INSURANCE NEWS
Apple Hit With $2B EU Antitrust Fine in Spotify Case, Will Appeal
Brussels fined Apple 1.84 billion euros ($2 billion) on Monday, the iPhone maker’s first ever EU antitrust penalty, for preventing Spotify and other music streaming services from informing users of payment options outside its App Store. The European Commission’s decision …
AM Best Upgrades Credit Ratings of ClearPath Following Merger With Harford
AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) of ClearPath Insurance Co., which does business as ClearPath Specialty and …
North Korea Broke Into South Korean Chip Equipment Firms: Seoul’s Spy Agency
North Korea’s hacking groups have broken into at least two South Korean manufacturers of chipmaking equipment, as the country looks to evade sanctions and turn out its own semiconductors for weapons programs, South Korea’s spy agency said on Monday. The …
Infernos Rage From Texas to Australia as Wildfire Season Kicks Off Early
After a year of deadly wildfires around the globe, the world is burning again from Texas to Australia — and in some regions, the blazes are igniting early. Canada’s Alberta province said last month that wildfire season had already begun, …
Rising Sea Levels Increase Threat of Arsenic in Drinking Water: Study
Rising seas due to climate change could exacerbate the threat of arsenic in drinking water, according to a study published in PLOS One in January. Researchers focused on arsenic in well water in Bangladesh, where up to 97% of the …
Ship Sunk by Houthis Threatens Red Sea Environment, Yemen Gov’t, US Military Say
A UK-owned ship attacked by Houthi militants last month sank in the Red Sea, the U.S. military confirmed on Saturday, as it echoed a warning from Yemen’s internationally recognized government that the vessel’s cargo of hazardous fertilizer posed a risk …
US Judge Says Google Must Face Some Advertisers’ Antitrust Claims, Dismisses Others
Alphabet’s Google must face advertisers’ proposed class action lawsuit claiming that it monopolizes the ad exchange market, a U.S. judge ruled on Friday. But U.S. District Judge Kevin Castel dismissed some other antitrust claims, including those focused on ad-buying tools …
AI Firms Face Growing List of Lawsuits. Here’s What to Watch
Artificial intelligence firms are facing increasing pressure from some of the world’s most formidable names in technology and media, as new tools spark fresh questions over the risks posed by chatbots that threaten to rival human intelligence. Elon Musk became …
Spike in Recent Ratings Downgrades Shows Challenges for U.S. Insurers
Negative ratings actions and financial challenges are forcing carriers to explore reinsurance options offering needed capital, according to a report released last month by Gallagher Re’s Strategic and Financial Analytics team. Downgrades of U.S. property/casualty (re)insurers jumped significantly in the …
Florida OIR Approves Another 54,000 Citizens Takeouts. More Coming if Bills Pass
Florida’s Insurance Commissioner last week approved another round of takeouts from the state-created Citizens Property Insurance Corp., with an assumption dates in May. That brings the total takeouts with 2024 assumptions to more than 354,134, the Office of Insurance Regulation …
University of Maryland Suspends Fraternities and Sororities Pending Investigation
The University of Maryland has ordered fraternities and sororities on campus to suspend social and recruitment activities after the school received multiple reports of unsafe activities. A letter sent Friday from university officials to fraternity and sorority presidents informing them …
Xcel Energy Utility Equipment Started Texas Wildfire, Homeowner Claims in Lawsuit
March 1 (Reuters) – A Texas homeowner whose house was destroyed by a massive wildfire raging northeast of Amarillo sued electric utility Xcel Energy XEL.O on Friday, alleging that a splintered power pole owned by the company fell and started …