INSURANCE NEWS
Costco Customers Sue for Share of Refunds From Trump Tariffs
Costco Wholesale was sued on Wednesday in a proposed nationwide class action seeking U.S. customer refunds for higher prices charged by the company before the U.S. Supreme Court struck down import tariffs imposed by President Donald Trump. The lawsuit, filed …
People Moves: Iyer to Lead Chubb’s Global Operations, Technology
Chubb Limited appointed Seshadri (Sesh) Iyer executive vice president, Chubb Group, operations, technology and digital transformation, effective April 6. He succeeds Julie Dillman, who is retiring on April 2 after nearly a decade at Chubb. Iyer joins Chubb from Boston …
Extreme Heat Is Making Life Increasingly Unlivable
The number of days where extreme heat makes it too dangerously hot to walk the dog, sweep the porch and engage in other ordinary pursuits has doubled around the world over the past 75 years, according to new research. Scientists …
Florida Bill Passes, Easing Agency Customer Reps’ Education Requirements
Florida lawmakers, with no dissenting votes, have approved a measure that would let insurance agencies’ customer service representatives bypass licensing classes if they have taken insurance courses in high school. House Bill 1343, co-sponsored by Rep. Brian Hodgers, one of …
Once A Beacon of Cheap Homes, Nevada Is A Symbol of The Struggle With High Costs
When his parents were about his age, they bought their first home. But for 27-year-old Brian Torres Suazo, that milestone feels like a distant dream, despite a secure job with union wages and down payment assistance. Torres Suazo expects to …
Chubb to Serve as Lead US Insurer for Gulf Shipping Amid Iran War
Insurance giant Chubb will be the lead partner on the U.S. International Development Finance Corporation’s $20 billion Maritime Reinsurance Plan aimed at resuming commercial shipping in the Gulf, the agency said on Wednesday. The U.S.-Israeli conflict has widened sharply in …
Relation Acquires Rummel Associates
Relation Insurance Services acquired the assets of Rummel Associates, Inc. The transaction went into effect on January 31, 2025; terms of the transaction were not disclosed. Specializing in both commercial and personal insurance, Rummel is based in Chicago, Illinois. Jared …
NTSB to Hold Hearing on Two Fatal Ford Crashes Involving Driver Assistance
The National Transportation Safety Board will hold a March 31 hearing to determine the probable cause of two fatal crashes involving Ford Motor’s hands-free advanced driver assistance system BlueCruise. Both crashes in 2024 involved 2022 model year Ford Mustang Mach-Es …
Thai Cargo Ship Hit in Strait of Hormuz; Three Crew Missing
A Thai-flagged cargo vessel was struck in the Strait of Hormuz on Wednesday shortly after departing from the United Arab Emirates, as regional tensions continue to disrupt one of the world’s most critical shipping lanes. Three people are missing. The …
Record March Heat to Scorch Los Angeles, US Southwest
An unusually early heat wave is set to grip Los Angeles and much of the Southwest, putting California’s already fragile snowpack, and therefore its water supplies, at risk. Temperatures in downtown Los Angeles on Friday are forecast to reach 98F …
UK Watchdog Fines Aviva Unit $14 Million Over Solvency Miscalculation
Britain’s banking stability watchdog has fined U K Insurance Ltd., now part of Aviva, 10.6 million pounds ($14.2 million) over a miscalculation in its Solvency II balance sheet for 2023 and 2024. The Prudential Regulation Authority (PRA), part of the …
UBS Urges US Judge to Curb Liability for Nazi-Linked Crimes
UBS urged a U.S. judge on Tuesday to shield it from new Holocaust-related litigation arising from an investigation of the former Credit Suisse’s activities during World War II. A lawyer for UBS asked U.S. District Judge Edward Korman in Brooklyn …