INSURANCE NEWS
Biden Overtime Pay Rule Challenged by US Business Groups
A coalition of U.S. business groups has filed a lawsuit seeking to block a Biden administration rule that would extend mandatory overtime pay to 4 million workers, saying it goes too far. The groups filed a complaint in U.S. District …
US Home Insurers Post Net Combined Ratio Over 110: S&P
The U.S. homeowners insurance segment posted its worst underwriting results in over a decade in 2023, according to an analysis by S&P Global Market Intelligence. The net combined ratio for the homeowners business, excluding policyholders’ dividends, was 110.5 in 2023, …
New York’s High Court Upholds Insurance Mandate for Medically Necessary Abortions
New York can continue to require companies with health insurance plans to cover medically necessary abortions, the state’s highest court ruled Tuesday. The Roman Catholic Diocese of Albany and other church groups challenged the rule, arguing that the policy’s exemption …
SEC Fines NYSE Parent Intercontinental Exchange $10M Over Cyber Incident
The company that runs global financial exchanges and clearing houses has agreed to a $10 million fine to settle charges it delayed notifications of a cyber intrusion about 3 years ago. The U.S. Securities and Exchange Commission (SEC) on May …
New Cars in California Could Alert Drivers for Breaking The Speed Limit
California could eventually join the European Union in requiring all new cars to alert drivers when they break the speed limit, a proposal aimed at reducing traffic deaths that would likely impact motorists across the country should it become law. …
UK’s Aviva Posts 16% Rise in Q1 General Insurance Premiums
Aviva posted a 16% rise in general insurance gross written premiums to 2.7 billion pounds ($3.44 billion) in the first quarter, helped by strong performance in Britain. Life and general insurer Aviva, which has its main operations in Britain, Canada …
People Moves: Canopius Names Haste as Group Chairman, as Watson Steps Down
Canopius, the global specialty and property/casualty re/insurer, announced it has appointed Andy Haste as its new group chairman with effect from July 1, 2024. He will assume responsibility for chairing the group board as Canopius embarks on realizing its future …
Axis Insurance Managers Acquires Canadian Broker Magnes Group
Axis Insurance Managers Inc., the Vancouver, Canada-headquartered brokerage, announced it has acquired The Magnes Group Inc. Axis Insurance said it made its initial investment in Magnes in 2015. Financial details of the transaction were not disclosed. Founded in 1933, Magnes …
These Flight Routes Suffer the World’s Worst Turbulence
The deadly turbulence on a Singapore Airlines Ltd. flight on its way from London to Singapore has put a spotlight on the world’s most unstable air routes. A British man was killed and seven other people were critically injured after …
Markets/Coverages: Lockton Caribbean & Central America Launches Food, Agriculture & Beverage Broking Practice
Lockton Caribbean & Central America (CCA) announced the launch of CCA FAB, the insurance broking industry’s first Food, Agriculture & Beverage practice that focuses exclusively on the region. The new Food, Agriculture & Beverage practice will deliver tailor-made insurance solutions …
Travel Insurance ‘Will Likely’ Cover Injuries Sustained in Singapore Airlines Incident: ABI
Travel insurance policies “will likely” cover injuries sustained by aircraft turbulence, but policies may vary, the Association Of British Insurers said following the Singapore Airlines SIAL.SI incident on Tuesday. One passenger died of a suspected heart attack, and 30 were …
Climate Court Cases That Could Set New Precedents Around the World
Courts around the world are hearing an ever-growing number of climate change lawsuits with some of the largest cases in history being decided in 2024 and 2025. Here are the key cases to watch: INTERNATIONAL COURT OF JUSTICE (ICJ) The …