INSURANCE NEWS
Hackers Aim to Find Flaws in AI
No sooner did ChatGPT get unleashed than hackers started “jailbreaking” the artificial intelligence chatbot – trying to override its safeguards so it could blurt out something unhinged or obscene. But now its maker, OpenAI, and other major AI providers such …
Auto Insurance Results ‘Historically Bad’ in 2022: S&P
In 2022, the U.S. private auto insurance industry reported its worst underwriting results in over two decades, according to a S&P Global Market Intelligence analysis. The net combined ratio for the sector — when excluding policyholder dividends — was 111.8. …
Climate Change Not ‘Serious Risk’ to Financial Stability, Fed’s Waller Says
Climate change does not pose such “significantly unique or material” financial stability risks that the Federal Reserve should treat it separately in its supervision of the financial system, Fed Governor Christopher Waller said on Thursday in a detailed rebuttal of …
Kentucky DOI Hosts Virtual Session on Local Government Premium Taxes
The Kentucky Department of Insurance will hold a virtual meeting Monday to discuss changes to local government premium taxes due to take effect later this year. Kentucky law allows cities and counties to set taxes or fees on some types …
Mom of Virginia Boy Who Shot Teacher Doesn’t Know How Son Got Gun
Four months after a 6-year-old Virginia boy shot and wounded his teacher as she taught class in Newport News, an attorney for the boy’s mother said it still is not clear how the boy got the gun. Police have said …
China’s Communists Appoint Chief of New Financial Regulatory Body
China’s Communist Party appointed Li Yunze, vice governor of Sichuan province, as the party chief of its new financial regulator, the China Banking and Insurance Regulatory Commission (CBIRC) said on its official WeChat account on Wednesday. Reuters had reported earlier …
Greenpeace Sues Italian Energy Company ENI
Greenpeace and an environmental coalition including 12 Italian citizens are suing Italian energy company ENI, accusing it of knowingly contributing to climate change. The complaint names ENI as well as its two biggest shareholders, the Italian Economy Ministry and the …
Nobody Injured as Possible Meteorite Crashes Through Roof Into New Jersey Home
HOPEWELL TOWNSHIP, N.J. — A metallic object believed to be a meteorite punched a hole in the roof of a central New Jersey home this week, smashing into a hardwood floor and bouncing around a bedroom. The family who owns …
Broker Sues Over Unethical ‘Raid’ of 38 Staff in UK Poaching Row
Marsh & McLennan Cos.’s reinsurance broker sued a London rival, saying it secretly planned an unethical “raid” of 38 people across Europe, in the latest lawsuit to pore over clandestine staff poaching allegations. Guy Carpenter & Co. said that its …
Amynta Group Completes Buy of Brit’s Ambridge Group
Amynta Group said it has completed its $400 million acquisition of Ambridge Group from Brit. A multi-year strategic partnership had previously been announced in which Brit, a subsidiary of Fairfax Financial Holdings Ltd., will be a significant capacity partner to …
Georgia Commissioner Wants Consumers to Stay Away from ‘Dirt-Cheap Insurance’
Georgia’s insurance commissioner is warning consumers to steer clear of Dirt-Cheap Insurance, an unlicensed outfit that he said has sold fraudulent policies in the state. Three people associated with Dirt-Cheap, Deamarkis Barber, Oluwatosin Oyediran, and Kamaria Berry, have been charged …
People Moves: CFC Grabs Phillips From Resilience to Lead Cyber Practice
Specialty insurance provider CFC announced today it has appointed Michael Phillips as Cyber Practice Leader. In this newly created role based out of New York, Michael will drive CFC’s cyber underwriting strategy and broker development in the US with a …