INSURANCE NEWS
Bipartisan Bill Aims to Authorize Payouts for Coastal Structures
A new bipartisan bill would authorize National Flood Insurance Plan payouts for structures condemned due to chronic erosion or unusual flooding. Introduced earlier this month by Congresswoman Chellie Pingree (D-Maine) and Congressman Greg Murphy (R-N.C.), the Prevent Environmental Hazards Act …
Singapore Airlines Offers Compensation for Flight Hit by Turbulence
Singapore Airlines has sent compensation offers to passengers on a flight last month from London to Singapore that ran into severe turbulence, causing dozens of injuries and a death, the carrier said on Tuesday. Passengers with minor injuries have been …
Britam of Kenya Plans to Enter $5 Billion Congo Insurance Market
Britam Holdings Ltd. is hunting for opportunities to enter the massive but under-served insurance market in Democratic Republic of Congo later this year. Kenya’s biggest listed insurer by market value with operations in seven African economies is chiefly seeking an …
Paper Links Social Learning and Flood Insurance Uptake
Short but severe flooding that followed hurricanes Harvey and Irma in 2017 “triggered a nationwide increase in flood insurance take-up according to each county’s social network proximity to the flooded counties, accompanied by a climate change belief update,” according to …
People Moves: Everest Names Buonpane Head of Casualty Specialty, Industry Practices; Allied World Appoints Kranz A&E Lead
Everest Insurance Names Buonpane to Head of Casualty Specialty Lines and Industry Practices Everest Insurance North America, headquartered in Warren, New Jersey, hired Stephen Buonpane to the newly created role of senior vice president, casualty specialty lines and industry practices. …
Major World Economies Seek to Halt New Private Sector Coal Financing
Some of the world’s major economies want to finalize a plan ahead of this year’s U.N. climate summit to halt new private sector funding for coal projects, five sources with direct knowledge of the matter told Reuters. If approved, the …
Latest Trial Over Zantac Cancer Claims Called Off as Plaintiff Drops Case
A woman who claimed in a lawsuit that GSK’s discontinued heartburn drug Zantac caused her breast cancer dropped her case shortly before it was set to go to trial in Illinois state court on Monday, the company announced. GSK said …
Homeownership Costs in US Jumped 26% Since Pandemic Began
The cost of owning a home in the US has increased 26% since 2020, as expenses including taxes, insurance and utilities all soared during a period of high inflation across the economy. The average annual outlay for owning and maintaining …
Contractors Can’t Advertise ‘Insurance Negotiating’ Skills, Texas Supreme Court Says
A contractor cannot be the public adjuster on a claim and cannot advertise itself as an insurance claims negotiator if it does not hold an adjusters’ license, the Texas Supreme Court decided in a case that could give support to …
People Moves: Alliant Grows Midwest Benefits Team with Richard as VP, Schmidt as SVP
Alliant Insurance Services, headquartered in Irvine, California, expanded its Midwest team by adding Matt Richard as vice president and Tricia Schmidt as senior vice president within its employee benefits group. Richard, based in Kentucky, has more than 20 years of …
US Supreme Court to Hear Facebook Bid to Scuttle Shareholder Lawsuit
The U.S. Supreme Court agreed on Monday to hear a bid by Meta’s Facebook to scuttle a private securities fraud lawsuit accusing the social media platform of misleading investors in 2017 and 2018 about the misuse of its user data …
Supreme Court Seeks U.S. Government Views on Honolulu Climate Suit Against Oil Companies
The U.S. Supreme Court on Monday asked President Joe Biden’s administration to offer its views on a bid by Sunoco and other oil companies to scuttle a lawsuit by Honolulu accusing them of deceiving the public about climate change. The …