INSURANCE NEWS
Study Shows How Machine Learning Could Predict Rare Disastrous Events
When it comes to predicting disasters brought on by extreme events (think earthquakes, pandemics or “rogue waves” that could destroy coastal structures), computational modeling faces an almost insurmountable challenge: Statistically speaking, these events are so rare that there’s just not …
Wells Fargo to Pay $3.7B for Illegal Conduct That Harmed Customers
The U.S. Consumer Financial Protection Bureau hit Wells Fargo & Co. with the watchdog’s largest ever civil penalty on Tuesday as part of a $3.7 billion agreement to settle charges over widespread mismanagement of car loans, mortgages and bank accounts. …
Ky. Supreme Court Clears Cincinnati Insurance of $4.6M Verdict in Bad-Faith Suit
Cincinnati Insurance Co. dodged a $4.6 million judgment last week when the Kentucky Supreme Court found that a trial judge should have preempted a jury and granted a directed verdict in a bad-faith claim. If the injured third-party plaintiff failed …
Hilb, Patriot Growth, Oakbridge Continue Expansion with Southeast Agencies
Hilb Acquires Georgia’s Gillman Insurance The Hilb Group has acquired Georgia-based Gillman Insurance Problem Solvers, expanding Hilb’s already expanding Southeast presence. Headquartered in Alpharetta, Gillman has served the Atlanta area since 1993. Its affiliates, APA Insurance Services and 3G Truckin …
Washington and Alaska Crabbers, Fishermen Seek Aid After Disaster Declaration
The U.S. Department of Commerce’s disaster declaration for certain salmon and crab fisheries in Washington and Alaska opens the door for financial relief as part of an omnibus spending bill being negotiated by U.S. lawmakers. The declaration covers Bristol Bay …
$698M Deal Ending Oregon’s Monsanto PCB Pollution Lawsuit
Bayer, the German pharmaceutical and biotechnology company, will pay Oregon $698 million to end a lawsuit over PCB pollution associated with products made by Monsanto, the agriculture giant it now owns. It’s the largest environmental damage recovery in Oregon’s history …
Judge Clears Philadelphia Eagles, 76ers for ‘Limited Discovery’ in Covid-19 Insurance Claims
Rather than dismiss them, a federal judge in Pennsylvania has allowed similar Covid-19 business insurance cases brought by owners of the Philadelphia Eagles and Philadelphia 76ers sports teams against their insurers to proceed to limited discovery. U.S. District Judge Michael …
California Workers’ Comp Bureau Says Premium Fell Sharply Beginning in 2Q 2020
Written premium declined sharply beginning in the second quarter of 2020 due to the economic downturn resulting from the pandemic, according to a report out on Tuesday. The report from the Workers’ Compensation Insurance Rating Bureau of California shows a …
Report: California, Hawaii Had Among Nation’s Worst Ranked Roads
California’s expansive road system was among the nation’s worst ranked, according to a report from a research firm out on Tuesday. Hawaii’s roads were ranked as the nation’s worst. ConsumerAffairs, a non-government research firm, used its own data combined with …
M6.4 in Northern California Leaves Tens of Thousands Without Power
A magnitude 6.4 earthquake struck northern California on Tuesday, according to the U.S. Geological Survey. The quake struck roughly 200 miles north of San Francisco in the vicinity of the Mendocino triple junction where the Pacific, North America and Juan …
Hilb Group Expands in New York Region With Commercial Book Acquisition
The Hilb Group has acquired a book of commercial property/casualty business in the tri-state region. Hilb Group did not identify the seller or size of the book of businesses. The business will be managed by Williston Park, New York-based Hiram …
3M Will Stop Producing ‘Forever Chemical’ PFAS by End of 2025
3M Co., confronting regulatory pressure and lawsuits that threaten billions of dollars in damages, will stop making so-called forever chemicals and aim to discontinue their use in products by the end of 2025. The announcement marks a historic break with …