INSURANCE NEWS
Louisiana Governor Vetoes Bill Limiting Bad Faith Lawsuits Against Insurers
Louisiana Governor Jeff Landry vetoed a bill last week that would have limited bad faith lawsuits against insurers, a move that raised criticism from the insurance industry. SB 111, sponsored by Sen. Alan Seabaugh, R-Many, intended to bring clarity to …
US Spending on Climate Damage Nears $1 Trillion Per Year
The US has spent nearly $1 trillion dollars on disaster recovery and other climate-related needs over the 12 months ending May 1, according to an analysis released Monday by Bloomberg Intelligence. That’s 3% of GDP that people likely would have …
Supreme Court Revives Lawsuit from Atlanta Family Whose Home Was Raided by FBI
An Atlanta family whose home was wrongly raided by the FBI will get a new day in court, the Supreme Court ruled unanimously on Thursday. The decision revives a lawsuit filed after a predawn 2017 raid in which armed members …
Effort to Close Litigation Funding Tax Loophole Added to Federal Budget Bill
Within changes submitted by U.S. Senate Republicans to President Donald Trump’s tax bill is language that would close a tax “loophole” for third-party litigation funders. According to text released Monday by U.S. Senate Finance Committee Chairman Mike Crapo, R-Idaho, to …
Mining Project Near Okefenokee Swamp Has Stalled Over a $2M Permit Requirement
A company that has spent years battling conservationists as it seeks a permit to mine outside the Okefenokee Swamp and its federally protected wildlife refuge needs to do just one thing before regulators make a final decision: set aside $2 …
Private Equity Firm B.P. Marsh Acquires 27% Stake in UK MGA Cameron Specialty
B.P. Marsh and Partners Plc, the specialist private equity investor in early-stage financial services businesses, announced it has acquired a 27% shareholding in Cameron Specialty, a London-based underwriting agency. B.P. Marsh has agreed to provide funding of up to £1.7 …
ECB Amends Bank Capital Reviews to Reflect Extreme Weather Risks
The European Central Bank is embedding climate risk into regular reviews of how well banks can absorb losses, marking a new chapter in its supervisory approach. The intention is to “incorporate, more decisively and in a more business-as-usual way, climate …
Two Tankers Catch Fire After Collision Near Strait of Hormuz
Two tankers collided in waters off the United Arab Emirates and caught fire in the early hours of Tuesday, rattling global oil and shipping markets that have been closely monitoring navigation in the region since Israel began strikes on Iran …
New Ratings Firm to Track Climate Hit on Infrastructure Assets
A climate ratings firm created at French business university EDHEC has become the first to estimate projected financial losses for thousands of infrastructure assets under various climate change scenarios, its founder and chief executive said. Better understanding the potential costs …
APCIA Warns Michigan Auto Insurance Bill Could Destabilize Market, Increase Costs
A Michigan lawmaker has proposed legislation that would mandate auto insurance premium reductions of at least 10% on any new or renewed policy, a bill that the American Property Casualty Insurance Association (APCIA) says would destabilize the state’s market. SB …
Texas Department of Transportation Data Breach Exposes 300K Crash Records
The Texas Department of Transportation said a compromise of an account led to a data breach of a large number of crash records. On May 12, TxDOT identified unusual activity in its Crash Records Information System (CRIS) originating from a …
Des Moines, Iowa Officials Issue Warning Over High Levels of Nitrates in Drinking Water
Local officials warned more than half a million Iowans in the state’s capital city and suburbs on Thursday that near-record level of pollutants in its rivers could make drinking water dangerous if immediate steps are not taken to reduce demand. …