INSURANCE NEWS
Starbucks Sued by Missouri Over DEI, Race and Gender Bias
Starbucks SBUX.O was sued on Tuesday by the U.S. state of Missouri, which accused the coffee chain of using a commitment to diversity, equity and inclusion as a pretext to systematically discriminate based on race, gender and sexual orientation. In …
Judge Tosses Opera Singer’s Lawsuit Against the University of Michigan Over Firing
A judge dismissed a lawsuit Monday by an acclaimed opera singer who sued the University of Michigan over his firing for what the school deemed sexual misconduct. David Daniels waited too long to sue the university, U.S. District Judge Sean …
Deloitte Pays Rhode Island $5 Million to Aid Recovery From Ransomware Attack
The consulting firm Deloitte that built and manages Rhode Island’s popular RIBridges portal has paid the state $5 million to compensate for the ransomware attack that compromised and shuttered the benefits site in December. Separately, Deloitte is also covering the …
Philadelphia County Man Pleads Guilty to Stealing Dead Person’s ID and Insurance Fraud
A Philadelphia County man has pleaded guilty to felony charges for stealing a deceased classmate’s identity and fraudulently using it to obtain a driver’s license, vehicle registration and insurance, and to apply for a concealed carry firearms permit, Attorney General …
Insured Losses From Calgary Hailstorm Reach C$3.25B as 2nd Costliest Canada Disaster
The tally for Calgary’s record-breaking hailstorm last August continues to rise, with total insured losses now estimated to be C$3.25 billion (US$2.2 billion), according to the Insurance Bureau of Canada, quoting statistics issued by Catastrophe Indices and Quantification Inc. (CatIQ). …
Edison Utility Faces Shareholder Lawsuit Over LA Wildfires
The parent company of Southern California Edison has been sued for allegedly defrauding shareholders before the recent Los Angeles-area wildfires by assuring them it could shut down power lines to reduce the risk of catastrophic damage. Tuesday’s proposed class action …
EU Weighs Easing Corporate Liability Under Toughest ESG Law
The European Union is reviewing the extent to which companies can be held liable for environmental and human rights breaches in their supply chains, ahead of a package designed to remove red tape from the bloc’s ESG regulatory framework. The …
Drought Leaves Canadian Farmers Unpaid, Reveals Holes in Safety Net
Canadian farmer Bill Prybylski planned to buy a new tractor with proceeds from crops sold to two grain companies in early 2024. He delivered the grain before both companies declared bankruptcy, leaving him short C$165,000 ($113,487.86) they owed. Now Prybylski …
Cyclone Zelia Strengthens Off Australia’s Major Iron Ore Hub
Tropical Cyclone Zelia has strengthened off Western Australia and is expected to cross the coast on Friday near the nation’s major iron ore export hub, bringing heavy rain and damaging wind gusts. Zelia is forecast to intensify further as it …
Taiwan Environment Minister Eyes Insurance Funds to Help With Green Transition
Taiwan aims to get more than $1.5 billion in investment from insurance funds to help finance the island’s green energy transition as part of its climate change and carbon reduction goals, Environment Minister Peng Chi-ming has said. Although most countries …
UniCredit Raises Generali Stake as CEO Orcel Seeks Deals Influence
UniCredit SpA has expanded its holding in Italy’s largest insurer, potentially giving Chief Executive Officer Andrea Orcel more influence in future deals. Orcel said Tuesday during UniCredit’s fourth-quarter earnings call that the bank now controls more than 5% in Assicurazioni …
US SEC Will Not Defend Climate Rule in Court
The acting chair of the U.S. Securities and Exchange Commission on Tuesday signaled the regulator may roll back a controversial rule requiring thousands of public companies to disclose the threats their businesses face from risks related to the climate and …