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News
FMG’s toughest claims year in 121 years puts rural pricing in focus
4+ hour, 36+ min ago (810+ words) Insurance Business FMG’s toughest claims year in 121 years puts rural pricing in focus Insurance revenue up 5%. Insurance service expenses up 29.5%. Livestock and forestry now leviable under the FENZ levy from July 1. Three things rural brokers need to take into the…...
A multi-unit building breaks every rule of home insurance, Aon broker says
14+ hour, 29+ min ago (515+ words) Insuring a multi-unit residential building has almost nothing in common with insuring a single-family home beyond the fact that both involve a roof and walls, according to Peter Kennedy, managing director at Aon, who said the differences start with sheer…...
Parametric insurance just paid out for a coral reef for the first time in the US
1+ day, 15+ hour ago (202+ words) Hurricane Lala triggered a $200,000 payment on a policy built to protect a natural asset rather than a building. For an industry still selling the promise of parametric coverage, it's a rare real-world proof point. When Hurricane Lala hit the Big…...
SGI's own office floods as insurer pushes through contested rate hike
2+ day, 22+ hour ago (270+ words) Saskatchewan Government Insurance shut down its Regina head office on Friday after a burst fire suppression hose flooded the elevator shaft in the early morning hours, causing water damage across multiple floors. SGI said the hose failed on the 11th floor…...
Insurance questions remain as New Forest wildfire contained after two weeks
2+ day, 19+ hour ago (567+ words) Firefighters are due to leave the New Forest later today, two weeks after a blazing van sparked a wildfire that went on to destroy more than one square kilometre, or 247 acres, of the national park. The A31 dual carriageway between Southampton…...
Five heatwaves, flash floods, and a 3.9% rise in rebuild costs - the case for reviewing sums insured
5+ day, 16+ hour ago (472+ words) Insurance Business Five heatwaves, flash floods, and a 3.9% rise in rebuild costs - the case for reviewing sums insured Seven in 10 flood claims are now surface water events. Rebuild costs rose 3.9% to July 2026. A sum insured set two years ago may…...
Insurers are pricing wildfire risk by the neighborhood, not the house
6+ day, 13+ hour ago (315+ words) Wildfire risk pricing runs into a problem that hail and hurricane coverage never posed: the house next door matters nearly as much as the house itself. Vigus was careful to separate what's realistic for an individual homeowner from what requires…...
AXA XL names a loss-sensitive casualty specialist as umbrella capacity stays constrained
6+ day, 13+ hour ago (333+ words) AXA XL has appointed Kerry Vitolano to lead its US risk management business as casualty remains an outlier in an otherwise softening US commercial insurance market. Vitolano has been named head of East, US risk management and Head of US…...
Wildfire brokerage RockRose Risk raises $12.5 million to become the underwriter, roofer and more
6+ day, 20+ hour ago (388+ words) RockRose Risk's pitch to homeowners associations and hotel owners in fire country has always been the same: harden your property, document it, and the brokerage will push carriers to reflect that work in your premium. The three-year-old company now wants…...
Intact Insurance launches miniature disaster videos
6+ day, 21+ hour ago (303+ words) Intact Insurance has launched a social media video series built around a handcrafted, 1:12 scale miniature house subjected to five extreme weather perils: wildfire, flooding, hail, wind and snow. "For many homeowners, the risks of extreme weather can feel abstract," said…...