INSURANCE NEWS
Removing US Subsidies Curbed Building in Climate Risk Zones, Study Finds
The US Congress passed the Coastal Barrier Resources Act in 1982 to preserve relatively undeveloped waterfront areas as natural buffer zones. At least 1.4 million acres along the Atlantic and Gulf coasts were made ineligible for the kind of federal …
Singapore Monetary Authority Defends Allianz’s $1.7B Plan to Buy Income Insurance
Singapore ministers addressed concerns about Allianz SE’s plan to buy a majority stake in Income Insurance Ltd., saying it would be held to account on its commitments and that the potential deal isn’t expected to adversely impact competition in the …
Fed Policymakers Signal Rate Cuts Ahead, But Not Recession
U.S. central bank policymakers pushed back on Monday against the notion that weaker-than-expected July jobs data means the economy is in recessionary freefall, but also warned that the Federal Reserve will need to cut rates to avoid such an outcome. …
Berkshire Halves Apple Stake, Boosts Cash to $277 Billion As It Gets ‘Defensive’
Warren Buffett appears to have soured on stocks, letting cash at Berkshire Hathaway soar to nearly $277 billion and selling about half its stake in Apple, even as the conglomerate posted a record quarterly operating profit. Berkshire’s results released on …
Travelers: Costliest Claims Driven by Most Common Workplace Accidents
Analysis of 1.2 million workers compensation claims reveals the costliest claims are driven by the most common workplace accidents, according to Travelers 2024 Injury Impact Report. The data also shows first-year employees are still among those most vulnerable to injury. …
US Expected to Propose Barring Chinese Software in Autonomous Vehicles
The U.S. Commerce Department is expected to propose barring Chinese software in autonomous and connected vehicles in the coming weeks, according to sources briefed on the matter. The Biden administration plans to issue a proposed rule that would bar Chinese …
Georgia Woman Charged with Insurance Fraud After Claimed Injuries
A woman in north Georgia has been charged with insurance fraud after she claimed that a “personal care device” caused injuries that cost as much as $350,000 to treat. Kamala Anderson, 45, of Snellville, was arrested last month after the …
From the Plaintiffs’ View: Unintended Consequences of SB 426 on Georgia Insurance
For decades, Georgia’s insurance industry has sought to eliminate the long-standing provision allowing trucking-accident plaintiffs to sue insurance companies directly. This was the single most important issue the industry wanted to see addressed by lawmakers. Now, with the passage of …
CarShield to Pay $10M Settlement Over Deceptive Advertising Charges
CarShield will pay $10 million to settle charges that its advertisements and telemarketing for its extended auto warranty plans are deceptive and misleading, the Federal Trade Commission said. Many customers found that repair claims were often not covered despite making …
Charter Bus Carrying Baseball Team Catches Fire in Iowa; No One Hurt
A charter bus caught fire early Friday as it was transporting a professional baseball team from Iowa to a game in a Chicago suburb. Members of the Sioux City Explorers made it off the bus safely, although several lost their …
People Moves: Powers Insurance & Risk Management Adds Gaglioti and Hester; GuideOne Insurance Names Sheets SVP and General Counsel
Powers Insurance & Risk Management Adds Gaglioti and Hester Powers Insurance & Risk Management, headquartered in St. Louis, hired Brittany Gaglioti as a commercial account manager and Contina Hester as a personal lines marketer. Gaglioti oversees all aspects of the …
Tulsa Commission to Study Reparations for 1921 Race Massacre Victims and Descendants
OKLAHOMA CITY (AP) — Tulsa officials announced the creation of a new commission to recommend how reparations can be made for a 1921 massacre that destroyed a thriving Black community in the city. The panel will review a 2023 report …