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INSURANCE NEWS
Viewpoint: Is it Time to Rethink the ‘Secondary-Peril’ Label and Reclassify Risk?
As climate events intensify, exposure is expanding, and loss severities from secondary perils, such as convective storms, wildfires, floods and hail, are no longer easily dwarfed by hurricanes or earthquakes. These perils have contributed significantly to the insured losses in …
HSBC Global Insurance Business Head Moncreiffe to Leave, Sources Say
HSBC’s global chief executive for insurance business, Edward Moncreiffe, is set to leave the bank after two decades with the lender, sources said, amid a broader global overhaul and recent asset sales in Asia. Moncreiffe’s departure, which was first reported …
AI’s Volatile Power Demand Is Damaging Its Own Data Centers
Rapid swings in AI data centers’ power demands are straining vital equipment, causing batteries, generators and cooling systems to malfunction or wear out far sooner than expected. As the AI boom accelerates, these technical problems suggest added costs and unforeseen …
FDA Urges Sanitation, Supplier Checks to Curb Fresh-Cut Produce Contamination
The U.S. Food and Drug Administration on Tuesday finalized guidance for preparation and packaging of fresh-cut produce, recommending measures such as sanitation control, supplier verification and refrigeration to reduce the risk of foodborne illnesses. The guidance for ready-to-eat produce comes …
Americans Just Endured the Hottest Month in 132 Years
The US just sweltered through the warmest month ever recorded. The average temperature for the US mainland reached 76.9F (24.9C) in July, the National Oceanic and Atmospheric Administration said on Monday. The US government has been tracking temperatures for 132 …
Rhine River Shipping Stalls as Water Level Hits Record Low
Water levels on the Rhine river are dwindling further, with no relief in sight, forcing companies that rely on the waterway to adjust rapidly to keep goods flowing.Levels at Kaub, Germany — the Rhine’s shallowest point — have fallen to …
Delta Probing Unauthorized Wi-Fi on Flight After Hacker Event
Delta Air Lines Inc. is investigating an unauthorized Wi-Fi network on a Monday flight out of Las Vegas, where a major cybersecurity conference was held over the weekend. The US airline is working with federal law enforcement officials and aviation …
German Drivers Accelerate Switch to EVs Due to Middle East War
More German drivers than ever are switching to electric vehicles due to the jump in fuel prices triggered by the US-Israeli war on Iran. A record 12% replaced their combustion-engine car with an EV in the second quarter, according to …
Florida’s Mangrove Insurance Launches Sidecar Reinsurance Vehicle
St. Petersburg-based Mangrove Property Insurance, launched two years ago, has created its own reinsurance sidecar, the company announced. Grove Re Ltd., domiciled in Bermuda, will be a Class 3A insurer, designed to support Mangrove’s risk management and underwriting. Mangrove CEO …
Officials Urge Gulf Coast Beachgoers to Beware of Deadly Bacterial Infections
Health officials in Louisiana are urging beachgoers to take precautions during a summertime surge in infections from a flesh-eating bacteria found in coastal waters. Louisiana has confirmed nine cases of Vibrio vulnificus infections this year, the state’s health department said …
Delta-8 Among Products Banned as Texas THC Suit Continues
A federal judge denied an emergency motion for a temporary restraining order sought by hemp businesses and consumers, allowing the Texas ban on THC products to continue until the case is resolved. U.S. District Judge Jeffrey Brown of Galveston declined …
Marsh McLennan Agency Acquires Iowa’s Accel Holdings
Marsh McLennan Agency announced that it has reached an agreement to acquire Accel Holdings, Inc., a leading diversified independent insurance and advisory firm headquartered in Waverly, Iowa. Terms of the acquisition, which is expected to close in the third quarter, …
