INSURANCE NEWS
Storm Noru Brings Floods to Thailand, Forcing 5,000 People to Seek Shelter
Water up to waist-high flooded some riverfront neighborhoods and other areas of Thailand on Thursday after a tropical depression dumped heavy rains and knocked down trees, causing at least one death. The heaviest rainfall, about 22 centimeters (8.5 inches) in …
Allianz’s Digital Investments Arm Acquires German Insurtech simplesurance
Allianz X, the digital investments arm of Allianz Group, will acquire 100% of the shares in Berlin-based simplesurance. Allianz X has been a strategic investor in the Berlin-based insurtech company since 2016 and most recently expanded its involvement in 2019. …
Arthur J. Gallagher to Acquire M&T Bank’s Insurance Agency of Buffalo
Global insurance broker Arthur J. Gallagher & Co. has agreed to acquire Buffalo, New York-based M&T Insurance Agency, Inc. (MTIA), an indirect subsidiary of M&T Bank Corp. In connection with the transaction, Gallagher said it will become the preferred insurance …
Florida Ian Losses Could Reach $47B, Sinking More Insurers, CoreLogic Calculates
Wind and storm-surge losses from Hurricane Ian could reach as $47 billion in Florida alone, a figure made larger by inflation and rising interest rates, the property analytics firm CoreLogic said in a new analysis. “This is the costliest Florida …
Australian Police Aim to Protect 10,000 Optus Customers After Cyber Attack
Australian authorities said on Friday they have commenced an operation to protect the personal information of 10,000 people whose data may have been shared online after a cyber attack on Optus, the country’s second-largest telco. The efforts come three days …
Hospitals, Utilities Face Highest Exposure to Risk of Cyber Attacks: Moody’s
Around $22 trillion of global debt rated by Moody’s has a “high” or “very high” exposure to the risk of cyber attack, the ratings agency said in a report on Thursday, with hospitals and utilities seen at the greatest risk. …
Florida Hospital Gets Hit from Above and Below in Hurricane
Hurricane Ian swamped a Florida hospital from both above and below, the storm surge flooding its lower level emergency room while fierce winds tore part of its fourth floor roof from its intensive care unit, according to a doctor who …
Hurricane Ian Threatens Heavy Losses for Catastrophe Bond Holders
Investors who backstop Florida’s insurance industry by buying catastrophe bonds are girding for substantial losses from Hurricane Ian, threatening to crimp a key source of capital for the sector and push up insurance costs for residents. Ian’s landfall hammered Florida …
TotalEnergies Reports Unusual Drone Activity Near North Sea Oil & Gas Field
TotalEnergies SE said it spotted an aerial drone close to an oil field in the Danish North Sea, intensifying concerns of an energy conflict erupting in Europe. Unusual drone activity was seen near its Halfdan B oil and gas field …
Sex Abuse Allegations Spread Against Cheerleading Industry
Sprawling allegations of abuse against cheerleaders reached Tennessee on Monday in a case that escalates the accusations facing some of the sport’s top institutions. An adult coach sexually assaulted teenage boys at Premier Athletics, according to allegations in a federal …
CF Acquires 1 Source Business Solutions in Utah
PCF Insurance Services acquired 1 Source Business Solutions in Salt Lake City, Utah. 1 Source Business Solutions is a professional employer organization specializing in employee benefits, payroll administration, HR compliance and consulting, and workers’ compensation administration. Lehi, Utah-based PCF Insurance …
Connecticut Workers’ Compensation Costs to Fall in 2023
Connecticut workers’ compensation costs to employers are on their way down, again. The industry’s National Council on Compensation Insurance’s (NCCI) has proposed an overall average change of -3.0% to the current voluntary loss costs and no change to the current …