INSURANCE NEWS
Moody’s RMS Estimates $5B Insured Losses From Turkey Quake as Costs Keep Mounting
The economic and insured losses from the earthquakes that hit southern Turkey on Monday, Feb. 6 continue to escalate as damage information and data keeps pouring in. The catastrophe risk modeling firm Moody’s RMS estimated on Feb. 23 that economic …
Thunderstorms, Possible Tornadoes Ravage Central New Jersey
After a rare tornado warning was issued Tuesday, a strong line of thunderstorms ripped through central New Jersey with powerful winds that caused many trees to be ripped out of the ground in Pennington and West Windsor. Some of the …
Meta Loses Bid to Toss $175M Verdict in Streaming Patent Case
A federal judge in Austin, Texas on Tuesday rejected a request by Meta Platforms Inc’s to throw out a $175 million jury patent verdict for walkie-talkie app maker Voxer Inc. U.S. District Judge Lee Yeakel’s decision leaves intact the jury’s …
BNP Paribas Sued in France by Climate Advocacy Groups Over Fossil-Fuel Financing
Three climate-minded organizations are set on Thursday to sue BNP Paribas, the eurozone’s biggest bank, on grounds its loans to oil and gas majors breach a legally binding duty to ensure its activities do not harm the environment. The three …
China Urges State-Owned Firms to Drop Big 4 Auditors Over Data Security Concerns
Chinese authorities have urged state-owned firms to phase out using the four biggest international accounting firms, signaling continued concerns about data security even after Beijing reached a landmark deal to allow US audit inspections on hundreds of Chinese firms listed …
Trade Group Argues SEC Case Unfairly Labels Crypto as Securities
Cryptocurrency trade association Chamber of Digital Commerce is urging a federal court to dismiss a case brought by the U.S. securities regulator against ex-Coinbase employees accused of insider trading, arguing that the case unfairly labeled several crypto assets as securities. …
Proposed NC Rule Would Require More Flood History Disclosure on Homes for Sale
North Carolina home buyers may soon have access to more information about a property’s flooding history, a rule that could help insurance agents sell more flood insurance and other types of coverage. The state’s Real Estate Commission last week voted …
People Moves: AMERIND CEO Valdo Returns from Spiritual Sabbatical
AMERIND has announced the return of Chief Executive Officer Derek Valdo following a year-long religious leave as appointed spiritual leader (3rd War Chief) for the Pueblo of Acoma. Before his departure in January 2022, Valdo appointed Chief Operating Officer Robert …
California Wildfire Innovation Fund Getting $25M Boost
A California fund to encourage wildfire innovation and lower the severity and frequency of catastrophic wildfire is getting a $25 million boost. Walnut Creek, Calif.-based CSAA Insurance Group made a $25 million commitment to the California Wildfire Innovation Fund, a …
Madison Square Garden Loses Appeal of Covid-19 Insurance Claim Dismissal
A New York appeals court last week upheld the dismissal of Madison Square Garden’s Covid-19 business interruption claim against Factory Mutual Insurance Co. The court agreed with a New York County court’s dismissal in January, 2002 after it found that …
3 Massachusetts Firms to Pay $325K Over Asbestos Work at State University
A Waltham-based construction contractor, Devens-based plumbing contractor, and Woburn-based demolition company will pay up to $325,000 in civil penalties to settle allegations of illegal asbestos work during a renovation project at Fitchburg State University (FSU) in the spring and summer …
Hopeful Cannabis Sales Data an Encouraging Sign for Insurance Specialists
News has been rife with dreary tidings for the cannabis industry over the past year, but a surprisingly encouraging outlook has emerged among the persistent din of downward harbingers like a flower glut, investment funding shrinkage, and layoffs. Industry sales …