INSURANCE NEWS
Safety Dangers From Sanctioned Tanker Fleet Growing, Ship Manager Says
Safety dangers are growing from aging and unregulated vessels, leading ship management firm V.Group told Reuters, adding it had stopped providing services to 30 tankers last year after they were sold to companies that did not pass compliance checks. Up …
Social Inflation Fix: Insurers Can’t Be Out Front, Chubb’s Greenberg Says
Although insurers can help to stop the growth of social inflation, they can’t lead the effort, an industry executive said during an insurance conference this week. Evan Greenberg, chair and chief executive officer of Chubb Limited, explained that social attitudes …
Lloyd’s Opening Miami Office to Support Growth in Latin America and Caribbean
Lloyd’s, the re/insurance marketplace, is opening an office in Miami from Sept. 1, 2024, with an aim to strengthen its Latin America and Caribbean business. The new office will enable Lloyd’s to realign its resources to centrally support brokers, coverholders …
Should Judge Recuse Himself From Case Involving His Own Insurer?
Liberty Mutual Insurance is pushing for a New Jersey federal judge to recuse himself from a construction insurance case because he did not disclose that he has been a long-time Liberty insured, a significant claimant, and investigated by the insurer …
Hack That Crippled UK Hospitals Highlights Growing Threat to NHS
In June of last year, a Russian cybercrime gang called BlackCat hacked the Barts Health NHS Trust, a part of the UK’s National Health Service that operates several hospitals in London, and published some of it online in an extortion …
World Hits Streak of Record Temperatures as UN Warns of ‘Climate Hell’
Each of the past 12 months ranked as the warmest on record in year-on-year comparisons, the EU’s climate change monitoring service said on Wednesday, as U.N. Secretary-General António Guterres called for urgent action to avert “climate hell.” The average global …
Staff Warned Off Whistleblower Hotlines: Global Survey
More than half of whistleblowers have felt pressured not to use internal hotlines to raise red flags at large global businesses and public bodies, a global EY survey showed. The number of organizations without a whistleblowing hotline has halved since …
Crypto Exchange Binance Seeks to Slash Size of $13 Billion UK Lawsuit
Crypto exchange Binance on Wednesday sought to throw out the vast majority of a London lawsuit worth up to 10 billion pounds ($12.8 billion) over claims it and other exchanges colluded to “delist” the Bitcoin Satoshi Vision (BSV) cryptocurrency. Binance …
Companies Need to Be Aware of Cyber Risks Related to Proliferation of IoT
The Internet of Things (IoT), which refers to the collection of internet-enabled devices such as wearables, industrial sensors and controls, and closed-circuit cameras, has revolutionized processes from pharmaceuticals storage to energy-usage monitoring. However, it has also created a wide array …
Commercial Property Insurance Market Proving More Stable, Capitalized: USI
Following last year’s historically challenging property insurance market, 2024 is proving to be “a more stable and capitalized market,” USI Insurance Services reported in its latest Commercial Property & Casualty Market Outlook Mid-Year Addendum. “Large rate increases from 2023 have …
CNA’s Worman to Take CEO Reins From Robusto in 2025
CNA Financial Corp. said it is promoting Doug Worman, currently executive vice president and global head of underwriting, to president and chief executive officer starting in 2025. Current CEO Dino E. Robusto will transition to a role of executive chairman …
Mississippi Judge Affirms Settlement After 62-year-old Died in Police Encounter
JACKSON, Miss. (AP) — A judge has ordered the enforcement of a lawsuit settlement between Mississippi’s capital city and the family of a man who died after police officers pulled him from a car while searching for a murder suspect. …