INSURANCE NEWS
U.S. Seeks Labor Rights Probe at Goodyear Tire in Mexico
U.S. labor officials on Monday said they have asked Mexico to investigate alleged worker rights abuses at a Goodyear Tire & Rubber Co plant in Mexico in the latest “rapid response” probe under North American trade rules. The complaint from …
Marsh: Cyber Insurance Purchases Climb After Rocky Couple of Years
Stricter policy language, pricing increases and more scrutiny at policy inception made for a tumultuous couple of years in the cyber insurance market. Despite this, 36% of Marsh’s clients reported buying cyber insurance in 2022, up from the 33% that …
Over 30 Million Drivers at Risk of Dangerous Airbag Blast During Collision
More than 33 million people in the United States are driving vehicles that contain a potentially deadly threat: Airbag inflators that in rare cases can explode in a collision and spew shrapnel. Few of them know it. And because of …
Karen Clark Report Shows Just What Failed in Ian, Making it Florida’s Costliest Storm
A granular look at the most expensive hurricane in Florida’s history, written by respected catastrophe-modeling firm Karen Clark & Co., highlights building practices that had a major impact on the scale of insured losses: Contrary to what may seem like …
Fired New Mexico Archaeological Official Sues Governor, Others
The former director of the New Mexico Office of Archaeological Studies is suing state officials, saying his race and gender played a role in his firing. Eric Blinman filed a lawsuit in federal court late last week against Gov. Michelle …
AIG to Sell Validus Re to RenRe in $3B Deal
American International Group (AIG) said late Monday it has entered into an agreement to sell Validus Re to RenaissanceRe Holdings for about $3 billion, mostly cash. The deal, expected to close during the fourth quarter, includes AlphaCat and renewal rights …
Swiss Re Becomes Fourth Insurer to Leave Net Zero Group
Swiss Re is quitting the world’s main climate alliance for insurers, joining a growing exodus from the coalition of some of the industry’s biggest companies. The world’s second-largest reinsurer is now the fourth major company to walk away from the …
2 Killed When Plane Headed for Hawaii Crashes Northern California
Two people were killed when a small plane headed for Hawaii crashed in the Pacific Ocean shortly after takeoff from Northern California, federal officials said Sunday. The Viking Air DHC-6-400 Twin Otter crashed around 2:15 p.m. Saturday in the water …
People Moves: Aspen Appoints Boon Head of Singapore; Liberty Mutual Hires Patrick Thielen Global Head of Cyber; Guy Carpenter Makes Senior Moves in Europe
Aspen Appoints Boon as Head of Singapore; Morely Relocates to London Aspen Insurance Holdings Limited has appointed industry veteran Tay Boon Chuan as head of Singapore, effective June 1. Aspen is headquartered in Hamilton, Bermuda. Boon joins Aspen after 12 …
Lawmakers Warn Leaky, Crumbling UK Parliament at Risk of ‘Catastrophic’ Event
Britain’s Parliament building is an architectural masterpiece, a UNESCO World Heritage Site visited by 1 million people a year. It’s also a crumbling, leaky, asbestos-riddled structure at “real and rising” risk of destruction, lawmakers said Wednesday. In a hair-raising report, …
How Will Economic Pressures Affect P&C Industry?
How could the current economic environment affect workers compensation – and the property and casualty insurance industry overall – in 2023? Earlier this month, insurance veteran Robert Hartwig forecasted answers. Hartwig, a clinical associate professor of finance and insurance at …
France and Germany Show No Sign of Agreement on Role of Nuclear in Clean Energy
France and Germany are showing no sign of nearing a compromise on the role of nuclear energy in the European Union’s transition to cleaner energy, highlighting the challenge faced in reaching a deal in the coming weeks to push ahead …