INSURANCE NEWS
AM Best Urges ‘Immediate and Substantive’ Reforms by Florida Lawmakers
Ahead of this week’s special legislative session in Florida, the AM Best financial rating firm predicts that “without immediate and substantive long-term legislative reforms,” further insurer insolvencies are on the near-term horizon. “The outcome of the special legislative session could …
UK’s Post-Brexit Financial Services Reforms Fall Short of Promised ‘Big Bang’
The UK set out a package of financial services reforms that cuts across dozens of areas but fell short of the “Big Bang” that politicians were promising earlier this year and is unlikely to deliver the dramatic reshaping that some …
People Moves: Lloyd’s Elects Aon’s Dudley as Council Member, Succeeding Christian; CNA Canada Promotes Detablan as VP, Specialty & Risk Managed Casualty
Lloyd’s Elects Aon’s Dudley as Council Member, Succeeding Christian Lloyd’s of London, the commercial insurance and reinsurance marketplace, has elected Richard Dudley to the Council of Lloyd’s, succeeding Dominic Christian, who will be stepping down on Jan. 31, 2023 after …
Chubb to Launch Technology Hub in Thessaloniki, Greece
Property/casualty insurer Chubb announced it will launch a new technology services center in Thessaloniki, Greece, in early 2023, aiming to deliver innovative technologies that enhance the customer experience, increase efficiency and accelerate the company’s digital transformation. Technical engineers and developers …
Australia’s Financial Services Firms Failing to Narrow Gender Pay Gap: Report
Australian employers are failing to narrow the pay gap between men and women, with finance firms among the worst offenders. Females earned 22.8% less than males, the first time that progress has stalled since the government Workplace Gender Equality Agency …
Hong Kong Tycoon Richard Li Weighs $200 Million Investment in FWD: Sources
Hong Kong billionaire Richard Li is weighing investing about $200 million in his insurance company FWD Group Holdings Ltd. as part of a funding round, people familiar with the matter said. An investment would help support the insurer’s growth plans …
Insurance-Related Oil Tanker Backlog Starts to Clear in Turkey’s Vital Shipping Strait
A backlog of tankers waiting to haul oil through Turkey’s vital shipping straits appeared to start clearing, offering hope that authorities in Ankara have resolved a spat with the insurance industry that arose following sanctions on Russia. A port agent …
Juul Agrees to Pay $1.2 Billion in Youth-Vaping Settlement
Juul Labs Inc. has agreed to pay $1.2 billion to resolve about 10,000 lawsuits targeting the e-cigarette maker as a major cause of a US youth-vaping epidemic, according to people familiar with the matter. The accord, which hasn’t yet been …
Increased Car Accidents? Blame Weather, Time of Day—Not Pot Decriminalization
Actuarial research released last week suggests that marijuana decriminalization is not associated with a notable increase in traffic accidents or accident severity. Temporal patterns of human activity (such as yearly, weekly and daily cycles) and inclement weather are much better …
Big Oil Does Little to Act On Climate Despite Vows
Major energy companies are not doing enough to prevent the worst effects of climate change despite public promises to fight the problem, a U.S. House panel said about documents released on Friday that it got in a probe. Democrats on …
WCIRB Report on Medical Characteristics of Cumulative Trauma Claims
A report from the Workers’ Compensation Insurance Rating Bureau of California shows indemnity claims are the key driver of cumulative trauma claim costs. Highlights of the WCIRB report, Medical Characteristics of Cumulative Trauma Claims, include: Indemnity claims are the key …
New Jersey Sues Town That Defied Ban on Repairing Eroded Beach
NORTH WILDWOOD, N.J. (AP) — A sand storm at the Jersey shore is escalating. New Jersey is suing a coastal town that repaired beach erosion from a fall storm in defiance of a state order not to do so. And …