INSURANCE NEWS
Workers’ Comp Insurance Industry Backs CompScience Technology in $6M Seed Round
CompScience has found a way to reduce workers compensation risk and cost using artificial intelligence. Not just by the numbers, but by analyzing authentic, onsite video taken at clients’ facilities. The company provides video analytics and data-driven recommendations using existing …
Toyota Reaches Potential $150M Settlement Over Fuel Pump Recalls
Toyota Motor Corp. reached a settlement potentially worth $150 million to resolve U.S. class-action litigation tied to recalls of about 3.36 million Toyota and Lexus vehicles whose defective fuel pumps could cause engines to stall. A preliminary settlement was filed …
Hub Grows Again with Acquisition of South Carolina Agency
Hub International Ltd., a global insurance brokerage, has continued its steady expansion with the recent acquisition of Tilghman Insurance of Myrtle Beach, South Carolina. Tilghman has provided commercial and personal lines insurance to the Grand Strand of coastal Carolina for …
NYT Piece Calls out ‘Summer of Climate Disasters’
Insurance professionals in the alternative energies sector may want to take note of a recent Bloomberg opinion piece that focuses on supply chain and supply chain risks due to rising energy costs. It calls 2022 “a blockbuster year for energy …
Texas DWC Proposed Agenda to be Published September 9
The Texas Department of Insurance, Division of Workers’ Compensation has proposed the Fiscal Year 2023 Research Agenda of the Workers’ Compensation Research and Evaluation Group (REG). Texas Labor Code Section 405.0026 requires the REG to prepare a research agenda each …
EPA Denies Request to Exempt 2 Gulf Coast Plants From Air Pollution Rule
The Environmental Protection Agency on Tuesday denied a request by Cheniere Energy, a leading U.S. producer of liquefied natural gas, to exempt two Gulf Coast plants from a federal air pollution rule. An EPA spokesman says the agency on Tuesday …
South African Premiums to Rise as Insurers Face Growing Flood, Fire Risks: Sanlam
South Africans could soon be paying as much as 5% more on their premiums as insurers face growing risks both globally and locally. The country is now considered “very risky” due to mounting flood and fire dangers, as well as …
North Dakota Oil Rig Explosion Injures 3
Federal, state and local investigators in northwest North Dakota are looking into the cause of an oil rig explosion and fire that sent three workers to the hospital. The crew members were taken to a burn center in St. Paul, …
Ohio Auto Parts Company Cited for Safety Violations
A Clayton, Ohio company was cited for exposing workers to fires and failing to train them on initial stage fire identification and use of fire extinguishers after federal safety investigators received a referral from a local fire department that responded …
Ohio Court: $101 Million Lead Paint Abatement Covered by Lloyd’s Policy
A court order that requires Sherwin-Williams Co. to pay $101 million into a lead paint abatement fund amounts to “damages” that are recoverable through a Lloyd’s of London insurance policy, an Ohio appellate court ruled last week. The Eighth Appellate …
Lexington Starts Middle Market Casualty Group for SMEs
AIG’s Lexington Insurance Company today announced the launch of the Lexington Middle Market Casualty team, a group of dedicated underwriters focused on providing insurance coverage exclusively to small-to-medium-sized commercial enterprises (SME), substantially expanding the company’s market reach beyond upper middle-market …
Don’t Look Now, But More Reinsurance Price Increases on the Way
Fresh on the heels of massive reinsurance price increases in June, which helped send some property insurers into insolvency or out of the Florida market, reinsurers are now likely to raise premiums again in the next few months. Analysts with …