Insurance Industry News Weekly Round-Up – August 2, 2021

Insurance Industry News Roundup August 2, 2021

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Cost Of Aon & Willis Break-up Increases to One Billion

Have you ever been in a relationship that gets so bad you finally decide to leave no matter how much it costs? Apparently, that’s the deal with the planned merger of Aon and Willis Towers Watson. 

The proposed merger would have created the largest insurance broker, but it just wasn’t meant to be. 

The coupling ran up against anti-trust concerns by the U.S. Department of Justice and the parties weren’t able to work through their differences. 

Aon will pay a $1 Billion (with a B) break-up fee to Willis and both companies will continue to operate independently.

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Salaries Increasing As Competition For Talent Gets Hot

The disruptions in the professional workforce that resulted from the Covid-19 pandemic have lead to shortages of talent in many industries including insurance and financial services. 

As companies have tried to ramp up hiring in the last six months, they’ve found fewer employees to choose from and have started increasing salaries as a way to improve their negotiating position. 

It might be time to dust off those resumes folks!

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Severe Weather Breaks Out In The North East & Midwest

Dangerous weather is popping up across the North East and Midwest in the last week. 

Days of heavy rains in northern New England have caused flash flooding in New Hampshire and Vermont. Multiple roads have been washed out and neighborhoods have been flooded

New Jersey and Pennsylvania residents have been taking cover from tornados with eight twisters confirmed by the National Weather Service. Early reports include damage to commercial properties and residential properties but no loss of life. 

In the midwest, a band of storms stretching from the Mississippi River to Lake Michigan left tens of thousands without power. While no tornados have been confirmed local meteorologists believe the storm system could have been classified as a derecho. Often described as an inland hurricane a derecho can create winds consistently over 58 mph. 

Progressive Takes A Loss In Oklahoma Court

The Oklahoma Supreme Court decided that Progressive’s uninsured motorist exclusion violates the state’s laws. 

The exclusion in question was intended to help the insurer avoid providing uninsured motorist coverage if the insured recovers more than the state’s statutory minimum. 

The highest court in the state thought that was just a bit too cute and told Progressive to cut it out!

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