INSURANCE NEWS
Hundreds Able to Return Home After Fleeing Wildfire Along California-Nevada Line
Hundreds of people were allowed to return home this week after being forced to flee a wildfire west of Reno that also shut down Interstate 80 along the California-Nevada line. About 170 firefighters continued to work to secure the perimeter …
Judge Bars Insurers From Going After Defendants Who Agreed to $4B Maui Wildfire Settlement
A Maui judge’s ruling resolves a critical roadblock to finalizing a $4 billion wildfire settlement: Insurance companies who have paid out more than $2 billion in claims can seek reimbursement only from the settlement amount defendants, who victims blame for …
Karen Clark Puts Insured Losses from Debby at $1.4 Billion
Hurricane Debby caused almost $1.4 billion in privately insured losses as it moved across the East Coast this month. That’s about half of the losses incurred in Hurricane Idalia, a stronger storm that followed a similar path almost a year …
High Claims From Medium-Sized Disasters Keep Driving Hard Reinsurance Market
Hard reinsurance pricing conditions are likely to last longer than in previous market cycles mainly as a result of persistently high claims activity from the accumulation of medium-sized disaster losses and secondary perils, according to an AM Best report. As …
US Undercounts Bird Flu in Cattle as Farmers Shun Testing
The U.S. bird-flu outbreak in dairy cattle is much larger than official figures suggest due to farmers’ reluctance to test their animals and risk the economic consequences of a positive result, according to Reuters interviews with dairy experts, veterinarians, and …
Severe Typhoon to Disrupt Flight, Train Services in Japan
Hundreds of flights and some bullet train services will be suspended as Typhoon Ampil makes its way toward Japan’s main island Friday, impacting travel plans during the country’s annual summer break. Japan Airlines Co. canceled 28 international flights bound for …
Hurricane Ernesto Threatens Bermuda, Leaves Puerto Rico in Dark
Hurricane Ernesto took aim at Bermuda as almost half of Puerto Rico remained without power in the storm’s wake, the island’s fragile electric grid battered by high winds. Officials declared a hurricane watch for Bermuda, saying Ernesto could strike the …
McKinsey Sees AI Surge Boosting Consulting Amid Industry Slump
McKinsey & Co. is seeing an increase in the number of clients seeking artificial intelligence-linked projects, as faster adoption of the technology helps the consulting titan and its peers boost revenue following a period of tumult. About 40% of the …
EY, KPMG Benefit Most From PwC China’s Regulatory Woes
Ernst & Young (EY) and KPMG have snapped up over half of PwC’s corporate clients in China that have fled the market’s leading accounting firm as it faces a regulatory probe, filings show. Chinese authorities have been investigating PwC’s role …
AM Best Upgrades Medical Mutual Insurance Co. of Maine
AM Best has upgraded the Long-Term Issuer Credit Rating to “a+” (Excellent) from “a” (Excellent) and affirmed the Financial Strength Rating of A (Excellent) of Medical Mutual Insurance Co. of Maine (MMIC). The outlook of these credit ratings (ratings) is …
Catastrophe Bond Issuance Is Set to Blast Through 2023 Record
Issuance of catastrophe bonds is on track to exceed the record set in 2023, as a cocktail of climate change, population density and inflation feeds growth in a market built around natural disasters. A fresh analysis by Swiss Re shows …
Can a Streaming Service Agreement Require Arbitration in a Food Allergy Death?
Florida property insurers considering the expanded use of binding arbitration to settle claims disputes may want to ponder a recent arbitration move by Walt Disney Parks and Resorts: An answer to a lawsuit against Disney, which has made headlines on …