INSURANCE NEWS
Thailand Shifts Disaster Risk to Insurers With $467 Million Plan
Thailand plans to provide government-funded disaster insurance to about 30 million households in high-risk areas, while seeking to shift some of the growing cost of floods and other catastrophes to private insurers. The government on Tuesday approved a 15.5 billion …
Amazon Sued by FTC Over Claims It Misled Advertisers on Pricing
The US Federal Trade Commission and 22 US states sued Amazon.com Inc. over claims the e-commerce giant systematically overcharged advertisers for years. The FTC, which enforces antitrust and consumer laws, and the state attorneys general allege in the suit filed …
Russian-Speaking Cybercriminals Used SpaceX’s Cursor AI Tool to Hack 7 Companies
Russian-speaking hackers used SpaceX’s AI coding assistant, Cursor, to help break in to a Belgian chemical company and at least six other firms earlier this year, according to data reviewed by Reuters and reports issued Aug. 27 by cybersecurity companies …
Viewpoint: Subsidized Immigration Enforcement Insurance – What Could Go Wrong?
On August 18 the Immigration and Customs Enforcement (ICE) agency announced a plan to provide subsidized personal liability insurance for state and local police working with ICE in immigration enforcement. The plan would shield rogue agents from legal expenses they …
Sony, Warner Music Sue Anthropic Over Songs Used in AI Training
The music publishing branches of Sony Music and Warner Music have sued Anthropic in California federal court for allegedly misusing their copyrighted song compositions to train its Claude AI models. Sony and Warner said in the complaint, filed on Friday, …
Judge Throws Out Bulk of Economic Claims Over Baltimore Bridge Tragedy
A federal judge has agreed with the owner and manager of the Dali cargo ship responsible for the collapse of Baltimore’s Key Bridge that the bulk of the remaining claims against them for economic damage are invalid. On August 25, …
Texas, Louisiana Under Tropical Storm Warning as System Grows
Tropical storm warnings have been issued for parts of the Texas and Louisiana coast as a potential system gathers strength in the Gulf of Mexico. The still-unnamed storm was 130 miles (209 kilometers) south of Morgan City, Louisiana, with top …
AM Best Downgrades Financial Rating of Illinois’ Prime Insurance
AM Best has downgraded the Financial Strength Rating to B (Fair) from A- (Excellent) and the Long-Term Issuer Credit Rating to “bb+” (Fair) from “a-” (Excellent) of Prime Insurance Company based in Chicago, Illinois. Concurrently, AM Best has maintained the …
American Airlines to Pay $200K for Discrimination Against Worker With Blindness
American Airlines will pay $200,000 to settle a disability discrimination lawsuit brought by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced. According to the EEOC’S lawsuit, American Airlines failed to provide a reasonable accommodation to an employee …
Sentry’s Dairyland to Return $30 Million to Florida Auto Insureds
Auto insurer Dairyland announced that it will return $30 million in savings to eligible Florida private passenger automobile policyholders through a one-time dividend. The insurer is crediting legal system changes signed into law in 2023 and “improved market stability” for …
KKR Scores Windfall in $17 Billion Sale of USI Insurance
KKR & Co. is set to reap a $3.3 billion windfall from its deal to sell USI Insurance Services to Aon Plc for $17 billion, a significant exit for a unit that’s invested its balance sheet in long-term private equity …
Wildfire Risks in California and Oregon Worsened by Strong Winds
Northern California and southern Oregon are under red flag fire warnings, as the threat posed by tinderbox conditions is compounded by strong winds. National Weather Service warnings are in place from noon to 8 p.m. local time, while the U.S. …