INSURANCE NEWS
California FAIR Plan Increases Commercial Coverage Limits to $20M Per Location
The California FAIR Plan Association is offering increased commercial coverage of up to $20 million per location. Prior to the adjustment, the maximum limits for commercial coverage were $8.4 million per location. Business owners policy property coverage limits will also …
Toyota Doubles Investment at North Carolina EV Battery Plant
RALEIGH, N.C. (AP) — Toyota will invest an additional $8 billion in the hybrid and electric vehicle battery factory it`s constructing in North Carolina, more than doubling its prior investments and expected number of new jobs, the company announced Tuesday. …
Storm Ciarán Batters UK and Europe With Punishing Winds and Heavy Rainfall
Storm Ciarán plowed through northwest Europe, tearing the roofs off some buildings, snarling transport networks and cutting power to more than a million people. The cyclone delivered punishing winds and heavy rainfall to an area spanning from the UK to …
One Worker Killed, Another Trapped After Kentucky Coal Tipple Collapse
One worker was killed and another was trapped under rubble Thursday morning after a unused, 11-story coal tipple collapsed while it was being dismantled to allow reclamation of the land. “Kentucky, we have some tough news out of Martin County …
Australian Companies Face New Liability for Nature-Based Risks
Australian companies and directors could face legal action if they fail to identify and account for nature-based risks, according to a new opinion backed by lawyers and environmental groups, released Thursday. Directors could be held personally liable for breaching their …
Mass London Lawsuit Against Apple Over iPhone Batteries Can Proceed, Tribunal Rules
Apple Inc. on Wednesday lost a bid to block a mass London lawsuit worth up to $2 billion which accuses the tech giant of hiding defective batteries in millions of iPhones. The lawsuit was brought by British consumer champion Justin …
Hurricane Otis’ Impact on Mexico Insurance Industry Expected to Be ‘Controlled’: Fitch
Fitch Ratings expects Hurricane Otis’ effects on Mexico’s insurance industry to be controlled and within its current ratings expectations, the agency said in a statement on Wednesday. “Fitch Ratings expects that the credit impact will be negligible on the Mexican …
Zurich Insurance to Buy 51% in India’s Kotak General for $487 Million
Zurich Insurance Co. has agreed to buy a majority stake in Kotak Mahindra General Insurance Co. for 40.51 billion rupees ($487 million), including infusion of fresh capital. The Switzerland-based insurer will buy 51% stake in Kotak Mahindra Bank’s insurance unit …
Progressive in a Better Place With Reserve Boosts Done, CEO Says
Shoring up loss reserves and adding “the premium equivalent” of a top 8 personal auto insurer to its books has put Progressive in a better place now than it was at the end of the second quarter. The carrier’s chief …
People Moves: Multiple Moves at Markel Specialty as Sanders to Retire by 2024 End
Markel said Bryan Sanders, president of its Markel Specialty division, plans to retire by December 31, 2024. Sanders, who joined Markel in 2013 as part of the Alterra Capital Holdings, Ltd. acquisition, has more than 42 years in the insurance …
Allstate, Allianz X Invest $265M in NEXT Insurance and Partner to Expand Reach
NEXT Insurance said Allstate and Allianz X have invested $265 million in the digital small business insurer. NEXT and Allstate will partner on bringing new commercial products to what they call an underserved target market of 33 million small businesses. …
Jury Finds Realtors Liable for Inflating Commissions, Awards $1.78B Damages
A U.S. jury on Tuesday found the National Association of Realtors and some residential brokerages, including units of Warren Buffett’s Berkshire Hathaway liable to pay $1.78 billion in damages for conspiring to artificially inflate commissions for home sales. The verdict …