INSURANCE NEWS
MGM Resorts to Pay $45M to Settle Data Breach Lawsuit
MGM Resorts International has agreed to a $45 million to resolve a class action lawsuit over its data breaches in 2019 and 2023. Preliminary approval of the settlement was granted by a federal judge, according to documents filed Jan. 22 …
Worker Struck and Killed by Airplane Tug at Charlotte Airport
Police and federal safety crews are investigating after an airport vehicle struck and killed a 66-year-old worker at Charlotte Douglas International Airport this week. News sites reported that emergency personnel responded Monday morning to the accident, in which an American …
Progressive Net Income More Than Doubles in 2024
Progressive Corp. said it’s fourth quarter 2024 income increased 19% to about $2.4 billion compared to the same period the prior year. The Mayfield Village, Ohio-based insurer, in reporting financial results for December 2024 that included a 5% increase in …
Worker Killed When House Under Construction Collapses in Massachusetts
A worker died Tuesday after a house under construction in Massachusetts collapsed. According to local police, Mario Diaz Obando, 29, of Fall River, died when the house being built on Vine Street in Weymouth collapsed. Diaz and four other workers …
Alabama DOI Gives Deputy Commissioners New Responsibilities in Efficiency Move
Two deputy commissioners at the Alabama Department of Insurance will take on new roles in an effort to improve efficiency and outreach at the agency, Commissioner Mark Fowler announced Tuesday. Larry Chapman, with the DOI for two years, will add …
Fire Destroys Air Busan Plane in South Korea, All 176 Evacuated
A fire broke out on a plane operated by Air Busan Co. at a local airport in South Korea late Tuesday, with everyone on board evacuated. Flight BX391, departing from Gimhae International Airport, was preparing to take off from Busan …
Chubb Posts Record P/C Underwriting Income for Q4 and 2024
Chubb posted record property/casualty underwriting income of about $1.6 billion, up 3.8% during the last quarter of 2024. Fourth quarter net income was down 22% to about $2.6 billion compared to the same period a year ago, but the Whitehouse …
Climate Change Will Lead to Higher Deaths in Europe, Study Shows
As Europe gets hotter, more people are expected to die from extreme heat, outweighing the reduction in those killed by very cold weather. Cities in northern European regions such as the UK and Ireland and Scandinavia would see an overall …
People Moves: Ignite Specialty Names Patel US Head of IP Underwriting; QBE North America Hires Finnis as SVP of Distribution
Ignite Specialty Risk Names Patel as US Head of Intellectual Property Underwriting Ignite Specialty Risk, headquartered in London, appointed Ankit Patel as U.S. head of intellectual property (IP) underwriting. With more than a decade of experience, Patel specializes in contingent …
Growth of Pet Insurance Continues as Market Could Reach $4.5B
Any pet owner who has been hit by sticker shock at the vet’s office understands why pet insurance is a booming business. Pet health insurance purchases have been up over the last several years, dramatically expanding premiums for the inland …
US Economic Losses From Natural Disasters Soared in 2024
Economic losses from hurricanes and other natural disasters soared in the U.S. last year and were above average globally, reflecting another year of costly severe storms, floods and droughts. Damage caused by Hurricanes Helene and Milton helped push total economic …
Mississippi House Bill Puts New Rules on PBMs, But May Do Little for Workers’ Comp
A pharmacy benefits manager bill passed by the Mississippi House of Representatives last week may have little impact on drug costs in the state’s workers’ compensation system, even if that is part of the bill’s intent. “The problem is, drug …