INSURANCE NEWS
Markets/Coverages MGA Pen Underwriting Relaunches Large Corporate Cyber Offering
Pen Underwriting has relaunched its cyber proposition for large corporate clients with a comprehensive rebuild that sees it re-enter primary cover for this end of the market, double its excess of loss (XOL) limit and introduce a significantly broader risk …
South Africa Mulls Rules for Catastrophe Bonds, Climate Cover
South Africa’s National Treasury is exploring regulations to encourage the use of financial instruments to tackle climate change, including catastrophe bonds and parametric insurance. “We are looking at how best we can get investors into the room, how do we …
At Least 7 Dead After Ferry Dock Gangway Collapsed on Georgia Island
SAVANNAH, Ga. (AP) — Authorities said at least seven people were killed Saturday when part of a ferry dock collapsed on Georgia’s Sapelo Island, where crowds had gathered for a fall celebration by the island’s tiny Gullah-Geechee community of Black …
Meta Must Face Massachusetts Social Media Addiction Lawsuit
Meta Platforms must face a lawsuit by Massachusetts alleging the social media company purposely deployed features on its Instagram platform to addict young users and deceived the public about the dangers it posed to the mental health of teenagers, a …
BHP Faces $47 Billion UK Lawsuit Over Brazilian Dam Collapse
A hearing in a lawsuit against BHP over Brazil’s worst environmental disaster, the 2015 collapse of the Mariana dam, will begin at London’s High Court on Monday, with claimants seeking up to 36 billion pounds ($47 billion) in damages. More …
Vale-BHP Mine Disaster Deal Moves Closer to Settlement in Brazil
Miners Vale SA and BHP Group are a step closer to finalizing a deal with Brazilian authorities to provide a multibillion-dollar settlement for one of the country’s worst mining disasters. Ongoing negotiations that also involve Vale-BHP’s iron ore joint venture, …
China’s Ping An Insurance Posts 36.1% Rise in 9-Month Profit
Ping An Insurance (Group) Co. of China Ltd. reported on Monday a 36.1% rise in net profit in the first nine months of the year, driven by growing investment returns and new policies sold as the economy recovers. The insurance …
North-Central Italy Sees Floods, Road Closures After Heavy Rains
Floods engulfed parts of north-central Italy from overflowing rivers following days of heavy rain, prompting the state-led road operator to close some expressways. Severe flooding was seen in the region of Emilia Romagna on Sunday. One person was reported missing, …
Western Digital owes $315.7 million for infringing data security patent, US jury says
Data storage provider Western Digital must pay $315.7 million in damages for violating a patent owner’s rights in data security technology, a jury in California federal court said on Friday. The jury determined that several Western Digital self-encrypting hard drive …
ESG’s Appeal Fades in Emerging Markets as Profit Seeking Eclipses Virtue
Sustainable investments in emerging markets are facing a reckoning as environmental, social and governance strategies crumble under the weight of ongoing capital outflows and the appeal of higher-yielding energy bonds. ESG investments in developing nations have floundered over the course …
Walmart Reaches Settlement in Shareholder Lawsuits Over Handling of Opioids
Walmart said Friday it has reached a proposed settlement pact related to three lawsuits filed by shareholders on behalf of the company over the handling of prescription opioids. According to the terms of the settlement that were disclosed in a …
Counterpoint: New Florida Rule Not Aimed Only at Public Adjusters
We are disappointed but unsurprised that an insurance industry lobbyist would mischaracterize an emergency order meant to stop insurance abuses as a “rule on public adjusters.” As Insurance Journal itself made clear in an Oct.10 story that does not even …