INSURANCE NEWS
US Insurers Invested in Fossil Fuels as Climate Risks to Underwriting Mount
U.S.-based insurers have invested hundreds of billions of dollars in fossil fuel-related assets which in turn contribute to the risk of climate-related damage to the underwriting side of their businesses, a new report said on Tuesday. A data sample comprising …
People Moves: BHSI Names AIG’s Bidmead for Transactional Liability; TransRe Announces Group of Promotions; CNA Hardy Appoints Sr. Underwriters for UK Marine
This edition of International People Moves details appointments at Berkshire Hathaway Specialty Insurance (BHSI), Trans Re and CNA Hardy. A summary of these new hires follows here. BHSI Names AIG’s Bidmead as Head of Transactional Liability, Asia and Middle East …
Insured Loss Estimate for Turkey Earthquake Rises to US$3.4 Billion: PERILS
The third loss estimate for the Kahramanmaras Earthquake Sequence, which hit large parts of south-central Turkey and neighboring Syria on Feb. 6, 2023, has risen to $3.4 billion, according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance …
More ESG Lawsuits on the Horizon as Investors Jump on UK Law
Investors are becoming more emboldened to file legal challenges against companies for their net zero claims, approaches to governance and other hot-button ESG issues, using a pair of underutilized provisions of a UK law. Standard Chartered Plc, BT Group Plc …
Vale Loses Bid to Block BHP’s London Lawsuit in Brazil Dam Case
Vale on Monday lost a bid to block fellow mining giant BHP Group’s bid to have it share potential liability in a 36 billion-pound ($46 billion) London lawsuit over Brazil’s worst environmental disaster. More than 720,000 Brazilians are suing BHP, …
Japan Cannot Confirm Security Leak After Report Says China Hacked Defense Networks
Japan cannot confirm if any security information has been leaked, the top government spokesperson said on Tuesday when asked about a Washington Post report on Chinese hacking into its defense cyber networks. Chinese military hackers gained access to a classified …
Japan Competition Watchdog Probes Insurers Over Price Fixing
Japan’s competition watchdog has begun an investigation into whether the top four non-life insurers colluded to set premiums for their corporate clients, according to a person familiar with the matter, becoming the latest regulator to look into the issue. The …
Ukraine’s Drone Attack Hasn’t Yet Jolted Insurance Costs for Black Sea Oil Carriers
A drone attack on a Russian oil tanker and a warning from Kyiv that more could follow has so far had little impact on insurance costs for oil and commodity carriers in the key Black Sea region, as rates were …
Average Cost of a Data Breach Has Reached an All-Time High: IBM Report
According to IBM’s Cost of a Data Breach report, 2023 set an all-time high record with the global average data breach cost reaching $4.45 million, a 2.3% increase from 2022 and a 15.3% from 2020. The 2023 research, conducted independently …
Trucking Firm Yellow Files for Bankruptcy, Blasts Teamsters
Some 30,000 workers at Yellow Corp were looking for jobs on Monday after the major trucking company filed for Chapter 11 bankruptcy protection, potentially saddling U.S. taxpayers with losses from a government rescue of the long-troubled carrier. The nearly 100-year-old …
Plexus Groupe Expands to Memphis, Adds Two to Roster
The Plexus Groupe, an insurance brokerage and advisory firm based in Deer Park, Illinois, is expanding into Tennessee and has named two business leaders to the Memphis office. Cary Cheston, who has worked with Memphis businesses on insurance needs for …
2 Killed, 3 Hurt When Pleasure Boat Catches Fire in Southern California Bay
Two women were killed and another woman and two men were hospitalized with burns after a weekend fire on a pleasure boat in Long Beach, California, authorities said. The blaze was reported around 5:15 p.m. Saturday on a 35-foot motorboat …