INSURANCE NEWS
Global Insured Losses From Natural Disasters Could Top $150B in 2025: Swiss Re Report
Global insured losses from natural catastrophes hit US$80 billion in the first half of 2025, which is almost double the 10-year average between 2015 and 2024 and marks the fifth year in succession when H1 losses have exceeded $US50 billion, …
Owners of Ship That Crashed Into Baltimore Bridge Sue Vessel’s Builder Hyundai
The owners of the cargo ship that crashed into the Francis Scott Key Bridge are suing the company that built the vessel, alleging negligence in the design of a critical switchboard on the ship. Grace Ocean Private and Synergy Marine …
Howden Re Granted License to Operate From Dubai International Financial Centre
Howden Re, the global reinsurance brokerage arm of Howden Group, announced it has secured a full reinsurance license from the Dubai Financial Services Authority (DFSA) to operate from Dubai International Financial Centre, the leading global financial center in the Middle …
Arthur J. Gallagher & Co. Acquires Australian Broker MACK Insurance Services
Arthur J. Gallagher & Co., the Rolling Meadows, Ill.-based broker, announced the acquisition of Australia-based MACK Insurance Services. Terms of the transaction were not disclosed. MACK Insurance Services is a commercial insurance broker with a focus on the agriculture sector. …
UK Firms Hire Contractors Instead of Employees to Cut Tax Bills
UK businesses are turning to the self-employed in an effort to rein in costs as they try to navigate Chancellor of the Exchequer Rachel Reeves’ £26 billion ($34.5 billion) payroll tax hike. Advertised contract jobs have risen 22% since April, …
Does Care by Advanced Practitioners Result in Different Workers Comp Outcomes?
A newly released decade-long study by the Workers’ Compensation Research Institute (WCRI) indicates that claims initiated by nurse practitioners and physician assistants didn’t lead to negative outcomes and suggested some benefits when compared to those led by primary care physicians. …
US to Ease Long-Range Drone Rules in Boon for Walmart, Alphabet
President Donald Trump’s administration proposed a rule to allow more commercial drones to fly beyond an operator’s visual line of sight, a potential boon for companies such as Alphabet Inc.’s Wing unit and Walmart Inc. pushing to deliver packages by …
Delay in Upping Its Claims Offer Could Cost AIG, Federal Appeals Court Says
AIG could pay dearly for refusing to budge on a claim settlement offer of $2.65 million for nearly a year after receiving estimates that a jury would likely award the claimant $7.5 million for her injuries. A jury did eventually …
California Workers’ Comp Rating Bureau Says Recent Rate Declines Flattened
Written premium in the first quarter was 4% lower than the same period in 2024, extending a trend in which written premiums in calendar years 2022 through 2024 remained relatively stable compared to large swings during the pandemic, a new …
Third Point UK Investors Should Reject Reinsurance Deal, ISS Says
Shareholders of the UK investment trust run by Dan Loeb’s hedge fund Third Point should reject its plan to turn itself into a reinsurance company, according to ISS. In its recommendation ahead of an Aug. 14 vote, the proxy adviser …
Tesla, Musk Sued by Shareholders Over Robotaxi Claims
Elon Musk and Tesla were sued by shareholders who accused them of securities fraud for concealing the significant risk that the company’s self-driving vehicles, including the Robotaxi, were dangerous. The proposed class action was filed on Monday night, following Tesla’s …
Michigan Financial Advisor Charged With Insurance Fraud
A Michigan financial advisor was charged with four counts of insurance fraud, each a four-year felony, Attorney General Dana Nessel announced last week. Todd Bernstein, 67, of Birmingham, was arraigned on July 30 before Magistrate Julie Nelson-Klein in the 48th …