INSURANCE NEWS
Florida Insurers Facing a New 1% Assessment on Premiums for Insolvent Insurer Claims
Florida property insurers are preparing for another assessment on premiums to help the Florida Insurance Guaranty Association fund outstanding claims from an insolvent insurer. The 1% emergency assessment on all premium for new and renewing policies, approved this month by …
Shelter-in-Place Order Lifted After Georgia Chemical Plant Fire Extinguished
Emergency crews extinguished a fire at a Georgia chemical plant shortly after 10 p.m. Saturday, allowing officials to lift a shelter-in-place order issued in the afternoon when the fire broke out for the second time in the day. The fire …
Breaking it Down: What Florida Insurers Need to Know about Bad Faith After Tort Reform
Bad-faith litigation is a hot topic in Florida following the passage of the new tort-reform measure known as House Bill 837. However, even in the face of reasonable legislative changes, it remains important for insurers and their adjusters to be …
People Moves: Sompo Int’l Promotes Hyland to President of North America Reinsurance, Succeeding Hanke; Kegel Appointed Managing Director, DUAL Benelux
Sompo Int’l Promotes Hyland to President of N. America Reinsurance, Succeeding Hanke Sompo International, the Bermuda-based provider of commercial and consumer property and casualty re/insurance, announced the promotion of Margaret Hyland to president of North America Reinsurance. Hyland takes over …
Kansas Steakhouse to Pay $55K Over Pregnancy Discrimination Suit
A.V.I. Sea Bar & Chophouse restaurant, a Wichita, Kansas steakhouse with an attached catering service known as Corporate Caterers of Wichita, has agreed to pay $55,000 to a former employee and furnish other relief to settle an employment discrimination lawsuit …
Insurers Balk at Coverage for Firm Accused of Delivering Damaging Biofuel to Customers
Two Crum & Forster subsidiaries have asked a federal court in Massachusetts to declare that they have no duty to provide coverage to an insured heating oil company over its delivery of oil diluted with high quantities of biodiesel that …
Louisiana Lost $82M of Natural Gas Due to Leaks, Report Says
NEW ORLEANS (AP) – Louisiana lost more than $82 million worth of natural gas in 2019 due to leaks, venting or flaring at production sites, according to a study released Thursday by an environmental group and government watchdog organizations. The …
Global Insured Losses Estimated at $15B in Q1, With Economic Price Tag of $63B: Aon
Private and public insurance entities saw an estimated $15 billion of global losses during the first quarter – close to both average and median losses of the last 10 years, according to Aon’s Q1 Global Catastrophe Recap Report. However, potential …
Minneapolis to Pay $8.9M Over Officer’s Actions before Floyd Death
The city of Minneapolis agreed Thursday to pay nearly $9 million to settle lawsuits filed by two people who said former police officer Derek Chauvin pressed his knee into their necks years before he used the same move to kill …
New Federal Mandates Won’t Impact Premium Finance Transactions: Big I
The Consumer Financial Protection Bureau recently issued a final rule as part of the Dodd-Frank Act, and thanks to the lobbying efforts of the Independent Insurance Agents & Brokers of America (Big “I”) and others, premium financing transactions have been …
French Court Clears Air France, Airbus Over Rio-Paris Plane Crash
A French court on Monday cleared European planemaker Airbus and Air France of “involuntary manslaughter,” almost 14 years after an airliner plowed into the Atlantic en route from Rio de Janeiro to Paris, killing everyone on board. The ruling follows …
Navajo Nation Receiving Federal Aid for Severe Flood Damage
The Navajo Nation is set receive federal emergency aid to help repair damage caused by severe flooding during a series of storms earlier this year. President Joe Biden granted a disaster declaration for the largest Native American reservation in the …