INSURANCE NEWS
Consumer Reports: On Average, Electric Vehicles Less Reliable Than Gas Vehicles
Electric vehicles have proved far less reliable, on average, than gasoline-powered cars, trucks and SUVs, according to the latest survey by Consumer Reports, which found that EVs from the 2021 through 2023 model years encountered nearly 80% more problems than …
Meta Asks Appeals Court to Tell FTC it Cannot Reopen Privacy Case
Meta Platforms, which owns WhatsApp, Instagram and Facebook, filed a lawsuit asking an appeals court to stop the U.S. Federal Trade Commission from unilaterally re-opening a consent agreement and ordering the social media giant to stop collecting revenue on data …
Woman Fell Through Floorboards and a Hidden Well Shaft in SC Home Fatality
SALEM, S.C. (AP) — An 83-year-old woman who died when she fell through rotting floorboards in a century-old South Carolina house fell down a well shaft the owner didn`t know was there, authorities said. It took rescuers nearly four hours …
Banker Behind Big Loans to Trump’s Company Testifies For His Defense
When Deutsche Bank loaned Donald Trump`s company hundreds of millions lawyers of dollars, the bank always followed its own guidelines that include checking out information that would-be borrowers provide, an executive testified Tuesday at the former president’s civil fraud trial. …
Springsteen’s Drummer, Weinberg, Says Florida Car Restorer Took $125,000 From Him
FORT LAUDERDALE, Fla. (AP) — Bruce Springsteen`s drummer, Max Weinberg, is suing the owners of a Florida car restoration company, saying they stole $125,000 by falsely promising him a like-new 1957 Mercedes-Benz and then using his money for personal expenses. …
Leadership Changes at The Hartford With New Heads of Commercial, Personal Lines
The Hartford said it will head into 2024 with new heads of commercial and personal lines and announced additional leadership changes. A. Morris “Mo” Tooker, who joined The Hartford in 2015 as chief underwriting officer and later became head of …
World to Hit 2.5F of Warming During 2023 as Hottest Year on Record
With a month to run, 2023 will reach global warming of about 1.4 degrees Celsius (2.5 Fahrenheit) above preindustrial levels, adding to “a deafening cacophony” of broken climate records, the World Meteorological Organization (WMO) said on Thursday. The WMO’s provisional …
Markets/Coverages: MGA Rokstone Launches Contingency Portfolio
Rokstone, the international speciality re/insurance MGA that is part of the Aventum Group, announced the launch of a new contingency portfolio with backing from “A”-rated carriers. Rokstone is launching the contingency account initially in the UK and Europe with plans …
Shadow Banks, Such as Insurers, Hedge Funds, Could Be Sitting on Elevated Risk: ECB
The European Central Bank may need to take on a bigger role in supervising shadow banks as they are now bigger than conventional lenders and may be sitting on elevated risk, the outgoing head of the ECB’s supervision arm told …
London Metal Exchange Triumphs in Lawsuit Over Canceled Nickel Trades
The London Metal Exchange (LME) won a legal battle with U.S. financial firms on Wednesday which brought a case demanding $472 million in compensation after the exchange canceled billions of dollars in nickel trades last year following a surge in …
Massachusetts Climate Strategy Brings Together Its 78 Coastal Communities
Massachusetts Governor Maura Healey has announced a plan to assist the state’s 78 coastal communities from Cape Cod to the North Shore where 2.5 million live with their development of long-term regulatory, policy, and funding solutions to the effects of …
Reinsurance Market Outlook ‘Stable’ on Improved Rates, Higher Demand: AM Best
Substantial rate improvements, higher attachment points and rising investment income are combining with increased demand for reinsurance cover to create a stable outlook for the global reinsurance sector, according to AM Best. Of course, headwinds still exist for reinsurers such …