INSURANCE NEWS
Japan Warns Potential Megaquake Could Kill Nearly 300,000
A long-feared megaquake off Japan’s southern coast could result in almost 300,000 deaths, according to a new model released by the government. In the worst-case scenario, a megaquake in the Nankai Trough would destroy 2.34 million buildings and kill 298,000 …
California’s Snowpack Data Likely Signals Another Fire-Prone Summer
California is emerging from its wettest time of the year with new fire and drought risks. The state is scheduled to measure the snowpack amassed over winter on Tuesday — April 1 is the typical peak point before springtime melting. …
Australia Outback Lashed by Year’s Worth of Rain in Week, With Many Livestock Killed
Australia’s remote outback in western Queensland has been swamped by flooding after being lashed with a year’s worth of rainfall in a week, sweeping away tens of thousands of livestock. Up to 500 millimeters (19.7 inches) of rain has flooded …
WTW Acquires Michigan’s Global Commercial Credit
WTW announced the acquisition of Global Commercial Credit, LLC (GCC) into Willis, a WTW business. This strategic acquisition will accelerate performance by expanding into specialized businesses that align with the company’s technical, industry-structured and expertise-driven growth plan. Founded in Michigan …
People Moves: The Hartford Expands Roles of Tech Leadership; Everest Appoints Fobert to Lead US Retail Casualty
The Hartford of Hartford, Connecticut said Shekar Pannala was named the company’s chief information officer and leads technology, as well as cybersecurity, infrastructure and cloud modernization. Prior to joining The Hartford, Pannala was global CIO of Chubb. Before Chubb, Pannala …
Judge Rejects J&J’s $10 Billion Baby Powder Settlement
A U.S. bankruptcy judge on Monday rejected Johnson & Johnson’s $10 billion proposal to end tens of thousands of lawsuits alleging that its baby powder and other talc products cause ovarian cancer, marking the third time the company’s bankruptcy strategy …
Thailand Says Collapsed Bangkok Tower Used Substandard Steel
The contractors of an under-construction tower that crashed in Bangkok during last week’s earthquake apparently used substandard steel bars made by a factory that had been shuttered by authorities. Samples of two different sizes of steel bars collected from the …
Allianz Global Investors Scraps Nuclear, Military Exclusions to Back Europe Rearmament
Germany’s Allianz Global Investors has dropped two exclusions blocking its sustainable funds from investing in defense, becoming one of the first major European asset managers to change their policies to help finance the region’s rearmament. AGI wrote to its clients …
Zurich Buys Stake in UK M&A Insurer to Fuel US, Europe Expansion
Zurich Insurance Group has agreed to acquire a minority stake in Icen Risk, a company that specializes in insuring mergers and acquisitions. The transaction will see Zurich take a “significant minority” in London-based Icen and will help support its growth …
UK Supreme Court Starts Motor Finance Case With Billions on the Line
A fight over UK motor finance and whether lenders should be on the hook for billions of pounds in compensation will play out at the Supreme Court in one of the most highly-anticipated hearings in years. At stake, the scope …
Federal Judge Orders Halt to Trump Administration Efforts to Dismantle CFPB
A U.S. judge has blocked the Trump administration and Elon Musk’s Department of Government Efficiency from pursuing efforts to dismantle the Consumer Financial Protection Bureau, the latest rebuke from the courts in the White House’s efforts to remake the federal …
Data Insight: Who’s Growing in Personal Lines?
A relative newcomer to the personal lines space—Lemonade—marked a milestone this week, announcing that it surpassed $1 billion of in force premiums, a measure of annualized premiums that the insurtech tracks on a regular basis. But the number of renters, …