INSURANCE NEWS
Insured Losses From February’s European Windstorms Estimated at €3.7B: PERILS
Insured losses for the European windstorm series, which affected the British Isles and continental Europe in February 2022, are estimated at €3.739 billion (US$3.8 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. The windstorm …
Heavy Rain Continues to Flood New Zealand, Forcing Evacuations
WELLINGTON, New Zealand (AP) – Heavy rain continued to pelt New Zealand on Thursday, causing further disruptions and road closures from a storm that has already forced hundreds of people to evacuate their homes. Residents in the northern part of …
China Sentences Tycoon Xiao to 13 Years, Fines His Financial Services Group $8.1 Billion
A Shanghai court on Friday sentenced Chinese-Canadian billionaire Xiao Jianhua, not seen in public since 2017, to 13 years in jail and fined his Tomorrow Holdings conglomerate 55.03 billion yuan ($8.1 billion), a record in China. Xiao and Tomorrow Holdings …
U.S. Businesses in Taiwan See Limited Impact From Tensions With China
Most members surveyed by the American Chamber of Commerce in Taiwan said they had not been significantly affected by recent Chinese military drills around the island, but had heightened concerns, the group said on Friday. China, which claims Taiwan as …
Viewpoint: Can Intelligent Automation Ensure the Survival of the Insurance Industry?
The economic viability of the insurance industry’s current business model has been in question for several years. McKinsey’s 2022 Global Insurance Report shows that 52% of the industry’s global equity had a return on equity (ROE) lower than their cost …
Technology Delivering New Data Sources for Claims Investigations
The driver of the 2021 Toyota Sienna said he crashed because another car bumped the rear of his vehicle while passing on the right, causing him to lose control. It was the wrong car for lying about the cause of …
Record-Breaking Pace for U.S. Product Recalls, Says Sedgwick
The number of U.S. products recalled this year has already surpassed 1 billion, according to the U.S. product recall index recently released by Sedgwick’s brand protection division. Only two other years on record have seen more than 1 billion units …
Forged Signatures, Fake Policies? Lawsuits Raise Questions About Captive Insurance Plan
The owners of one of the oldest insurance agencies in Texas must have felt pretty surprised when they were named in a federal lawsuit brought by an AIG company, alleging the agency was part of an elaborate fraud that forged …
Florida’s Deadly High Speed Rail to Get $25 Million Safety Improvement
Tracks used by the nation’s deadliest railroad will see added fencing to keep pedestrians away and safety improvements at crossings under a $25 million federal grant announced Monday. Brightline and government officials announced the grant as the privately owned passenger …
Fire Consumes Once Famous Grossinger’s Hotel in New York’s Catskills
LIBERTY, N.Y. — A fire consumed a building at the site of the long-closed Grossinger’s resort, once among the most storied and glamorous hotels in New York’s Catskills. In its heyday after World War II, Grossinger’s drew hundreds of thousands …
Texas-Based Supermarket Faces $1 Million in Fines over Unsafe Working Conditions
Despite a history of violations and worker injuries dating back almost a decade, Fiesta Mart LLC – a Houston-based supermarket operator – continues to fail in its legal obligations to protect employees. Made apparent after federal inspections in February and …
Public Adjuster Cited in Texas, Louisiana Took Cash Advances on Commissions
A public adjusting firm that was cited by regulators in both Texas and Louisiana for allegedly pocketing insurer payouts has also received cash advances from financing companies over the past several months, documents obtained by the Claims Journal show. At …