INSURANCE NEWS
Faster Melting of the West Antarctic Ice Sheet Is ‘Unavoidable’
The West Antarctic ice sheet is set to melt faster even if the world rapidly cuts emissions, according to a new study. That could lead to more significant sea level rise over the course of centuries. The West Antarctic ice …
Munich Re Lifts Target as Lower-Than-Expected Claims Fuel Profit
Munich Re raised its profit target for the year as lower-than-expected claims helped push earnings in the third quarter past analysts’ estimates. The reinsurer said it expects a profit of €4.5 billion ($4.8 billion) for this year, up from an …
Report: More Founders Talking Cyber Protection With Stakeholders
Compared to last year, more than twice as many startup founders reported talking to their investors and boards about cyber protection often or always, according to a new Embroker cyber risk index. That number reached 83% in 2023, a 42% …
Vesttoo Creditors Say Bankrupt Israeli Insurance Startup Should Liquidate
Vesttoo Ltd. creditors are seeking to take control of the bankrupt Israeli startup’s court proceedings, arguing the company should liquidate following revelations that its former executives helped create fraudulent documents that supported transactions on its platform. A committee of Vesttoo …
Viewpoint: Get Ready Now for the Soft Market (Because It’s Coming)
Executive summary: Tony Buckle and John Carolin, co-founders of the boutique insurance consultancy UWX, analyze underwriter motivation during the soft phase of the market cycle. While average market prices are the hardest seen in years, some price softening has begun …
Four Miami Agents Charged with Getting Commissions on Falsified Life Insurance Policies
Four Miami insurance agents have been charged with submitting false life insurance applications and collecting commissions from John Hancock Life Insurance Co., state officials said Monday. Alexander Faneites, Nicolas Giraldo Gutierrez, Yuriatsi Carrasco and Yanet Hernandez Suarez gained about $38,000 …
Kentucky Clarifies Matching Law While Florida Insurers Get Limits on Replacement
Matching requirements for roofs and interior furnishings have been a tough issue in the property insurance industry for years. Recent developments show how insurers and regulators in different Southeast states are managing the mandates. In Kentucky last week, the state …
Q3 Net Income Up 45.7% at W.R. Berkley
Third quarter net income at W.R. Berkley Corp. increased nearly 46% compared to the same period last year to about $334 million. The Greenwich, Connecticut-based insurer’s consolidated combined ratio for the quarter improved to 90.2 from 92.1 a year ago …
After 189 Bodies Were Found in Colorado Funeral Home, Evidence Suggests Families Received Fake Ashes
A Colorado funeral home where 189 decaying bodies were discovered this month appears to have fabricated cremation records and may have given families fake ashes, according to information gathered by The Associated Press from customers and crematories. The families that …
Texas Cities Struggle to Quit Coal Power as Demand Rises and Market Incentives Favor Fossil Fuels
Two dates in recent memory have shaped the uncertain future of the Fayette Power Project, a coal-fired power plant near La Grange. First, on March 26, 2020, the Austin City Council approved an emissions-reduction plan that called for its city-owned …
Illinois City to Pay $1.9 Million Settlement to Teen Shot by Officer in Gun Battle With Bank Robbery Suspect
CHICAGO (AP) – A teenager who was shot and wounded during a 2019 shootout between suburban Chicago police and a bank robbery suspect inside a music school has reached a $1.9 million settlement with the city of Des Plaines. Rylan …
Former Baylor Football Coach, Athletic Director Cleared From Title IX Lawsuits
WACO, Texas (AP) – A U.S. District Judge has dismissed former Baylor football coach Art Briles and former athletic direcor Ian McCaw from a federal Title IX lawsuit, ruling no reasonable jury could find them negligent in the domestic violence …