INSURANCE NEWS
Wildfires Prompt North Carolina, Tennessee Campgrounds to Evacuate; West Virginia Blaze Contained
Wildfires prompted campgrounds in North Carolina and Tennessee to evacuate starting Sunday while firefighters prepared for high winds and low humidity on Monday, though officials hoped for some help from expected rain. The National Weather Service`s office in Morristown, Tennessee, …
Climate Activists, Companies Lawyer Up for Courtroom Battles
As global temperatures and emissions climb, people are increasingly turning to courtrooms to challenge fossil fuel companies’ activities, leading to wins on issues like “climate-washing” but also backlash as companies file countersuits. In the last five years, the number of …
Corporate America Is Rethinking Diversity Hiring as Legal Challenges Rise
The same conservative activists who helped gut race-related college admissions at the US Supreme Court have now set their sights on corporate diversity programs, barraging airlines, tech giants and law firms with lawsuits and complaints. And they’re already having an …
Australia Revamps Cybersecurity Protections After Port Cyberattack
Australia will undertake an economy-wide revamp of its cybersecurity protections including revised data laws, mandatory reporting and a new nationwide cyber council in response to several significant hacks targeting businesses and infrastructure over the past year. Home Affairs Minister Clare …
France, US Plan to Seek Ban on Private Finance to Coal-Fired Plants at COP28: Sources
France, backed by the United States, plans to seek a halt to private financing for coal-based power plants during the U.N. climate conference later this month, three sources familiar with the deliberations told Reuters in India and Europe. The plan, …
Binance Was Used to Funnel Money to Hamas, Other Militant Groups
In February 2019, Binance Holdings Ltd.’s then-Chief Compliance Officer Samuel Lim acknowledged that the cryptocurrency exchange was being used to funnel money to Hamas, explaining to a colleague that terrorists normally sent “small sums.” Hamas could “barely buy an AK47 …
AM Best: Number of P/C Gross Impairments Falls in 2022; No Net Impairments
Despite the reversal seen in the U.S. equity market and rising inflation and interest rates, property/casualty insurers performed well in 2022, according to the latest report on the long-term impairment rates of U.S.-domiciled insurance companies. The report released earlier this …
Markets/Coverages: CFC Upgrades Packaged Cyber Cover, Services for SMEs
Specialist insurer CFC announced a major upgrade to its packaged insurance policies for professional services businesses. Brokers selling CFC’s professional liability policies can offer SME clients add-on cyber cover that now includes broad cybercrime coverage, as well as giving SMEs …
Judge Finds Evidence That Tesla, Musk Knew About Autopilot Defect
A Florida judge found “reasonable evidence” that Tesla Chief Executive Elon Musk and other managers knew the automaker’s vehicles had a defective Autopilot system but still allowed the cars to be driven unsafely, according to a ruling. Judge Reid Scott, …
Thanksgiving Cargo Theft Threat ‘Extremely High’: CargoNet
The threat of cargo theft activity this Thanksgiving is “extremely high” and “unlike any recent year,” according to CargoNet. CargoNet, a Verisk product, has tracked a sharp increase in year-over-year theft reports. Since November 2022, the average number of reports …
People Moves: Wiglesworth-Rindom Names Cathey; Liberty Brokers Promotes Baillie
Wiglesworth-Rindom Insurance Agency, based in Stuart, Florida, has named Linda Cathey vice president of agency operations. Cathey will oversee growth and development of the agency team. She previously was the managing director for Squeeze, an online insurance agency and quote …
Justice Department Investigating Lexington, Mississippi Police Practices
The Justice Department has opened a civil pattern or practice investigation into the city of Lexington, Mississippi, and the Lexington Police Department (LPD) seeking to determine whether there are systemic violations of the Constitution and federal law. DOJ said the …