News from March 2024
By Business Daily | Mar 21, 2024
WASHINGTON, D.C. (March 21, 2024)—The national average for a gallon of gas rose 11 cents since last week to $3.52. While domestic gas demand has been lackluster, rising oil prices helped push pump prices higher. The Midwest may see a bit of a price reprieve, as the large BP Whiting refinery in Indiana is back up and running after being down since February 1st."Gas prices are a lot like seasonal temperatures. They start to rise with the arrival of spring," said Andrew Gross, AAA spokesperson. "And the national average for gas is now higher than a year ago, which we have...
By Business Daily | Mar 21, 2024
State-backed UK terrorism reinsurer Pool Reinsurance Co. Ltd. is "very confident" that its members will vote in favor of fundamental changes to how it is run. The changes, which include shifting to catastrophe treaty-style reinsurance coverage from the current facultative model, are part of Pool Re's remit to return more risk to the private insurance market, which is a condition of its unlimited guarantee from the UK government. Pool Re is classified as an arms-length body of the UK Treasury department."The government support for the scheme ... sits as a cornerstone for...
By Business Daily | Mar 21, 2024
NORTHBROOK, Ill., March 21, 2024 – The Allstate Corporation disclosed that their "estimated catastrophe losses were below the $150 million reporting threshold for February 2024." The company also revealed that "Rate increases for Allstate brand auto insurance resulted in a premium impact of 0.1% for the month of February and 1.5% year-to-date," as well as stating that "Rate increases for Allstate brand homeowners insurance have resulted in a premium impact of 2.4% for the month of February and 2.7% year-to-date." Additionally, they mentioned that "Implemented rate increases...
By Press Release | Mar 20, 2024
Flying Food Group (FFG) has been at the forefront of sustainable practices within the aviation catering industry. Through the company’s sustainability initiative, Greener Runways, their efforts in 2023 mark significant strides toward a greener future. With a focus on reducing organic waste, implementing recycling trials, and upgrading their vehicle fleet, FFG is demonstrating its commitment to environmental stewardship.
By Business Daily | Mar 20, 2024
Mergers and acquisitions in the UK insurance industry saw a rise in 2023, contrasting with a broader slowdown in deal activity across Europe, the Middle East, and Africa. According to S&P Global Market Intelligence data, "there were 156 acquisitions of UK insurance targets last year, up from 130 in 2022."While deal numbers across EMEA decreased, the UK stood out as the most active M&A market in the region. The main driver behind the UK's volume was broker M&A, with a large number of small brokers and larger groups pursuing buy-and-build strategies. Notable deals included...
By Business Daily | Mar 20, 2024
The Insurance Information Institute (Triple-I) has announced that it will hold its 2024 Joint Industry Forum (JIF) in Miami, Florida, on Tuesday, Nov. 19, and Wednesday, Nov. 20. The event will focus on providing expert perspectives on the state of the insurance industry under the theme Solutions for a New Age of Risk.Triple-I's CEO, Sean Kevelighan, emphasized the importance of updating assumptions and priorities for risk and insurance professionals, stating, “Senior risk and insurance professionals need to continuously update their assumptions and priorities, and...
By Sony Electronics | Mar 20, 2024
Announced that it will have an exhibit at the world's largest international conference on accessibility, the "CSUN Assistive Technology Conference 2024" March 18 to 22 in Anaheim, California.
By Business Daily | Mar 20, 2024
Bloomington, IL, March 20, 2024 — State Farm General Insurance Company, in an effort to ensure its long-term sustainability in California, has announced some significant changes that will affect a portion of its policyholders in the state.The company revealed that approximately 30,000 homeowners, rental dwelling, and other property insurance policies will not be renewed. Additionally, around 42,000 commercial apartment policies will also not be renewed. It is important to note that renters insurance will not be impacted by these decisions.These actions, specific to...
By Business Daily | Mar 20, 2024
According to estimates from S&P Global Market Intelligence, individual annuity direct premiums and considerations surged by 21.8% in 2023, marking a third straight year of double-digit growth. The most substantial annual growth rate for this product category since 2002."A resilient domestic economy, rising interest rates, and ample supply of attractive products led to outsized expansion in individual annuities during a year of otherwise mixed growth in business volumes for the US life insurance industry." - S&P Global Market IntelligenceThe top six individual entities...
By Business Daily | Mar 19, 2024
On March 19, 2024, Nationwide introduced a groundbreaking digital resource, the Pet HealthZone, powered by generative artificial intelligence (Gen AI), aimed at providing pet owners with valuable insights into their pets' health. Dr. Emily Tincher, Nationwide’s senior director of pet health, and Melanie Kolp, Nationwide’s senior vice president and chief technology officer of technology strategy, data and innovation, shed light on the functionality of this innovative platform.The Pet HealthZone leverages over 40 years of pet insurance data to offer pet owners personalized...
