INSURANCE NEWS
US Home Insurance Premiums May Hit a Record This Year, Report Warns
US home insurance rates are expected to reach a record high this year, with the biggest increases occurring in states prone to severe weather events, according to a new analysis. The average premium for homeowners insurance in the US is …
Massachusetts Lawmakers Advance ‘Hot Work’ Oversiight Bill
A decade after two firefighters died when they became trapped in a brownstone in Boston’s historic Back Bay neighborhood by a fire caused by sparks from welders working next door, the Massachusetts Senate passed a bill Thursday aimed at toughening …
US Finalizes New Tailpipe Emissions Limits for Heavy Duty Vehicles
The U.S. government said on Friday it was finalizing tighter tailpipe emissions standards for heavy duty vehicles like semi-trucks and buses, but the new rules would not be as strict as initially proposed in 2023. The Environmental Protection Agency (EPA) …
Other Major US Bridge Collapses Caused by Ships and Barges
A container ship struck a major bridge in Baltimore early Tuesday, [March 26] causing it to plunge into the river below. From 1960 to 2015, there were 35 major bridge collapses worldwide due to ship or barge collision, with a …
Baltimore Ship Accident Has East Coast Ports Scrambling to Absorb Cargo
Ports along the US East Coast are modifying their operations to absorb cargo diverted from Baltimore harbor, where salvage specialists are starting the daunting task of clearing debris from the destroyed Francis Scott Key Bridge. The Port of Virginia, with …
Viewpoint: AI Is Changing the Cyber Risk Landscape
Innovation is at the heart of the human experience, with a constant stream of new ideas and inventions changing the way we conduct business. But seismic shifts in technology don’t come all at once, or even at a steady pace—they …
AM Best Downgrades Ratings of State Farm General
Roughly a week after State Farm announced that it would nonrenew tens of thousands of homeowners and commercial apartment policies in California, AM Best has downgraded the company that offered those policies. Last week, State Farm cited its responsibility to …
FEMA: SW Florida Stripped of Flood Insurance Discounts After ‘Improper Rebuilds’
After spiking premiums, nonrenewals and complaints about unpaid claims, more than 115,000 property owners in southwest Florida are now facing a new slap in the face after 2022’s Hurricane Ian: 25% higher flood insurance rates because local officials reportedly allowed …
Georgia Lawmakers Approve PTSD Disability Insurance Bill with Smaller Payout
The Georgia General Assembly has approved a less-expensive version of a bill that would provide a type of disability insurance for first responders diagnosed with post-traumatic stress disorder. The state Senate last week voted unanimously in favor of House Bill …
Oregon OSHA Fines Bend Contractor $103K for Repeated Fall Protection Violations
The Oregon Occupational Safety and Health Division fined a Bend construction company $103,438 for repeatedly violating a requirement to provide protective systems to safeguard workers from fall hazards. The division cited Sky Ridge Construction LLC following an inspection that focused …
Insurance Industry Readies for Historic Losses From Baltimore Bridge Tragedy
It’s very early in the recovery process and already the numbers are large. Insured losses for the tragic collapse of the Francis Scott Key Bridge in Baltimore could be as much as $2 billion to $4 billion, according to Morningstar. …
Ki Enters Partnership With Beazley, Expanding Capacity for Digital Follow Syndicate
Ki, the digital and algorithmically driven Lloyd’s syndicate, announced a partnership with Beazley whereby Ki will offer additional follow capacity from Beazley syndicate 2623/623 through its digital platform from April 2, 2024. Ki said this is another major milestone in …