INSURANCE NEWS
British People Pay Attention When a Storm Has a Name, Met Office Says
The names Isha, Babet, and Henk will all be familiar to Britons, but not because they belong to people — they are some of the most destructive storms that have swept through the UK in the past year. In an …
Ferrari Sued for Failing to Fix ‘Life-Threatening’ Brake Defect
Ferrari NV was accused in a US lawsuit of failing to fix a “dangerous safety defect” with the brakes in some of its luxury sports cars despite issuing multiple recalls. The recalls were no more than “an interim corrective measure” …
Panel of EU Lawmakers Backs Watered Down Supply Chain Audit Law
A panel of lawmakers in the European Parliament on Tuesday backed a draft law requiring large companies in the bloc to check if their supply chains use forced labor or cause environmental damage. The rules, known as the Corporate Sustainability …
Central Bankers Use AI to Assess Climate-Related Risks
Central bankers said on Tuesday they have broken new ground by using artificial intelligence to collect data for assessing climate-related financial risks, just as the volume of disclosures from banks and other companies is set to rise. The Bank for …
Bank of Japan Scraps Radical Policy, Makes First Interest Rate Hike in 17 Years
The Bank of Japan (BOJ) ended eight years of negative interest rates and other remnants of its unorthodox policy on Tuesday, making a historic shift away from its focus on reflating growth with decades of massive monetary stimulus. While the …
China Evergrande’s Alleged $78 Billion Fraud Is Among World’s Worst
China Evergrande Group’s alleged $78 billion revenue overstatement escalates the legal peril of founder Hui Ka Yan, who now stands at the center of one of the biggest financial fraud cases in history. The nation’s top securities regulator said the …
Realtor Group Strikes $418 Million Deal to End Suits Over Commissions
The National Association of Realtors agreed to settle litigation over commission rules for US real estate agents, clearing the way for possible changes in how Americans buy and sell homes. For homeowners and buyers, the proposed settlement marks an important …
Viewpoint: The Imperative of Long-Term NFIP Reform
In the wake of a record-shattering 28 billion-dollar extreme weather and natural disaster season in 2023, the U.S. finds itself at the mercy of an increasingly volatile climate. As hurricanes grow fiercer, sea levels rise and rainfall patterns shift, one …
North Carolina Labor Chief Rejects Infectious Disease Rules for Workplaces
RALEIGH, N.C. (AP) — North Carolina’s elected labor commissioner has declined to adopt rules sought by worker and civil rights groups that would have set safety and masking directives in workplaces for future infectious disease outbreaks like with COVID-19. Commissioner …
Maui’s Mayor Prioritizes Vows to Hire More Firefighters After Hawaii Wildfire
Maui’s mayor says he is prioritizing housing, evaluating evacuation routes and hiring more firefighters as his Hawaii community recovers from the deadliest U.S. wildfire in more than a century. Mayor Richard Bissen outlined the steps in emotional remarks more than …
People Moves: Zamora Named Chief Underwriting Officer of ICW Group
ICW Group Insurance Companies promoted Paul Zamora to chief underwriting officer, leading the company’s property/casualty multiline underwriting strategy and business expansion. Zamora joined ICW Group nearly 20 years ago to oversee its workers’ compensation underwriting business. He most recently served …
Six Defendants to Stand Trial for Michigan Auto Insurance Fraud Scheme
Six defendants will stand trial on charges alleging the group operated an auto insurance fraud scheme targeting Michigan residents involved in automobile collisions, Michigan Attorney General Dana Nessel and Anita Fox, Director of the Michigan Department of Insurance and Financial …