Insurance
California Lawsuit Says Grocer Broke Law by Asking Job-Seekers About Criminal Histories
California sued the Ralphs supermarket chain, alleging that it violated state law by asking job-seekers whether they had criminal records and illegally rejecting hundreds of applicants. The California Civil Rights Department contends that Ralphs Grocery Co. “has ignored and continues …
Read More Canada’s Fairfax Completes $860M Acquisition of Gulf Insurance Group from KIPCO
Fairfax Financial Holdings Ltd. announced it has completed the US$860 million acquisition of Gulf Insurance Group (GIG) from Kuwait Projects Co. (KIPCO) and certain of its affiliates. First announced in April 2023, the deal represents approximately 46.32% of the equity …
Read More SPAC Mania’s Ugly End Yields $46 Billion of Investor Losses in 2023
Wall Street’s affair with blank-check firms, the finance fad that pushed companies onto the stock market during the COVID-19 pandemic, ended this year with a string of big bankruptcies and even bigger losses for shareholders. At least 21 firms that …
Read More Gas Tanker’s Detour of 8,000 Kilometers Highlights Shipping’s Current Chokepoints
A gas tanker’s long, circuitous journey is highlighting the toll that war and climate change are taking on the shipping industry. Pacific Weihai loaded in Houston on Dec. 14 with a cargo of liquefied petroleum gas intended for Ningbo, China, …
Read More French Climate Damage Measures Came Late but Were Sufficient, Court Rules
France’s moves to limit climate damage came late but were sufficient, a French court ruled on Friday, in a blow to attempts by environmental campaigners to impose a 1.1 billion euro ($1.21 billion) penalty on the state for alleged failings. …
Read More Iranian-Linked Hacks Expose Vulnerabilities of US Water System
In late November, an Iranian-backed hacking group attacked Israeli-made digital controls commonly used in the water and wastewater industries in the US, affecting multiple organizations across several states. That same month, the North Texas Municipal Water District, which supplies water …
Read More Severe Storms Lash Australia’s East Coast, Killing 9 People
Nine people have died in Australia after severe storms lashed the nation’s east coast on Christmas Day and Boxing Day, with the Bureau of Meteorology warning there is a risk of more flash flooding even as the weather system moves …
Read More Japan Orders 4 Non-Life Insurers to End Anti-Competitive Business Practices
Japan ordered four major non-life insurance companies to improve business practices in connection with anti-competitive activity that aimed to keep premiums high, Finance Minister Shunichi Suzuki said on Tuesday. The order was issued to Aioi Nissay Dowa Insurance, Sompo Japan …
Read More Into the Surge in High-Stakes Verdicts: A Deep Dive Into Nuclear Verdicts
In recent years, the insurance industry has been grappling with a growing concern: the surge in what is now termed “nuclear verdicts.” As the name suggests, these are not just ordinary legal outcomes. These verdicts are particularly high jury awards …
Read More Litigation Abuse, Regulation, Hard Market Among Insurance Trades’ Priorities for 2024
Insurance trade organizations are always working for the industry so Insurance Journal asked them: What are the top priorities and/or challenges heading into 2024? Here are the responses we received: In the coming year, the American Property Casualty Insurance Association …
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