» U.S. P/C Industry Records $26.5 Billion Underwriting Loss in 2022
23/03/23 08:07 from Insurance Journal
The U.S. property/casualty (P/C) industry recorded a $26.5 billion net underwriting loss in 2022, down $21.5 billion from the prior year’s underwriting loss of $5 billion, according to a report published by AM Best. The underwriting loss came despite an …
» Florida Insurance Agent Who Used $5M in Premiums for Safari, Condos Gets 14 Years
23/03/23 08:01 from Insurance Journal
More than 18 months after he pleaded guilty to absconding with almost $5 million in premiums, a Florida insurance agent has been sentenced to 14 years in prison. John M. Thomas, 52, the former owner of Thomas Insurance agency in …
» These Southwestern Counties Were Ranked Safest from Natural Disasters
23/03/23 07:00 from Insurance Journal
A city in New Mexico and five counties in Colorado ranked in the top 10 for lowest-risk areas for natural catastrophes. A study by global property information provider CoreLogic detailed the least risky places to live in the U.S. from …
» Long-Term Drought in Spain Expected to Bring More Heatwaves, Wildfires
23/03/23 05:33 from Insurance Journal
MADRID (AP) – Spain has officially entered a period of long-term drought, owing to high temperatures and low rainfall over the past three years, and likely faces another year of heatwaves and forest fires. The country’s Aemet weather agency said …
» Lloyd’s of London Swings to 2022 Pre-Tax Loss on Investments but U/W Profits Up
23/03/23 02:47 from Insurance Journal
Lloyd’s of London swung to a pre-tax loss in 2022 and took writedowns on its fixed-income investments, it said on Thursday. The pre-tax loss was 800 million pounds ($982.56 million), compared with a profit of 2.3 billion pounds a year …
» Japanese Shipping Firm Seeks Government Support for Russia Insurance Risk
23/03/23 02:27 from Insurance Journal
Major Japanese shipping company Nippon Yusen KK is seeking a government guarantee to insure vessels at risk from Russia’s war in Ukraine. Conditions for getting war insurance for ships entering Russian territorial water have gotten stricter, said Takaya Soga, the …
» Oil Spills and Near Misses: Growing Numbers of Ghost Tankers Ship Sanctioned Fuel
23/03/23 02:03 from Insurance Journal
An oil tanker runs aground off eastern China, leaking fuel into the water. Another is caught in a collision near Cuba. A third is seized in Spain for drifting out of control. These vessels were part of a “shadow” fleet …
» GM Must Face Class Actions Over Defective Transmissions
23/03/23 01:00 from Insurance Journal
A federal judge in Detroit certified class actions for drivers in 26 U.S. states who accused General Motors Corp. of producing faulty transmissions for about 800,000 vehicles from the 2015 to 2019 model years. Monday’s decision by U.S. District Judge …
» Supreme Court Chews on Jack Daniel’s Fight Against Parody Dog Toy
23/03/23 00:03 from Insurance Journal
U.S. Supreme Court justices on Wednesday sniffed around for a way to resolve a dispute over a dog toy parodying a Jack Daniel’s whiskey bottle, though they clearly did not consider the case – exploring the boundary between creative expression …
» Kentucky Governor Signs Bill: Guaranty Fund Won’t Pay Claims from Self-Insurers
23/03/23 00:01 from Insurance Journal
Kentucky’s governor this week signed into law a bill that seeks to make one thing perfectly clear: The Kentucky Insurance Guaranty Association will not pay claims from defunct self-insurers that are not members of the association. “The new law basically …
» New Heat Rules for Outdoor Workers in Washington Proposed
23/03/23 00:00 from Insurance Journal
Proponents of a new proposal this week to update Washington’s permanent heat rules say they will increase protections for agricultural, construction, and other workers exposed to dangerous outdoor temperatures on the job. The Washington State Department of Labor & Industries …
» OSHA Probe of Teen Worker’s Fall Uncovers Other Wage, Child Labor, Safety Issues
23/03/23 00:00 from Insurance Journal
A federal investigation into why a 17-year-old worker – who fell 24 feet from the roof of a New Castle, Pennsylvania, home improvement store in October 2022 – was doing work that violated child labor laws led to a wider …
» Takeaways from Our Conversation on Environmental Risks for Cannabis Operations
23/03/23 00:00 from Insurance Journal
In cannabis, there are the apparent risks – product liability, property, and certainly cyber for medical marijuana operations. However, one of the most apparent risks to a cannabis operation are those that may not get as much media coverage. Environmental …
» Hershey Looks to ‘Eradicate’ Lead, Cadmium From Chocolate
23/03/23 00:00 from Insurance Journal
Hershey Co. is looking to reduce “trace” amounts of lead and cadmium in its chocolate, chief financial officer Steve Voskiul told Reuters on Wednesday, after Consumer Reports found that some dark chocolate bars had potentially harmful levels of the heavy …
» Texas Governor Appoints Bolduc as Public Counsel for OPIC
22/03/23 11:55 from Insurance Journal
Texas Governor Greg Abbott has appointed David Bolduc as the Public Counsel for the Office of Public Insurance Counsel (OPIC) for a term set to expire on February 1, 2025. The Office represents the interests of insurance consumers in regulatory …
» People Moves: Specialty MGA Nirvana Taps Sompo’s Mannsdorfer for European Underwriting; Verlingue Hires Hiscox’s Bethell as Head of Private Clients
22/03/23 11:50 from Insurance Journal
This edition of International People Moves details appointments at media, tech and cyber MGA, Nirvana, and the broker Verlingue. A summary of these new hires follows here. New Specialty MGA Nirvana Taps Sompo’s Mannsdorfer for European Underwriting Nirvana, the newly …
» Chubb Announces Climate-Focused Underwriting Standards for Oil and Gas Extraction
22/03/23 11:32 from Insurance Journal
Chubb Ltd. announced new underwriting criteria for oil and gas extraction projects that will require clients to reduce methane emissions, a by-product of oil and gas production that are among the most severe greenhouse gases. Chubb also announced it will …
» Dispute Over Van Gogh Art In Detroit Settled
22/03/23 11:07 from Insurance Journal
DETROIT (AP) – A deal has been reached over control of an 1888 painting by Vincent van Gogh, lawyers said, weeks after the custody fight created public buzz and much tension near the end of a rare U.S. exhibition in …
» Floor Collapses Onto 2 Chicago Firefighters
22/03/23 11:05 from Insurance Journal
CHICAGO (AP) – A floor collapsed onto two Chicago firefighters early Tuesday as they were helping battle a residential fire, trapping one of them until he was rescued, officials said. Crews arrived at the townhouse about 4 a.m. on the …
» People Moves: Lonergan Joins Cadence Insurance as Dallas/Fort Worth Market President
22/03/23 11:03 from Insurance Journal
Lonergan Joins Cadence Insurance as Dallas/Fort Worth Market President Kristin Lonergan has joined Cadence Insurance, Inc., headquartered in Houston, Texas, as Dallas/Fort Worth market president. In her new role, she will build and lead a commercial, personal and group benefits …