INSURANCE NEWS
Tesla Arson Case Shows Need to Protect Power Grid, Says German Utility Westenergie
German policymakers should team up with power grid operators to improve the response to incidents such as the arson attack near Tesla’s gigafactory, said the head of regional utility Westenergie. Security measures needed reviewing and a better legal framework created, …
Australia Warns of Critical Financial Risks to Insurers and Banks From Climate Change
Australia’s worsening climate change may see insurance companies and banks withdraw their services from communities vulnerable to extreme events, potentially triggering “cascading effects” across the economy, a new government report warned. The government released its first National Climate Risk Assessment …
NHTSA Opens Probe Into Emergency Braking Issues in Certain Honda Vehicles
U.S. auto-safety regulators on Monday launched a preliminary probe into emergency braking issues in certain Honda vehicles following complaints of crashes and fires. The problem affects the 2019-2022 models of the Honda Insight, a hybrid electric car, and the Honda …
Rite Aid Opioid Settlement: Victims Will Likely Get No Payment
Nancy Zailo is at the back of the line. She’s behind Jeffrey Stein, the Rite Aid Corp. chief executive collecting $300,000 paychecks every month. She’s behind consultants at Alvarez & Marsal, who have billed the pharmacy chain $75 million and …
Nvidia Is Sued by Authors Over AI Use of Copyrighted Works
Nvidia, whose chips power artificial intelligence, has been sued by three authors who said it used their copyrighted books without permission to train its NeMo AI platform. Brian Keene, Abdi Nazemian and Stewart O’Nan said their works were part of …
Colorado Farmers Must Pay $6.5M for Defrauding Federal Crop Insurance Programs
Two Colorado Farmers must pay more than $6.5 Million for defrauding federal crop insurance programs, according to U.S. Attorney Cole Finegan. Finegan’s office announced that Patrick Esch and Ed Dean Jagers of Springfield, Colorado, agreed to pay the sum to …
New Jersey Reports Spike in Incidents of Bias in 2023
Reports in New Jersey of incidents of bias — like antisemitism and anti-Black behavior among others — climbed by 22% last year, according to preliminary data released Thursday by the attorney general. Attorney General Matt Platkin’s office released the unofficial …
Mississippi Wind-Mit Bill Would Tax Insurers, Help Fund Retrofits, Tornado Rooms
Mississippi could soon join the growing list of states with grant-funded wind fortification programs for homeowners, thanks to a bill that’s moving through the state Legislature. The state House of Representatives last week approved House Bill 888, by chief sponsor …
Industry Trades Applaud New FIO-NAIC Partnership on Data Collection
The U.S. Treasury late last week backed off a plan to have the Federal Insurance Office (FIO) collect data on climate-related risks from property/casualty insurers—an outcome that had been sought by the insurance industry since the proposal was published in …
Florida, Texas Grab Bigger Chunk of Paychecks as NY Fades
Southern US states have enjoyed some of the strongest job growth in the pandemic era, as well as some of the biggest wage increases — and they’re luring Americans from elsewhere in the country. Add those things together and they …
No Recoverable Oil from Massive Spill off Southern California Coast
No recoverable oil remains in the water after a sheen was reported off the Southern California coast, but the cause remains unclear, officials said. Authorities detected the 2.5-mile long oil sheen Friday morning. Crews recovered about 85% of it, roughly …
Lloyd’s Reports Banner Year in 2023 but Discipline Must Be Maintained: Market Update
Lloyd’s strong 2023 results reaffirm the primacy of underwriting, “but it’s one year and therefore not a reason for complacency,” said Patrick Tiernan, chief of markets, in a market message to discuss preliminary results. Burkhard Keese, Lloyd’s chief financial officer, …