INSURANCE NEWS
Alabama Judge Halts Bridge Project, Says DOT Director Had Vendetta
Driven by a “personal vendetta” against a toll bridge company, Alabama’s transportation director planned to build an unnecessary bridge across the Intracoastal Waterway at a cost of more than $100 million to the state, according to a judge who ordered …
Peloton Announces Long-Awaited Repair for Recalled Treadmill
Peloton Interactive Inc. and the US Consumer Product Safety Commission announced a long-awaited fix for the fitness company’s recalled Tread+ machine, which was pulled off the market two years ago following dozens of injuries and one death. The repair involves …
Drivers Are Shopping, Swapping Auto Insurance Policies at Record Pace
Drivers are kicking the tires and trading up for new auto insurance policies. In the first quarter, new policy growth rate was up 17% over the same period in 2022, and a record-breaking shopping growth rate was up 10.2% compared …
Consistent Policy Wording Bringing Some Relief to Evolving Cyber Market
Consistency within cyber insurance policies is something the industry has been grappling with for nearly a decade, according to speakers at the annual RIMS Riskworld conference, held this year in Atlanta, but the industry is beginning to see a light …
Georgia Workers at Largest School Bus Maker, Blue Bird, Vote to Unionize
Workers in Georgia at one of the nation’s largest school bus manufacturers have voted to unionize. Employees at Blue Bird Corp. chose to be represented by the United Steelworkers union by a vote of 697-435, according to the National Labor …
Alabama Bill Would Give Childhood Abuse Victims More Time to File Suit
Alabama legislation that would give victims of childhood sex abuse more time to sue their abusers has stalled in a committee amid opposition from insurance companies, the bill’s sponsor said. The Senate Judiciary Committee has not scheduled a vote on …
TypTap Insurance Reports First Profit. CEO Sits Down to Talk About it and the Future
When HCI Group’s TypTap Insurance launched in 2016, it created a buzz in the industry and some skepticism, due to the company’s plan to rely heavily on mapping technology and property data. This month, Tampa-based HCI announced that, after a …
Britain Awards 20 Offshore Carbon Storage Licenses
Twelve companies were awarded a total of 20 licenses to develop carbon dioxide (CO2) storage offshore, in Britain’s first licensing round for such projects, the North Sea Transition Authority (NSTA) said on Thursday. Britain aims to use carbon capture and …
23 State Attorney Generals Concerned About Insurer Climate Commitments
Nearly two dozen GOP Attorney General offices sent a letter to the Net-Zero Insurance Alliance seeking documents and information over “legal concerns brought about by commitments to collaborate with other insurers in order to advance an activist climate agenda.” The …
US, UK, Others Seek to Target Illicit Oil Shipping Transfers at Sea
The U.S., UK, Denmark and other countries have called for more action, including increased surveillance, over the booming practice of unregulated oil transfers at sea, as fears grow over potential pollution, according to a paper submitted to the U.N. “These …
Supreme Court Leaves Intact Social Media Liability Shield in Win for Google, Twitter
The US Supreme Court left in place a broad liability shield for social media companies for content posted by users, insulating Twitter Inc., Facebook Inc. and Google LLC from claims that they provided assistance to Islamic State terrorists. Acting in …
Commercial Property Premiums Up Over 20% to Start 2023: CIAB
Commercial property premiums increased more in the first quarter than they have in more than 20 years as the first three months of the year marked the 22nd straight quarter of overall premium increases, at 8.8%, according to the newest …