Hurricane Ian could cripple Florida’s home insurance industry

Primbondh/ November 16, 2022/ business insurance

Hurricane Ian could cripple Florida’s already-fragile homeowners insurance market. Experts say a major storm like Ian could push some of those insurance companies into insolvency, making it harder for people to collect on claims.

Since January 2020, at least a dozen insurance companies in the state have gone out of business, including six this year alone. Nearly 30 others are on the Florida Office of Insurance Regulation’s “Watch List” because of financial instability.

“Hurricane Ian will test the financial preparedness of some insurers to cover losses to their portfolios, in particular smaller Florida carriers with high exposure concentrations in the impacted areas,” Jeff Waters, an analyst at Moody’s Analytics subsidiary RMS and a meteorologist, told ABC News. Waters said Florida is a peak catastrophe zone for reinsurers, and those with exposure will likely incur meaningful losses.

This aerial photo shows damaged homes and debris in the aftermath of Hurricane Ian,

Read More

Fire Sale! China’s “Warren Buffett” Races To Sell Assets

Primbondh/ November 14, 2022/ business insurance

The debt crisis that roiled China’s real estate market has spread to one of the country’s largest conglomerates. Fosun, owner of an English Premier league soccer team, Portugal’s largest bank and Club Med, can no longer raise capital so it must sell off assets before it defaults on its short-term debt.

Guo Guangchang, the billionaire cofounder of Chinese conglomerate Fosun, likes to say that he emulates Warren Buffett by following the same investment strategy of using the steady cash flow from insurance firms to acquire other businesses. It enabled him to build Shanghai- based Fosun into an eclectic empire that includes Wolverhampton Wanderers from the English Premier League, Portugal’s largest bank Millennium BCP, as well as French fashion house Lanvin and resort owner Club Med.

But now, Guo is struggling with a problem Buffett never had. Fosun had been borrowing heavily to fund its acquisition spree and analysts are

Read More

Rising Stars 2022 | Insurance Business America

Primbondh/ November 5, 2022/ business insurance

Young and determined

For this year’s cohort of Insurance Business America’s Rising Stars, the future is so bright they need sunglasses.  

“Most companies are hungry for bright, young talent to be their future,” says Rising Star Carrie Cheeks, the southeast territory manager for the workers’ compensation (WC) division of Jencap Insurance Services. “The under 35s are in a great spot for growth and will soon be leaders within our industry.” 

“I am skilled in many areas, but I don’t think my personal talents would mean much without the ability and willingness to collaborate with others”

Tamra Johnson, American Property Casualty Insurance Association 


Generation Z (born after 1996) have been starting their first jobs while Millennials (born 1980–96) have been bolstering their résumés and are positioned to move into senior-level positions, according to David E. Coons, senior vice president of The Jacobson

Read More

SEC charges UBS, JPMorgan, TradeStation for identity theft protection lapses

Primbondh/ July 28, 2022/ business insurance

(Reuters) — The U.S. Securities and Exchange Commission on Wednesday charged lenders JPMorgan and UBS as well as online broker TradeStation for deficiencies relating to the prevention of customer identity theft, the agency said.

Without admitting or denying the SEC’s findings, each firm agreed to pay the following penalties: JPMorgan $1.2 million, UBS $925,000, and TradeStation $425,000, the SEC said in a statement.

Between at least January 2017 to October 2019, the firms’ identity theft prevention programs did not include reasonable policies and procedures to surface red flags in connection with customer accounts, the SEC said in its order.

The firms also lacked reasonable policies and procedures to respond appropriately to detected identity theft red flags, or to ensure that the programs were updated periodically to reflect changes in identity theft risks to customers.

“Today’s actions are reminders that broker-dealers and investment advisers must design and operate identity theft prevention

Read More

What insurance to choose if you have a family

Primbondh/ March 18, 2021/ business insurance

Having a family comes with plenty of responsibilities. Paying school fees, utility bills, buying foodstuffs and a whole lot of miscellaneous bills arising out of either poor health or restoring a damaged property in the house. These responsibilities weigh us down and most often clog the wheel of our family’s progress because of the decline in finance. As a result, there are various kinds of insurance policies that arise to help out in case of catastrophe. If you have a family and are thinking of insurance, there are a lot of insurance policies you can choose from and reading through insurance’s opinions can show you the right way to look. Nevertheless, this article shall discuss some five insurances you can choose if you have a family.

Life insurance

The common denominator all people possess is that we shall all one-day die and leave our loved ones – husbands, wives, parents, … Read More