INSURANCE NEWS
Charter Bus Collision With Semi-Truck Leaves 3 Dead and 15 Injured in Ohio Highway Accident
ETNA, Ohio (AP) – A charter bus carrying students from a high school was rear- ended by a semi-truck on an Ohio highway Tuesday morning, leaving three people dead and 15 others injured, according to an emergency official. The charter …
EWG Report Finds Rapidly Rising Crop Payouts As Climate Change Hits U.S. Agriculture
Drought, heat, hail, rain and freezing temperatures – the five horsemen of crop insurance. A new report from EWG found that crop insurance payouts for the top five weather-related losses totaled over $118.7 billion between 2001 and 2022, making up …
Disney Study Says it Has $40B Impact on Florida as it Battles DeSantis in Court
ORLANDO, Fla. (AP) — Disney on Tuesday released a study showing its economic impact in Florida at $40.3 billion as it battles Florida Gov. Ron DeSantis and his appointees over their takeover of the district that governs the entertainment company`s …
Trump Asks for Mistrial in New York Civil Fraud Case
Donald Trump’s lawyers on Wednesday urged a New York judge to declare a mistrial in a civil fraud case over his family real estate company’s business practices, but the former U.S. president faces long odds of getting a new trial. …
Florida Officials Pause Plan to Disband Pro-Palestinian Student Groups, Citing Liability
ORLANDO, Fla. (AP) — A plan to prohibit a pro-Palestinian student group from state university campuses in Florida has been temporarily shelved while officials reassess the proposal. State University System Chancellor Ray Rodrigues said Thursday that campus groups at the …
US SEC Enforcement Collected Nearly $5B in Financial Remedies Last Year
The U.S. Securities and Exchange Commission (SEC) filed 784 enforcement actions in the fiscal year that ran through September, garnering $4.95 billion in penalties and other financial remedies, the agency said in a statement on Tuesday. The total financial remedies …
Florida OIR Approves Record Workers’ Comp Rate Cut, Despite Roofers’ Concerns
The Florida Office of Insurance Regulation and the state insurance commissioner have approved a 15.1% average decrease in workers’ compensation rates, despite calls from roofing contractors to freeze rates for a while. The decrease takes effect for new and renewal …
Hurricane Otis’ Insured Losses Estimated at $2.5B-$6B: Moody’s RMS, Verisk
Moody’s RMS, the risk modeling and solutions company, estimates private market insured losses from Hurricane Otis to range between US$2.5 billion and US$4.5 billion. On the other hand, Verisk puts insured losses at US$3 Billion to US$6 Billion. The estimated …
Fire That Indefinitely Closed Vital Los Angeles Freeway Called Arson
Arson was the cause of a massive weekend fire that charred and indefinitely closed a vital section of a Los Angeles freeway, causing major traffic headaches for hundreds of thousands of commuters, California authorities said. Gov. Gavin Newsom said investigators …
People Moves: WTW Appoints Messinger to Financial Institutions; Integris Names Canales-Perry to Claims
Global insurance broker WTW appointed Brad Messinger as leader of the financial institutions and professional services (FI&PS) industry division. Messinger will assume this role on January 1 while continuing his current duties as the region leader for the Northeast. Messinger …
UK Will Fail to Meet Flood-Defense Goals for Homes as Climate Threat Grows
Hundreds of thousands of British homes will miss out on flood protections in the next few years as spending has been affected by Brexit, inflation and the pandemic, according to the National Audit Office. In 2020, the Department for Environment, …
Artificial Intelligence Not Main Cause of Recent Insurance Layoffs: AM Best
AM Best does not believe artificial intelligence is the main cause of recent insurance industry layoffs. In commentary released today, the credit rating agency wrote that “it is too soon to cite AI as the leading cause of the job …