INSURANCE NEWS
Insured Losses for Southeast Australia Floods of October 2022 Rise to A$907M: PERILS
Insured losses for floods that hit Southeast Australia in October 2022 have risen to A$907 million (US$600.2 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. This updated loss figure for the floods, which occurred …
Markets/Coverages: Swiss Re, Insurtech Benekiva Partner to Offer L&H Claims Solution
Swiss Re Reinsurance Solutions has formed a strategic partnership with Benekiva to offer an end-to-end digital claims management solution. The solution combines Benekiva’s state-of-the-art claims administration system with Swiss Re’s Claims Automated Rules Engine and risk management expertise. The partnership …
Mental Ill Health Drives Britain’s Crisis of Worker Sickness: Research
Mental ill-health is now the main cause of sickness absence from work in the UK, costing employers billions of pounds and holding back efforts to boost productivity, according to new research. In the final quarter of 2022, more than 85 …
Q1 Net Income Up 21% at The Hartford but Personal Lines Unprofitable
The Hartford Financial Services reported first quarter 2023 net income of $535 million, nearly a 21% increase over $443 million a year ago. In the company’s property/casualty segments, results were carried by net income of $421 million in commercial lines …
What Are the Green Guides and Can They Stamp Out ‘Greenwashing’?
The U.S. Federal Trade Commission (FTC) will weigh major changes for the first time in a decade to its Green Guides, a set of standards for companies making environmental claims, as it sifts through thousands of comments it received on …
Rising Oil Prices Complicate Russian Price Cap Checks for Insurers
Key figures in the insurance industry said rising Russian oil prices are making it harder for them to know if they can lawfully cover Russian cargoes. Since December, buyers of Russian crude oil have only been allowed to access financial …
Extreme Weather Is Nearly Universal Experience: Poll
An overwhelming majority of people in the U.S. say they have recently experienced an extreme weather event, a new poll shows, and most of them attribute that to climate change. But even as people across the country joined last Saturday …
Florida Insureds Can’t Force Interest on Late Claims Payments, Courts Say in Class Actions
Two back-to-back federal court decisions may have dealt a lethal blow to recent proposed class actions that sought interest on property insurers’ late claims payments. But the rulings have left some insureds and their attorneys feeling that they’re seeing another …
Virginia School: As Violence Is Workplace Condition, Workers’ Comp Bars $40M Suit by Teacher Shot by 6-Year Old
The Newport News public school board says the $40 million lawsuit filed against it by the teacher who was shot by a six-year old is barred by the state’s workers’ compensation law that is the exclusive remedy for workplace injuries. …
Blast at Chicago Area Petroleum Plant Leaves 1 Dead, 1 Injured
LEMONT, Ill. (AP) – An explosion and fire at a suburban Chicago petroleum refinery killed one person and injured a second Tuesday morning, authorities said. The Will County Sheriff’s Office said one person was confirmed dead and a second was …
Federal Authorities File Charges in Michigan Over Diesel Engine Tampering
GRAND RAPIDS, Mich. (AP) – Federal authorities in Michigan filed charges Wednesday against nine people in a scheme to defeat air-pollution rules by tampering with software and hardware in heavy-duty diesel engines. The nine agreed to plead guilty, along with …
Louisiana Lawmakers Kill Bill to Decriminalize Marijuana
BATON ROUGE, La. (AP) – A bill to decriminalize marijuana in Louisiana was short- lived, swiftly dying in committee Tuesday before ever reaching the House floor for debate this legislative session. Democratic state Rep. Candace Newell briefly argued that her …