All Posts

World’s largest chocolate factory halts production after salmonella outbreak

Business Insurance

World’s largest chocolate maker Barry Callebaut AG suspended production at its chocolate factory in the Belgian town of Wieze after a salmonella outbreak.

Posted: Jul 01, 2022

Russian insurers’ premiums drop 2% as financial conditions weaken

Business Insurance

Data from the Russian Central Bank said that local insurers’ aggregate gross written premium dropped almost 2% year-on-year to 452.3 billion Russian rubles ($8.4 billion) in the first quarter of the year due to weakening foreign trade and financial c...

Posted: Jul 01, 2022

Businesses face up to 20% higher insurance bills amid inflation

Business Insurance

U.K.-based PricewaterhouseCoopers LLP expects U.K. businesses to face up to a 20% increase in their annual insurance bills as insurers hike premium rates to cover the climbing cost of claims resulting from surging inflation and supply chain disruptio...

Posted: Jul 01, 2022

The BI Top 10: Week of June 27, 2022

Business Insurance

Leadership changes at Everest Insurance, the insurance division of Everest Re Group, top this week’s news. Also of note: An analysis of the potential exposures employers could face for covering the travel costs of employees who go to other states for...

Posted: Jul 01, 2022

Legislative committee passes contested extension of COVID presumption

Business Insurance

Policy committees in the California Senate passed a bill that would extend COVID-19 presumptions for two years.

Posted: Jul 01, 2022

Marsh names US chemical practice leader

Business Insurance

Marsh LLC on Friday named Stephen Horstkamp U.S. chemical practice leader, effective immediately, succeeding Mary Russell, who is retiring from the company.

Posted: Jul 01, 2022

OSHA extends COVID emphasized enforcement

Business Insurance

The U.S. Occupational Safety and Health Administration is extending its revised National Emphasis Program for COVID-19, set to expire July 7, until further notice and doubling its inspections goal, the Department of Labor announced Thursday.

Posted: Jul 01, 2022

Cat bond issuance strong in first half: Moody’s

Business Insurance

Catastrophe bond issuance remained buoyant in the first half of this year, with $7.7 billion in new issuance following a record year in 2021, according to a report released Friday by Moody’s Investors Service Inc.

Posted: Jul 01, 2022

Black NFL coaches seek to question Commissioner Goodell in bias case

Business Insurance

Three Black coaches who have accused the National Football League in a lawsuit of racist hiring practices want to question league Commissioner Roger Goodell under oath as they try to keep the case in federal court rather than move to arbitration.

Posted: Jul 01, 2022

US property reinsurance renewals show large increases: Gallagher Re

Business Insurance

Mid-year reinsurance renewals showed hefty increases in U.S. property business and more modest casualty rate movements, according to a report Friday from Gallagher Re, the reinsurance business of Arthur J. Gallagher & Co.

Posted: Jul 01, 2022

Lessons Learned From Something I Didn’t See Coming

Insurance Journal

I don’t know if this has been your experience, but I have found that most jobs that I have taken include things that I didn’t see coming. That includes the ubiquitous statement “other duties as assigned” and the changes in &#8...

Posted: Jul 01, 2022

Keep on truckin': Cover Whale's commercial insurance MGA start-up

Insurance Business Magazine - US

One issue was dominant for underwriters, according to a Gallagher report

Posted: Jul 01, 2022

What the US property insurance market can expect for the rest of 2022

Insurance Business Magazine - US

Targeted start-ups can generate investor return sooner

Posted: Jul 01, 2022

People Moves: Verisk Promotes Rayner to President of Specialty Business Solutions; Munich Re Appoint...

Insurance Journal

This edition of International People Moves details appointments at Verisk and Munich Re. A summary of these new hires follows here. Verisk Promotes Rayner to President of Specialty Business Solutions Verisk, the global data analytics provider, announ...

