Insurance
Flights Grounded After Outage of Key FAA Advisory System
The failure of a key pilot notification system operated by the Federal Aviation Administration disrupted air travel in the US early on Wednesday morning, with United Airlines Holdings Inc. temporarily grounding flights to all destinations. Scores of passengers due to …
Read More Cat Bond Investors Demand Higher Premiums as Weather Becomes More Extreme
Investors in the $35 billion catastrophe bond market are demanding the highest premiums in years to cover issuers against disasters, as weather events become more extreme while interest rates rise. Margins on new issuances of catastrophe bonds covering US wind …
Read More Britain’s Satellite Launch Fails, but Virgin Orbit Expected to Try Again
NEWQUAY, England – Britain’s hopes of becoming a prime launch site for small satellites remain intact despite the failure of what would have been the first launch into orbit from western Europe, business minister Grant Shapps said on Tuesday. Hours …
Read More Hackers Hit Websites of Danish Central Bank and 7 Private Banks
Hackers have disrupted access to the websites of Denmark’s central bank and seven private banks in the country this week, according to the central bank and an IT firm that serves the industry. The websites of the central bank and …
Read More Ohio Insurtech battleface Launches Platform Supporting Travel Insurance
Columbus, Ohio-based travel insurance provider battleface announced the launch of Robin Assist, a new tech-driven platform as a service. Built for insurance carriers, brokers, managing general agents (MGAs) and self-insured enterprise partners, the global Application Programming Interface (API)-driven insurtech platform …
Read More 5th Circuit Rejects La. Restaurant’s COVID-19 Business-Interruption Claim
The 5th Circuit Court of Appeals ruled Monday against a New Orleans restaurant’s claim for business interruption losses after the restaurant could not prove direct and sole cause by an accidental contamination of food during the early days of the …
Read More ONEOK, Insurers Agree to $930M Settlement Over Natural Gas Plant Explosion
Tulsa, Oklahoma-based natural gas provider ONEOK, Inc. (NYSE: OKE) announced that it has reached an agreement with its insurers to settle all claims for physical damage and business interruption related to an explosion at a natural gas plant in Medford, …
Read More Nathan Houdek Reappointed as Wisconsin Insurance Commissioner
The Wisconsin Office of the Commissioner of Insurance (OCI) announced appointments to the agency leadership and senior management team. Governor Tony Evers has reappointed Nathan Houdek as commissioner of insurance. Commissioner Houdek has served as commissioner since January 2022, and …
Read More Texas Fencing Contractor Fined $20K After 15-Year Old’s Death
A federal workplace safety investigation into how a 15-year-old worker tragically suffered fatal injuries while installing fencing in Guthrie has found the employer failed to follow required workplace safety standards. U.S. Department of Labor Occupational Safety and Health Administration inspectors …
Read More U.S. Climate Disasters Racked Up $165 Billion in Damage in 2022
A massive hurricane, a historic drought, and 16 other major disasters across the US collectively racked up $165 billion in damages and killed at least 474 people in 2022, according to a National Oceanic and Atmospheric Administration analysis published Tuesday. …
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