INSURANCE NEWS
Humanity on Verge of 5 Climate Tipping Points, Report Warns
Five major global “tipping points” are in danger of being crossed at current levels of warming, a new study warns, leaving humanity at an inflection point between two potential futures. An international team of more than 200 researchers identified 26 …
Bayer Ordered to Pay $3.5 Million in Latest Roundup Weedkiller Trial
Bayer was ordered on Tuesday to pay nearly $3.5 million by a Philadelphia jury that found the company’s Roundup weedkiller caused a woman’s cancer, the company said, the latest in a string of trial losses for the company as it …
Families Sue Fla. Dollar General, Landlord Over Lax Security After Shooting that Killed 3
JACKSONVILLE, Fla. (AP) — Family members of three Black people fatally shot at a Dollar General store in north Florida by a racist gunman have sued the store’s landlord, operator and security contractor for negligence, claiming lax security led to …
Here Are Details of Trafigura’s Suit Against Businessman Gupta in Alleged Nickel Fraud
Indian businessman Prateek Gupta asked a London judge on Tuesday to lift an order freezing his personal and business assets, alleging that commodity trader Trafigura failed to disclose full information when it sought the injunction. In a court document, Trafigura …
Trafigura Staff Tried to Hide Nickel ‘Red Flags,’ Gupta Says in Court Document
Staff at Trafigura Group worked with alleged fraudster Prateek Gupta to ensure that their dealings would not raise the suspicion of key lender Citigroup Inc., according to messages made public in the court battle between the two sides. The revelation …
Insurers Heavily Exposed to Impact of Climate Change: Global Watchdog
Insurers are heavily exposed to the impact of climate change and also face risk from their alternative investments in reinsurance, the International Association of Insurance Supervisors said in a report on Wednesday. Insurers continue to have “material exposure” to climate …
Attacks on Red Sea Shipping Menace 12% of Global Trade as War Risk Premiums Rise
Fresh attacks on vessels in the Red Sea are raising insurance premiums for ships in the region and menacing commerce in a conduit for 12% of world trade. War-risk premiums for some vessels have been climbing since shortly after the …
Markets/Coverages: No Application Needed for New NOW Insurance MedMal Coverage
NOW Insurance, an artificial intelligence-enabled commercial insurance platform specializing in medical professional liability coverage, recently launched coverage for physicians and physician groups in their online platform. Select brokers can now shop for and bind coverage for physician and medical group …
As Homeowners Face Mounting Disasters, Reality TV Wants to Help
Television networks are tapping into a mounting challenge affecting many US homeowners: Rebuilding after disasters. Rachael Ray — the chef whose TV programs on quick dinners gained popularity in the early 2000s — has created a new show called Rachael …
Catholic Nuns Sue Smith & Wesson to Halt its Assault-Style Weapons Sales
A group of Catholic nuns have sued the board of Smith & Wesson to try to force the gunmaker to abandon the manufacture, marketing and sales of assault-style rifles that have been used in U.S. mass shootings. The nuns, in …
Florida Commissioner, NAMIC Latest to Push Back on Federal Climate Change Data Call
Florida’s insurance commissioner and the National Association of Mutual Insurance Companies are pushing back against a plan by the U.S. Treasury to collect data from insurers on risks from climate change, calling it “federal overreach,” burdensome and unauthorized by law. …
Credit Union Worker Set Fire to Get Insurance to Replace Money She Stole
A Pennsylvania credit union employee who set a fire in order to file an insurance claim for money she had earlier embezzled has been sentenced to 30 months in prison. U.S. Attorney Eric G. Olshan announced that Patty Lynn Mavrakis, …