 2024 Logan B.

Tesla Cybertruck: Navigating Insurance, Safety, and Customer Perspectives The Tesla Cybertruck has been making waves in the automotive world, not just for its futuristic design and electric capabilities but also for the discussions surrounding its insurance, safety, and user experiences. Recent news involving GEICO’s stance on insuring the Cybertruck has added another layer to the ongoing conversation. GEICO’s Denial of Insurance Claims In a recent turn of events, GEICO, one of the largest car insurance providers, was rumored to have stopped underwriting Tesla Cybertruck policies. This claim originated from a…

AI insurance technology appeals to execs but not underwriters

April 25, 2024April 24, 2024 Marc

The industry – like many others – is looking at artificial intelligence and machine learning While the industry is very aware of new insurance technology such as artificial intelligence and machine learning to improve, not everyone is ready to take it on as a part of their workday. Execs are more enthusiastic about AI than underwriters Executives see the potential in the benefits of insurance technology that includes artificial intelligence and machine learning when introduced into workflows. That said, less than half (43 percent) of underwriters have the same opinion…

Ukraine cargo insurance stopped as Russia abandons grain agreement

July 25, 2023July 24, 2023 H. Cutner

Coverage is no longer being offered for shipments from the country as Russia quit the UN-backed deal. A cargo insurance company providing Ukraine grain shipment coverage through a safe sea corridor has now been suspended following Russia’s exit from the agreement backed by the United Nations, according to broker Marsh. Moscow announced that it was stepping away from the grain deal that was established a year ago. The grain deal was made between Russia and the United Nations to help reduce the risk of creating hunger around the world by…

GeoX partners with Sompo Japan to develop AI-based automated underwriting platforms

February 16, 2022February 15, 2022 PR Article

GeoX, a leader in supplying geospatial data to insurers Announced today a partnership with Sompo Holdings Inc., Sompo Japan Insurance Inc., and Sompo Risk Management Inc., specialty providers of property and casualty insurance and reinsurance with operations in the U.S. and 80,000 employees in 228 cities in 30 countries. This partnership will support Sompo Japan as it develops an automated underwriting methodology utilizing state-of-the-art AI technology. In recent years, advances in geospatial data technologies such as higher resolution and 3D satellite imagery have led insurers to use data in ways…

Dropping insurance underwriting in Q4 2019 struck Berkshire Hathaway where it hurts

February 26, 2020February 25, 2020 Marc

Warren Buffett’s company was able to recover last year despite those dragging results. Berkshire Hathaway was able to see substantial recovery in the last quarter of 2019, but that was in spite of the group’s lagging insurance underwriting result. The recovery was an important one as the same quarter in 2018 saw a significant loss overall. Warren Buffett’s multinational conglomerate issued a release last weekend. In it, they revealed that their insurance underwriting brought in a $857 million operating loss. Berkshire Hathaway’s income through insurance investing, utilities, railroad and energy,…

Obama administration makes insurance news with EU agreement negotiations

November 23, 2015November 22, 2015 G. Turner

The U.S. Treasury and U.S. Trade Representative have said they plan to work for a covered agreement. The insurance news announcement has now been made that the U.S. Treasury and the U.S. Trade Representative intend to enter into negotiations with the European Union over a covered agreement regarding insurance. The goal of these negotiations will be to “level the regulatory playing field for U.S-based insurers and reinsurers.” E.U. insurance companies and industry regulators have been expressing frustration with regards to the American reinsurance collateral requirements. The issue at the center…