INSURANCE NEWS
Environmental Changes Put 90% of World’s Marine Food Supplies at Risk: Study
More than 90% of the world’s marine food supplies are at risk from environmental changes such as rising temperatures and pollution, with top producers like China, Norway and the United States facing the biggest threat, new research showed on Monday. …
Howden Taps WTW’s Douglas as CEO, Climate Risk and Resilience
Howden, the London-based insurance group, announced the appointment of Rowan Douglas as CEO, Climate Risk & Resilience, effective June 26. Douglas’ role is to continue to build an expert, full spectrum function to support the group worldwide, embedding climate and …
Australia Regulator Tells Medibank to Set Aside $167M After Major Cyber Attack
Australia’s banking regulator told insurer Medibank on Tuesday it would have to set aside A$250 million ($167 million) in extra capital, citing weaknesses identified in its information security after a major hacking breach. Shares of the country’s biggest health insurer …
PwC Australia Asset Sale Unlikely to Repair Firm’s Tarnished Reputation: Experts
PwC Australia’s sale of its government consulting business may give it temporary respite from a crisis in its tax practice but is unlikely to repair its toxic brand in the country anytime soon, according to experts. PwC said on Sunday …
Publishers Clearing House Settles for $18.5 Million for Misleading Consumers
Publishers Clearing House (PCH), which offers sweepstakes where people can win thousands of dollars per week for life, has agreed to pay $18.5 million and change its business practices to settle allegations it misled consumers about its contests, the U.S. …
Sub Disaster Puts Spotlight on Another Extreme Venture: Space Tourism
Commercial space travel shares plenty of similarities with deep sea tourism: wealthy customers, tight spaces, far-flung destinations and waivers that clearly warn people they’re risking death by embarking on unregulated vehicles. As the world dissects what went wrong with the …
FIGA Sells Muni Bonds to Keep Up with Insolvent Insurer Claims
The Florida Insurance Guaranty Association, which handles the claims of insolvent insurers, plans to borrow $600 million by selling municipal bonds, according to preliminary offering documents. It is the first time in three decades the agency has tapped the municipal …
Construction-Defect Subrogation on the Rise But it Just Became More Difficult in Florida
Florida lawmakers this year approved a measure that could help reduce liability insurance premiums for home and condo builders – and limit exposure and litigation for liability insurers. But Senate Bill 360, which took effect in April, could also make …
Connecticut Updates Captive Insurance Law
Connecticut is updating its captive insurance laws to provide more flexibility for established captive cells and allow captives to accept and transfer risk using parametrics. The legislation also provides tax benefits for owners of dormant captives. Connecticut Governor Ned Lamont …
Email Phishing Scam Targets Licensed Insurance Producers in Nevada
The Nevada Division of Insurance says it has been made aware of an email phishing scam targeting licensed insurance producers and agents in Nevada. The division has reportedly received several calls from licensed professionals reporting they received a fraudulent email …
High Court: Police in California Aren’t Immune From Certain Misconduct Suits
Police in California are not immune from civil lawsuits for misconduct that happens while they investigate crimes, the state Supreme Court ruled, overruling a precedent made by lower courts that had helped protect law enforcement from litigation for decades. The …
Louisiana Pharmacy Fined $275K for Dispensing Invalid Prescriptions for Opioids, Other Controlled Substances
A Port Allen, Louisiana pharmacy and its owner must pay $275,000 to resolve a federal civil lawsuit under the Controlled Substances Act, United States Attorney Ronald C. Gathe, Jr. announced. U.S. District Judge Brian A. Jackson has accepted and entered …