INSURANCE NEWS
Tropical Storm Alberto Strengthens as System Approaches Mexico
Tropical Storm Alberto is strengthening as the system neared the Gulf coast of Mexico, and is expected to dump heavy rain across the northeast of the country and into southern Texas. The center of Alberto is expected to reach the …
Singapore Highlights Banks as Posing Highest Money Laundering Risk
Singapore’s banking sector, including wealth management, poses the highest money laundering risk in the city-state, the government said in a money laundering risk assessment report published on Thursday. Banks had higher exposure to money laundering threats and could be more …
Shipping Industry Urges Red Sea Action as Houthis Sink Second Vessel
Urgent action must be taken in the Red Sea to stop attacks on merchant shipping by Yemen’s Houthis, leading industry groups said on Wednesday, after the sinking of a second ship. Iran-aligned Houthi militants first launched drone and missile strikes …
City Firms Don’t Have an Answer for UK Regulators on Workplace Sexual Harassment
Hundreds of UK banks, brokers and insurers missed a deadline to respond to the financial watchdog’s survey on sexual harassment and bullying in the City, suggesting that firms are struggling to grasp the scale of the problem. In February, the …
Excessive Heat An Increasing Concern in Workers Comp: WCRI
With temperatures pushing above 90 degrees in parts of the Midwest and Northeast United States this week, many American workers are clocking in during what AccuWeather described as an “intense heat wave that is impacting more than 135 million people.” …
Businesses Do Not Have Proper Coverage for Rising Liability Losses, Says Chubb
An annual report from Chubb has revealed a couple of troubling trends for many businesses—the frequency and severity of large losses are up and companies are underestimating the amount of liability coverage they need. “The delta between liability loss-cost trend …
Survey: Most Homeowners Believe Their Policy Covers Flood
Most U.S. homeowners don’t know the policy covering their home doesn’t cover flooding, a new survey shows. Respondents in a survey out this week from Trusted Choice, a group representing the members of the Independent Insurance Agents & Brokers of …
Car Dealerships Across US Halt Services After Cyberattack
Thousands of car dealerships were ground to a halt during a normally busy holiday Wednesday by a cyber incident at CDK Global, a major software provider for dealers across the US. The company “shut all systems down and executed extensive …
Farmers Adjusters Cry Foul Over Workloads, Claims Handling in Letter to Regulators
Farmers Insurance officials this week said they have spoken with employees after receiving an anonymous letter, apparently from a group of in-house adjusters, accusing the insurer of understaffing and overworking claims professionals. “Farmers Insurance has always been a leader in …
Northern California Wildfire at 15K-Plus Acres, Containment Grows on Fire in South
A wildfire is raging through a large swath of western Sacramento Valley after igniting on Monday and spreading to 15,656 acres. Evacuations were ordered in rural areas around the Sites Fire in Colusa County, which is burning roughly 70 miles …
New Mexico Wildfires Spread to 20,000 Acres, Forcing Thousands to Evacuate
A pair of wildfires in New Mexico have spread to more than 20,000 acres, forcing thousands of people to evacuate and leaving one person dead. The South Fork and Salt fires have grown to more than 20,000 acres (16,335 for …
Tropical Storm Alberto to Bring Flooding to Coastal South Texas
Tropical storm Alberto has caused flooding and more than three feet of storm surge in parts of coastal south Texas but is not expected to strengthen to hurricane force, meteorologists say. Alberto is the first named storm of the 2024 …