INSURANCE NEWS
Investor Group Bans Carbon Removal Schemes From CO2 Reduction Plans
An investor group committed to climate change and controlling $11 trillion in assets has banned members from counting carbon removal schemes towards their emissions reduction targets before 2030, amid increasing scrutiny of the fast-growing market for carbon offsets. The Net …
Climate Disaster in Amazon Rainforest Could Cascade Across Earth, Study Finds
Trees set ablaze in Brazil’s Amazon rainforest could contribute to melting glaciers in the Himalayas and Antarctica because distant ecosystems that regulate the Earth’s climate are more closely connected than previously thought. Scientists have discovered a new atmospheric pathway that …
New Zealand Braces for More Flooding From Another Rain Deluge
Auckland is bracing for another rain deluge later Tuesday that threatens more surface flooding and land slips on ground already sodden after a record downpour. New Zealand’s MetService is forecasting that a new weather system will strike the nation’s largest …
India’s Digit Insurance to Refile Papers for $440M IPO After Regulator Raises Concerns
Digit Insurance will refile papers for its $440 million initial public offering (IPO), the company told Reuters on Tuesday, after India’s market regulator raised certain compliance issues with employee stock plans in a private letter. It is the second such …
Facebook Seeks to Block $3.7B UK Mass Action Over Market Dominance
Facebook on Monday asked a London tribunal to block a collective lawsuit valued at up to 3 billion pounds ($3.7 billion) over allegations the social media giant abused its dominant position to monetize users’ personal data. Meta Platforms Inc., the …
Tesla Competing With ‘GEICOs of the World’ to Lower Insurance Prices
While executives of Tesla said the car maker’s insurance business isn’t yet big enough to warrant separate financial disclosure of its results, Chief Executive Officer Elon Musk reiterated a benefit for Tesla owners: cheaper premiums. Speaking on an earnings conference …
SC Workers’ Comp Commission Holds Hearing on New Medical Provider Fees
The South Carolina Workers’ Compensation Commission will hold a hearing Feb. 13 on the proposed, 2023 medical service provider manual, which includes new fee schedules and an anesthesia conversion factor. FairHealth, consultants hired in several states to analyze workers’ compensation …
Woman Who Survived Train Crash into Patrol Car Files Lawsuit in Colorado
A woman who was seriously injured when the parked patrol car she was detained in was hit by a freight train filed a lawsuit against police, accusing three officers of acting recklessly and failing in their duty to take care …
Lawsuit: Las Vegas Strip Resorts Used Vendor to Fix Hotel Rates
A federal lawsuit in Nevada is seeking class-action damages for countless hotel patrons who booked rooms in Las Vegas since 2019, alleging that most hotel-casinos on the Las Vegas Strip have used a third-party vendor to illegally fix prices. The …
Investigation Into Pittsburgh Bridge Collapse Focuses on Multiple Fractures
Investigators looking into the collapse of a Pittsburgh bridge nearly one year ago are looking closely at damage to the legs of the structure, the National Transportation Safety Board said Thursday. An agency update on the Jan, 28, 2022, failure …
AIG Fires Interim CFO Lyons
AIG late Monday terminated interim Chief Financial Officer Mark Lyons after he “violated his confidentiality/non-disclosure obligations,” the company said. Lyons was just appointed interim CFO earlier this month when CFO Shane Fitzsimons took a temporary medical leave of absence. Lyons …
AM Best: Louisiana Insurance Incentive Program a “Short-Term Stopgap”
As Louisiana lawmakers adjourn Monday for a special session to address the state’s property insurance crisis, a commentary from AM Best says Louisiana’s plan to appropriate $45 million in funds to incentivize insurance companies to take on more property risk …