INSURANCE NEWS
Houthi Attacks on Shipping in Red Sea Persist; U.S. and Allies Strike Back
The United States and Britain carried out strikes from the air and sea against Houthi military targets in Yemen in response to the movement’s attacks on ships in the Red Sea. The Houthis have been targeting vessels in the southern …
Indiana Bill Would Allow Employees to Select Physician in Workers’ Comp Cases
An Indiana lawmaker has proposed a bill that would allow employees to choose their attending physician in workers’ compensation cases. Rep. Charles Moseley, a Democrat, introduced House Bill 1246 this week, which would permit an injured worker to choose a …
Dallas Auto Dealer That Gave Employee Racist ‘Trophy’ Fined $22K
AOD Ventures, Inc. doing business as Autos of Dallas, a local retailer of pre-owned vehicles in the Dallas-Fort Worth area, will pay $22,500 and furnish other relief to settle a race discrimination lawsuit filed by the U.S. Equal Employment Opportunity …
Omaha Beef Processing Plant Faces $274K in Fines Following Worker’s Amputation
A federal investigation into how an employee suffered a serious hand injury at an Omaha, Nebraska beef processing plant in June 2023 identified more than a dozen willful and serious violations related to the company’s failures to protect its workers …
Brexit Has Cost UK More Than $178 Billion so far: London Mayor
Britain’s departure from the European Union has reduced the size of its economy by 6% so far – an annual cost of 140 billion pounds ($178 billion) – London mayor Sadiq Khan said on Thursday, with the shortfall seen reaching …
Bank of England May Tighten Up on Life Insurers’ Use of Offshore Reinsurance
The Bank of England may tighten supervision of life insurers’ use of the “funded reinsurance” market, typically alternative asset managers who make riskier investments, as corporate pension providers increasingly rely on this offshore sector. Funded reinsurers help insurers manage the …
Plastic Pellet Spill Unleashes Cleanup Nightmare on Spain’s Coast
Tiny white plastic pellets are washing ashore in Spain’s northwestern coast by the millions, with hundreds of volunteers leading the clean up as authorities struggle to coordinate and companies decline any responsibility. A tanker ship lost six containers off the …
People Moves: Allstate Names Fiato EVP and Chief Claims Officer; TNEDICCA Names Progressive’s Pratt to Board
Allstate, headquartered in Northbrook, Ill., named Mike Fiato as executive vice president and chief claims officer, effective Jan. 22. Fiato joins Allstate with more than 32 years of industry experience. Most recently, he served as executive vice president and chief …
Ex UK Goldman Sachs Manager Seeks $1.27M Over Harm From ‘Dysfunctional’ Workplace
A former senior Goldman Sachs manager is seeking around 1.0 million pounds ($1.27 million) from the Wall Street bank in London over allegations that bullying and a dysfunctional workplace destroyed his physical and psychological health. Ian Dodd, a 55-year-old former …
People Moves: Watkins Insurance Group Names Scott President
Watkins Insurance Group, based in Austin, promoted Chris Scott to president. Patrick Watkins, who has been leading the agency since 2002, will continue as CEO. Scott joined Watkins Insurance Group in 2017 and most recently served as executive vice president, …
Australia’s Usual Summer of Wildfires Is Now Being Soaked by Prolonged Wet Weather
Australians bracing for a return of scorching heat and wildfires are instead battling a prolonged deluge of rain across the country’s east that’s inundated homes and damaged crops from sugar to wheat. Vast areas of the country’s populous eastern states …
Activist Group Scorecard: Insurers Adopting Policies on Oil and Gas Slowed in 2023
The number of insurers adopting policies on oil and gas has slowed, according to climate activist organization Insure Our Future’s seventh annual “Scorecard on Insurance, Fossil Fuels and the Climate Emergency” released this week. The scorecard assesses the policies on …