INSURANCE NEWS
Cyber Direct Premiums Are Up but Majority of Policies Are Endorsements: NAIC
The U.S. domestic cyber insurance market has nearly tripled in size since 2020, with endorsement policies accounting for the largest share of policy counts relative to premium. The observations come from a new report generated by the National Association of …
Florida AG Sues Climate Modeler First Street Over Home Risk Scores
Florida is suing the climate-risk modeling firm First Street Technology Inc., accusing it of penalizing state homeowners with risk scores based on flawed science. Filed Oct. 23, the lawsuit highlights growing pushback against the scores, which are intended to give …
Six Flags to Install Seat Belts on Georgia Roller Coaster After Rider’s Death
The chief executive of Six Flags says the company will install seat belts on the Georgia roller coaster from which a rider fell to his death earlier this month. The company’s rides with similar restraints will also get the safety …
Iran Says It Will Take Action Against Sinokor Ships in Hormuz
Iran’s Persian Gulf Strait Authority said it would take “legal action” against tankers belonging to Sinokor, the world’s biggest oil tanker owner that has carried millions of barrels out of the Strait of Hormuz in recent weeks. “The vessels belonging …
Guidewire to Buy UK Insurance AI Firm hyperexponential in Deal Worth Up to $2.1B
Insurance software maker Guidewire said on Tuesday it would buy hyperexponential for $1.7 billion in cash and up to $400 million more if revenue targets are met, to expand into AI tools that help insurers assess price and risk. London-based …
French Banks to Face Investor Scrutiny Over Risks from Turmoil
French lenders will face heightened scrutiny over turmoil in the country when they present third-quarter earnings this week, with investors focused on their sovereign bond holdings and risks from a potential slowdown in the economy. BNP Paribas SA, Societe Generale …
FTC, States Sue Dollar General Over Deceptive-Pricing Claims
The US Federal Trade Commission and 20 states sued Dollar General Corp. on Monday, alleging the discount retailer routinely charged customers more than the prices displayed on shelves or in advertisements. Dollar General, which operates more than 21,000 stores, overcharged …
Anthropic Filing Reveals Concerns Over Data Center Pushback
Anthropic PBC says it expects to face heightened scrutiny of how it tackles environmental and social tensions associated with the build-out of AI infrastructure. The company, which publicly filed for an initial public offering on Monday, said it’s aware its …
Register: Risky Future AI Tools for Fraud Detection & Compliance ‘Demo Day’ on October 28
Insurance Journal’s Risky Future series is hosting the “AI Tools for Fraud Detection and Compliance” Demo Day, a series of free AI tool demonstrations designed exclusively for insurance carriers, SIU teams, compliance officers, claims leaders, and more. This event will …
Florida’s 2021 Presuit Notice Law is Not Retroactive, State Supreme Court Says
Before Florida lawmakers in 2022 enacted sweeping insurance law changes that cut the legs out of what had been called an excessive and burgeoning number of property claims lawsuits, they tinkered for years with ways to rein in the costly …
Nearly $1 Million in Trading Cards Stolen From Fedex Truck in California
Police in California are investigating the theft of trading cards worth at least $963,000 that were taken from a FedEx truck parked outside of a company that verifies memorabilia. The truck was broken into on Oct. 13 near Professional Sports …
Ohio Judge Blocks Lawmakers From Killing Clean Air Law
A Franklin County judge blocked last week a state law that eliminated Ohioans’ special legal powers to sue polluting neighbors like steel or other industrial plants that spit smoke, ash or other fumes into the sky. This marks the second …