INSURANCE NEWS
Japanese Companies Compensate Users as Cyberattacks Buffet Economy
Japanese companies are moving to pay compensation to users following waves of cyberattacks that have disrupted internet services and raised concerns about economic stability. GMO Internet Group, a leading provider of online financial services, said customers would be compensated for …
Generali to Cut 9% of Workforce in Germany, Streamline Structure
Assicurazioni Generali SpA plans to reduce around 9% of its workforce in Germany and downsize locations as part of a simplification effort in the European country. Generali plans to set up five regional centers in Munich, Cologne, Karlsruhe, Hamburg and …
Hacking Attempts Surge as Companies, Governments Rush to Patch PHP Flaws
Global firms and governments rushed on Thursday to patch critical flaws in the PHP programming language that underpins much of the internet, as cloud firms reported a surge of hacking attempts after the vulnerabilities were disclosed. The push came after …
Transit Systems Weigh Whether to Run Trains Without a Human at the Controls
Even as automated vehicles such as robotaxis grow more prevalent in the U.S., almost every mass transit system still requires a driver or operator on board. Two major cities are seeking to change that. Officials in Washington, D.C., recently advanced …
Fla. Reforms Cut Property Premiums but Data Show Multifamily Liability Rates Up
In the warming Florida market, post-legislative reforms, much of the focus has been on homeowners’ property insurance rates. But one segment has been overlooked to a degree: multifamily dwellings, a category that includes everything from duplexes and fourplexes to big …
New Mexico’s Outside Lawyers Could Collect up to $1.27B in Meta Case
Private plaintiffs’ lawyers stand to collect up to $1.27 billion from New Mexico if the state’s $25 billion court win against Meta Platforms this week is upheld, according to a Reuters review of a contract with the state. New Mexico …
PG&E Weighs Gas Business Separation Over California Fire Rules
PG&E Corp. said it may spin off, sell or otherwise separate its natural gas business if California doesn’t overhaul its wildfire liability rules. The utility’s 4 million gas customers are bearing borrowing costs associated with the company’s sub-investment-grade credit because …
Oklahoma Landlord to Pay $52K for Violating Fair Housing Act
The Justice Department announced that the owners of a residential rental property in Oklahoma City have agreed to pay $52,500 to resolve a lawsuit alleging that they refused to rent a one-bedroom apartment to a single mother upon learning that …
Michigan, Ohio Gas Prices Spike Further Amid Refinery Breakdown
Gas prices in two Midwestern battleground states saw further hikes on Thursday as the region’s market grapples with a refinery issue in Illinois. In Michigan, prices rose to $4.74 a gallon on Thursday, up from $4.59 a gallon on Wednesday, …
Insurer Doesn’t Get a Mulligan in $12M Georgia Solar Farm Claim, Appeals Court Says
Zurich American does not get to reclassify a loss as one with a much higher deductible after it had already paid part of the claim, a federal appeals court said in a case involving rain damage to a massive solar …
AM Best Revises Outlook to Stable for Ohio Mutual Insurance Group’s Members
AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) for the members of Ohio …
Phoenix Hit by Hail and Strong Winds, Damaging Vehicles Across Valley
Arizona is not usually known as a hot spot for severe weather, but this week the state experienced hail, flooding and even a rare tornado. A severe storm on Wednesday produced hail the size of golf balls in metro Phoenix, …