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INSURANCE NEWS
Home Insurance Tops Property Taxes in Squeeze for US Households
Home insurance rates have risen so dramatically over the last decade that the average premium now exceeds the average property-tax bill in two-thirds of US counties, according to an analysis published Monday by Bloomberg Intelligence. It points to the role …
French Riots Seen as Insurance Test Before New Regime Kicks In
The damage wrought cross France by the recent street riots will demonstrate the extent of current insurance coverage, just months before a new state-backed system kicks in, according to DBRS Morningstar analysts. “The latest French unrest reinforces a broader trend …
AI Accelerates Cyber Threat Landscape, Poses New Risks for Insurers and Businesses
Industry executives speaking during a recent NetDiligence Cyber Risk Summit in Philadelphia said cyber losses are increasingly driven by operational disruptions, sophisticated fraud schemes, rather than traditional ransomware and data breaches alone. Not to mention, of course, the rapid adoption …
Google Cloud Outage in UK Eases After Affecting Digital Banks, Public Sector Websites
Alphabet’s Google said on Tuesday its cloud services in the UK were back up after an hours-long outage that disrupted several financial firms and public-sector websites. The outage put the spotlight on concerns among UK and EU regulators about the …
Roofer, Insurance Producer Charged in Separate Fraud Cases in the Carolinas
Carolina authorities have charged multiple people, including a roofer and an insurance agent, with defrauding insurance companies. In North Carolina, Cameron Alexander Hammond, 34, of Vanceboro, was charged with deliberately damaging roof shingles on a home then telling North Carolina …
People Moves: Ohio Mutual Names Kratzer as AVP, Internal Audit
Ohio Mutual has named Brenton Kratzer AVP, internal audit, succeeding Kristy Kinley, who will be retiring in December. Kratzer will report to the Board of Directors Audit Committee Chair. Kratzer holds the Certified Internal Auditor (CIA) and Certified Information Systems …
Texas Data Center Boom Threatens Progress on Air Quality
Texas’ rapidly growing data center industry could reverse much of the state’s progress on air quality by the end of the decade, according to a new report released Tuesday. The air emissions report published by the Houston Advanced Research Center …
Insurer Rolls Out Policy to Protect Data Centers Against Growing Backlash
Intensifying public pushback against artificial intelligence data centers is spurring a new line of business for a New York-based boutique insurer. Arbol, which was founded by a former Citadel strategist, on Tuesday launched a new policy that protects data center …
Oaktree’s Deal to Buy A-Cap Insurer Crumbles, Spawning New Talks
Oaktree Capital Management’s agreement to take over a life insurer owned by Advantage Capital Holdings has collapsed, leaving the companies to discuss alternatives after regulators raised alarms over the business’s potential exposure to defunct investment firm 777 Partners. Oaktree, which …
Hormuz Could Be ‘Redundant’ in Five Years, Replaced by New Routes, HSBC CEO Says
Investment in alternative logistics routes in the Gulf to mitigate the impact of the Iran war could make the Strait of Hormuz “redundant” in the next five years, HSBC Group Chief Executive Georges Elhedery said on Tuesday. The conflict has …
AI Tool That Hacked Korean Banks Was Used in Japan: Security Firm
The hackers who recently infiltrated some of Japan’s biggest companies used an AI tool developed in China and linked to a rash of breaches at South Korean banks last month, according to a Tokyo-based internet security firm. Researchers confirmed that …
People Moves: Virginia Workers’ Comp Commission Names 2 Deputy Commissioners
The Virginia Workers’ Compensation Commission named two new deputy commissioners, Adam L. Katz and Jason A. Mullins. Both Katz and Mullins will serve as administrative law judges under the Virginia Workers’ Compensation Act and hold evidentiary hearings. Since 2010, Deputy …
