INSURANCE NEWS
Rising Inflation to Hit Profits of European P/C Insurers: GlobalData
Rising inflation in Europe, which jumped to 8.9% in July 2022, the highest in 25 years, will hurt the profitability of property/casualty insurers in 2022-24, according to the London-based data and analytics company GlobalData. Premium growth is expected to be …
Meta Reaches $37.5 Million Settlement of Facebook Location Tracking Lawsuit
Meta Platforms Inc. reached a $37.5 million settlement of a lawsuit accusing the parent of Facebook of violating users’ privacy by tracking their movements through their smartphones without permission. A preliminary settlement of the proposed class action was filed on …
Washington Regulators Fine Wireless Company After Fatal Fall
Washington state regulators fined a wireless company $12,000 for safety violations after the death of a cellphone tower worker near Arlington last year. Michael Vasquez was working on a Crown Castle cell tower on Dec. 4, 2021 when he fell …
People Moves: Andersen Joins Choice Financial Group as President
Andersen Joins Choice Financial as President and COO Michael J. Andersen has joined Choice Financial Group as president and chief operating officer. Andersen brings 37 years of experience in the insurance industry to the Virginia Beach, Va. firm, including 20 …
State Farm Sues Amazon to Recover New York Homeowner Claim
State Farm Fire & Casualty is trying to get Amazon to reimburse it for a payment it made to cover damages to the home of one of its New York insureds. State Farm and its insured claim that the damage …
Europe’s Drought May Be Worst in at Least 500 Years: Report
Europe is currently in the throes of a drought that appears to be the worst in at least 500 years, according to a preliminary analysis by experts from the European Union’s Joint Research Center. Some 64% of the EU is …
Children’s Hospitals Harassed Over Transgender Care Programs
Doctors and other staffers at Boston Children’s Hospital are being threatened with violence over its surgical program for transgender youths, administrators said, and other U.S. children’s hospitals are also being harassed online. Boston Children’s is home to the first pediatric …
Allianz in Talks With Chinese Banks to Launch Asset Management Venture: Sources
Allianz SE is in talks with Chinese banks to set up a majority-owned asset management venture in the world’s second-largest economy, two people with direct knowledge of the matter said, aiming to tap a $4.3 trillion market for wealth products. …
Ex-Gov. Wilder Drops Lawsuit Against Virginia Commonwealth University Leaders
Former Virginia Gov. Doug Wilder has withdrawn a lawsuit he filed against leaders of Virginia Commonwealth University following a public personnel dispute in which Wilder had pushed for the firing of an employee he accused of threatening him. Wilder filed …
PwC Sued by Auditor Over Head Injury Suffered During ‘Pub Golf’ Work Event
An auditor at PricewaterhouseCoopers LLP sued his employer over a serious head injury he suffered during a work event that “encouraged excessive consumption of alcohol.” Michael Brockie alleges in London suit that PwC failed to ensure his safety by allowing …
Lloyd’s Insurer Ascot, Marsh Provide Coverage for Grain Ship Sailing From Ukraine
Broker Marsh and Lloyd’s of London insurer Ascot said on Tuesday they have provided coverage for a vessel carrying grain and food products from Ukraine’s Black Sea ports under its new marine cargo and war insurance facility. Launched last month, …
3M Awaits Bankruptcy Ruling That May Sink Litigation Tactic
3M Co.’s attempt to block jury trials of more than 230,000 lawsuits accusing it of harming US soldiers faces a key test this week in front of a federal judge in Indianapolis. US Bankruptcy Judge Jeffrey J. Graham is set …