Posted: Jul 01, 2022

Agents: Fourth of July Brings Risks & Claims

Insurance Journal

It has been a few years. Policyholders may have forgotten about that last barbeque mishap in their backyard. Maybe the memory has gotten hazy about that one time their college roommate drove home when they should not have. Perhaps their …

Posted: Jul 01, 2022

New Alabama, Georgia Laws Taking Effect Today Indirectly Affect Insurance

Insurance Journal

Several Alabama and Georgia laws that could indirectly affect property, liability and workers’ compensation insurance take effect today, July 1. Alabama House Bill 108 requires the state Elevator Safety Review Board to review, within 12 months...

Posted: Jul 01, 2022

Regulator Bars Texas Plant Restart Over Safety Concerns

Insurance Journal

The second-biggest U.S. liquefied natural gas export facility hit by fire earlier this month will not be allowed to repair or restart operations until it addresses risks to public safety, a pipeline regulator said on Thursday. The June 8 blast &#8230...

Posted: Jul 01, 2022

Explainer: Will U.S. Supreme Court EPA Ruling Rein in Federal Regulators?

Insurance Journal

The U.S. Supreme Court on Thursday curtailed the Environmental Protection Agency’s ability to restrict greenhouse gas emissions from power plants in a 6-3 ruling that some legal experts said would more broadly curb the federal government’...

Posted: Jul 01, 2022

Vertafore Acquires MGA Systems

Insurance Journal

Insurance technology vendor Vertafore reports that it has acquired MGA Systems, a provider of software for managing general agencies based in Melville, New York. Vertafore said the acquisition gives its customers access to policy administration and r...

Posted: Jul 01, 2022

New NHTSA Chief: Agency to Scrutinize Auto-Driver Technology

Insurance Journal

The new head of the government’s road safety agency says it will intensify efforts to understand the risks posed by automated vehicle technology, so it can decide what regulations may be necessary to protect drivers, passengers and pedestrians....

Posted: Jul 01, 2022

Tropical Storm Bonnie Forms Near Nicaragua in Caribbean

Insurance Journal

Tropical Storm Bonnie formed in the Caribbean east of Nicaragua, a dangerous system that threatens a potential humanitarian crisis but isn’t a major threat to oil and gas production in the Gulf of Mexico. With winds of 40 miles (64 …

Posted: Jul 01, 2022

Supreme Court Declines to Hear New York Vaccine Mandate for Health Workers

Insurance Journal

The Supreme Court declined on Thursday to take up a case involving a COVID-19 vaccine requirement for health care workers in New York that does not offer an exemption for religious reasons. The court’s action follows a decision in December &#82...

Posted: Jul 01, 2022

Florida Property Reinsurance Premiums Rise by as Much as 50%: Gallagher Re

Insurance Journal

Property reinsurance rates rose by as much as 50% in Florida at July 1 renewals and by up to 40% in the United States overall, reinsurance broker Gallagher Re said on Friday, as reinsurers grappled with higher inflation and natural …

Posted: Jul 01, 2022

2 Workers Presumed Dead in Texas Trench Collapse

Insurance Journal

Two workers were presumed dead after a trench they were digging for a sewer line in Texas on Tuesday collapsed and buried them, officials said. The workers were digging a 24-foot-deep (7-meter-deep) in new subdivision under development in Jarrell, ab...

Posted: Jul 01, 2022

Marsh launches global D&O enhancements

Insurance Business Magazine - US

Winners judged on three criteria

Posted: Jul 01, 2022

Ohio Vehicle Parts Manufacturer Faces $315,000 in Fines

Insurance Journal

An Ohio aluminum vehicle parts manufacturer cited for safety and health violations after a worker in Ravenna suffered fatal injuries in March 2021, continues to put workers at risk. The U.S. Department of Labor’s Occupational Safety and Health...

Posted: Jul 01, 2022

Regulators: Amtrak Train Was Below Speed Limit Before Fatal Crash

Insurance Journal

An Amtrak passenger train was going about 87 mph (140 kph) when it collided with a dump truck at a rural Missouri railway crossing, killing four people, an official with the National Transportation Safety Board said Wednesday. The speed limit …

Posted: Jul 01, 2022

EFFECTIVE RECRUITING STRATEGIES

Rough Notes

ON THE ROAD AGAIN—EFFECTIVE RECRUITING STRATEGIES Why are some agencies able to recruit and retain employees, while others are struggling? How many opportunities are we missing when we fail to The post

Posted: Jul 01, 2022

State-Controlled RNRC Says It Now Covers Nearly All Russian Reinsurance

Insurance Journal

State-controlled Russian National Reinsurance Co. (RNRC) is covering nearly all reinsurance of domestic business, its president said on Friday, as foreign insurance firms withdrew their coverage following Western sanctions. “I can say that of t...

