Pasture lands have been stripped down to a sea of sand after wildfires tore across the U.S. Plains, killing cattle and wiping out their food sources, and threatening a historically small herd already linked to rising beef prices. The loss of grass in Oklahoma and Kansas has sent ranchers scrambling for donations of hay to feed their herds as some face the prospect of running out of supplies. Since last week, the biggest wildfire, the Ranger Road Fire, burned an estimated 283,283 acres (114,640 hectares) in northern Oklahoma and southern Kansas, the Oklahoma Department of Agriculture, Food and Forestry said…
Author: Awais
Global property insurance rates accelerated their downward trend in the fourth quarter of 2025, with broker Marsh Risk reporting a 9% global decline, led by a sharp 14% drop in the Pacific region.In its latest report on global commercial insurance rates, Marsh Risk highlighted that growing competition among insurers, coupled with a favourable loss environment and reinsurance pricing were the primary drivers for the rate decline along with increased market capacity. Commenting on the report, John Donnelly, President, Global Placement, Marsh Risk, said: “The global insurance market has been characterized by ample capacity across most lines and regions over the…
The Department would require insurance industry members forward contributions if the Fund’s balance were reduced below $500,000,000, according to Section 9(1) of the Workers’ Compensation Security Fund Act (77 P.S. § 1059(1)). As of its evaluation dated December 31, 2025, the Fund’s balance exceeded $500 million, the Pennsylvania Insurance Department reported.
The Centers for Medicare & Medicaid Services (CMS) released the latest Medicare Advantage enrollment data on February 13, 2026. These data provide the first look into Medicare Advantage enrollment for 2026 following a statement published by CMS last fall that Medicare Advantage insurers projected total enrollment would be lower in 2026 than in 2025. The industry projections came at the same time insurers announced a drop in in the total number of Medicare Advantage plans that would be available for general enrollment (individual plans) in 2026, along with an increase the number of special needs plans (SNPs), which limit enrollment…
High-value homes present a parallel issue. In markets where multimillion-dollar properties are increasingly common, traditional policy structures often fail to meaningfully balance risk. “People balk at a $10,000 deductible,” Kussurelis said. He suggested layered approaches and greater self-insurance, long standard in commercial lines, had yet to permeate personal lines.
Remember the stormy days of March 2023, when the Florida Insurance Guaranty Association voted to add a 1% emergency assessment on all homeowners’ and commercial policies, to help pay outstanding claims left behind by insolvent insurers? Three years later, FIGA has announced it is ending the surcharge two years earlier than expected, thanks to a quiet 2025 hurricane season, no more insolvencies, a limit on excessive claims litigation and a much-improved Florida market. The move will save policyholders in the state as much as $650 million over the next two years, FIGA Executive Director Bob Ricker said in a bulletin…
Volvo Cars will recall over 40,000 of its flagship electric EX30 SUVs because their battery packs risk overheating, it told Reuters on Monday, a move that could dent the automaker’s hard-earned reputation for safety and cost it millions of dollars. The previously unreported recall involves replacing modules in the high-voltage battery packs of the compact SUV, a crucial model in Volvo’s push to compete with cheaper Chinese brands. Battery safety is a highly sensitive issue for EV makers and consumers. A total of 40,323 EX30 Single-Motor Extended Range and Twin-Motor Performance cars with these high‑voltage cells are affected, the Swedish…
After a grueling year of chemotherapy, surgery, and radiation to treat breast cancer, Sadia Zapp was anxious — not the manageable hum that had long been part of her life, but something deeper, more distracting. “Every little ache, like my knee hurts,” she said, made her worry that “this is the end of the road for me.” So Zapp, a 40-year-old communications director in New York, became one of millions of Americans to start taking an anxiety medication in recent years. For her, it was the serotonin-boosting drug Lexapro. “I love it. It’s been great,” she said. “It’s really helped…
Sompo Holdings Inc. announced it has received the necessary antitrust and insurance regulatory approvals required to complete its previously announced acquisition of Aspen Insurance Holdings Ltd., via a wholly owned subsidiary of Sompo International Holdings Ltd. (SIH). The $3.5 billion transaction, which was first announced in August 2025, is expected to close over the next several days. Sompo describes Aspen as a well-established insurance and reinsurance franchise with a strong underwriting culture. Further, it added, Aspen’s top-tier Lloyd’s syndicate provides Sompo additional access to support complex risks and reinsurance licensing across untapped markets worldwide. Following closing, Sompo will begin the…
Zywave, a provider of insurance technology solutions, recently debuted insurance-specialized AI agents rolled out to more than 35 early adopters across a wide range of insurance organizations. In addition, new platform enhancements will help insurance agencies and brokers transform how they work and achieve revenue growth and productivity. Zywave said its AI agents unify prospecting, content creation, and client engagement—freeing producers to focus on customers instead of systems. Key enhancements in Zywave’s Winter 2026 Release include: Smarter, faster, fully connected insurance workflows: Zywave rolls out the following four new AI agents to early adopters of all sizes. Now integrated with…
The European Central Bank is delving into the risks faced by banks in the region from the artificial intelligence industry, amid heightened concern over hidden credit exposures and financial-sector disruption. The Frankfurt-based central bank is asking a small number of individual lenders for more details on their lending to areas including data centers, people familiar with the effort told Bloomberg. In parallel, the regulator is running targeted workshops to identify how banks are using generative AI. The people asked not to be named as the matter isn’t public. An ECB spokesperson declined to comment. Increased attention by the ECB to…
An investigation to determine if backcountry guides were criminally negligent during a California ski trip that ended with eight people killed in an avalanche and another presumed dead has surprised legal experts, who said the probe has scant precedent. Backcountry tour clients typically sign waivers of liability that shield guides and their companies from potential lawsuits. And skiing is recognized by courts in California as involving certain dangers, attorney Andrew McDevitt said. That means recreational skiers assume certain risks, such as potential collisions with rocks or trees and changing snow conditions. Related: Ski Trip Hit by Avalanche Was Led by…
As climate volatility, cyber exposure, and social inflation intensify, insurance availability itself has become a risk for affluent clients. Gia Snape sits down with Diane Delaney of PRMA to explore why modern protection now requires proactive mitigation and a sharper understanding of human risk, and what it truly means to stay insurable in a rapidly shifting landscape.
Individual Market: The individual market includes coverage purchased by individuals and families through the Affordable Care Act’s exchanges (Marketplaces) as well as coverage purchased directly off-exchange, which includes both plans complying with the ACA’s rules and non-compliant coverage (e.g., grandfathered policies purchased before the ACA went into effect and some short-term plans). The federal government provided subsidies for low and middle-income people in the Marketplace and includes measures, such as risk adjustment, to help limit the financial liability of insurers. Insurers in the individual market receive premium payments from enrollees, plus any federal subsidies for people in the Marketplaces. Some…