INSURANCE NEWS
Coal Miner Killed in West Virginia, Second Fatality This Year in the State
A coal miner died Wednesday in an accident at a northern West Virginia mine, Gov. Jim Justice said. Cecil Barker, 62, of Philippi, was working as a surveyor at Century Mining’s Longview Mine in Barbour County. Two other surveyors were …
6 Workers Killed in Work Zone Crash on Baltimore Beltway
Six people were killed when a passenger vehicle pulled into a work zone along the Baltimore beltway and struck construction workers there, Maryland State Police said Wednesday. Troopers responded to the work zone on northbound Interstate 695 at Security Boulevard …
Connecticut Lawmakers Weigh Lifting Surplus Lines Renewal Rule
Connecticut’s Insurance and Real Estate Committee has advanced a surplus lines insurance measure that the industry says would lift an unnecessary administrative burden but the state insurance regulator believes would unnecessarily lessen consumer protections. The bill would relieve surplus lines …
Banks, Financial Industry Hit by Rising Ransomware Attacks
Ransomware gangs didn’t come out with any big new innovations last year, but “what 2022 lacked in innovation it made up for in volume,” according to a report by a financial services group. In its annual outlook on cyber threats, …
High Inflation Brings 5-7.5% Hike in P/C Claims in 2022 With Some Easing Expected
High inflation alone led to an increase in property/casualty claims of 5-7.5%, across five key markets in 2022, according to Swiss Re research. “In 2023, we expect that inflation should led to an additional increase of 3.5-6.5%,” said Swiss Re …
Insurers Continue to Cover Ukraine Grain Corridor Shipments, for Now: Lloyd’s Chairman
Insurers continue to cover grain shipments from Ukraine through a U.N.-backed corridor although more clarity will be required soon, a senior Lloyd’s of London official said on Thursday, after the export accord was renewed for at least 60 days. The …
EU Regulators to Rethink Liquidity Risk After Credit Suisse Unravels
The rapidly unfolding crises of confidence at Credit Suisse Group AG and Silicon Valley Bank are prompting some regulators gathered at the European Central Bank to rethink their treatment of liquidity risk. The watchdogs are in the early stages of …
More Deaths, Injuries Linked to Recalled Eyedrops
U.S. officials are reporting two more deaths and additional cases of vision loss linked to eyedrops tainted with a drug-resistant bacteria. The eyedrops from EzriCare and Delsam Phama were recalled in February and health authorities are continuing to track infections …
TikTok Attacked for China Ties as US Lawmakers Push for Ban
U.S. lawmakers on Thursday battered TikTok’s chief executive about potential Chinese influence over the platform and said its short videos were damaging children’s mental health, reflecting bipartisan concerns over the app’s power over Americans. CEO Shou Zi Chew’s testimony before …
Yellen Says US Prepared for Additional Deposit Actions If Needed
Treasury Secretary Janet Yellen told US lawmakers that regulators would be prepared for further steps to protect the banking system if warranted, a day after her remarks on nationwide deposit insurance rattled markets. Her reassurance came at the top of …
Lindsay Lohan, Other Celebs Settle With SEC Over Crypto Case
Actress Lindsay Lohan, rapper Akon and several other celebrities have agreed to pay tens of thousands of dollars to settle claims they promoted crypto investments to their millions of social media followers without disclosing they were being paid to do …
Proving Insurance Fraud: Is Metadata the Missing Piece of the SIU Puzzle?
When it comes to investigating SIU claims, metadata can be extremely revealing and may even provide evidence that a crime, such as insurance fraud, occurred. In simple terms, metadata is data that provides information about other data. The Maryland State …