Insurance broker gets long custodial sentence after fraud

Source: Insurance Business 

A Colorado insurance broker was sentenced to 12 years in state prison on Monday after he pleaded guilty to several counts of forgery, insurance fraud, and theft.

James Ahlin of Grand Junction pocketed some $130,000 in workers’ compensation premiums that he wrote while his license was revoked, The Daily Sentinel

Senate GOP Obamacare replacement would lead to 22 million more uninsured in 2026, CBO estimates

Source: CNBC

• The nonpartisan Congressional Budget Office estimates that 22 million more people would be uninsured in 2026 under the Senate’s Obamacare replacement bill.
• Average premiums are expected to fall in 2026 after initially rising.
• The CBO’s estimate of the plan’s effect on the number of uninsured Americans could influence whether Republican senators support it.

The Senate’s Obamacare replacement bill would lead to 22 million more Americans uninsured in 2026, while average premiums are expected to fall after climbing at first, according to a Monday report from the nonpartisan Congressional Budget Office.

The CBO’s estimate of

Leaving the EU without a deal not acceptable, warns ABI

Source: Insuranceage

Trade association says that if no Brexit deal is in place insurers may not be able to continue to meet the needs of millions customers and remain legally compliant.

The Association of British Insurers (ABI) has warned that leaving the EU with no deal in place is “not acceptable if insurers are to continue to meet the needs

Drought insurance ‘an experiment that failed’ in Malawi – report

By Adela Suliman (Reuters)

LONDON, May 24 (Thomson Reuters Foundation) – Taking out insurance to protect against climate risks is the “wrong model” for improving countries’ ability to cope and may even be worsening inequality and vulnerability, a leading development charity said on Wednesday.

A policy

Insurers prepare for personal cyber insurance demand 

Insurers are preparing for a surge in demand for cyber cover in personal lines as the awareness of the risk grows in the population and cybercrime cases jump.

While traditional crime has been falling steadily in the past 20 years in the UK, cybercrime cases have shot up in recent years, surpassing the total number of cases of traditional crimes,

Cape Town Hit by Worst Storm in 30 Years, Threatening Insurers’ Outlook

South Africa’s property and casualty insurers face an even tougher year than expected after Cape Town experienced its worst storm in 30 years and dozens of fires engulfed the region around the town of Knysna this week.

The insurers, including Santam Ltd., Old Mutual Plc’s Mutual & Federal and Rand Merchant Investment Holdings Ltd.’s OUTsurance unit, are already being battered by an economy

Mangroves, coral reefs could cut flood insurance premiums: Lloyd’s

Natural coastal habitats such as mangroves, coral reefs and salt marshes protect communities more effectively against coastal storms than seawalls, and insurers should consider this when pricing flood risk, Lloyd’s of London said.

Investment to conserve natural habitats also makes sense for insurers, a report written for Lloyd’s said on Tuesday, as it is around 30 times cheaper than building