INSURANCE NEWS
The Data Behind Rising Homeowners Premiums: By Peril and By State
The U.S. home insurance industry has experienced an upward trend in all-peril loss costs over the past seven years, according to a new report released by LexisNexis Risk Solutions. The ninth annual LexisNexis U.S. Home Trends Report found that all-perils …
Florida’s Heritage Insurance Reports 5,400 Claims, $57M in Cat Losses From Milton
More loss and claims estimates are trickling in from carriers after Hurricane Milton caused widespread wind and flood damage in Florida this month. Tampa-based Heritage Insurance Holdings said in a preliminary statement that about two weeks after Milton made landfall …
McDonald’s Is Racing to Contain Fallout From E. Coli Outbreak
McDonald’s Corp. is trying to contain the fallout from a severe E. coli outbreak that appears to be linked to the slivered onions in its popular Quarter Pounder sandwiches. The US Centers for Disease Control and Prevention on Tuesday announced …
Penn State to Pay $1.25M to Resolve Claims of Cybersecurity Non-Compliance
The Pennsylvania State University has agreed to pay $1,250,000 to settle claims that it violated the False Claims Act by failing to comply with cybersecurity requirements in 15 contracts involving the Department of Defense (DoD) or National Aeronautics and Space …
American Air Fined Over Treatment of Travelers With Disabilities
American Airlines Group Inc. agreed to a $50 million civil penalty to resolve claims by the Biden administration that the carrier violated US rules protecting airline passengers with disabilities. A US Transportation Department investigation found that American damaged or delayed …
Honda Recalling 780,000 Vehicles in North America on Fuel Pump Concern
Honda is recalling 780,000 vehicles in North America over concerns that a high-pressure fuel pump may crack and leak fuel. A fuel leak in the presence of an ignition source could increase the risk of a fire, the automaker told …
Akron to Pay $4.8M to Family of Black Man Killed by Police
The family of Jayland Walker, a Black man killed when eight police officers fired 94 bullets at him after he shot at least one round out his car window, will receive a $4.8 million settlement from the city of Akron, …
Helicopter Crashes Into Radio Tower Near Downtown Houston, Killing 4
HOUSTON (AP) — Four people aboard a helicopter were killed when it crashed into a radio tower in Houston and burst into flames, officials said. The helicopter went down just before 8 p.m. Sunday in a neighborhood east of downtown …
Energy Company Seals Well in West Texas 19 Days After it Exploded
ODESSA — A Houston-based energy company has sealed a hemorrhaging well in West Texas 19 days after it exploded, sending a torrent of water and other chemicals dozens of feet into the air. The company, Kinder Morgan, said that workers …
AM Best Assigns Superior Credit Rating to Iowa-Based Berkley Luxury
AM Best has assigned a Financial Strength Rating (FSR) of A+ (Superior) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) to Berkley Luxury Insurance Company (Berkley Luxury), based in Urbandale, Iowa. The outlook assigned to the FSR …
BHP Says Claim it Put Profit Over Safety ‘Unjustified’ in Brazil Dam Collapse Case in UK
BHP said on Wednesday that allegations a pursuit of profit over safety contributed to Brazil’s worst environmental disaster were “far-fetched and unjustified,” as the miner opened its defense to a mammoth lawsuit at London’s High Court. More than 600,000 Brazilians, …
UK Warns of Grain Threat After Russia Steps Up Port Attacks
An increase in Russian attacks on Ukrainian port infrastructure in recent weeks threatens food shipments to destinations from Gaza to southern Africa, the UK warned. British intelligence has detected a “noticeable increase in Russian risk appetite,” leading to at least …