INSURANCE NEWS
Nevada Issues First License Lounge In Las Vegas Where Cannabis Can Be Consumed Recreationally
Nevada regulators have issued the first license to operate a lounge where cannabis can be consumed recreationally, marking the first of what are expected to be dozens of such operations. The state Cannabis Compliance Board announced that the license was …
Insurtech Root Inc. Results Improve but Remain at a Net Loss
Insurtech Root Inc. posted a net loss for the fourth quarter 2023 of $24 million and a net loss for the year of $147.4 million. Results were improvements from net losses of about $58.3 million for fourth quarter 2022 and …
That’s Gonna Leave a Mark: Large-Hail Days Hit Two-Decade High in 2023
Hail of two inches or greater struck the United States on 141 days last year — the highest number of annual days in two decades, according to a new CoreLogic report. Severe convective storms generated “an unprecedented amount of insured …
Vermont Seeks Federal Disaster Declaration for December Flooding
Vermont Gov. Phil Scott has requested a federal major disaster declaration to help communities hit by severe rainfall and flooding in December. Such a declaration would allow municipalities to be reimbursed for 75% of eligible costs, such as debris removal, …
People Moves: Aon Promotes Goosen as Head of Professional Services, London Global Broking Centre; Mason Named Chief Exec of London’s Electronic Trading Platform PPL
This edition of International People Moves details appointments at Aon and the London market’s electronic trading platform, PPL. A summary of these new hires follows here. Aon Promotes Goosen as Head of Professional Services, London Global Broking Centre Insurance broker …
Australian Iron Ore Port Starts Clearing Ships Ahead of Cyclone
A major port on Australia’s west coast used by Rio Tinto Group to export iron ore has started clearing ships from the harbor ahead of a cyclone that’s expected to form early Friday. All port anchorages are expected to be …
Zurich Insurance Annual Profit Beats Estimates, Offers $1.25B Share Buyback
Zurich Insurance posted a better-than-expected annual operating profit on Thursday led by strong performance in its life business and offered a share buyback of up to 1.1 billion Swiss franc ($1.25 billion). The operating profit rose 21% to $7.4 billion …
AXA’s 2023 Earnings Miss Forecasts on Higher Costs, Lifts Dividend 16%
France’s AXA, Europe’s second-biggest insurer, reported slightly lower-than-expected yearly earnings on Thursday, as higher debt servicing costs and investments in tech ate into a rise in revenues. The group, which also pledged bigger shareholder payouts as part of a new …
China Cargo Ship Smashes Through Bridge Sending Vehicles Into River: Reports
A cargo ship slammed into a bridge in southern China, sending several vehicles tumbling into a river. Two people died and three others were missing after the accident Thursday in Guangzhou, state-run Global Times said on X, formerly known as …
Cyber MGA Coalition Predicts Common Vulnerabilities to Increase 25% in 2024
Cyber insurance provider Coalition said it expects the total number of common vulnerabilities and exposures (CVEs) to increase by 25% in 2024 to 34,888 vulnerabilities, or roughly 2,900 per month. The insurtech’s Cyber Threat Index 2024 detailed cybersecurity trends from …
Slumping EV Prices Force Carmakers to Repay Leasing Firms
Carmakers have begun compensating leasing companies for the sliding value of used electric cars as Tesla Inc.’s price cuts rip through an industry that must sell more EVs or face hefty fines. Ayvens, the biggest multi-brand leasing firm, already has …
Insurers’ LNG Support at Odds With Their Climate Ambition, Report Says
The underwriting of liquefied natural gas (LNG) capacity in the US by major global insurers is at odds with their climate ambition, according to a report from activist groups including Public Citizen and Rainforest Action Network. Chubb, American International Group …