INSURANCE NEWS
Swedish Prosecutor Plans Nord Stream Blast Decision This Week
The prosecutor leading Sweden’s probe into the Nord Stream gas pipeline blasts in the Baltic Sea in 2022 plans to announce a decision this week on whether to drop the case, press charges or request that someone is detained, his …
Marsh: ‘Stable’ Q4 Commercial Rate Increase of 2%
Broker Marsh said global commercial insurance rates increased by 2% at renewal in the fourth quarter of 2023, marking the 25th straight quarter of rate increases. “At a time of much global economic uncertainty, clients will welcome the increased stability …
Marsh: US Commercial Lines Rates Up 3% in Q4 2023
Broker Marsh said the composite rate change at renewal for U.S. commercial lines was up 3% in the fourth quarter 2023, led by an 11% increase in property rates. The Marsh Global Insurance Market Index said it was the 25th …
Cone of Uncertainty to Include Inland Areas, Where Storm Damage can Be Heavy
ST. PETERSBURG, Fla. (AP) — The “cone of uncertainty” produced by the National Hurricane Center to forecast the location and ferocity of a tropical storm is getting an update this year to include predictions for inland areas, where wind and …
Authorities: Man Fleeing Police in Alabama Caused Crash That Injured Gayle Manchin
HOMEWOOD, Ala. (AP) — A man fleeing police caused the Alabama car crash that injured Gayle Manchin, head of an economic development partnership of the federal government and 13 state governments and the wife of U.S. Sen. Joe Manchin, along …
Florida House Votes to Loosen Child Labor Laws a Year After Tougher Immigrant Statute
TALLAHASSEE, Fla. (AP) — A year after Florida enacted a law making it more difficult for employers to hire immigrants illegally, a move that has reportedly exacerbated a labor shortage and has added to property insurance repair costs, the state …
Chile’s Second-Largest Refinery Shuttered Due to Power Outage Following Wildfires
The Aconcagua refinery, Chile’s second-largest with a capacity to process 102,000 barrels per day (bpd) of crude, has been shut down since Friday following a power outage caused by forest fires raging in the country, its owner said on Sunday. …
EquiLend Restores Some Services After Cybersecurity Incident
Fintech firm EquiLend said on Friday some services, including trading and post-trading solutions, had been restored, more than a week after it suffered an outage due to unauthorized access to its systems. EquiLend, a company at the heart of securities …
Report: Top AI Trends for Insurers in 2024 Include Claims, Other Insurance Processes
Insurers are prepared for artificial intelligence to move beyond task automation and machine learning to advanced uses in 2024, a new report examining the industry and how it’s using AI shows. The report from Xceedance, a provider of operations support, …
Hedge Funds’ Mega Returns Set Off Demand Spiral for Catastrophe Bonds
As hedge funds rake in record profits in one of the riskiest corners of the debt market, the products behind those returns are now drawing in more mainstream investors. Catastrophe bonds, which last year formed the basis for the best-performing …
EU Agrees New Push to Repair, Not Replace, Defective Consumer Goods
Consumers will be given greater rights to have goods such as washing machines and smartphones repaired under new rules agreed by the European Union and aimed at reducing waste from defective or broken products simply being dumped and replaced. Along …
N Carolina Lawmakers Say Changes Could Come for State’s High-Risk Driver Pool
North Carolina has a rather unique setup for auto insurance, allowing insurers to place high-risk drivers into the state Reinsurance Facility, a non-profit, state-created pool. That system came under new scrutiny last week, with some state lawmakers questioning if it …