INSURANCE NEWS
Driverless Truck Companies Plan to Ditch Human Copilots in 2024
Driverless trucks with no humans on board will soon cruise Texas highways if three startup firms have their way, despite objections from critics who say financial pressures, not safety, is behind the timetable. After years of testing, Aurora Innovation Inc., …
US Supreme Court to Hear Challenge to EPA’s ‘Good Neighbor’ Air Pollution Plan
The U.S. Supreme Court on late last month said it would hear a bid to block the Environmental Protection Agency from enforcing a federal regulation aimed at reducing ozone emissions that may worsen air pollution in neighboring states. Acting on …
Flooding at Boston Hospital Disrupts IVF Services for 200 Patients
Flooding from a burst water main at Boston`s Brigham and Women’s Hospital has disrupted services for about 200 patients seeking to have children through in vitro fertilization, leaving some of them devastated. The pipe burst about 1 a.m. on Christmas …
FDA Allows Florida to Import Cheaper Drugs from Canada
(Reuters) – The U.S. Food and Drug Administration (FDA) said on Friday it had authorized Florida to directly import prescription drugs from Canada, where prices of medicines are cheaper. The regulator said it was committed to working with other states …
Georgia Awards $189M Bridge-Raising Contract to Allow Bigger Cargo Ships
SAVANNAH, Ga. (AP) — The Georgia Department of Transportation said Wednesday it has chosen a general contractor to oversee a $189 million project to raise Savannah`s towering suspension bridge so that larger cargo ships can pass underneath and reach one …
Merck Settles Coverage Dispute With Insurers Over War Exclusion in NotPetya Attack
Merck & Co. Inc. has reportedly reached a deal with insurers over a closely-watched coverage dispute related to a massive cyberattack in 2017. The New Jersey Supreme Court in July 2023 agreed to hear the case after a state appeals …
Florida Bad-faith Suit Survives Even Though Policy Limits Paid and Sinkhole Excluded
Just because an insurer paid the full policy limits on a claim, and argues that the damages weren’t even covered, doesn’t mean it can escape a bad-faith lawsuit. It’s the type of court decision that has rankled Florida insurance carriers …
Missouri City to Pay $2.9 Million Settlement Over Excessive Traffic Fines and Unfair Jailing
ST. LOUIS (AP) – A Missouri city will pay nearly $3 million to settle a lawsuit accusing it of violating the constitutional rights of residents by jailing them and forcing them to pay fines and fees amounting to millions of …
Louisiana Commissioner Donelon: Incentive and Fortify Homes Programs are Meeting Expectations
Outgoing Louisiana Insurance Commissioner Jim Donelon said Thursday that two initiatives to address the state’s property insurance market are meeting expectations. Donelon provided updates to the Louisiana Incentive Program and the Louisiana Fortify Homes Program in his final week of …
Markets/Coverages: Rokstone Agrees Binder With Munich Re Syndicate for International Property Portfolio
Rokstone, the London-based speciality re/insurance managing general agent, part of Aventum Group, announced a binder agreement with Munich Re Syndicate Ltd. (MRSL), to bolster the expansion of its international property risks portfolio. The binder has a line size of US$2 …
The Sentry Tees Off 2024 PGA Tour as First Major Sporting Event to Return to Maui Since Wildfires
The 2024 PGA Tour teed off Thursday with the opening round of The Sentry, the first major sporting event to be held on the island of Maui since the devastating Lahaina wildfires in August. Sentry Insurance, the tournament’s title sponsor, …
Japan Quake Likely to Have Limited Credit Ratings Impact on Insurers: AM Best
The earnings impact on the major domestic non-life insurers of claims from the Jan. 1, 2024 earthquake in Japan is expected to be manageable relative to the sector’s net profit, according to AM Best in a market commentary. Japan’s four …