INSURANCE NEWS
Russia’s Ust-Luga Port Orders Vessel Checks After Mystery Blasts
Ust-Luga, Russia’s largest port in the Baltic Sea, is insisting that ships’ hulls are inspected before the vessels are allowed to enter the facility, a sign of how a string of mystery blasts involving tankers that went to Russia are …
Kazakh Black Sea Oil Exports Halted by New Russian Regulations, Sources Say
Foreign oil tankers are being temporarily barred from loading at Russia’s main Black Sea ports following new regulations, two industry sources said on Wednesday [July 23], effectively blocking exports from Kazakhstan handled largely by a consortium partly owned by U.S. …
Intel Beats Shareholder Lawsuit Over $32 Billion Stock Plunge
A federal judge dismissed a lawsuit accusing Intel of defrauding shareholders by concealing problems in a business where it manufactured chips for outside customers, leading to a $32 billion one-day plunge in its market value. While saying she “understands plaintiffs’ …
AIUC Emerges From Stealth With $15M Seed to Help Enterprises Deploy AI Safely
Artificial Intelligence Underwriting Company (AIUC) is coming out of stealth mode with a $15 million seed round. The San Francisco-based company said July 23 that it seeks to unlock the “next wave of artificial intelligence (AI) progress by building the …
Viewpoint: Back to Basics – Risk Transfer Through Contracts and Insurance
Along with analyzing risk, a risk manager’s core function is to offload as much risk as possible as cost-effectively as possible. While meeting this goal is generally thought of as assembling the right insurance portfolio at the best price, transferring …
Poll Shows Pacific Northwest Drivers Are Seeing Increases in Roadway Rudeness
If you’ve felt a shift in driver behavior on Pacific Northwest roads, a recent poll suggests you’re not alone. A survey of Washington and Oregon residents by PEMCO Mutual Insurance found that many motorists are seeing increases in rudeness on …
FEMA Denies Maryland Disaster Aid Request for Western Counties Hit by May Floods
The Trump Administration has denied Maryland’s request for federal disaster aid for damage caused by severe storms and flooding on May 13 and 14 in Allegany and Garrett Counties in the western part of the state. Gov. Wes Moore said …
California Department of Insurance Completes Final Review of Wildfire Model
The California Department of Insurance completed a review of the state’s first wildfire catastrophe model, marking a dramatic change in the state’s property/casualty insurance ratemaking process. The new model for use by insurers in assessing wildfire risk in property insurance …
Kentucky DOI Posts Rules on Wind-Mitigation Grant Program
The Kentucky Department of Insurance has posted new rules on the Strengthen Kentucky Homes wind-mitigation grant program, in keeping with statutes approved in 2024. The regulations spell out eligibility requirements for homeowners, grant procedures, reinspection procedures, and eligibility requirements for …
People Moves: Pharmacists Mutual Appoints Mosher to Board of Directors
Pharmacists Mutual Insurance Company announced the appointment of Matthew Mosher, former President and CEO of AM Best Rating Services, Inc., to its Board of Directors. Mosher brings decades of leadership experience and industry understanding that will be instrumental in guiding …
People Moves: Alliant Names Beach as SVP Within Employee Benefits Team
Alliant Insurance Services named Stephanie Beach, ASA, MAAA, as Senior Vice President within its employee benefits group, based in Austin, Texas. With more than 25 years of experience advising mid- to large-sized employers, Beach brings extensive expertise in designing and …
Wildfires in Mediterranean Leave a Dozen Dead as Heat Soars
Wildfires fueled by soaring temperatures and strong winds across the eastern Mediterranean left a dozen people dead in Turkey and Cyprus. Ten forest workers and search and rescue volunteers were killed in Turkey’s Eskisehir province and 14 others were hospitalized …