INSURANCE NEWS
One Dead in Cargo Ship Fire With Electric Car as Suspected Source: Dutch Coastguard
One person died and several others were hurt when a fire broke out on a cargo ship carrying cars off the northern tip of Netherlands, forcing several crew members to jump overboard, the Dutch coastguard said on Wednesday. The Panama-registered …
Scientists Alarmed About Antarctica’s Unprecedented Lack of Sea Ice Growth
Amid a summer of record heat, the most dramatic impact may be taking place under the cover of Antarctic night. The continent at the bottom of the world normally sees a halo of sea ice grow around it each summer …
Australia Fines Facebook Owner Meta $14M for Failure to Disclose Data Collection
An Australian court ordered Facebook owner Meta Platforms to pay fines totaling A$20 million ($14 million) for collecting user data through a smartphone application advertised as a way to protect privacy without disclosing its actions. Australia’s Federal Court also ordered …
Russia’s Danube Attacks Threaten Ukraine Grain Exports; Ports’ Insurance Rates Rise
Russian air strikes on Ukrainian grain facilities on the Danube this week threaten a vital river route for Kyiv’s exports, as Moscow seeks to tighten the noose around a key sector of the economy days after abandoning the Black Sea …
Japanese Used Car Exec to Step Down After Revelations of Fraudulent Insurance Claims
The president of Japanese used-car dealership Bigmotor Co. Ltd. said he will step down after revelations of fraudulent insurance claims by the company’s repair shops, a scandal that has also ensnared Sompo Japan Insurance Inc. “I deeply apologize to all …
Congress Wades Into Self-Driving Debate With New US House Bills
Congress is wading into the debate over whether automakers should be allowed to sell hundreds of thousands of self-driving cars while manufacturers seek federal permission to expand testing of the technology. The US House Energy and Commerce Committee is scheduled …
Agency M&A Down 24% in First Half 2023: OPTIS
Investment banking and financial firm OPTIS Partners said the count of agency mergers and acquisitions during the first half of the year was 359, down 24% from 475 during the same time last year. “The drop-off in deal count continues …
New Florida Workers’ Comp Rules in Effect for Employer Penalties, Exemptions
This month, a number of new workers’ compensation rules took effect in Florida, affecting penalties for employers who fail to obtain comp insurance and setting new requirements for exemptions for corporate officers. The Florida Division of Workers’ Compensation announced that …
Head Scratcher: Claims Litigation Not Named as Major Factor in Florida Insolvencies
Despite years of complaints from Florida property insurers and some lawmakers that out-of-control claims litigation was destroying the industry, recent regulators’ reports about the reasons for insolvencies make no mention of the “L-word.” The omission has prompted some head scratching …
Pennsylvania High Court Rejects Damages Cap in Insurance Agency Poaching Case
A jury’s $2.8 million punitive damage award against an insurance agency and broker that tried to poach a competitor’s staff and book of business was not excessive even though it was more than 10 times the amount of compensatory damages, …
Chubb ‘Record’ Q2 Sees Net Income Up 50.7%
Chubb second-quarter net income went up 50.7% to nearly $1.8 billion and its property/casualty combined ratio came in at 85.4. “We had another simply outstanding quarter – in fact, a record, which contributed to a record six months,” said Evan …
Report: California Workers’ Comp Premium Levels on the Rise
California workers’ compensation premium levels rose by 14% in 2022 due to the economic recovery from the pandemic-related downturn, according to the new Workers’ Compensation Insurance Rating Bureau of California’s 2023 State of the System Report. The WCIRB report forecasts …