INSURANCE NEWS
New Jersey High Court to Hear Insurers’ Appeal Over War Exclusion in NotPetya Attack
The New Jersey Supreme Court has agreed to decide whether a hostile/warlike action exclusion in an all risks property insurance policy applies in a case involving insurance coverage for a 2017 Russian cyberattack. The state’s high court will hear an …
Airlines Face Doubling in War Insurance Premiums After Sudan Losses: Sources
Airlines could end up paying twice as much for insurance they need to protect themselves against losses triggered by war after a bruising year wiped out aviation war insurers’ revenue for 2023, industry sources say. Aircraft were destroyed at Khartoum …
Markets/Coverages: New Lloyd’s Syndicate Provides E&S Cover for Calif. Wildfire Risks
Wildfire Defense Systems Inc., Polo Managing Agency Ltd. (PMA) and Aon, announced Lloyd’s has approved the launch of Wildfire Defense Syndicate 1996, which started underwriting on July 1, 2023. Created under Lloyd’s “Syndicate-in-a-Box” program, Wildfire Defense Syndicate 1996 will focus …
Human-Induced Climate Change Plays ‘Overwhelming’ Role in July Heatwaves: Scientists
Human-induced climate change has played an “absolutely overwhelming” role in the extreme heatwaves that have swept across North America, Europe and China this month, according to an assessment by scientists published on Tuesday. Throughout July, extreme weather has caused havoc …
One Dead in Cargo Ship Fire With Electric Car as Suspected Source: Dutch Coastguard
One person died and several others were hurt when a fire broke out on a cargo ship carrying cars off the northern tip of Netherlands, forcing several crew members to jump overboard, the Dutch coastguard said on Wednesday. The Panama-registered …
Scientists Alarmed About Antarctica’s Unprecedented Lack of Sea Ice Growth
Amid a summer of record heat, the most dramatic impact may be taking place under the cover of Antarctic night. The continent at the bottom of the world normally sees a halo of sea ice grow around it each summer …
Australia Fines Facebook Owner Meta $14M for Failure to Disclose Data Collection
An Australian court ordered Facebook owner Meta Platforms to pay fines totaling A$20 million ($14 million) for collecting user data through a smartphone application advertised as a way to protect privacy without disclosing its actions. Australia’s Federal Court also ordered …
Russia’s Danube Attacks Threaten Ukraine Grain Exports; Ports’ Insurance Rates Rise
Russian air strikes on Ukrainian grain facilities on the Danube this week threaten a vital river route for Kyiv’s exports, as Moscow seeks to tighten the noose around a key sector of the economy days after abandoning the Black Sea …
Japanese Used Car Exec to Step Down After Revelations of Fraudulent Insurance Claims
The president of Japanese used-car dealership Bigmotor Co. Ltd. said he will step down after revelations of fraudulent insurance claims by the company’s repair shops, a scandal that has also ensnared Sompo Japan Insurance Inc. “I deeply apologize to all …
Congress Wades Into Self-Driving Debate With New US House Bills
Congress is wading into the debate over whether automakers should be allowed to sell hundreds of thousands of self-driving cars while manufacturers seek federal permission to expand testing of the technology. The US House Energy and Commerce Committee is scheduled …
Agency M&A Down 24% in First Half 2023: OPTIS
Investment banking and financial firm OPTIS Partners said the count of agency mergers and acquisitions during the first half of the year was 359, down 24% from 475 during the same time last year. “The drop-off in deal count continues …
New Florida Workers’ Comp Rules in Effect for Employer Penalties, Exemptions
This month, a number of new workers’ compensation rules took effect in Florida, affecting penalties for employers who fail to obtain comp insurance and setting new requirements for exemptions for corporate officers. The Florida Division of Workers’ Compensation announced that …