INSURANCE NEWS
LDI Urges Residents to Check for ALE Coverage Ahead of Hurricane Francine
The Louisiana Department of Insurance issued guidance for residents who have a homeowners policy with Additional Living Expenses (ALE) coverage ahead of Hurricane Francine. ALE coverage pays for additional living expenses like hotel stays and food while a policyholder’s home …
Hurricane Francine Bears Down on Louisiana With Dangerous Winds
Hurricane Francine is closing in on Louisiana with high winds and dangerous storm surge, picking up speed as it nears the coast. Francine is a Category 1 hurricane with top winds holding steady at 90 miles (145 kilometers) per hour, …
US Nuclear Verdicts Break Records and Drive Social Inflation to 7% in 2023: Report
Nuclear verdicts in the United States are breaking records with 27 court cases each awarding compensation of more than US$100 million during 2023, according to Swiss Re executives. Social inflation in US rose to 7% in 2023 – a 20 …
Two Workers Die in Accident at South Dakota Farm Silo
VOLGA, S.D. (AP) — Two people have died in an accident at a farm silo in South Dakota. The Brookings County Sheriff’s Office said in a Facebook post that the accident happened just before noon Saturday on a farm near …
New Southern California Wildfire Threatens Mountain Communities
A quick-moving wildfire raced toward Southern California mountain communities as authorities warned residents to evacuate. The Bridge fire exploded on Tuesday, burning into the Wrightwood community and nearby Mountain High ski resort. The fire has burned 47,288 acres and is …
Russia Loses EU Case Aimed at Unblocking Sanctioned €70 Billion
Russia’s National Settlement Depository lost a bid to overturn European Union sanctions over its alleged role in helping fund President Vladimir Putin’s invasion of Ukraine. The Moscow-based institution was hit by EU sanctions in 2022 when the bloc alleged that …
AM Best: Unfavorable Operating Performance Key Driver of Downgrades
Deteriorating market conditions and rising loss costs led to a 60 percent increase in rating downgrades of AM Best-rated U.S.-based insurers in 2023 compared with two years earlier, according to a newly issued report. The latest Best’s Special Report indicates …
Study Suggests US Droughts, Rainy Extremes Becoming More Severe
Newswise — Severe drought in the American Southwest and Mexico and more severe wet years in the Northeast are the modern norm in North America, according to new research – and the analysis suggests these seasonal patterns will be more …
Delta Jets Collide on the Ground at Atlanta Airport, Causing Minor Damage
Two Delta Air Lines jets collided on the ground at Atlanta’s Hartsfield-Jackson International Airport Tuesday, knocking the tail off of the smaller regional plane. Multiple news sources reported that no one was injured and passengers were booked onto other flights …
Hurricane Debby Florida Losses Top $121M; 60% of Claims Closed
A month after Hurricane Debby made landfall in northern Florida, the number of property insurance claims has reached almost 20,000, and total estimated insured losses are more than $121.5 million, the Florida Office of Insurance Regulation reported this week. The …
Norfolk Southern Says CEO Under Investigation for Alleged Ethical Lapses
Norfolk Southern’s CEO Alan Shaw is under investigation for potential ethical lapses, the railroad confirmed Monday. A spokeswoman for the Atlanta-based railroad that is one of North America’s six largest declined to offer any additional details about the nature of …
Union Reports Cyber Incident May Have Exposed Members’ Private Information
A Ridgefield Park, New Jersey-based labor union for longshoremen, healthcare, maintenance and other workers has reported a cyber incident that may have exposed some members’ private information. The office for Local 1964, International Longshoremen’s Association, Local 1964 ILA Health & …