INSURANCE NEWS
Alaska Tsunami Warning Had Residents Scrambling for High Ground After M7.3 Quake
Communities along a 700-mile stretch of Alaska’s southern coast ordered residents to higher ground after a powerful offshore earthquake Wednesday, but officials quickly downgraded and then canceled a tsunami warning for the region. There were no reports of significant damage. …
AI Models With Systemic Risks Given Pointers on How to Comply With EU AI Rules
The European Commission set out guidelines on Friday to help AI models it has determined have systemic risks and face tougher obligations to mitigate potential threats comply with European Union artificial intelligence regulation (AI Act). The move aims to counter …
Jury Awards $100M in Shooting Death of Former Florida State Senator’s Son
A Miami jury this week awarded a former Florida state senator $100 million in a wrongful death lawsuit brought against the condominium complex where her son was shot to death in 2021. Daphne Campbell, who served for eight years in …
Lightning Strike at New Jersey Archery Range Kills 1, Injures 13
A lightning strike at an archery range in Jackson, New Jersey killed a man and injured 13 others Wednesday evening, according to police. Around 7:15 p.m., police were notified that multiple people were struck by lightning at the Black Knight …
EU’s New Russia Sanctions Aim for More Effective Oil Price Cap
The European Union on Friday agreed an 18th package of sanctions against Russia over its war in Ukraine, including measures aimed at dealing further blows to the Russian oil and energy industry. The EU will set a moving price cap …
Tesla Settles Suit Over Autopilot Crash With Truck Crossing Highway
Tesla Inc. settled a high-profile lawsuit over a driver’s death in 2019 when the Autopilot system in his Model 3 allegedly failed to avoid a collision with a tractor-trailer crossing a Florida highway. The confidential settlement, disclosed in a July …
Excessive Litigation Causes Surge in US Liability Insurance Costs: Marsh McLennan CEO
Excessive litigation and the abuse of U.S. legal system are effectively imposing a tax on the U.S. economy and causing a surge in liability insurance costs, according to John Doyle, president and chief executive officer of Marsh McLennan. “The U.S. …
Trainee’s Death Seen as Part of Pattern of Lapses in Railroad Safety
Federal investigators have reported that the 2023 death of a CSX Transportation train conductor trainee in Baltimore was caused by an unsafe riding position. The National Transportation Safety Board (NTSB) warned that its investigation reveals broader safety and training gaps …
Ford Recalls Over 694,000 SUVs After Year-Long Fuel Leak Probe
Ford is recalling 694,271 crossover SUVs in the United States due to a fuel leak issue that could increase the risk of a fire, the U.S. National Highway Traffic Safety Administration said on Wednesday, following a year-long investigation. The NHTSA …
People Moves: Higginbotham Appoints Reutter to Newly Created CFO, COO Role
Higginbotham, headquartered in Fort Worth, Texas, appointed Andrew Reutter as CFO/COO. Reutter most recently served as a principal at Stone Point Capital, where he built and led the capital markets division and worked closely with insurance services firms, overseeing financing …
Chinese Hackers Still Trying to Break Into Telecoms Across Globe
A Chinese hacking group has continued to target phone and wireless providers around the world, compromising devices tied to seven telecommunications companies since February, according to a bulletin that a cybersecurity company recently sent to clients. In the past five …
Former AIG Exec McElroy Faces Sexual Assault Charges in Vermont
Earlier this week, American International Group (AIG) made a splash with the announcement that it had hired former Lloyd’s CEO John Neal to be the new leader of General Insurance, the company’s property/casualty operations. Meanwhile, the man who once led …