INSURANCE NEWS
Hidden Menace: Massive Methane Leaks Speed Up Climate Change
To the naked eye, the Mako Compressor Station outside the dusty West Texas crossroads of Lenorah appears unremarkable, similar to tens of thousands of oil and gas operations scattered throughout the oil-rich Permian Basin. What’s not visible through the chain-link …
Biden EPA to Tackle Coal Industry Carbon With Rules on Other Pollutants
The U.S. Environmental Protection Agency plans to use new limits on traditional pollutants like ozone and coal ash to help encourage the retirement of the nation’s remaining coal-fired power plants, after the Supreme Court limited the agency’s ability to impose …
Euro Zone Growth, Inflation Accelerate but Recession Looms
The euro zone economy grew much faster than expected in the second quarter, but economists said it might be the economy’s last hurrah before ever-higher inflation and supply chain problems cause a mild recession in the second half of the …
U.S. Crop Writers Post Record Premium Growth on Commodity Prices, Innovation: AM Best
Premiums in the federal multi-peril crop insurance (MPCI) program surged in 2021 to a record high of $14.9 billion, an increase of nearly 40% over the previous year, according to an AM Best report. The new Best’s Market Segment Report, …
Lloyd’s of London’s Ascot, Marsh Provide Insurance for Ukraine Sea Corridor
Lloyd’s of London insurer Ascot and broker Marsh on Friday launched marine cargo and war insurance for grain and food products moving from Ukrainian Black Sea ports, removing a hurdle to getting shipments underway. Russia and Ukraine signed a deal …
Industry’s Blockchain Project, B3i, Has Become Insolvent and Ceased to Trade
The industry’s blockchain project, B3i, has ceased activities and filed for insolvency following unsuccessful funding rounds. “The directors, following consultation with the shareholders, have collectively concluded that there was not sufficient support to continue with the venture at this stage,” …
Appeals Court Reverses Verdict Against Surgeon in Spinal Implant Kickback Case
A federal appellate court overturned a $5.5 million jury verdict against a Missouri orthopedic surgeon who is accused in a whistleblower lawsuit of taking kickbacks from a spinal implant distributor owned by his fiancee. A panel of the 8th Circuit …
Detective: Alex Jones ‘Most Dangerous’ Type of Attack Denier
The detective who led the investigation into the 2012 Sandy Hook Elementary School attack testified Tuesday that there are three types of people who deny that it happened and harass the victims’ families: the mentally ill, those who believed bad …
Tobacco Firms Sued for $133 Million in Missed Settlement Payouts
Philip Morris USA, R.J. Reynolds Tobacco Co. and more than a dozen other tobacco companies were sued by Iowa’s attorney general for allegedly failing to pay the state $133 million due under a 1998 settlement intended to avoid future health-related …
Freight Broker Sues Liberty Mutual for ‘Excessive’ Work Comp Premiums
An Illinois freight broker has filed a lawsuit accusing Liberty Mutual of overcharging it by demanding payment of workers’ compensation premiums for independent contractors who are ineligible for benefits. Virnich Corp., which does business in West Chicago, says in a …
Director of 9/11 Fund Picked to Estimate Cost of J&J Talc Claims
The lawyer who oversaw payments to victims of the Sept. 11 terrorist attacks will be appointed by a federal judge to estimate the total liability that Johnson & Johnson faces for claims that talc in its baby powder causes cancer. …
State Farm Settles Alabama Class Action Charging it Underpaid Claims
Did State Farm Insurance employ a clever device to reduce its payout – sometimes to zero – on thousands of property claims in Alabama? The insurance company has denied underpaying claims and other wrongdoing, but has agreed to settle a …