Missouri Employers Will See Reduced Workers’ Compensation Rates in 2024
News Archives - Insurance Journal Nov 30, 2023 | 12:08 pmThe Missouri Department of Commerce and Insurance said that employers should see a reduction in workers’ compensation rates in 2024, the third straight year of declining rates. The NCCI recently proposed an overall decrease of 7.5 percent for 2024 workers’[…]
Read more...Former Owner of Collapsed Michigan Dam Faces $120 Million Judgment for Environmental Damage
News Archives - Insurance Journal Nov 30, 2023 | 12:01 pmDETROIT (AP) – The former owner of a Michigan dam is on the hook for roughly $120 million sought by the state for environmental damage when the structure failed after days of rain in 2020, a judge said. But it`s[…]
Read more...Fort Worth, Texas Approves $3.5 Million For Child Who Witnessed Aunt`s Fatal Shooting by Officer
News Archives - Insurance Journal Nov 30, 2023 | 11:58 amFORT WORTH, Texas (AP) – A Texas city on Tuesday approved a $3.5 million settlement for a child who witnessed his aunt being fatally shot through a window of her home by a police officer four years ago. The Fort[…]
Read more...Consumer Reports: On Average, Electric Vehicles Less Reliable Than Gas Vehicles
News Archives - Insurance Journal Nov 30, 2023 | 10:59 amElectric vehicles have proved far less reliable, on average, than gasoline-powered cars, trucks and SUVs, according to the latest survey by Consumer Reports, which found that EVs from the 2021 through 2023 model years encountered nearly 80% more problems than[…]
Read more...Meta Asks Appeals Court to Tell FTC it Cannot Reopen Privacy Case
News Archives - Insurance Journal Nov 30, 2023 | 10:08 amMeta Platforms, which owns WhatsApp, Instagram and Facebook, filed a lawsuit asking an appeals court to stop the U.S. Federal Trade Commission from unilaterally re-opening a consent agreement and ordering the social media giant to stop collecting revenue on data[…]
Read more...Woman Fell Through Floorboards and a Hidden Well Shaft in SC Home Fatality
News Archives - Insurance Journal Nov 30, 2023 | 10:02 amSALEM, S.C. (AP) — An 83-year-old woman who died when she fell through rotting floorboards in a century-old South Carolina house fell down a well shaft the owner didn`t know was there, authorities said. It took rescuers nearly four hours[…]
Read more...Banker Behind Big Loans to Trump’s Company Testifies For His Defense
News Archives - Insurance Journal Nov 30, 2023 | 09:47 amWhen Deutsche Bank loaned Donald Trump`s company hundreds of millions lawyers of dollars, the bank always followed its own guidelines that include checking out information that would-be borrowers provide, an executive testified Tuesday at the former president’s civil fraud trial.[…]
Read more...Springsteen’s Drummer, Weinberg, Says Florida Car Restorer Took $125,000 From Him
News Archives - Insurance Journal Nov 30, 2023 | 09:43 amFORT LAUDERDALE, Fla. (AP) — Bruce Springsteen`s drummer, Max Weinberg, is suing the owners of a Florida car restoration company, saying they stole $125,000 by falsely promising him a like-new 1957 Mercedes-Benz and then using his money for personal expenses.[…]
Read more...Leadership Changes at The Hartford With New Heads of Commercial, Personal Lines
News Archives - Insurance Journal Nov 30, 2023 | 09:14 amThe Hartford said it will head into 2024 with new heads of commercial and personal lines and announced additional leadership changes. A. Morris “Mo” Tooker, who joined The Hartford in 2015 as chief underwriting officer and later became head of[…]
Read more...World to Hit 2.5F of Warming During 2023 as Hottest Year on Record
News Archives - Insurance Journal Nov 30, 2023 | 06:26 amWith a month to run, 2023 will reach global warming of about 1.4 degrees Celsius (2.5 Fahrenheit) above preindustrial levels, adding to “a deafening cacophony” of broken climate records, the World Meteorological Organization (WMO) said on Thursday. The WMO’s provisional[…]
