INSURANCE NEWS
Record-Breaking Temperatures Mask a Subtler Threat: Chronic Heat
Phoenix has become a nerve-wracking bellwether for extreme heat. Arizona’s capital recently endured a three-week stretch when every day broke a heat record, with thermometers peaking at 117F (47C) on Sept. 28. Yet even below the threshold of smashing records, …
Michigan Construction Company to Pay $180K Fine for Lead Paint Violations
U.S. Environmental Protection Agency announced a $180,000 settlement with All Point Construction LLC in Allen Park, Michigan to resolve alleged violations of the federal lead renovation, repair and painting regulations. After receiving a complaint from a resident, EPA launched an …
Supreme Court Rejects Bid to Let President Fire Independent Agency Leaders
The US Supreme Court declined to hear an appeal that sought to give the president control over agencies that have long operated independently, potentially including the Federal Trade Commission and Securities and Exchange Commission. The appeal, pressed by two research …
Inflation Gauge Is Easing But Some of Biggest Expenses Are Left Out
Price pressures have eased substantially over the past two years, but a disconnect remains between what US inflation data show and what millions of Americans experience with their finances. That’s in part because price levels are still higher than they …
The Secretive World of Russian Oil Tanker Insurance Revealed
One of the energy market’s open questions since Russia’s invasion of Ukraine has been who’s insuring the tankers moving Moscow’s petroleum against the risk of a catastrophic oil spill. The answer is that while some are still covered by the …
US Watching Dark Fleet Ship-to-Ship Oil Transfers in Asia Waters
The US is paying close attention to the “dark fleet” of tankers carrying restricted oil and doing ship-to-ship transfers in Southeast Asian waters, the State Department’s top energy official said. Countries in the region need to consider the risks these …
Allianz Mulls Ending Decades-Old Bajaj Insurance India JVs
Allianz SE is in talks to scrap two Indian joint ventures with Bajaj Finserv Ltd., in a dispute over the direction of the partnership, according to people familiar with the matter. Allianz plans to exit Bajaj Allianz Life Insurance Co. …
‘G-Shock’ Watchmaker Casio Delays Earnings Release Due to Ransomware Attack
Japanese watchmaker Casio Computer said on Tuesday it will delay the release of its second-quarter earnings due to the impact of a ransomware attack on its accounting process, to mid-November from Nov. 6. Casio, known for its “G-Shock” series of …
Another Satellite Breakup Adds to Rising Problem of Space Junk
A large communications satellite has broken up in orbit, affecting users in Europe, Central Africa, the Middle East, Asia and Australia, and adding to the growing swarm of space junk clouding our planet’s neighborhood. The Intelsat 33e satellite provided broadband …
SEC to Increase Scrutiny of AI Tools Used by Financial Brokers, Advisers
The US Securities and Exchange Commission’s examiners will step up scrutiny of financial firms’ use of artificial intelligence next year, the latest sign of regulators’ growing concerns about the emerging technologies. Investment advisers, brokers, clearing agencies and others can expect …
State Residual Markets See Policy Count Double in 5 Years: AM Best
State-sponsored residual property markets have seen in influx of risks come in since 2018, with some states growing by more than 200%. According to insurance industry ratings firm AM Best, the policy counts of personal and commercial property Fair Access …
W.R. Berkley Posts Record Q3 Net Income
Third quarter 2024 net income at W.R. Berkley Corp. increased to about $365.6 million compared to $333.6 million the same period the prior year on underwriting and investments. Net income was a record for the third quarter, the company said. …