INSURANCE NEWS
J&J, P&G Sued After FDA Panel Ruling on Cold Medicine Decongestant
A new lawsuit accuses Johnson & Johnson and Procter & Gamble of having deceived consumers about decongestant cold medicines containing an ingredient that a unanimous U.S. Food and Drug Administration advisory panel this week declared ineffective. According to a proposed …
Shell Says Australian Unit BG Group Hit by MOVEit Cybersecurity Breach
Shell Plc said on Friday that it has identified a cybersecurity incident involving some employees who worked with the company’s unit BG Group in Australia before the merger, becoming the latest victim of the MOVEit hack. A number of businesses …
Feds Tell Banks to Be on Alert for Payroll, Work Comp Premium Fraud Schemes
A US Treasury Department unit that investigates financial crimes has directed banks to send alerts when they come across suspicious activity that indicates a business is using check cashing companies to avoid payroll taxes and reduce workers’ compensation premiums. Such …
Orion180 Expands into Mississippi, Alabama
Orion180, one of the latest entrants into the Florida market, has also begun writing homeowners policies in noncoastal areas of Mississippi and Alabama. The policies will be written through admitted insurer Orion180 Select Insurance Co., the Melbourne, Florida-based firm said …
Study: Top Priorities for New York Job Seekers and Businesses
Flexibility in their job is the number one priority for employees, while attracting new employees and retaining current workers remain the top challenges for businesses, according to the results of the 2023 New York Department of Labor workforce study. In …
Insurance Commissioner Orders Protections for 15,000 Californians Following Fires
California Insurance Commissioner Ricardo Lara on Thursday ordered insurers to preserve residential insurance coverage for more than 15,000 policyholders affected by fires in Del Norte County and Siskiyou County after Gov. Gavin Newsom issued emergency declarations last month. The commissioner’s …
New England Braces for Lee After Days of Torrential Rains
Soaked and stunned communities across Massachusetts, Rhode Island and Connecticut have begun surveying and fixing damage from several days of flooding and a reported tornado, while they and others in the region also prepare for more heavy rain and strong …
Caesars Entertainment Paid Millions to Hackers in Attack
Caesars Entertainment Inc. paid tens of millions of dollars to hackers who broke into the company’s systems in recent weeks and threatened to release the company’s data, according to two people familiar with the matter. The disclosure of the alleged …
For the Fifth Straight Year, Surplus Lines Sees Double-Digit Growth: AM Best
Total U.S. surplus lines direct premiums written (DPW) rose by 19.2% to reach a record $98.5 billion in 2022, marking a five-year streak of double-digit growth rate increase, according to a new AM Bestreport. The new Best’s Market Segment Report, …
USDA Expands Whole Farm Revenue Protection, Micro Farm Insurance Plans
The U.S. Department of Agriculture’s Risk Management Agency (RMA) announced changes to the Whole Farm Revenue Protection (WFRP) and Micro Farm Insurance plans in an effort to increase participation and access to crop insurance for producers of specialty crops. Improvements …
Policygenius Finds Average Home Insurance Prices Up 21%
Online insurance marketplace Policygenius has found that home insurance premiums at renewal increased 21% on average from May 2022 to May 2023. The state that saw the highest average increase for homeowners insurance during the time period analyzed by Policygenius …
Louisiana Fortify Homes Program to Launch October 2
Homeowners insured by Louisiana Citizens will be able to apply for up to $10,000 to repair or replace their roofs in October when the Louisiana Fortify Homes Program (LFHP) opens its first round of grants. The Louisiana Department of Insurance …