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Property

 

 

Flood insurance rare in flood-struck areas of Texas

National Flood Insurance Program counts about 600,000 policies in a state with 12.6 million housing units

United States Property

LSM launches HNW product in Lloyd’s market

Carrier hires Chubb’s Faerestrand to spearhead launch of UK high-net-worth offering

United Kingdom People moves

New Zealand overhauls insurance contract law

Duty of disclosure in focus in the biggest change to the country’s insurance law in decades

New Zealand Legal focus

Oak Re makes trio of underwriting appointments

Lloyd’s reinsurer promotes across property, specialty and credit insurance segments

London Lloyds

US tariffs to slash global insurance premium growth, Swiss Re warns

Premium growth to fall to 2% this year, with US motor market expected to face claims costs pressure, reinsurer predicts

International United States

TSR downgrades north Atlantic hurricane forecast

Forecaster now expects seven hurricanes this year, down from eight in its May prediction

North America Hurricane Season

United Risk launches warranty and affinity platform in EU and UK

Applied Affinity Underwriters will target consumer insurance programmes in Europe

Europe Distribution

Chantal becomes season’s first named storm to make US landfall

Storm is expected to generate heavy rains across central North Carolina and south and central Virginia through July 7

United States Property

NFIP’s rating model in Republican crosshairs

Insurers say Risk Rating 2.0 is boosting the private US flood market, but some Republican Senators have called for it to be abolished and for a return to a zone-based pricing model

United States Property

Hawaii hurricane fund reactivated

Relief fund resumes operation with offering of excess commercial hurricane property cover

United States Property

Australia weather losses top $1.8bn in H1

Ex-Tropical Cyclone Alfred accounted for $1.36bn of insured losses in the first half of the year

Australia Losses

US Senate strikes out AI moratorium

Trump budget bill had initially banned state and local artificial intelligence laws and regulations

United States Regulation
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