INSURANCE NEWS
EU Court Rules Against Environmentalists Trying to Block Spanish Wind Farms
The European Court of Justice on Friday dealt a blow to environmental groups trying to stop wind farms from being built in Spain’s northwestern Galicia region, in a ruling affecting billions of euros of investment. Companies developing wind farms in …
South Africa Is Considering Flood Insurance for Large Cities
South Africa is studying whether some of its largest cities should take out flood insurance after a series of disasters in recent years led to bailouts from the government. The insurance being considered is parametric, a type of cover that …
UK’s FCA Says Lenders Face Minimum £9 Billion Bill on Car Loans
The UK’s Financial Conduct Authority will consult on a redress scheme to guide firms on how they should compensate motor finance customers that were missold car loans, which it estimates could leave such lenders on the hook for at least …
People Moves: AAA – The Auto Club Group Adds to Executive Team
AAA – The Auto Club Group (ACG), headquartered in Dearborn, Michigan, added three senior leaders. Vincent Fusco joined ACG as executive vice president, chief distribution officer. Fusco will oversee insurance and direct sales, including those of Michigan-based insurance companies Meemic …
SEC Chair Lays Out Sweeping Plans to Accommodate Crypto
The head of the U.S. securities regulator unveiled sweeping plans to overhaul capital markets regulations on Thursday to accommodate cryptocurrencies and blockchain-based trading, in a major win for the digital asset industry, which has long pushed for tailored rules. Securities …
Tesla Must Pay $243 Million Over Fatal Autopilot Crash
Tesla Inc. was told to pay $243 million in a lawsuit over a 2019 Autopilot crash in Florida that killed a young woman and seriously injured her boyfriend, the first significant court loss for the automaker in litigation related to …
Developer Bets on Mid-Class Rentals in Luxury-Obsessed Miami
A Spanish developer is planning an $880 million workforce housing project in Miami that would include more than 4,000 apartments, childcare, and even a test kitchen — an ambitious bid to offer below-market housing in a city known for ultra-luxury …
In Commuters’ Wurst Nightmare, Hot Dog Spill Shuts Highway
SHREWSBURY, Pa. (AP) — A truckload of hot dogs spilled across a Pennsylvania interstate Friday after a crash that briefly clogged the heavily traveled artery in both directions. Crews were stuck with a job they did not relish — rolling …
Marsh McLennan Acquires Olympic Insurance Agency in California
Marsh McLennan Agency acquired Olympic Insurance Agency in a Simi Valley, California. All Olympic employees, including principals Don and Bob Barberie, will remain working out of their existing Simi Valley office. Olympic primarily provides business insurance, employee benefits and personal …
Hearings Into Fatal Helicopter-Plane Crash in DC Reveal ‘Layers of Deficiencies’
The pilots of a U.S. Army helicopter that collided with a passenger jet over Washington in January would’ve had difficulty spotting the plane while wearing night vision goggles, experts told the National Transportation Safety Board on Friday. The Army goggles …
Lenders Get Reprieve in UK Motor Finance Case From Top Court
A group of lenders won a major reprieve in a pivotal UK car finance case, after the country’s top judges agreed to rein in a lower court’s ruling that could have cost the banks billions more in consumer payouts. The …
Trump Tariff Blitz Unleashes Delayed Shock to Global Economy
Four months after Donald Trump shocked the world and roiled markets by unveiling a placard full of tariff rates at the White House Rose Garden, his revisions unveiled Thursday generated a more subdued response among investors. But at an average …