INSURANCE NEWS
Extreme Weather and Misinformation Top Global Risks: World Economic Forum
Risk specialists see extreme weather and misinformation as most likely to trigger a global crisis in the next couple of years, a World Economic Forum (WEF) survey released on Wednesday said. While extreme weather was identified as the bigger risk …
Michigan Appellate Court: Parents Have Right to Elect Lower Auto Insurance Limits for Minor Drivers
The Michigan Court of Appeals ruled last week that state law permits the parent of a minor to elect lower than default liability limits for their child’s auto insurance coverage. A three-judge panel unanimously affirmed a trial court’s decision that …
USDA to Provide Weaned Calf Risk Protection Insurance in Four States
The U.S. Department of Agriculture is announcing Weaned Calf Risk Protection, a new insurance option for livestock producers in several states. This policy, offered by USDA’s Risk Management Agency (RMA), offers Actual Production History (APH) coverage for beef cow-calf producers …
Loss of Alaska Airlines Cockpit Recording Rekindles Industry Safety Debate
The cockpit voice recorder data on the Alaska Airlines Boeing 737 MAX 9 jet which lost a panel mid-flight on Jan. 5 was overwritten, U.S. authorities said, renewing attention on long-standing safety calls for longer in-flight recordings. National Transportation Safety …
MarketScout: 2023 US Commercial Composite Rate Up 4.56%
According to the MarketScout Market Barometer, U.S. commercial property/casualty insurance rates rose to 5.6% in the fourth quarter of 2023, resulting in a total composite rate increase of 4.56% for the whole of 2023. “Calendar year 2023 settled down a …
NCCI: Shifting Workplace, Costs Are Top Concerns for Workers’ Comp Execs
A new survey finds ratings data, changes in the workplace and workforce, medical inflation and economic uncertainty are top of mind concerns for workers’ compensation insurance executives. The National Council on Compensation Insurance (NCCI) released the results of its annual …
P&C People: XS Brokers Expands with Geiss, Kentucky Agents Name New EVP
The underwriting and wholesale brokerage group known as XS Brokers is expanding into the Southeast and has named Adam Geiss as vice president, based in Charlotte, North Carolina. “Charlotte, a vibrant and growing city, has strategically been on our radar …
Report: California 4th Most Expensive State for Business Owners, Washington No. 2
California ranks fourth for high business startup and maintenance costs, following No. 1 ranked New York as as the most expensive state for entrepreneurs, with high commercial rent costs, weekly wages, and LLC filing costs, according to a new report …
Tyson Foods, Cargill Suspend Kansas Beef Plants Due to Snowstorm
CHICAGO – Tyson Foods TSN.N and Cargill CARG.UL said on Tuesday it suspended operations at beef processing plants in Kansas due to a massive snowstorm, disrupting U.S. meat production. Cargill, a major producer of ground beef, said its plant in …
ALKEME Acquires Texas’ Flor Insurance Group
ALKEME, announced the acquisition of Flor Insurance Group, a multi-line independent insurance agency located in El Paso, Texas and serving the entire United States. Founded in 2010, Flor Insurance Group is focused on insurance solutions for commercial trucking insurance with …
Oklahoma AG Launches Tipline to Report Allegedly Illegal Conduct during Winter Storm Uri
Oklahoma Attorney General Gentner Drummond has launched an online tip form where the public can report allegedly illegal conduct related to energy costs during Winter Storm Uri. The tipline, located on the Attorney General’s website (oag.ok.gov), is designed to collect …
Illinois Contractor Faces $278K in Fines for Exposing Workers to Falls
Twice within a month, an Illinois roofing contractor — cited previously more than 20 times for violating federal workplace safety regulations — was again found exposing employees to falls as they did residential framing work on houses under construction in …