INSURANCE NEWS
MGM Resorts Recovers From Cyberattack, but Still No Digital Room Keys
MGM Resorts said on Wednesday its hotels and casinos were back to normal operations but it was working to resolve issues at its luxury Excalibur hotel and casino in Las Vegas, over a week after a cyberattack disrupted its systems. …
Maritime Industry Eyes Nuclear Power for Ships as Tech Advances; Insurers Are Wary
The maritime industry is exploring whether nuclear fuel can be used to power commercial ships as advancements in technology open up such options, industry officials said. Nevertheless, any possible nuclear fuel solutions for ships are at least 10 years away …
Tech Update: Conduit Re Partners With hyperexponential for Price Decision Intelligence
Conduit Re, the Bermuda-based global reinsurer, is achieving end-to-end underwriting with pricing decision intelligence (PDI) company hyperexponential. Using the PDI platform, hx Renew, Conduit Re is now able to rapidly develop and iterate its pricing models and rating landscape. Conduit …
Climate Change Made Deadly Floods in Libya and Greece More Extreme
The low-pressure weather system that unleashed unprecedented amounts of rain across the eastern Mediterranean last week was made more likely and more intense by climate change. Global warming caused by human emissions of greenhouse gases made the heavy rainfall over …
UK Firm Sold Thousands of Unverified Jet Engine Parts, CFM Says
Jet engine maker CFM International said on Wednesday thousands of engine components may have been sold with forged paperwork by a British distributor, as the fallout from a probe into falsely certified parts reached London’s High Court. Matthew Reeve, a …
UK Watchdog Sets 3-Month Deadline to Improve Car Insurance
Britain’s financial watchdog has told motor insurers they have three months to improve the value they give customers in products that top up coverage, or face potential sanctions. The Financial Conduct Authority (FCA) said on Wednesday it had asked insurers …
John Grisham, Other Top Authors Sue OpenAI Over Copyrights
A trade group for U.S. authors has sued OpenAI in Manhattan federal court on behalf of prominent writers including John Grisham, Jonathan Franzen, George Saunders, Jodi Picoult and “Game of Thrones” novelist George R.R. Martin, accusing the company of unlawfully …
Berkshire Hathaway Energy Shows Unusual Risk Appetite in Wildfire Court Fight
Berkshire Hathaway Energy Co.’s PacifiCorp has been battered in an unprecedented court fight over the utility’s failure to prevent massive wildfire destruction in Oregon. The largest grid operator in the western US faces the risk that it will have to …
Viewpoint: A New Risk Landscape Emerges for Global Maritime Industry
Executive Summary: The International Group of P&I Clubs offers a unique lens into the intricate web of maritime risk that influences both the insurance sector and the maritime industry globally. From this perspective, one thing is abundantly clear: A “new …
Lloyd’s and the UN Team Up to Provide Insurance to Climate Vulnerable Countries
Lloyd’s of London is teaming up with the United Nations Capital Development Fund (UNCDF) to try and improve access to insurance for climate vulnerable countries, with an initial focus on Fiji and Pacific island countries. Climate change is happening faster …
Next Florida House Speaker Wants More Property Insurance Legislation, Deliberations
The next speaker of the Florida House of Representatives, set to take charge in 2025, said he hopes to see more legislation that could further address spiraling property insurance costs. “Do I believe we are done with property insurance? No. …
Florida OIR Wants Enhanced Hurricane Ian Data by Sept. 27. Claims Have Topped 740,000
The Florida Office of Insurance Regulation is reminding carriers that additional information about Hurricane Ian claims is due no later than Sept. 27. By law, the office is required to collect data after hurricanes. Simple data was required in the …