INSURANCE NEWS
Severe Typhoon to Disrupt Flight, Train Services in Japan
Hundreds of flights and some bullet train services will be suspended as Typhoon Ampil makes its way toward Japan’s main island Friday, impacting travel plans during the country’s annual summer break. Japan Airlines Co. canceled 28 international flights bound for …
Hurricane Ernesto Threatens Bermuda, Leaves Puerto Rico in Dark
Hurricane Ernesto took aim at Bermuda as almost half of Puerto Rico remained without power in the storm’s wake, the island’s fragile electric grid battered by high winds. Officials declared a hurricane watch for Bermuda, saying Ernesto could strike the …
McKinsey Sees AI Surge Boosting Consulting Amid Industry Slump
McKinsey & Co. is seeing an increase in the number of clients seeking artificial intelligence-linked projects, as faster adoption of the technology helps the consulting titan and its peers boost revenue following a period of tumult. About 40% of the …
EY, KPMG Benefit Most From PwC China’s Regulatory Woes
Ernst & Young (EY) and KPMG have snapped up over half of PwC’s corporate clients in China that have fled the market’s leading accounting firm as it faces a regulatory probe, filings show. Chinese authorities have been investigating PwC’s role …
AM Best Upgrades Medical Mutual Insurance Co. of Maine
AM Best has upgraded the Long-Term Issuer Credit Rating to “a+” (Excellent) from “a” (Excellent) and affirmed the Financial Strength Rating of A (Excellent) of Medical Mutual Insurance Co. of Maine (MMIC). The outlook of these credit ratings (ratings) is …
Catastrophe Bond Issuance Is Set to Blast Through 2023 Record
Issuance of catastrophe bonds is on track to exceed the record set in 2023, as a cocktail of climate change, population density and inflation feeds growth in a market built around natural disasters. A fresh analysis by Swiss Re shows …
Can a Streaming Service Agreement Require Arbitration in a Food Allergy Death?
Florida property insurers considering the expanded use of binding arbitration to settle claims disputes may want to ponder a recent arbitration move by Walt Disney Parks and Resorts: An answer to a lawsuit against Disney, which has made headlines on …
North Dakota to Vote on Recreational Marijuana Legalization in November Election
BISMARCK, N.D. (AP) — A ballot initiative to legalize recreational marijuana in North Dakota has qualified for the November election, the state’s top election official said Monday. That sets up another vote on the issue in the conservative state after …
Tornado Havoc Has Ohio Residents Facing Week-Long Power Cuts
Thousands of FirstEnergy Corp.’s customers in Ohio will potentially be without power through this after two tornadoes hit the northeastern part of the state last Tuesday. About 252,000 customers of The Illuminating Company were still experiencing outages as of 2 …
North Dakota Commissioner Urges Property Damage Assessment After Flash Floods
In the wake of flash flooding in the Bismarck-Mandan area, North Dakota Insurance Commissioner Jon Godfread is reminding residents to take immediate steps to assess and document any property damage and to review their insurance policies to understand what is …
People Moves: FTI Consulting Names Thompson Senior Managing Director
FTI Consulting, Inc., headquartered in Washington, appointed Thomas Thompson as a senior managing director in Houston Thompson has more than three decades of experience in the construction and engineering industries. Before joining FTI, he was a managing director at Ankura. …
Russian Court Orders $1.2B of Linde UK Assets Be Frozen
A Russian court has ordered that assets worth around $1.15 billion of a British subsidiary of German industrial gases company Linde be frozen in a dispute over a gas processing plant, court filings showed on Wednesday. RusChemAlliance, which filed the …