INSURANCE NEWS
Flood Adaptation Preferable to Post-Disaster Rebuilding – And Helps With Insurability
Economic losses caused by natural catastrophes reached an estimated US$280 billion in 2023, with US$51.6 billion of that total due to floods, according to Swiss Re Institute. As climate change intensifies extreme weather events and rapid urban sprawl increased asset …
Facebook Users Affected by Data Breach Eligible for Compensation: German Court
A German court said on Monday that Facebook users whose data was illegally obtained in 2018 and 2019 were eligible for compensation. The Federal Court of Justice (BGH) ruled that the loss of control over one’s data online was grounds …
Australia Hardware Chain Breached Privacy With Facial Recognition Tool, Regulator Says
Wesfarmers-owned Bunnings, the country’s biggest home improvement chain, breached the privacy of thousands of customers by using facial recognition technology without gaining consent, an Australian watchdog has found. Bunnings compared the faces of customers against individuals it had stored in …
Finland and Lithuania Report Severed Undersea Data Cables
An undersea data cable connecting Finland and Germany was cut in the early hours of Monday by what was likely an external impact and a nearby link between Lithuania and Sweden was also damaged. The 1,200-kilometer (750-mile) high-speed fiber optic …
Florida OIR Approves 1% Average Workers’ Compensation Rate Decrease
Florida employers will soon see the smallest decrease in workers’ compensation rates in years – just a 1% reduction from current overall rates in the voluntary market. The Florida Office of Insurance Regulation announced Monday that the insurance commissioner had …
AI Weather Models Have Shown Promise This Hurricane Season
When Hurricane Beryl was rushing across the Atlantic basin in July, the weather forecasting tool made by Google Deepmind, the tech company’s artificial intelligence unit, saw something other models missed. Deepmind’s AI-driven program, called GraphCast, forecast the storm would take …
Sedgwick: US Product Recalls on Pace to Hit 6-Year High
If the pace of product recalls continues in the fourth quarter, the number will reach a six-year high by the end of the year, a new report from Sedgwick shows. Year-to-date there have been 2,454 product recalls across five key …
Missouri Officers Arrested for Allegedly Searching Womens’ Phones for Nude Photos
ST. LOUIS (AP) — Two Missouri police officers were indicted separately this week and accused of similar crimes — pulling over women and searching their phones to find nude photos. The indictments of former Missouri State Highway Patrol officer David …
Safety Board Reports on Hazardous Ammonia Accident at Virginia Food Processor
The U.S. Chemical Safety and Hazard Investigation Board (CSB) released an update on its investigation into the hazardous ammonia release at a food processing facility in Sterling, Virginia that injured dozens of employees. The July 31, 2024 incident at Cuisine …
California Department of Insurance Moves Modeling Regulation Proposal Forward
The California Department of Insurance has submitted its final wildfire catastrophe modeling regulation to the Office of Administrative Law for approval. Th regulation is intended to strengthen the state’s insurance law, Proposition 103, by establishing coverage commitments from insurance companies …
Insurer, Contractors Allege Staged Injury Claims Scheme Under New York Scaffold Law
A construction industry captive insurer along with three construction contractors have filed a lawsuit alleging a massive New York fraud scheme involving staged workplace accidents and bogus workers’ compensation and personal injury lawsuits backed by complicit lawyers and medical providers. …
Atmospheric River to Slam the Pacific Northwest and California
Meteorologists are forecasting a stormy pattern that could impact millions of people across U.S. this week with the threat of flooding, travel disruptions and the potential for the first accumulating snowfall of the season in some places. Flooding rainfall and …