Illinois lawmakers this week passed a pair of bills that gives the insurance department the authority to review homeowners and auto rate filings to determine whether they are excessive. The insurance industry has heavily opposed the legislative measures, warning that expanded government control over insurance rates will reduce competition and drive prices. HB 4273 and SB 714 give the Illinois Department of Insurance the ability to review and overturn rate increases that are deemed “excessive, inadequate or unfairly discriminatory.” Brian Christenberry, regional vice president for NAMIC, said the bills add a tighter regulatory framework without addressing the underlying drivers of…
Author: Awais
Palomar Insurance Holdings, the speciality US insurer that offers largely catastrophe exposed property products, has lifted the top of its reinsurance tower to provide as much as $3.92 billion of earthquake reinsurance protection at the renewals, with multi-year catastrophe bonds set to provide $1.28 billion of coverage for 2026.Much like in previous years, protecting against major earthquake events in its home state of California, as well as other quake-exposed regions of the US, remains a core focus of Palomar’s reinsurance program. For its reinsurance renewal for the 2026-2027 year, Palomar has added $421 million in incremental limit, to lift its…
On April 10, 2025, several hours after finishing a hike in Sedona, Arizona, Jan Anderson started repeating herself. “Did we hike this morning?” she asked. “Yes, we hiked,” said her husband, Steve Francks. “And you did really well.” But 15 seconds later, she asked the same question: “Did we hike today?” Anderson, 65, a retired finance executive, doesn’t remember any of it. She can recall what happened that afternoon only because her husband started recording her on his cellphone. “I was just on this nonstop loop,” she said. Almost immediately, Francks knew something was wrong. “Jan was out of it,”…
A Kentucky food-coloring manufacturer made a number of missteps and was not equipped to prevent the 2024 runaway chemical reaction that killed two workers and caused millions of dollars in damage to the plant and surrounding neighborhoods. That was the conclusion from the U.S. Chemical Safety and Hazard Investigation Board, which this week released its final report on the Givaudan Sense Colour explosion in Louisville. “This tragic incident was a catastrophe waiting to happen,” Chemical Safety Board (CSB) Chairman Steve Owens said in a statement. “The reactor’s pressure relief system was not designed to release pressure from a reaction like…
The resources aim to offer a standard but flexible framework for health systems, regardless of their size or available resources, the industry group said.
Legal reforms, improved building resilience, and disciplined underwriting have combined to restore confidence in the Florida re/insurance market – leading to increased capacity as well as improved terms and pricing during the June reinsurance renewals, according to Guy Carpenter. Since landmark tort reforms were enacted in December 2022, Florida’s property insurance market has strengthened with domestic underwriters posting a 76.8% combined ratio in 2025, said Carpenter in its report titled “June 2026 Florida Reinsurance Renewals – A Thriving Market Restoring Capital to Healthy Levels.” “Policyholders’ surplus surged by 45%, as carriers continued to rebuild from the eroded capital levels that…
At least eight people are confirmed dead, and authorities believe there are three more bodies they have yet to reach at the site of the paper mill explosion in Longview, Washington. Two people had previously been pronounced dead, bringing the total number of deaths to 11. The bodies of six of the nine missing workers were recovered from the site of the chemical tank implosion. Related: West Coast Chemical Emergencies Raise Questions About Safety A tank holding 600,000 gallons of a chemical used to make packaging for milk and juice cartons exploded Tuesday morning at the Nippon Dynawave Packaging plant.…
On April 30, 2026, North Carolina Governor Josh Stein signed legislation that includes Medicaid policy changes and closes an estimated $319 million shortfall in funding for the state’s Medicaid program for FY 2026. Many of the legislation’s Medicaid policy changes are related to implementation of the 2025 federal reconciliation law. The 2025 reconciliation law requires states to condition Medicaid eligibility for adults in the Affordable Care Act (ACA) Medicaid expansion group and enrollees in partial expansion waiver programs (Georgia and Wisconsin) on meeting work requirements starting January 1, 2027. The 2025 reconciliation law also limits states’ ability to raise the state share of Medicaid spending through provider…
Several vessels transiting through the Strait of Hormuz have been attacked in recent days, underscoring the “very real” risks that remain for shipowners in the Persian Gulf whether or not a peace accord is signed, Chevron Corp. Chief Executive Officer Mike Wirth said. “There still has been kinetic activity this week, some of which has been reported in the media — some of which has not,” Wirth said on Bloomberg TV on Friday. “We see risks very real still in that environment.” Asked to clarify what hadn’t yet been reported, Wirth said several ships have been attacked. “There have been…
Davis & Towle Insurance Group, headquartered in Concord, New Hampshire, appointed John Kneeland as commercial lines manager and promoted Sherri Cole to assistant commercial lines manager. Both positions are effective June 1. Kneeland brings extensive insurance industry experience to Davis & Towle, with a background that includes leadership and business development roles at Providence Mutual, The Hanover, Bristol West and Farmers. In his new role, he will oversee the commercial lines team based in Concord while also helping lead strategy, operations, and carrier relationships across all 14 Davis & Towle-affiliated agencies. Cole, a long-time senior commercial lines account manager with…
Paul Barker, Partner and Chief Investment Officer, Private ILS at alternative investment manager Elementum Advisors, LLC, explores how the specialist insurance-linked securities (ILS) manager positions itself within a competitive landscape, and how its approach has adapted amid an increasingly sophisticated investor base.Artemis met with Barker at Elementum’s office in Hamilton, Bermuda recently, to discuss what differentiates the firm from other ILS platforms on the island, as well as the increased sophistication of both investors and cedants in a more mature and better understood asset class. “In terms of what sets us apart, our long-standing track record across multiple market cycles…
Germany faces losses of up to $131 billion between 2026 and 2030 if heat waves seen in the past decade recur, the study showed Rising temperatures cut productivity and push up energy costs, weighing on companies and investment, it added Output losses of up to 3% of GDP are possible by 2030, placing Germany in the middle of Europe but on the losing side Southern Europe remains the hardest hit, while hotter regions outside Europe have adapted more to extreme heat Hamburg-based Allianz Trade said productivity drops by about 3% for each degree above 30°C, while energy costs rise roughly…
SOCIAL CIRCLE, Ga. — Until recently, this rural city about 45 minutes east of Atlanta was best known for its Blue Willow Inn cookbooks featuring recipes for Southern dishes such as baked pineapple casserole and kudzu blossom jelly. Lately, however, the community has been trying to stave off a new identity of “prison town” as it fights the opening of what could become the nation’s largest immigration detention center, holding up to 10,000 people. Walton County, home to this city of about 5,500, voted overwhelmingly for President Donald Trump in 2024. But, as the administration’s mass deportation strategy hits closer…
A Massachusetts man pleaded guilty in federal court in Boston this week to payroll tax avoidance and workers’ compensation insurance fraud, prosecutors reported. According to the U.S. attorney’soffice, Henry Lam, of Lowell, used cash payments to employees to hide his firm’s true payroll, avoid collecting and paying taxes, and lowering his workers’ compensation costs. Between 2016 and 2023, Lam owned and operated HL Temporary Services – a temporary employment agency in Lowell that served companies in Massachusetts. The clients paid HL Temporary Services for the temporary employees’ work on an hourly basis. Lam cashed these client’s checks at check cashing…