INSURANCE NEWS
Fire on New York City Construction Crane Causes Collapse
A tall construction crane caught fire in Manhattan on Wednesday morning, and its arm hit a building as it crashed to the street below. Photos and videos posted on social media show flames bursting from the car of a crane …
People Moves: Brough Head of Aspen Marketing and U.S. Distribution; Giannisis is HUB North American Property Practice Leader
Aspen Appoints Brough Head of Marketing and U.S. Distribution Aspen Insurance Holdings Limited, headquartered in Hamilton, Bermuda, appointed Caryn Brough head of US distribution. She will also continue overseeing Aspen’s global marketing and brand strategy as group head of marketing. …
22 States Move to Block 3M’s $10.3 Billion PFAS Deal
A group of 22 states and U.S. territories on Wednesday moved to block a proposed $10.3 billion settlement that would resolve claims against 3M Co over water pollution tied to “forever chemicals,” claiming the deal fails to adequately hold the …
Typhoon-Prone Philippines Seeks New Insurance After Lapse of Catastrophe Bond
The Philippines, recovering from damage wrought by Typhoon Doksuri, is seeking a new insurance plan as protection against future calamities after its catastrophe bond lapsed. “We no longer have a cat bond,” National Treasurer Rosalia de Leon said in reply …
Climate Change Lawsuits More Than Double in 5 Years as Impacts Hit Home
The number of court cases related to climate change has more than doubled in five years as impacts ranging from shrinking water resources to dangerous heatwaves hit home for millions, a report said on Thursday. Some 2,180 climate-related lawsuits have …
China Prepares for Typoon Doksuri as Storm Shuts Parts of Taiwan
China canceled dozens of flights and trains in preparation for Typhoon Doksuri, which has shuttered much of southern and eastern Taiwan after bringing torrential rain and strong winds to the Philippines. At least three people have been killed by the …
Operation Begins to Remove Oil From Rusting Yemen Tanker to ‘Avoid Catastrophe:’ UN
An international team began siphoning oil out of a decrepit oil tanker off the coast of Yemen on Tuesday, the United Nations chief said, a crucial step in a complex salvage operation aiming to prevent a potential environmental disaster. For …
As Russian Oil Crosses G-7’s Price Cap, US Eyes Soft Enforcement
The Biden administration is poised to increase outreach to western trading houses, insurers and tanker owners to remind them to abide by the Group of Seven’s price cap on Russian oil as the crude trades over that level, sources and …
Canada Financial Regulator Proposes Capital Guidelines for Cryptoassets
Canada’s financial regulator on Wednesday proposed changes to its capital and liquidity approach to cryptoassets, citing a risky environment and in response to international banking standards. The Office of the Superintendent of Financial Institutions (OSFI)said guidelines were for federally regulated …
Payroll Was Millions More than Florida Contractor Reported, DFS Says
A south Florida contractor faces significant jail time after he was arrested for vastly underreporting his payroll to his workers’ compensation insurer. Hector Gutierrez-Morales, owner of HG & AKE Construction Corp., in Miami, was charged with workers’ compensation premium fraud, …
Experts Discuss Risks, Opportunities in Emerging Cannabis Products
New cannabis products like gummies, drinks and new consumables bring the promise of exponential growth and the normalization of public consumption, promising to significantly reshape the business landscape for insuring cannabis specialists. Four industry experts recently gathered for an Insurance …
Gas Pipeline Explodes in Rural Virginia; No Injuries Reported
A gas line exploded Tuesday near a highway in rural western Virginia, but no injuries were reported, according to local officials. TC Energy said it was notified of a fire after there was a pressure drop in its Columbia Gas …