Posted: Jul 01, 2022

North Carolina Assembly Sends Rental Home Elevator Safety Bill to Governor

Insurance Journal

Safety improvement requirements to prevent injury or death from elevators inside North Carolina vacation cottages and short-term rentals received final legislative approval on Wednesday. The House voted unanimously to accept a version of legislation...

Posted: Jul 01, 2022

UFC Star Charged in Shooting Sues California Day Care Owners over Alleged Molesting

Insurance Journal

Cain Velasquez, the former UFC heavyweight champion accused of trying to kill the man he claims molested his 4-year-old son, is suing the man and his family who own a day care where the alleged molestation occurred. Velasquez was arrested …

Posted: Jul 01, 2022

Supreme Court: Vet Who Lost Job as Texas Trooper Can Sue State

Insurance Journal

The Supreme Court on Wednesday allowed a former state trooper to sue Texas over his claim that he was forced out of his job when he returned from Army service in Iraq. The justices ruled for Army veteran Le Roy …

Posted: Jul 01, 2022

Climate Change Driving Extreme Heat and Flooding in 2022: Report

Insurance Journal

Extreme weather events – from scorching heatwaves to unusually heavy downpours – have caused widespread upheaval across the globe this year, with thousands of people killed and millions more displaced. In the last three months, monsoon rains unleashe...

Posted: Jul 01, 2022

Midyear Prop-Catastrophe Reinsurance Capacity Down for 1st Time in Decades: Aon

Insurance Journal

For the first time since the devastating U.S. hurricanes of 2004 and 2005, property-catastrophe capacity contracted during the June/July reinsurance renewal period, Aon said in a new report released yesterday. While the reinsurance market remained st...

Posted: Jul 01, 2022

Grocery Chain Wegmans Settles with New York Over Data Breach

Insurance Journal

The supermarket chain Wegmans agreed to pay $400,000 and upgrade its security practices over a data breach that exposed personal information of more than 3 million consumers nationwide, New York Attorney General Letitia James said on Thursday. Wegman...

Posted: Jul 01, 2022

Gallagher releases report on global energy market

Insurance Business Magazine - US

Exec brings more than 30 years of experience to the role

Posted: Jul 01, 2022

CMT Graphic Insight: I Think I’ll Drive My Tesla Instead

Carrier Management

CMT Graphic Insight: I Think I’ll Drive My Tesla Instead Telematics provider Cambridge Mobile Telematics (C...

Posted: Jul 01, 2022

Executives on the Move at Everest, Convex, Hiscox

Carrier Management

Executives on the Move at Everest, Convex, Hiscox Everest Insurance announced that Erik Nikodem,...

Posted: Jul 01, 2022

Markets/Coverages: Aon Incorporates Climate Science Into European Flood Models

Carrier Management

Markets/Coverages: Aon Incorporates Climate Science...

Posted: Jul 01, 2022

Gunmakers Face New Legal Threat From Families of Mass Shooting Victims

Carrier Management

Gunmakers Face New Legal Threat From Families of Mass Shooting Victims Families of...

Posted: Jul 01, 2022

Tesla Faces New Lawsuit Alleging Racial Abuse Against Black Workers

Insurance Journal

Fifteen Black former or current employees at Tesla filed a lawsuit against the electric car maker on Thursday, alleging they were subjected to racial abuse and harassment at its factories. The workers said they were subjected to offensive racist comm...

Posted: Jul 01, 2022

Operator of McDonald’s Franchises Consents to $1.6M Settlement of Sex Harassment Suit

Insurance Journal

Coughlin, Inc., a Vermont-based company that owns 10 McDonald’s franchise restaurants in Vermont and New Hampshire, will pay $1,600,000 and furnish other relief to settle a sex discrimination and retaliation lawsuit filed by the Equal Employmen...

Posted: Jul 01, 2022