INSURANCE NEWS
Iran Tells UN It Has Right to Control ‘Parts’ of Hormuz Strait
Iran told the United Nations’ shipping agency that it has authority over parts of the Strait of Hormuz, the waterway that’s a centerpiece of peace talks between Washington and Tehran. “Parts of the Strait of Hormuz fall within the territorial …
Ugandan Farmers to Challenge $5.6 Billion Pipeline in UK Lawsuit
A group of Ugandan farmers will on Tuesday file a lawsuit in the UK High Court against the East African nation’s $5.6 billion crude pipeline, potentially delaying long-awaited exports due to begin later this year. The petition says the 1,450-kilometer …
Premiums Will Skyrocket by 2035, and Discounts Not Enough for Wind Mit, Studies Say
Home fortifications, from roof tie-downs to window protections, have been recognized as key factors in reducing losses, claims and premiums in hurricane-prone states like Florida. But relying on the incentive of premium discounts is not enough to prompt widespread adoption …
Judge Approves $46.75 Million Payout for 23andMe Data Breach Victims
A U.S. bankruptcy judge on July 7 approved a $46.75 million settlement for victims of a 2023 data breach at the genetic testing company 23andMe, which exposed genetic and other personal information of an estimated 6.9 million customers. U.S. Bankruptcy …
NTSB Finds No Engine Failure in Deadly Missouri Skydiving Plane Crash
Federal safety investigators said in a new preliminary report that they found no indication that engine failure caused the fiery crash of a plane on a skydiving outing last month in Missouri that killed all 12 people aboard, including several …
Sompo to Acquire Service Insurance Companies to Expand US Workers Comp
Sompo International Holdings Ltd. said it has a definitive agreement to acquire Service Insurance Companies, a monoline workers’ compensation insurance company. Terms of the transaction were not disclosed. “Together with Service Insurance Companies’ seasoned leadership team and proven workers’ compensation …
Midtown Manhattan Buildings Evacuated After Collapse Warning
Construction crews were pulled from a 37-story Midtown Manhattan building Tuesday morning after bricks were reported falling from the 21st floor, emergency officials said, prompting building evacuations and street closures in one of the city’s busiest corridors. Pedestrian and vehicular …
LNG Tanker at Risk of Exploding After Two Vessels Struck Near Strait of Hormuz
A Qatari LNG tanker was at risk of exploding and a Saudi-flagged crude oil tanker was damaged near the Strait of Hormuz, sources said on Tuesday, after reports that Iran fired missiles at ships in the waterway overnight. The Al …
People Moves: AXA XL Appoints Rodliff as Chief Claims Officer, Americas
AXA XL, headquartered in New York City, appointed Matt Rodliff as chief claims officer, Americas, effective July 13. Rodliff succeeds Jim DiVirgilio, who has announced his retirement effective at the end of July. DiVirgilio served for 18 years at AXA …
Organized Jewelry Theft Ringleader in California Handed 16-Year Sentence
The leader of an organized retail theft ring targeting high-end jewelry stores across Southern California was handed a 16-year prison sentence this week. From April 2023 to May 2024, Rodney Allen Flynt Jr. and his accomplices carried out thefts resulting …
Meta Says States Seek $1.4 Trillion in Penalties in August Youth Safety Trial
Meta Platforms said in a court filing on July 6 that four states were seeking $1.4 trillion in penalties over accusations the company designed its Facebook and Instagram platforms to addict young users and misled the public about their safety. …
Faster, Fiercer Wildfires Are Testing Evacuation Plans
On a warm summer morning, two fire officials navigate an SUV along a narrow road that switchbacks high into the hills above the town of Fairfax, California, where thickets of trees conceal hundreds of homes. When the road dead-ends, they …