INSURANCE NEWS
Germany Is Europe’s Prime Target for Audacious ATM Bombings
In the early morning hours of May 6, 2023, an explosion occurred in a bank in the German town of Bad Homburg, sending shattered glass as far as 30 meters away. Two men had broken into the building and filled …
Flight, Voice Data From Brazil Plane Crash Extracted in Probe
Flight and voice data boxes from a plane that crashed in Brazil have been extracted with “100% success,” a government aviation official said, as investigators probe the cause of an accident that killed everyone on board. A preliminary report will …
Australian Pensions Industry Boosts Investments in Natural Catastrophe Reinsurance
The risks from the growing number of natural disasters offer Australia’s largest pension funds a chance to boost returns. Colonial First State, one of the nation’s biggest pension and wealth managers, is looking to add natural catastrophe reinsurance to its …
Gallagher Re: Insured Losses From Hurricane Debby to Be ‘Very Manageable’
Insurers and reinsurers’ losses from Hurricane Debby are expected to be in the low single-digit billions of dollars, a figure that would be “very manageable” for the industry, according to a report from Gallagher Re. Wind and water-related losses could …
Labor Market Study: 14% of Carriers Plan to Reduce Headcounts
Fourteen percent of insurance companies plan to reduce employee headcounts in the next year, according to numbers from Aon and The Jacobson Group’s latest insurance labor market study. Jeff Rieder, partner at Aon and head of STG Performance Benchmarking, said …
Clashing Risk Predictions Cast Doubt on Black Box Climate Models
Many companies offer detailed climate projections tailored to property-level precision. These tools can allow owners and investors to better anticipate risks of flooding, wind, wildfire and other disasters. Insurers have been among the adopters of climate-risk models, in a sign …
Debby’s Florida Claims Already Near 12,000 as Yaworsky Says Market is Strengthening
The number of Florida claims from Hurricane Debby, filed within five days of the storm, already is almost half of the the number of claims filed in Hurricane Idalia in a three-month period. Debby claims by Friday had reached more …
Museum of Ice Cream Sued by Man Injured Jumping Into Sprinkle Pool
A man who says he broke his ankle jumping into the sprinkle pool at the Museum of Ice Cream in New York City has filed a lawsuit alleging that the facility was negligent for not warning visitors that it is …
Debby Triggers Floods, Power Outages, High Water Rescues in Rural MidAtlantic, Northeast
First responders launched high-water and helicopter rescues of people trapped in cars and homes in rural New York and Pennsylvania as heavy rain from the remnants of Debby slammed the Northeast with intense floods. The worst of the flash flooding …
California Commissioner Moves to Implement Insurance Rate Review Reforms
California Insurance Commissioner Ricardo Lara on Friday released a statement on his latest administrative action designed to address the state’s homeowners insurance crisis. Lara today issued a bulletin implementing rate review reforms he says will help stabilize the state’s insurance …
Judge Tosses Suit Alleging Excessive Force During Dakota Access Pipeline Protest
BISMARCK, N.D. (AP) — A federal judge in North Dakota has thrown out the remainder of a lawsuit by an Arizona man who alleged excessive force was used against him when he was protesting the Dakota Access oil pipeline. In …
Oklahoma Contractor Faces $85K Fine Over Fatal Trench Collapse
An Edmond, Oklahoma contractor with a history of workplace safety violations dating back to 2018, including three related to the dangers in underground trenches, was found disregarding U.S. Department of Labor regulations. In February 2024, investigators with the department’s Occupational …