By Business Daily | Mar 19, 2024
Florida domestic residential property insurers saw a positive financial turnaround in 2023 after seven years of struggling. According to an analysis by S&P Global Market Intelligence, the group of around 50 insurers reported a net income of $147.3 million for the year, marking a significant improvement from previous years of losses exceeding $1 billion.One of the key factors contributing to this improvement was a notable increase in investment income and better underwriting results. Additionally, the industry benefited from a mild hurricane season and saw a rise in...
By Business Daily | Mar 18, 2024
JPMorgan Chase has announced a partnership with the Academy Museum of Motion Pictures. As a result of the partnership, the financial institution, headquartered in New York City, will sponsor select temporary exhibitions, the museum's regular feature, and community related events.
By Janette Ciborowski | Mar 18, 2024
New Catalog of NVIDIA NIM and GPU-Accelerated Microservices for Biology, Chemistry, Imaging and Healthcare Data Runs in Every NVIDIA DGX Cloud
By Business Daily | Mar 18, 2024
WASHINGTON, DC (March 18, 2024) – Even though many eclipse enthusiasts have had April 8, 2024 marked on their calendars for years, there are some people who are just now deciding they want to experience this natural phenomenon in person. If this is you, it’s not too late.According to AAA booking data, Dallas, Austin, and San Antonio are the most popular cities along the path of totality for the upcoming eclipse on April 8, 2024. Indianapolis, Cleveland, and Buffalo are also top eclipse-viewing destinations, with Dallas experiencing a significant increase in reservations...
By Business Daily | Mar 15, 2024
Property and casualty insurers doing business in California will be able to expand their use of catastrophe modeling under a new proposal from the state regulator. The California Department of Insurance is proposing that insurers be permitted to use catastrophe models that include wildfire, terrorism, and flood lines for both homeowners and commercial insurance lines.The proposal, which is the second element of the regulator's Sustainable Insurance Strategy introduced by Insurance Commissioner Ricardo Lara, aims to revise what can be included in catastrophe modeling. This...
By Business Daily | Mar 15, 2024
Amidst persisting volatility in capital markets, insurers in the Asia-Pacific region are facing uncertainties over earnings, prompting them to actively manage their investments. According to S&P Global Ratings analysts, 98% of rated insurers in Asia-Pacific have a stable outlook, but the ongoing market fluctuations are impacting profitability.Lead analyst Wenwen Chen highlighted that insurers in the region are reassessing risk-return balances and becoming more selective due to credit stresses, particularly in real estate and alternative investments. Chen also noted that...
By Business Daily | Mar 15, 2024
Shares of Heritage Insurance Holdings and American Coastal Insurance Corp., two Florida-based homeowners' insurers, have experienced significant increases in their stock prices as a result of strategic shifts and favorable weather conditions. Heritage Insurance Holdings' share price has surged by 115.9% to $7.86, while American Coastal Insurance Corp. has seen a remarkable 438.1% increase to $10.60.Heritage Insurance Holdings announced a strategic focus on commercial lines and the excess and surplus market, leading to its stock price rise. Similarly, American Coastal...
By JJ Cranford - Eben Kaplan | Mar 15, 2024
CrowdStrike launches new services to help public companies prepare for, and comply with, the SEC’s new regulations and take on the evolving responsibilities associated with them.
By Business Daily | Mar 14, 2024
Japanese life insurers Dai-ichi Life Holdings Inc., T&D Holdings Inc., and Japan Post Insurance Co. Ltd. are all making significant progress towards achieving their annual profit forecasts for the fiscal year ending March 30, 2024.Dai-ichi Life Holdings Inc. reported a remarkable 42.1% year-over-year growth in net income, attributing the increase to various positive factors. The company stated, "The improvement in T&D Holdings' nine-month profit was largely due to a 'reactionary decline' in large temporary valuation losses related to Fortitude, a foreign reinsurance...
By Business Daily | Mar 14, 2024
In a celebration of excellence at the CIAA Basketball Tournament, the Lincoln University Lions and Fayetteville State Lady Broncos emerged victorious, claiming their championship titles in Baltimore. The tournament, steeped in tradition and history, goes beyond the court, fostering a sense of community and nostalgia among attendees.The Central Intercollegiate Athletic Association (CIAA), established in 1912 as America’s oldest historically Black athletic conference, showcases 14 annual championships, including the prestigious basketball tournament. Drawing in 190,000 fans...