INSURANCE NEWS
Boat Found in Key Biscayne Incident that Killed 15-year-old Skiier
MIAMI (AP) — Investigators located a boat believed to have fatally struck a 15-year-old girl off a south Florida beach and fled without stopping, while friends and family members mourned her loss. A funeral service for Ella Adler was held …
Four in Florida Charged with Faking Auto Accident Injuries to Gain PIP Payouts
Florida authorities this week charged four people with falsifying injuries from an auto accident and attempting to defraud three insurance companies out of personal injury protection payments. Maria Campos, Isabella Mendez, Madison Martinez, and Krystal Arbona were charged with insurance …
Ardonagh Specialty Rebrands Reinsurance Business as ‘Price Forbes Re’
Ardonagh Specialty announced it is naming its reinsurance business Price Forbes Re. The renaming of Inver Re in London and Bermuda and Equinox Re in the US follows the simplification of Ardonagh Specialty’s multiple brands in 2023, with Price Forbes …
Before Global Scrutiny, Indian Spice Maker MDH Faced Many US Rejections
Popular Indian spice brand MDH, under scrutiny for alleged contamination in some products, has since 2021 seen an average 14.5% of its US shipments rejected due to the presence of bacteria, a Reuters analysis of US regulatory data found. Hong …
EU Finalizes Investment Fund Labels to Combat Greenwashing
The European Union’s securities watchdog confirmed on Tuesday final guidelines on when investment funds can label themselves as being “sustainable” without being accused of greenwashing. Trillions of dollars globally have flowed into investments that promote their green attractions, but regulators …
Markets/Coverages: Coalition Enters Excess Cyber Insurance Market in Australia
Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, announced it entered the excess cyber insurance market in Australia, enabling businesses to add a layer of risk management to their cyber towers. Australian brokers can now sell coverage …
Wildfire Prompts Partial Evacuation of Canada’s Oil-Sands Capital
Portions of Fort McMurray, Alberta, are being evacuated as a wildfire approaches the city, the unofficial capital of Canada’s oil sands industry that almost burned to the ground during a historic blaze eight years ago. The 11,000-hectare (27,000 acre) blaze …
South Africa’s Health Insurance Law Set to Face Legal Challenges
South Africa’s main opposition party, joined by some labor and business groups, said on Tuesday it would go to court to fight a bill aimed at providing universal health coverage, which President Cyril Ramaphosa is set to sign into law …
Brazil States Ask Court to Double Amount Vale, BHP Should Pay for Mining Disaster
Two Brazilian states have asked a court to more than double the amount that miners Vale and BHP, plus a jointly owned tie-up, must pay in damages for a 2015 deadly tailings dam failure, according to a legal document seen …
Britain Rejects Call to Ban Gagging Orders in Financial Services Sector
Britain’s Finance Ministry on Tuesday rejected a call to ban non-disclosure agreements (NDAs), which can be used to silence victims of sexual harassment and abuse, arguing that such clauses do not stop staff reporting concerns to authorities. A report on …
Insurance Research Council: Home Insurance Spend Outpaces Household Income Growth
According to the Insurance Research Council (IRS), the average homeowners insurance expenditure has become less affordable for U.S. consumers over time. Looking at the the years 2001 to 2021—the latest year in which relevant data is available—homeowners spent about 2% …
US Workers’ Comp Line Still Showing Strong Profits, Lower Claim Frequency
Net written premium in the U.S. workers’ compensation insurance market grew by just 1% from 2022 to 2023, a far smaller percentage than most other property/casualty lines. However, the workers’ compensation line remains the most profitable segment, with a combined …