INSURANCE NEWS
Michael Jackson’s Employees Were Not Legally Obligated to Prevent Sex Abuse, Lawyer Argues in Court
Workers for corporations owned by Michael Jackson had no legal obligation to protect children from the pop star, an attorney told an appeals court. Jackson estate lawyer Jonathan Steinsapir pushed back against a tentative decision by California’s 2nd District Court …
Clear Group Acquires UK Specialist MGA, Profile Risk Solutions
The Clear Group, the London-based independent broker, announced the acquisition of a specialist commercial lines managing general agent, Profile Risk Solutions Ltd. This represents the Clear Group’s third MGA deal and is a continuation of its strategy to build a …
Teen`s Death in Poultry Plant Shows Child Labor Remains a Problem, Feds Say
The death of a 16-year-old in a Mississippi poultry plant earlier this month offered another reminder that children remain vulnerable to exploitation in the workplace in the United States, senior Labor Department officials said Wednesday. Duvan Perez became the third …
Global Natural Disasters Cost Insurers $43B in H1, Surpassing 10-Yr Average: Munich Re
Natural disasters during the first half of 2023 cost insurers an estimated US$43 billion with an overall economic price tag of $110 billion, according to Munich Re. These insured losses were slightly lower than the US$47 billion reported for the …
Kraft Heinz Defeats Lawsuit Over Mac & Cheese Preparation Time
A federal judge on Thursday dismissed a lawsuit accusing Kraft Heinz & Co of misleading consumers by promising it takes only 3-1/2 minutes to prepare a cup of microwavable Velveeta macaroni and cheese. U.S. District Judge Beth Bloom in Miami …
As E-Bikes Proliferate, So Do Deadly Fires Blamed on Exploding Batteries
The explosion early on a June morning ignited a blaze that engulfed a New York City shop filled with motorized bicycles and their volatile lithium-ion batteries. Billowing smoke quickly killed four people asleep in apartments above the burning store. As …
Typhoon Doksuri Destroys Power Lines, Closes Factories as It Rips Into China
Typhoon Doksuri swept into China’s southeastern Fujian province on Friday, unleashing heavy rain and violent gusts of wind that whipped power lines sparking fires, uprooted trees and forced factories and shopping malls to shut. The second strongest typhoon to land …
NAIC Releases Highly-Anticipated Draft Model Bulletin on Insurers’ AI Use
On July 17, 2023, the Innovation, Cybersecurity and Technology (H) Committee of the National Association of Insurance Commissioners (NAIC) released for comment a highly anticipated model bulletin (Model Bulletin) on regulatory expectations for the use of artificial intelligence systems (AI …
Ship Carrying BMWs and Mercedes Ablaze Off Dutch Coast Could Burn for Days
A cargo ship carrying almost 3,800 cars and construction vehicles is likely to continue burning for days, according to the Dutch coast guard, which is leading efforts to contain the blaze. BMW AG and Mercedes-Benz Group AG each have several …
Barclays Banker Fired Over Sexual Harassment Loses $770,000 Employment Suit
A former Barclays director who was fired for sexual harassment has lost an employment lawsuit against the British bank in which he sought nearly 600,000 pounds ($770,000) in compensation, a London tribunal announced on Thursday. Robert Record, once a senior …
Study: Motor Vehicle Thefts Soar in First Half of 2023
During the first half of 2023, vehicle thefts soared while most other crimes declined, according to a new study of crime trends in 37 cities released this week by the Council on Criminal Justice. Continuing an upward trajectory, motor vehicle …
Inside EU, No Clear Financial Options Exist to Reduce Ukraine Grain Transport Costs
The European Commission has no immediate money in the budget and no clear way to help finance the extra transport costs Ukrainian grain exports will face with the end of the Black Sea deal, sources told Reuters, leaving an opportunity …