INSURANCE NEWS
With Less Reinsurance for Reinsurers, Prices Set to Rise Again for Florida Carriers
It has been three weeks since Hurricane Ian struck Florida on Sept. 28, 2022. The storm took at least 119 lives and caused estimated insured losses ranging from $31 billion to $74 billion, with most estimates in the $60 billion …
Hurricane Ian Came at the Worst Possible Time for SW Florida Agriculture
Hurricane Ian made landfall in southwest Florida at the worst possible time for many in the agricultural community, cutting a path through the heart of Florida’s citrus belt and smashing tomato fields just before the start of seasonal harvests. Ian …
Connecticut Approves 3% Cut in Workers’ Compensation Costs for 2023
Connecticut businesses will see another rate decrease in workers’ compensation insurance beginning on January 1, 2023. The Connecticut Insurance Department has officially approved an average decrease of 3% to workers’ compensation pure premium loss costs in the voluntary market. There …
Insurers Still Unclear How G-7 Sanctions of Russian Crude Oil Cargoes Will Work
Just six weeks before European Union sanctions on Russian oil come into effect, insurers are still unclear as to exactly how they will work. At the heart of the uncertainty is a continued lack of detail surrounding US-led plans, endorsed …
Alex Jones Asks For New Trial After $1B Sandy Hook Defamation Verdict
Conspiracy theorist Alex Jones has asked a Connecticut judge to throw out a nearly $1 billion verdict against him and order a new trial in a lawsuit by Sandy Hook families, who say they were subjected to harassment and threats …
Landscapers Find Car Reported Stolen in 1992 — Buried at California Mansion
Three decades after a car was reported stolen in Northern California, police are digging the missing convertible out of the yard of a $15 million mansion built by a man with a history of arrests for murder, attempted murder and …
Credit Suisse to Pay $234M to Settle French Tax, Money Laundering Case
Credit Suisse agreed to pay France 238 million euros ($234 million) to settle a tax fraud and money laundering case on Monday, putting another legal headache behind it as it prepares a strategic overhaul. The agreement resolves an investigation in …
Toymaker Mattel Agrees to Pay $3.5M to Settle SEC Charges
California-based Toymaker Mattel Inc has agreed to pay $3.5 million to settle U.S. Securities and Exchange Commission (SEC) charges over financial misstatements in 2017, the agency said on Friday. Mattel, which makes Barbie and Fisher-Price toys, incorrectly reported its losses …
Everest Insurance Launches Branches in France and Germany
Everest Insurance, the insurance division of Everest Re Group Ltd., announced its further expansion into the European market with the opening of two new branches in Paris, France and Düsseldorf, Germany. Plans for a third European branch opening in Madrid, …
Biden ‘Social Cost of Carbon’ Climate Risk Measure Upheld by U.S. Appeals Court
A U.S. appeals court on Friday upheld the “social cost of carbon” calculation used by President Joe Biden’s administration, which sharply boosts the price tag policy makers will put on the environmental impact of greenhouse gas emissions from that used …
India’s Reliance Industries to Create Financial Services Unit for Its Consumer Businesses
Reliance Industries Ltd., will create a financial services unit to feed its consumer businesses that are contributing an increasing share of profits to the retail-to-refining conglomerate. It will also restructure the engineering and projects divisions as it sets about carrying …
Climate Change at Top of Insurers’ Concerns, Followed by War-Related Risks
Climate change remains at the top of insurance companies’ biggest concerns even as Russia’s invasion of Ukraine stokes geopolitical and energy-related fears within the industry. Global warming is considered as the biggest risk to society in the next five to …