INSURANCE NEWS
UK Government Rushes to Outline Proposed Power to Overrule Financial Regulators
The UK government is rushing to outline a proposed power to overrule the City of London’s financial regulators, as it tries to avoid accusations that the move is an attack on their independence. The power is due to be added …
3 Australian Banks Settle Class Action Lawsuits Over Sale of Credit Insurance Products
Three of Australia’s “big four” banks settled separate class action lawsuits for A$126 million ($84.51 million) with Slater & Gordon, who took the banks to court two years ago over sale of credit insurance products, the companies said on Monday. …
Half a Million UK Workers Drop Out of Workforce Citing Long-Term Illness, Mental Health Problems
The number of people who have dropped out of Britain’s job market since 2019 and who now cite a long-term illness or mental health problems has risen by half a million or about 25%, the Office for National Statistics (ONS) …
Elizabeth Holmes Should Get 15 Years’ Prison for Fraud, US Says
Former Theranos Inc. Chief Executive Officer Elizabeth Holmes should spend 15 years in prison for committing one of the most serious white-collar crimes in Silicon Valley history, prosecutors told the judge who will sentence her. In a request filed late …
Abortions, Drug Use Exposed in Cyber Attack on Australian Health Insurer Medibank
When the Australian health insurer Medibank Private Ltd. was hit with a ransomware attack last month, it provided regular updates to its customers, including the revelation that personal information from nearly 10 million of them was exposed. It also followed …
UPC Reports $173M Loss for Q3, Begins Personal Lines Non-Renewals Start Jan. 1
The parent company of United Property & Casualty Co., already working to close up shop in Florida and other states after years of financial setbacks, reported a $173 million net loss for the third quarter of this year. The publicly …
Nicole’s Insured Losses Less than $1B, but Some Florida Homes Washed into the Sea
Insured losses from Hurricane Nicole, a category 1 storm that came ashore on Florida’s east coast last week, will be no more than $750 million, a fraction of the level of losses caused by Hurricane Ian six weeks earlier, CoreLogic …
Jury Orders Filmmaker Haggis to Pay $7.5M in Rape Lawsuit by Publicist
A jury ordered Academy Award-winning filmmaker Paul Haggis Thursday to pay at least $7.5 million to a woman who accused him of rape in one of several (hash)MeToo-era cases that have put Hollywood notables’ behavior on trial this fall. Jurors …
Jury Awards Massachusetts Police Detective $4M in Sex Discrimination Lawsuit
A jury has awarded more than $4 million to a former Massachusetts police detective who said in a lawsuit that she was subjected to demeaning and sexist comments at work and rebuked for speaking up about dangerous conduct by other …
Report: Insurance Industry Spent $3.1B with California Diverse Businesses
New data from the California Department of Insurance suggests some progress in the department’s push for California’s $409 billion insurance industry to partner more with the diverse small businesses. The latest results from the California Insurance Diversity Survey for 2021 …
Reuters: Russian Oil Cap Spurs Insurer Fears of Oil-Laden Ships Being Left at Sea
Oil-laden tankers risk being left languishing at sea if insurers do not urgently get clarity on an unfinished G7 and European Union plan to cap the price of Russian crude, two senior industry executives told Reuters. The Group of Seven …
Acrisure Buys New York Technology Services Firm Homefield IT
Insurance broker and real estate services firm Acrisure announced that it has acquired business technology firm Homefield IT, which will become part as part of Acrisure Cyber Services (ACS). Based in New York City, Homefield IT specializes in managed information …