INSURANCE NEWS
Tesla ‘Full Self-Driving’ Faces Defect Probe After Fatality
The US opened a federal investigation into whether Tesla Inc.’s partial-automation system marketed as Full Self-Driving is defective after a series of crashes, one of which resulted in a fatality. The National Highway Traffic Safety Administration said Friday it will …
Four Charged In $10 Million No-Fault Insurance Fraud Scheme
Four men have been charged with defrauding New York auto insurers by allegedly submitting more than $10 million in fraudulent claims for psychological services —and then laundering the proceeds of that fraud through a network of illicit check cashers. Damian …
Tokio Marine Pauses Sale of $1B Southeast Asia Life Insurance Business, Sources Say
Japanese insurer Tokio Marine has paused the sale of its $1 billion Southeast Asia life insurance business, partly due to a dispute with a Malaysian partner over an expiring products distribution agreement, four sources with knowledge of the matter said. …
People Moves: AXA XL Re Taps Swiss Re’s Schiffer as CEO, N. America, Reinsurance; Specialist Risk Group Names Marsh McLennan’s Yap as CEO of APAC
This edition of International People Moves details appointments at AXA XL Reinsurance and Specialist Risk Group. A summary of these new hires follows here. AXA XL Re Taps Swiss Re’s Schiffer as CEO, North America, Reinsurance AXA XL Reinsurance announced …
Markets/Coverages: Coalition Launches UK Clawback Service to Recover Money Stolen in Cyber Attacks
Coalition, the San Francisco-based cyber managing general agent and cybersecurity firm, has become the first cyber insurance provider in the UK to launch a service dedicated to recovering funds stolen by cyber attackers. The cyber insurer’s new UK “clawback” service …
UK Working to Challenge Russian Shadow Oil Tanker Insurance
The UK said three government bodies are working together to challenge Russian shadow fleet oil tankers if it perceives they have dubious insurance. An announcement from the country’s Foreign, Commonwealth and Development Office didn’t specify how such interventions would occur, …
Insurance Execs See Gen AI Necessary To Compete; Customers Wary
Insurance industry investments in generative AI are expected to surge by over 300 percent from 2023 to 2025 as organizations move from pilots in one or two areas to implementations in multiple functions across business lines. But new research identifies …
Coastal Cities Have a Hidden Vulnerability to Storm Surge−Caused by Humans
Centuries ago, estuaries around the world were teeming with birds and turbulent with schools of fish, their marshlands and endless tracts of channels melting into the gray-blue horizon. Fast-forward to today, and in estuaries such as New York Harbor, San …
McKinsey to Pay at Least $500 Million in DOJ Opioid Probe
McKinsey & Co. is nearing a deal with US prosecutors to pay at least $500 million to settle federal probes into its past work helping opioid makers boost sales, according to people familiar with the matter. A settlement, which could …
Maui Wildfire Survivors Will Get An Additional Year of Housing Help From FEMA
Survivors of last year’s deadly wildfire that decimated a historic Maui town will receive an additional year of housing assistance from the Federal Emergency Management Agency. Housing has been a major challenge in recovering from the Aug. 8, 2023, Lahaina …
Moody’s RMS, CoreLogic Add to Modelers’ Take on Milton Insured Losses
Moody’s RMS has pegged private insured losses from Hurricane Milton to between $22 billion and $36 billion, with a best guess of $26 billion. The Newark, California-based catastrophe modeler also narrowed its range for insured losses from hurricanes Milton and …
Elevator Door Was ‘Broken’ During Colorado Mine Tour Accident That Killed 1 And Trapped 12
Investigators are trying to figure out what led to an elevator accident inside a former Colorado gold mine that killed a tour guide, injured four others and left a separate group of 12 people trapped for hours at the bottom …