INSURANCE NEWS
The Biggest US Oil Field Is at Risk of Poisonous Water Leaks, Texas Warns
Texas regulators are warning that wastewater from fracking in the biggest US oil basin is causing a “widespread” increase in underground pressure — a development that risks hindering crude output and harming the environment. Shale oil wells in the Permian …
Missouri DCI Estimates High Uninsured Rates in St. Louis Amidst Tornado Recovery
The Missouri Department of Commerce and Insurance released preliminary uninsured estimates for properties in the St. Louis in response to the F3 tornado that struck the region on Friday, May 16. DCI Department Director Angela Nelson said the department collects …
Poland Says Key Infrastructure at Risk After Baltic Sea Incident
Polish Prime Minister Donald Tusk warned on Thursday that the Baltic Sea is becoming “a new area of confrontation” with Russia, putting the country’s critical infrastructure increasingly at risk. His warning comes a day after Polish authorities said a sanctioned …
Viewpoint: The Vital Role of Claim Professionals After Cyberattacks
A crime victim will need a deep bench when responding to a cyber incident. While the role of brokers, privacy counsel and forensic investigators is well understood, the contribution of insurance claim professionals cannot be overlooked. A victim may have …
Crypto DeFi Project Cetus Protocol Suffers Security Breach
Cetus Protocol, a decentralized crypto exchange and key liquidity provider on the Sui blockchain, said it lost approximately $223 million in a security breach. The project confirmed the incident in a post on X, formerly Twitter, stating that its smart …
US ‘Not Convinced’ About Lower G7 Price Cap on Russian Oil, European Official Says
A European official said on Thursday that the United States is “not convinced” about lowering the Group of Seven nations (G7) price cap on Russian crude oil. The European Union has proposed revising the cap down to an indicative level …
Four Die as Floods Hammer Area North of Sydney, With More Rain Coming
At least four people died and thousands are without power as severe storms lashed Australia’s most populous state. Large swaths of New South Wales state remain on high alert for floods and extreme weather. Heavy rainfall is expected to continue …
In Lawsuit Over Teen’s Death, Judge Rejects Free Speech Rights for AI Chatbots
A federal judge on Wednesday rejected arguments made by an artificial intelligence company that its chatbots are protected by the First Amendment — at least for now. The developers behind Character.AI are seeking to dismiss a lawsuit alleging the company’s …
European Officials Weigh Response to US Efforts to Thwart Local DEI Programs
European officials are weighing how to respond to US efforts to thwart local DEI programs, as the two regions come closer than ever to clashing over anti-discrimination policies. US embassies across Europe have spent the past few weeks sending letters …
‘Big Beautiful’ Tax Breaks for Insurance Agents in Bill Passed by House, Says Big I
The Independent Insurance Agents and Brokers of America celebrated a “significant victory” for independent agents with the passage of a sweeping tax bill this week by the House of Representatives. The so-called “Big Beautiful Bill” of tax reform makes much …
Underwriters of the Future Are Constant Partners With Agents, Carrier Exec Says
The future of underwriting will be built on closer relationships between carriers and insurance agents, with carriers working hand-in-hand with agencies to maximize profits from books of business. That was the word from Chad Combs, vice president of personal lines …
Get Ready for Another Busy Atlantic Hurricane Season
With warmer than normal ocean waters, forecasters are expecting yet another unusually busy hurricane season for the Atlantic. But they don’t think it will be as chaotic as 2024, the third-costliest season on record as it spawned killer storms Beryl, …