INSURANCE NEWS
Delos to Insurers Shedding Wildfire Risk: Send the Homes to Us
About 6 million homes in the U.S. are considered uninsurable due to wildfire risk. The models at Delos Insurance say about half of those homes are absolutely insurable. “Delos sees a lot more insurable homes in California than other insurance …
California Insurance Commissioner Issues Workers’ Comp Pure Premium Rate Filing Decision
California Insurance Commissioner Ricardo Lara issued a decision regarding the workers’ compensation insurance pure premium rate filing that average $1.46 per $100 of payroll, 2.6% below the average of the approved September 1, 2022 advisory pure premium rates. The Workers’ …
HCA Data Leak Affects 11 Million; Class Action Says 9 Million Hit by Dental Insurer Breach
Nashville-based HCAHealthcare, the largest for-profit operator of hospitals and clinics in the U.S., said that patient information had been leaked to an online forum. The breach leaked data for as many as 11 million patients, making it the largest known …
Property Insurers’ Ratings Under Pressure as Risk Rises, Morningstar Says
The credit ratings of global property insurers are coming under pressure as rising reinsurance costs force them to cut back on cover and retain more risks themselves, DBRS Morningstar analysts said in a research note on Wednesday. Reinsurers, which insure …
Landslide Tears Apart Luxury Homes on Southern California Peninsula
A landslide tore apart luxury homes on Southern California`s Palos Verdes Peninsula this week, leaving a confused jumble of collapsed roofs, shattered walls, tilted chimneys and decks dangling over an adjacent canyon. The slide in the Los Angeles County city …
Florida Boy Dies After Dog Attack, Ahead of New Law That Bars Local Bans on Pit Bulls
A 6-year-old Florida boy has died after he was attacked by a pit bull-mix dog that lived in the same home. The North Port Police Department said the boy suffered extensive injuries to his upper torso and was flown to …
Rain Eases After Flooding Vermont, Other Northeast States But More Expected
A storm that left up to two months` worth of rain in Vermont and saturated other parts of the Northeast was moving out Tuesday, but more flooding was expected after already cutting off access to some communities, including the main …
Verlingue Acquires Majority Stake in Italian Broker INSER, Advancing European Strategy
Verlingue has acquired a majority stake in the insurance broker INSER, in line with its Verlingue 2024 strategic plan to create a major European, family-owned, independent insurance broker. Financial details of the deal were not disclosed. The INSER’s longstanding shareholder, …
People Moves: Aon Names UK Leaders for Reinsurance Solutions; Zurich Announces Key Leadership Roles for APAC Commercial Insurance
This edition of International People Moves details appointments at Aon and Zurich Insurance. A summary of these new hires follows here. Aon Names UK Leaders for Reinsurance Solutions Insurance broker Aon plc outlined the new simplified structure of its Reinsurance …
UK Polluters to Face Unlimited Fines to Protect Environment
Polluters like water or energy companies that befoul UK rivers and seas or spill waste will face unlimited penalties and tougher sanctions, according to expanded government legislation announced on Wednesday. The government plans to scrap the current £250,000 limit on …
Canada Regulator Proposes Banks, Insurers Hold More Capital to Tackle Mortgage Risks
Canada’s banking regulator on Tuesday proposed changes to capital adequacy guidelines that would require lenders and mortgage insurers to hold more funds to better manage risks from a sharp rise in home loan rates. Variable home loan rates have risen …
Deutsche Bank, Commerzbank, ING Data Breached in MOVEit Hack
Deutsche Bank AG, Commerzbank AG and ING Groep NV are among dozens of companies worldwide whose client data were compromised when a criminal hacking group exploited a security flaw in a file transfer tool. The attackers obtained access to data …