INSURANCE NEWS
Permian Basin Set to Become Top US Gas Producer, Citi Says
The Permian Basin is on track to become the largest US natural gas-producing region by the end of the decade, making the world’s most productive oil shale field also the nation’s leader in gas output, according to Citigroup Inc. analysts. …
People Moves: Marsh Promotes Ward as CEO of Pacific, Guy Carpenter; QBE Names Thompson as Global Director of Data Centres in Newly Created Role
This edition of International People Moves details appointments at Guy Carpenter and QBE. A summary of these new hires follows here. Marsh Promotes Ward as CEO of Pacific, Guy Carpenter Insurance and reinsurance broker Marsh announced the appointment of Justin …
The Villages Health Agrees to Pay $542M for Medicare Advantage Overbilling
The Villages Health System in central Florida, part of the world’s largest retirement community, has agreed to pay almost $542 million to settle civil claims stemming from its disclosure that it submitted false diagnosis codes to boost payments from the …
Insurance Industry Labor Market Study Shows Slowing Turnover and Modest Growth
More than three-fourths (78%) of U.S. insurers expect modest revenue growth during the next 12 months, and about half (49%) plan to increase staff. However, it seems many companies are “hiring to backfill key positions and bring in new talent, …
Hawaii Insurance Division Issues Memo to Insurers for Lala Claims
The Hawaii Insurance Division issued a memo to insurers this week stating it expects them to handle claims from Tropical Storm and Hurricane Lala “promptly, fairly,” and in accordance with state law insurance contracts. The memo on Wednesday from Insurance …
Europe’s Credit Markets Shrug Off Climate Risks Despite Devastating Droughts
Severe droughts across Europe this summer led to huge wildfires, disrupted transport on critical routes, threatened power plants and hit corporate earnings across the continent. The credit markets are mostly unmoved. The extreme weather is a reminder of the growing …
Russian-Speaking Cybercriminals Used SpaceX’s Cursor AI Tool to Hack Seven Firms
Russian-speaking hackers used SpaceX’s 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 a report issued on Thursday by the startup …
Glacier Collapse, Avalanche Likely Fueled Deadly Nepal Flood
Scientists are rushing to understand the exact causes of the deadly flash flood that sent a wall of mud and water tearing through Himalayan river valleys on the China-Nepal border. What’s clear so far is that a huge chunk of …
Markets/Coverages: Marsh Exchange Handles Operational Digital Infrastructure Risks
Global insurance broker Marsh announced the launch of Stratus, a property insurance exchange designed to address the complex operational risks of large digital infrastructure projects as they move from construction into operation. Such projects include data centers and associated critical …
Northeast Including New York City Facing Flood Risks From Thunderstorms Today
The US Northeast and Mid-Atlantic, including New York City, face another round of thunderstorms, increasing flood risks and transportation woes, with even the slight chance of a tornado. Flood watches will cover New York’s five boroughs, as well as stretching …
Insurers Want a Bigger Slice of the Bank Risk Transfer Boom
Insurers are aiming for a bigger slice of the market for significant risk transfers this year as banks step up their use of the hedging instruments. Firms expect to participate in about 50% more SRTs than in 2025, according to …
OpenAI Report Says Its Network Was Hacked by Its Own Rogue AI Agents
AI agents created by OpenAI broke into the company’s own systems during internal tests and in some cases tried to conceal their behavior, the company said in a report published Wednesday. The findings are likely to sharpen concerns about increasingly …