INSURANCE NEWS
Reinsurers’ Cyber Rates Expected to Rise as They Seek to Regain Profitability: S&P
More cyber reinsurance rate increases can be expected as reinsurers seek to regain underwriting profits in their cyber portfolios, according to a report published by S&P Global Ratings. “Reinsurers had a difficult 2022 due to low profitability and even underwriting …
Ohio Vinyl Tile Manufacturer Faces $545K in Penalties for Failing to Protect Workers from Hazards
An Ohio-based vinyl tile manufacturer with a history of failing to protect workers from hazards at its Fostoria plant dating back to 2017, now faces an additional $545,853 in federal penalties after investigations by the U.S. Department of Labor. The …
Unusually Warm Atlantic Ocean Is Supercharging Hurricane Idalia
Hurricane Idalia, now a Category 1 storm, is expected to make landfall along Florida’s Gulf Coast on Wednesday. The hurricane’s likely transformation between now and then will be due in part to the unusually warm waters on its path. As …
Crane Collapse at Miami Hospital Killed One, Injured Other Workers
Authorities were still investigating Tuesday after a construction crane at a Miami hospital buckled and collapsed onto construction workers, killing one person and injuring four others. The 200-foot crane was in use Saturday at a part of HCA Florida Mercy …
Update: 3M to Pay $6 Billion to Settle Military Earplug Lawsuits
3M Co. has agreed to pay $6 billion to resolve hundreds of thousands of lawsuits alleging it sold defective earplugs to the US military that led to hearing damage for combat troops. The company will pay $5 billion in cash …
Florida Sheriff’s Copter Crashes in Pompano Beach, Killing Two
A south Florida sheriff’s helicopter caught fire Monday before crashing into a Pompano Beach apartment building, killing two people and injuring four. The Associated Press, the New York Times and local news outlets reported that the Broward County Sheriff’s rescue …
New Hampshire Workers’ Compensation Rates to Drop 14% in 2024
The New Hampshire Insurance Department (NHID) recently approved a workers’ compensation rate proposal that will reduce voluntary loss costs by 14% on average. The new rates will apply to policies effective starting on January 1, 2024. According to the insurance …
Citizens Suspends Binding, Could Be Most Affected as Hurricane Aims for Big Bend
Florida property insurers were keeping their fingers crossed Tuesday as the latest projections indicated that the worst of Hurricane Idalia may miss some of the most heavily populated parts of the state’s west coast. The National Hurricane Center predicted the …
Burger King Must Face Lawsuit Claiming its Whoppers Are Too Small
A U.S. judge has rejected Burger King’s bid to dismiss a lawsuit claiming that it cheated hungry customers by making its Whopper sandwich appear larger than it actually is. U.S. District Judge Roy Altman in Miami said Burger King must …
Catastrophe Experts Discuss Maui’s Long Road to Recovery
While wildfire search and rescue efforts continued in Maui, a group of CoreLogic experts gathered online last week to discuss the island’s road to recovery through an insurance lens. Panelists analyzed the disaster’s uncertain billion-dollar price tag as well as …
Jury in California Awards $3.75M to Protester Hit by Hard-Foam Projectiles
A jury awarded $3.75 million in damages this week to a protester shot twice with hard-foam projectiles fired by Los Angeles police during demonstrations in 2020. Jurors ruled that the LA Police Department was negligent when one or more of …
Hawaiian Electric Calls Maui County’s Wildfire Lawsuit ‘Irresponsible’
Hawaiian Electric HE.N said on the lawsuit filed against it by the county of Maui was “factually and legally irresponsible,” pointing to the county’s responsibility in the Hawaii wildfires. The company’s shares jumped 30.2% to $12.58 in premarket trading. The …