INSURANCE NEWS
EU Weighs Cyber Plan Aimed at Keeping Cloud Data in Europe
The European Union is weighing a plan that would require cloud providers to store all of their data within the bloc in order to qualify for its highest cybersecurity certification. ENISA, the EU’s cybersecurity regulator, is drawing up the new, …
Port Arthur, Texas Refinery to Pay $1.4M Settlement Over Clean Air Act Violation
Texas Attorney General Ken announced a $1.4 million settlement in an environmental enforcement action against a Port Arthur refinery operated by TotalEnergies Petrochemicals & Refining USA, Inc. (“TotalEnergies”). The Port Arthur refinery violated the Texas Clean Air Act while emitting …
Cyclone Mocha Hits Bangladesh, Myanmar, Forcing Mass Evacuations
Cyclone Mocha made landfall on Sunday as Bangladesh and Myanmar evacuated hundreds of thousands of people on fears of widespread destruction to one of the most vulnerable areas in the region. The storm is set to cross the world’s biggest …
London Judge Dismisses Lawsuit Accusing Shell Board of Climate Failures
A London judge dismissed a lawsuit accusing Shell Plc’s board members of failing to manage climate change risks. In a decision published Friday the judge threw ClientEarth’s suit out before a full hearing as there isn’t a clear case against …
Hedge Fund Manager Loeb Drops Buyout of $1.5B Re/insurer SiriusPoint
Hedge fund manager Dan Loeb said he’s no longer exploring an acquisition of specialist insurance underwriter SiriusPoint Ltd. Loeb held exploratory discussions with Bermuda-based SiriusPoint about a potential deal to take the company private, but the parties weren’t able to …
Data of 237,000 Government Employees Breached
The personal information of 237,000 current and former federal government employees has been exposed in a data breach at the U.S. Transportation Department (USDOT), sources briefed on the matter said on Friday. The breach hit systems for processing TRANServe transit …
Farmers Set to Abandon US Wheat Crops at Highest Rate Since 1917
America’s wheat fields have become so plagued by drought that farmers are now poised to abandon crops at the highest rate in more than a century. Producers are expected to harvest about 67% of their planted acres, the US Department …
NHTSA Demands Recall of 67 Million Air Bag Inflators
The National Highway Traffic Safety Administration (NHTSA) demanded the recall of 67 million air bag inflators because it believes there is a safety defect, but auto supplier ARC Automotive Inc rejected the U.S. regulator’s request, documents released on Friday show. …
Want to Limit Roof Claims in Florida? Why Not a Roof Endorsement?
Editor’s note: The Florida Legislature’s 2023 regular session concluded May 5, but people in the property insurance industry continue to offer ideas for the state’s distressed market. Here’s one from independent adjuster Ben Mandell. I am an independent insurance adjuster. …
Driver Falls Asleep, 18-wheeler Hits Federal Courthouse in Georgia
A federal courthouse in Georgia was damaged when the driver of a tractor trailer fell asleep and the truck hit the building last week. The crash into the J. Roy Rowland Federal Courthouse in Dublin happened at about 12:30 a.m. …
Illinois Governor Signs Law Giving Benefits to Chicago First Responders Disabled by COVID
Gov. J.B. Pritzker this week signed a law providing full disability benefits to Chicago police officers and firefighters struck by COVID-19 before vaccines were available, presiding over an emotional statehouse ceremony which marked the end of a financial struggle for …
Montana Governor Signs Reform Package Aimed at Lowering Insurance Costs
Montana Governor Greg Gianforte approved three legal reform measures intended to provide consumer protections and disclosures and reduce frivolous lawsuits with the ultimate goal of lowering costs and increasing the availability of insurance. “We applaud Gov. Gianforte and the Montana …