INSURANCE NEWS
Google Tentatively Settles States’ Play Store Antitrust Suit
Alphabet Inc. tentatively settled claims that Google Play abuses its control over Android mobile applications, potentially resolving complaints over the company’s policies filed by consumers and attorneys general of about three dozen states. The deal was disclosed in a court …
‘Eyewall Replacement’ Led to Weakening of Hurricane – This Time, NHC Says
In the final hours before Hurricane Idalia struck Florida the storm had grown into a Category 4 beast lurking off the state’s west coast, and the forecast called for it to continue intensifying up until landfall. An Air Force Reserve …
52 Million Air Bag Inflators Should Be Recalled Over Rupture Threat: NHTSA
U.S. auto safety regulators said on Tuesday that 52 million air bag inflators produced by auto suppliers ARC Automotive and Delphi Automotive need to be recalled because they may rupture and send dangerous metal fragments flying. The National Highway Traffic …
US Homebuyers Weigh Climate Risk in Picking a House, Zillow Says
More than four in five US homebuyers are factoring in climate risks when they shop for a new house, according to a new survey by real estate firm Zillow. Some 83% of respondents said they weighed at least one climate …
Insurers Cheated Out of Millions in False Claims for Lost or Damaged Cell Phones
A Newark, New Jersey man has admitted that he conspired with others to defraud telephone providers and insurance companies out of millions of dollars by using stolen or fake identities to submit fraudulent claims for replacement cellular devices. He and …
Howden New Zealand Acquires Apex Insurance
Howden, the London-based insurance group, announced it has completed the acquisition of Apex Insurance New Zealand and its associated subsidiaries (Apex), effective Thursday, Aug. 31, 2023. Financial details of the deal were not disclosed. This acquisition greatly accelerates Howden’s strategy …
Specialist Risk Group Launches Entertainment, Media, and Sport Division
Specialist Risk Group (SRG), the London-based insurance intermediary, announced the launch of a new division serving the global entertainment, media, and sport industry. This new entertainment, media, and sport division reflects the successful growth of SRG and the continuing development …
Aircraft Lessor AerCap Settles Russia Aeroflot Claim for $645 Million
Aircraft lessor AerCap on Wednesday said it had agreed a $645 million settlement with Russian state state-controlled airline Aeroflot regarding 17 aircraft and five spare engines that were stranded when Russia invaded Ukraine last year. AerCap, the world’s largest aircraft …
Global Watchdog Warns Over ‘Very High Leverage’ in Hedge Funds
Leverage is now very high in parts of the $7 trillion hedge fund sector, G20 risk watchdog Financial Stability Board (FSB) warned on Wednesday, while noting that significant data gaps make it hard to get a full picture of vulnerabilities …
UK Parliament Calls in Surveyors to Test for Dangerous Concrete
Tests are being carried out to determine whether the UK Houses of Parliament contain the form of crumbling concrete that caused ministers last week to tell more than 100 schools to close buildings. Surveyors are investigating if any parts of …
NC Appeals Court: Trial Needed After Agent Failed to Disclose Pond on Property
A North Carolina insurance agent will have to return to court to determine if he or the client acted negligently by failing to disclose details about an insured’s property, the state’s Court of Appeals decided Monday. In Daniel Jones vs. …
New Juice in Florida Market: Orange Insurance Exchange Approved by OIR
Just days after another hurricane smashed through part of Florida, another property and casualty insurer has been approved for the state, providing more evidence that 2022 legislative limits on litigation are having a desired effect. “I think investors’ appetites have …