INSURANCE NEWS

Buffalo Staffing Firm Settles Employment Discrimination Lawsuit

Staffing Solutions of WNY Inc., a Buffalo-based staffing company serving western New York, will pay $550,000 to settle an employment discrimination lawsuit filed by the Equal Employment Opportunity Commission (EEOC), the federal agency announced. According to EEOC’s lawsuit, Staffing Solutions …
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‘Hardening’ Property Catastrophe Market Enters ‘Hard’ Market Phase: Bank of America

European reinsurers will miss their earnings targets in 2022 – for the sixth year in a row – which is pressuring the industry to raise rates and continue improving the quality of their portfolios, according to a research report published …
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AM Best: Trouble Around the Bend for Commercial Auto Insurers After Good 2021?

For the first time in many years the commercial auto insurance segment enjoyed a combined ratio below 100 in 2021, but increased claim frequency and severity in 2022 point to a U-turn in financial results. According to AM Best, costs …
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$2.75M Settlement to Washington Woman in Highway Crash

Washington state has agreed to pay $2.75 million to a woman who was seriously hurt in a rollover crash involving a state Department of Transportation vehicle on Highway 522. On March 5, 2018, Kara Janneh of Monroe was driving her …
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Pennsylvania Jury Awards Corrections Officer $1M Over Retaliatory Firing Claim

A white Allegheny County jail corrections officer who claimed he was fired in retaliation for reporting racial and sexual harassment incidents has been awarded almost $1 million by a federal jury. Jeffrey Kengerski claimed that the Allegheny County Jail and …
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Legal Challenges Could Hamper U.S. Rule to Limit Independent Contracting

Business groups will almost certainly file lawsuits in an attempt to delay or derail a rule proposed by the Biden administration on Tuesday that would limit companies’ use of independent contractors, experts said. The proposal by the U.S. Department of …
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Florida Shrimpers Lost Boats, Homes in Surge; Hope to Get Battered Fleet Back to Sea

The seafood industry in southwest Florida is racing against time and the elements to save what’s left of a major shrimping fleet — and a lifestyle — that was battered by Hurricane Ian. The storm’s ferocious wind and powerful surge …
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Search for Victims Done, Florida Coast Begins Recovery from Storm

An army of 42,000 utility workers has restored electricity to more than 2.5 million businesses and homes in Florida since Hurricane Ian’s onslaught, and Brenda Palmer’s place is among them. By the government’s count, she and her husband, Ralph, are …
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Learning to Time Travel: Why Insurers Should Embrace Both the Future and the Past

The first insurance company in the U.S., The Friendly Society, was established in Charleston, South Carolina, in 1735, according to the Insurance Information Institute’s insurance handbook, meaning the industry is now nearly 300 years old. But experts at the Insuretech …
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The Emerging Market for Active Assailant Insurance

So far in 2022, the U.S. has experienced multiple tragic mass shootings. One only needs to see the images on the news following the shooting at Robb Elementary School in Uvalde, Tex., or the attack during the Fourth of July …
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Extreme Weather Poses as Big a Threat to Global Energy Security as Ukraine War: WMO

Energy infrastructure will become more vulnerable to extreme weather such as heatwaves and hurricanes, the World Meteorological Organization warned on Tuesday, with a senior official saying that climate change poses as big a threat to global energy security as the …
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Stonybrook Capital Says Hurricane Ian Is Largest-Ever Insured Loss Event at Over $75M

According to Stonybrook Capital, the damage from Hurricane Ian will result in the largest-ever insured loss event in nominal dollars. The advisory and investment banking firm focused on the insurance industry said the all-in insured loss and loss adjustment expenses …
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