INSURANCE NEWS
Russian President Putin Signs Law Creating Eurasian Reinsurance Company
The Kremlin announced that Russian President Vladimir Putin has signed a law to ratify the creation of the Eurasian Reinsurance Co. The Eurasian Economic Union (EAEU) agreed in October 2022 to form the company, which is intended to facilitate investment, …
Climate Change and Homeowners’ Insurance Are on a Collision Course
A summer that has already seen water crises and wildfire smoke is rapidly becoming an inflection point in the pitched battle between climate change and the price of homeowners’ insurance in the US. American International Group Inc., which has already …
Philippines Raises Alert Over Volcano, Villagers Urged to Leave Danger Zone
Philippine officials on Thursday raised the alert level for one of the country’s most active volcanoes after superheated streams of gas, debris and rocks cascaded down its upper slope in a condition they fear could lead to a hazardous eruption …
Former SCOR CEO Kessler, 71, Dies
Denis Kessler, 71, non-executive chairman of SCOR and the reinsurer’s former chief executive, died Friday, the company said. “Over the past two decades, Denis Kessler has been the architect behind SCOR’s success and reputation throughout the world,” said Thierry Léger, …
Survey: Younger Generations More Tolerant of Fraud
A significant number of Americans ages 44 and younger show a high level of tolerance for insurance fraud, according to a new survey of insurance consumers by Verisk and the Coalition Against Insurance Fraud. The accompanying study found that while …
Acrisure Acquires TEn, Will Go to Market as Eleven Network
Acrisure said it has acquired TEn Insurance Services Ltd. As part of the acquisition, TEn will go to market as Eleven Network. The deal is expected to close in the near term, pending FCA regulatory approvals. Terms were not disclosed. …
Supreme Court Limits Reach of Federal ID Theft Law
The U.S. Supreme Court yesterday narrowed when identity theft can be included as part of federal criminal charges. In the case (Dubin v. U.S.), the high court found that not every use of another’s identification means there has been an …
Insurer Not Liable for Botched Fracking Operation
A well servicing company that damaged 53 natural gas wells by using a defective chemical during a hydrofracking operation is not entitled to insurance coverage for a $13 million jury verdict because there was no accident, a panel of the …
New York City Defends ‘Stop and Frisk’ Policy After Report Calls It Unconstitutional
New York City’s reliance on the tactic known as “stop and frisk” as part of a new initiative to combat gun violence is harming communities of color and running afoul of the law, a court-appointed federal monitor reported this week. …
Most Nations Aiming for Net-Zero Fail to Meet Targets, Study Shows
A new scientific assessment of government commitments to eliminate greenhouse gas emissions found most lack credibility and would put the world on track to experience catastrophic global warming by the end of this century. About 90% of net-zero plans by …
Hawaii’s Active Kilauea Begins Erupting After 3-Month Pause
Kilauea, one of the most active volcanoes in the world, began erupting on Wednesday after a three-month pause, displaying spectacular fountains of mesmerizing, glowing lava that’s a safe distance from people and structures in a national park on the Big …
Black Workers at California Tesla Factory Allege Rampant Racism, Seek Class-Action Status
Tesla may face a class-action lawsuit after 240 Black factory workers in California described rampant racism and discrimination at the electric automaker’s San Francisco Bay Area plant, including frequent use of racial slurs and references to the manufacturing site as …