INSURANCE NEWS
Global Insured Losses From Natural Cats Hit $100B in H1, Driven by US Wildfires, SCS
Global insured losses during the first half of this year were at least $100 billion with more than 90% of that total – or approximately $92 billion – driven by wildfires and severe convective storms in the U.S., according to …
Florida People Rush to Help Plane Near Airport Mayor Says is Plagued With Crashes
Residents in a Miami suburb used an ax, fire extinguisher and garden hose to rescue four people from a small plane that crashed into a tree in yet another mishap near a busy South Florida airport. “It was nothing short …
Central Texas Floods Highlight State’s Risky Profile, Triple-I Analysis Finds
The catastrophic floods in central Texas on July 4th occurred in an area where fewer than 3% of homeowners have flood insurance through the National Flood Insurance Program, serving as another example of why Texas has one of the highest …
USDA Margin Coverage Option for Row Crops Available in Select States
The U.S. Department of Agriculture’s (USDA) Risk Management Agency (RMA) announced this month it is introducing a new margin coverage option as a crop insurance endorsement for corn, cotton, grain sorghum, rice, soybeans and spring wheat in select states for …
U. of Michigan Faces Federal Scrutiny Over Chinese Scientists’ Smuggling of Biological Materials
The University of Michigan is under federal scrutiny after two Chinese scientists linked to the school were separately charged with smuggling biological materials into the United States. The Education Department on Tuesday opened an investigation into the university’s foreign funding, …
US Farm Agency Ends Program to Support Small Businesses
The U.S. Department of Agriculture said on Tuesday it would cut funding for a national network of centers that have supported thousands of small- and mid-sized farm and food businesses. The cuts are another hit to farmers from President Donald …
New Book Proposes Four-Prong Legal Strategy to Negate Nuclear Verdicts
Leaders at one of the largest national insurance defense firms believe they have identified the causes of nuclear verdicts—and developed a comprehensive litigation strategy that negates them. A new book about that strategy and the data behind it will be …
ECB Stress Test to Ask Banks Which Geopolitical Risks Would Hurt
The European Central Bank’s next stress test will ask lenders to come up with hypothetical situations in which risks like trade disruptions or wars could hit their financial strength. The exam next year will “assess which firm-specific geopolitical risk scenarios …
Helvetia, Baloise Said To Tap McKinsey For Merger Help
Helvetia Holding AG and Baloise Holding AG hired strategy consultant McKinsey for advice on Europe’s biggest insurance deal this year, according to people familiar with the matter. McKinsey is set to earn tens of millions of Swiss francs from the …
Viewpoint: US Life Reinsurance Driven by Insurers Seeking Growth, Capital Optimization
Strategic partnerships between re/insurers and alternative investment managers, the use of offshore platforms, and a fourth consecutive record year of annuity sales led to continued reinsurance growth in the U.S. in 2024. Fitch Ratings expects the prevalence of offshore reinsurance …
2 Dead in New Jersey After Floodwaters Carry Away Vehicle During Northeast Downpours
Two people in New Jersey were killed after their vehicle was swept up in floodwaters during a storm that moved across the U.S. Northeast overnight, authorities said Tuesday. Gov. Phil Murphy, a Democrat, noted the deaths occurred in the northern …
High Temperatures, Wildfire Smoke May Trigger Protections for Washington Workers
Worker safety regulators in Washington are warning businesses that temperatures and wildfire smoke are making for hazardous conditions for outdoor workers. The Washington State Department of Labor & Industries issued a notice to employers and workers about which weather conditions …