INSURANCE NEWS

Insured Flood Losses in Germany Could Range From US$2.1B to US$3.2B: Moody’s RMS

Insured losses from floods that hit Central Europe between Thursday, May 30 and Monday, June 3 in Germany will likely fall within the range of €2 billion to €3 billion (US$2.1 billion to US$3.2 billion), according to Moody’s RMS Event …
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Hurricane Season Ushered in With a Deluge in South Florida

Dangerous flooding from a tropical disturbance inundated much of southern Florida on Wednesday, blocking roads, floating vehicles and delaying the Florida Panthers on their way to Stanley Cup games in Canada against the Edmonton Oilers. The disorganized storm system was …
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Mubadala Proposal to Sell Insurtech Startup Wefox Opposed by Founders

Mubadala Investment Co. has proposed selling troubled insurance tech startup Wefox Holding AG to UK insurance broker Ardonagh Group Ltd. in a deal opposed by the German firm’s founders. The Abu Dhabi sovereign wealth fund has told Wefox shareholders it …
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Evergrande Liquidation Law Firm Probes PwC, Others to Recoup Creditor Losses: Sources

Lawyers appointed by the liquidators of China Evergrande Group 3333.HK are investigating some of the property developer’s service providers including its former auditor PricewaterhouseCoopers, to potentially recoup losses for creditors, three sources said. Evergrande, once China’s largest property developer, was …
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On a Warming Planet, Outdoor Concerts Need a New Safety Playbook

Just before Ana Clara Benevides lost consciousness, she likely found it hard to breathe. Packed with 60,000 people in Rio de Janeiro’s Nilton Santos Stadium for a Nov. 17 Taylor Swift concert — amidst a heat wave with a “real …
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Ship on Fire Near Yemen After Second Attack in as Many Days

A small cargo ship was on fire after being hit by three projectiles while sailing in the Gulf of Aden, marking the second significant incident in two days and a fresh ramp up of attacks. The attack on the Verbena …
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Britain’s ‘Quiet Quitters’ Are Costing the Economy £257 Billion

The UK economy lost more than £257 billion ($327 billion) in potential output because of demotivated workers last year, adding to a productivity crisis that’s left the country falling behind other wealthy nations. Just one in 10 UK workers were …
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Marsh: Cyber Extortion Reached Record High in US and Canada in 2023

Multiple companies in the U.S. and Canada experienced a record number of cyber extortion events in 2023 and unprecedented demands, a new report from Marsh shows. The report, Ransomware: A persistent challenge in cyber insurance claims, also showed an increasing …
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Snowflake to Close Probe Into Cyberattack Targeting Clients

Snowflake Inc. plans to close its own investigation this week into a hacking campaign that ensnared as many as 165 of its customers. The cloud data and analytics company hasn’t detected any unauthorized access into customer accounts since early last …
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Analysis: Underwriting Loss Estimates Highlight Continued Challenges for US P/C Industry

The U.S. property/casualty market sustained an estimated $21.1 billion in underwriting losses in 2023, highlighting the challenges the industry faces as a result of natural catastrophes and inflation. According to joint analysis by global data analytics and technology provider Verisk …
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Poor Maintenance, Pilot Error Cited in Fatal New Hampshire Plane Crash

Improper maintenance and the pilot’s failure to abort takeoff likely caused a small plane to crash into a building in New Hampshire in 2022, killing both people on board and sparking a fire, the National Transportation Safety Board said in …
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California Labor Commissioner Reaches $658K Settlement with Residential Care Facility

The California Labor Commissioner’s Office reached a $658,948 settlement with a Los Angeles residential care facility. The settlement was to compensate 34 workers who were reportedly not paid for all hours worked. The LCO began investigating reports in 2023 that …
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