Read more...Markets/Coverages: MGA Rokstone Launches Contingency Portfolio
News Archives - Insurance Journal Nov 30, 2023 | 06:09 amRokstone, the international speciality re/insurance MGA that is part of the Aventum Group, announced the launch of a new contingency portfolio with backing from “A”-rated carriers. Rokstone is launching the contingency account initially in the UK and Europe with plans[…]
Read more...Shadow Banks, Such as Insurers, Hedge Funds, Could Be Sitting on Elevated Risk: ECB
News Archives - Insurance Journal Nov 30, 2023 | 05:47 amThe European Central Bank may need to take on a bigger role in supervising shadow banks as they are now bigger than conventional lenders and may be sitting on elevated risk, the outgoing head of the ECB’s supervision arm told[…]
Read more...London Metal Exchange Triumphs in Lawsuit Over Canceled Nickel Trades
News Archives - Insurance Journal Nov 30, 2023 | 05:02 amThe London Metal Exchange (LME) won a legal battle with U.S. financial firms on Wednesday which brought a case demanding $472 million in compensation after the exchange canceled billions of dollars in nickel trades last year following a surge in[…]
Read more...Massachusetts Climate Strategy Brings Together Its 78 Coastal Communities
News Archives - Insurance Journal Nov 30, 2023 | 05:00 amMassachusetts Governor Maura Healey has announced a plan to assist the state’s 78 coastal communities from Cape Cod to the North Shore, where 2.5 million live, with their development of long-term regulatory, policy, and funding solutions to the effects of[…]
Read more...Reinsurance Market Outlook ‘Stable’ on Improved Rates, Higher Demand: AM Best
News Archives - Insurance Journal Nov 30, 2023 | 04:42 amSubstantial rate improvements, higher attachment points and rising investment income are combining with increased demand for reinsurance cover to create a stable outlook for the global reinsurance sector, according to AM Best in a report. Of course, headwinds still exist[…]
Read more...Red Sea Attacks on Ships Spark Safety Concerns for Sailors
News Archives - Insurance Journal Nov 30, 2023 | 03:24 amCommercial ships face increasing dangers at sea after armed groups have attacked and seized vessels in waters around the Red Sea and off the coast of Yemen, adding to perils for seafarers, shipping officials said on Wednesday. An attempted hijacking[…]
Read more...India’s GIFT-City Financial Hub Plans to Grow in Re/Insurance, Direct Listings
News Archives - Insurance Journal Nov 30, 2023 | 03:13 amGujarat International Finance Tec-City, India’s newest financial hub and a flagship project of Prime Minister Narendra Modi, is preparing for its next phase of growth. The first phase followed the creation in 2020 of a new regulator, the International Financial[…]
Read more...AM Best: Adverse Results Linger For Nonstandard Auto
News Archives - Insurance Journal Nov 30, 2023 | 02:15 amAM Best reported a net underwriting loss of $333 million for the U.S. nonstandard auto insurance segment during the first half of 2023 — a year-over-year improvement from the $773 million loss seen in the first six months of 2022.[…]
Read more...Q3 2023 Signals Six Years of Premium Increases for Commercial Lines: CIAB
News Archives - Insurance Journal Nov 30, 2023 | 01:37 amOverall commercial property/casualty premiums increased slightly more than 8% on average in the third quarter, marking six full years of steady increases. According to The Council of Insurance Agents and Brokers’ Q3 Market Survey, the 8.1% average increase in Q3[…]
Read more...Insurtechs Unite to Launch InsurTech Coalition
News Archives - Insurance Journal Nov 30, 2023 | 01:23 amMembers from several insurtechs, including Boost, Branch, Clearcover, Lemonade and Root Insurance, published an open letter to the insurance industry announcing the launch of the InsurTech Coalition, a trade organization working to shape the future of insurance. The letter states[…]
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