INSURANCE NEWS
Women Are Quitting Executive Roles at Faster Rate Than Ever: Report
Women are leaving the top ranks of companies at higher rates than ever before — as female employees remain less likely to get promoted into leadership roles in the first place. For every woman at the director level who gets …
Ride-Hailing Firm Lyft Hikes Service Fee for Rides as Insurance Costs Rise
Lyft Inc. is increasing the service fee its U.S. riders pay directly to the company to cover higher insurance costs, the ride-hailing firm said. The increase averages less than 50 cents per trip nationally, a Lyft spokesperson said. The company …
UK Orders Poultry Farmers to Take Steps to Stop Spread of Bird Flu
Britain has ordered farmers to enact measures to curb bird flu cases, as the virus spreads in other parts of the world from Europe to the US. The UK government on Monday declared a prevention zone that requires farmers to …
China’s Sunshine Insurance to Seek HK Stock Exchange Nod for $1B IPO: Sources
China’s Sunshine Insurance Group Co. is planning to seek Hong Kong stock exchange approval for its initial public offering as soon as next week, according to people familiar with the matter. The Beijing-based company may start gauging investor demand once …
Australia Banks May Have to Rethink Mortgages in Areas Prone to Extreme Weather: NAB
Australian banks may have to rethink whether they sell mortgages in areas prone to extreme weather events, the chief executive of the country’s second-biggest lender said on Tuesday as thousands of homes in Melbourne were evacuated. Ross McEwan, chief executive …
ExxonMobil Exits Russia After Putin Expropriates Assets Valued at More Than $4 Billion
Exxon Mobil Corp. said on Monday that it left Russia completely after President Vladimir Putin expropriated its properties following seven months of discussions over an orderly transfer of its 30% stake in a major oil project. Exxon did not say …
Russia Oil Exporter Rosneft Moves Into Tanker Chartering as Western Sanctions Loom
Russia’s biggest oil exporter Rosneft has expanded its tanker chartering business to ease oil shipments for buyers amid looming Western sanctions on insurance of Russian oil shipments, three sources familiar with the matter said. Previously, state controlled Rosneft, which produces …
Swiss Re Expects Claims From Hurricane Ian to Bring Q3 Loss
Swiss Re forecast on Tuesday a third-quarter net loss of around $500 million after the reinsurance company absorbed preliminary claims from Hurricane Ian of approximately $1.3 billion. “While the 2022 target of 10% Group ROE is unlikely to be reached …
South Carolina Approves Cut in Credit Property Insurance Rates
The South Carolina Department of Insurance has approved new, tentative rates for credit property insurance in the state. The allowed rates amount to a 9.1% decrease from 2021’s levels, acting Director Michael Wise said in a bulletin posted this week. …
Takeaways from Our Conversation on Must-Know Cannabis Lawsuits
The lay of the legal land in cannabis today largely involves investor suits, trademark issues, and employment practices litigation. But legal matters arising out of compliance complaints may be among the biggest suits worth noting, such as the lawsuit against …
Federal Judge Dismisses Multiple Pennsylvania COVID-19 Claims
A Western Pennsylvania federal district judge has dismissed eight cases seeking payment for COVID-19 business interruption coverage from several insurers including Cincinnati Insurance, Travelers Insurance and Hartford. Financial Services. Citing the district’s court’s own previous ruling in 30 cases against …
Delaware Workers’ Compensation Rates to Drop by Double Digits: Navarro
Delaware workers’ compensation insurance rates will decrease for the sixth year in a row, effective December 1, 2022. Both the voluntary market and the residual market will see rate decreases in the double digits. The Delaware Compensation Rating Bureau (DCRB) …