INSURANCE NEWS
Turkey Needs to Build Million Homes After Earthquakes, Developer Says
Turkey would need to construct about a million new homes in the 10 provinces hit by the February 6 earthquakes, according to a property developer, signaling the massive rebuilding effort that needs to be undertaken. “That’s an optimistic estimate,” Ekonomi …
Historic Alabama City Facing Long Road to Recovery From Tornado
In a Selma neighborhood — a few blocks from the starting point of the 1965 voting rights marches — the path of a January tornado remains clear. Homes sit collapsed or missing walls and roofs. Some building are marked with …
Guest at Daytona Hotel Dies After Being Struck by Forklift During Storm Repairs
A guest at an oceanfront hotel in Florida has died after being run over by a forklift working on storm repairs, authorities said. The 62-year-old woman, whose name wasn’t immediately released, was struck Monday while walking through the parking lot …
Markets/Coverages: Berkley, Talage Partner for Workplace Violence Coverage
Berkley Program Specialists said it has partnered with Talage to offer a new product line for workplace violence coverage. This new coverage and service offering was introduced Feb. 8 in select states with additional states to follow. Insurtech Talage built …
Markets/Coverages: Beazley Launches Private Equity Liability Product for Portfolio Firms
Specialist insurer Beazley has launched a new private equity liability insurance product, designed to focus on the inherent directors and officers (D&O) risks within the long-term lifecycle of portfolios held by private equity firms. Across the full lifecycle of investments, …
EU Sanctions Aim to Make Banks Report Frozen Russia Assets; Russia Reinsurer on List
The European Union is poised to force banks to report information on Russian Central Bank assets as part of the bloc’s latest sanctions package targeting Moscow for its war in Ukraine, according to draft proposals seen by Bloomberg. Getting a …
New Zealand Searches for Missing After Cyclone; Sizable Economic Cost Expected
New Zealand is still searching for people missing in the aftermath of Cyclone Gabrielle amid fears the death toll will continue to climb. Five people are now confirmed dead after the cyclone devastated large areas of the nation’s North Island, …
AIG Sees Q4 Profit Fall but General Insurance Underwriting Jumps 27%
Fourth quarter 2022 net income attributable to American International Group common shareholders fell to $264 million from about $3.7 billion the year prior, but the insurer’s general insurance business ended the year with “the strongest underwriting results the business has …
Fla. Tort Bill Brings it: Limits Damages, Ends Fee Multipliers, Discloses LOPs – and More
Outside of insurance attorneys, plaintiffs’ lawyers and some doctors, few people in Florida may be familiar with what are known as letters of protection. But critics say the instruments, in which doctors agree to take a share of the judgment …
Travel Insurance to Take Off as Year-End Cancellations Spook Flyers
Demand for travel insurance in the United States is set to jump this year, as more Americans turn cautious after a spike in flight cancellations and lost luggage in the last two months upended holiday plans of tens of thousands …
Krause Acquires LTCI Brokerage Services in California
Krause Brokerage Services, LLC acquired USA-LTCI in California. LTCI is a brokerage firm that specializes in long-term care insurance, including employer-sponsored worksite LTCI for businesses offering LTCI as a benefit to their staff. With this acquisition, Krause now offers an …
Maine Proposal Would Buy Out Farms Contaminated by PFAS Chemicals
A Maine lawmaker has proposed a bill to require the state to offer to buy out farmers whose land was contaminated by long-lasting chemicals caused by the spreading of sludge. The chemicals are PFAS chemicals, which are sometimes called “forever …