INSURANCE NEWS
World Awaits Fate of Ceasefire After US Seizes Iranian Ship
Concerns grew on Monday that the ceasefire between the United States and Iran might collapse after the U.S. said it had seized an Iranian cargo ship that tried to run its blockade and Iran vowed to retaliate. Efforts to build …
Ex-CEO, Ex-CFO of Bankrupt AI Company Charged With Fraud
The former chief executive and chief financial officer of iLearningEngines, which provided AI-driven business automation technology, were indicted on charges they defrauded investors and lenders by fabricating “virtually all” of the now-bankrupt company’s customer relationships and revenue. Former CEO Puthugramam …
Pemex Undersea Pipeline Found to Cause Gulf Oil Spill
An oil spill in the Gulf of Mexico that soiled beaches, killed wildlife and sparked outrage from environmental groups was caused by a leaky pipeline owned by state oil company Petroleos Mexicanos, the company said. A government investigation determined that …
SEC’s Power to Recoup Illicit Profits Challenged at Supreme Court
Three times over the past decade, the US Supreme Court has cut the Securities and Exchange Commission’s ability to extract millions of dollars from alleged wrongdoers. Critics of the commission say it’s not enough. In arguments Monday they are asking …
AI for the Defense: Should Insurers or Law Firms Pay?
The idea that AI tools can help plaintiffs’ lawyers to improve finely tuned litigation strategies that ultimately drive insurance company claims payouts is not new to Carrier Management readers. Nor is the suggestion that defense firms need to try to …
Florida Needs More, Much More Wind Mitigation. Experts at OIR Summit Give Ideas
Florida has the largest wind-mitigation grant program in the country, providing more than $300 million to homeowners over the last few years and resulting in insurance premium discounts for thousands of people. But it’s not enough. The program is not …
India Approves $1.4 Billion Maritime Insurance Pool
India has approved a maritime insurance pool of 129.8 billion Indian rupees ($1.40 billion), Ashwini Vaishnav, minister for Information and Broadcasting, said on Saturday. The pool is for 10 years can be extended to five more years, Vaishnav said in …
State Farm Agrees to $15M Settlement for Underpaid Vehicle Claims in Arkansas
A federal judge last month approved a preliminary class settlement resolving claims that State Farm underpaid Arkansas policyholders for total loss vehicle claims by applying an erroneous valuation method. Under the settlement agreement, State Farm will pay $15.6 million to …
Shipping Firms Seek Clarifications Before Transiting Now-Opened Strait of Hormuz
Shipping companies have cautiously welcomed Iran’s announcement that the Strait of Hormuz is open but said they would require clarifications before vessels move through the entry point to the Gulf. Foreign Minister Abbas Araqchi said on Friday that the Strait …
Marsh Aims to Be ‘AI Winner’ by Focusing on Gains in Growth, Productivity, Efficiency
Marsh aims to be an “AI winner” through growth, productivity and efficiency gains, according to John Doyle, president and CEO of the broker and risk adviser. “[W]e see AI as a powerful accelerator and enabler in delivering value to our …
Pensylvaia Firefighters Back on Job After 6-Day Insurance Lapse
The two volunteer fire departments serving the western Pennsylvania borough of Vandergrift have resumed responding to 911 calls. Mayor Lenny Collini said the firefighters returned to their stations on Thursday after a six day interruption due to a lapse in …
NYC Mayor Eyes City-Run Insurance Program for Affordable Housing
New York City Mayor Zohran Kwame Mamdani is seeking to lower the cost of property and liability insurance for affordable and rent-stabilized housing through a new city-run insurance program. Mamdani plans to hire independent actuarial experts to design and launch …