INSURANCE NEWS
City of London Chief Says Brexit ‘Disaster’ Cost 40,000 Finance Jobs
Britain’s departure from the European Union cost London’s financial center about 40,000 jobs, the Lord Mayor of the City of London told Reuters, a far deeper impact from Brexit than previous estimates. Michael Mainelli said Dublin had gained most, attracting …
UK Fears Chinese Hackers Compromised Critical Infrastructure
Chinese state actors have made widespread — and likely successful — efforts to access British critical infrastructure networks, according to UK officials, underscoring fears of vulnerabilities to increasingly sophisticated cyberattacks by foreign powers. Senior ministers in the Labour government have …
Lufthansa Agrees to Pay $4M Penalty Over Treatment of Jewish Passengers
Lufthansa has agreed to pay a $4 million penalty for allegedly discriminating against Jewish passengers who were trying to board a connecting flight in Frankfurt in May 2022, the U.S. Transportation Department said on Tuesday. Lufthansa prohibited 128 Jewish passengers, …
Italy to Tap Banks, Insurers for €3.5 Billion in Budget Plan
Prime Minister Giorgia Meloni’s cabinet is tapping Italy’s banks and insurers to help finance its budget, according to a new plan designed to deliver on giveaways pledged to voters. “As we promised, there will be no new taxes for citizens,” …
Explaining Deductibles After Multiple Florida Hurricanes
Deductibles serve several purposes. They provide some premium relief for the insured. They make insureds less likely to file smaller claims because either damage falls within the deductible, or is so close to it that the policyholder would rather not …
The ‘Waffle House Index’ Helps Residents, FEMA Gauge a Storm’s Severity
Golden hashbrowns, gravy-smothered biscuits and crispy waffles with a hearty helping of maple syrup are among the classic Southern comfort foods. But when hurricanes tear through Southeastern towns, the hot meals and bold yellow signs of the local Waffle House …
Former Triple-I Exec Says He Was Fired After Testifying in Bullying Case Against CEO
A former employee of the Insurance Information Institute is suing his former boss and the organization’s owners on allegations of discrimination and retaliation. Michael Barry, who worked at Triple-I for more than 17 years and was a senior vice president, …
AM Best Revises Outlook to Positive for Kansas’ Upland Mutual
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of Upland Mutual Insurance, Inc. (Upland) (Junction City, KS). The Credit Ratings …
Investigation Underway After Small Plane Crashes in Savannah Neighborhood
SAVANNAH, Ga. (AP) — Authorities were investigating Tuesday after one person died as a result of a small plane crash Sunday night in a Savannah, Georgia, residential neighborhood, local police said. The Savannah Police Department said in a brief statement …
Company Recalls Nearly 10 Million Pounds of Meat Made at Oklahoma Plant
A company is recalling nearly 10 million pounds of meat and poultry products made at an Oklahoma plant because they may be contaminated with listeria bacteria that can cause illness and death. BrucePac of Woodburn, Oregon, recalled the roughly 5,000 …
Nebraska Grain Cooperative Faces $500K Fine for Exposing Workers to Hazards
Federal investigators found life-threatening hazards at a Nebraska grain cooperative, where workers faced risks of fire and explosions due to the company allowing a buildup of combustible dust and failing to maintain effective dust collection systems, leading to more than …
Two Killed After Leak at Texas Oil Refinery Worked for Maintenance Subcontractor
DEER PARK, Texas (AP) — Two employees killed when hydrogen sulfide leaked at a Houston-area oil refinery were employees of a subcontractor performing maintenance work, the director of Pemex, Mexico’s state-owned oil company that operates the plant, said Friday. The …