Business Insurance

World’s largest chocolate factory halts production after salmonella outbreak

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

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

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

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

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

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

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

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

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

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

More insurers participating in D&O ESG initiative: Marsh

Marsh LLC said Thursday the London-market arms of American International Group Inc., Berkshire Hathaway Specialty Insurance, Sompo International, Starr Insurance Cos., Hartford Financial Services Group Inc. and Zurich Insurance Group are participatin...

Posted: Jun 30, 2022

Munich Re unit prevails in dispute over refusal to pay claim

A federal appeals court Wednesday affirmed a lower court ruling in a Munich Re unit’s favor in a coverage dispute with a Florida public entity risk management program that contended the reinsurer was forbidden from second-guessing its decision to pay...

Posted: Jun 30, 2022

Everest announces property leadership reshuffle

Everest Insurance, the insurance division of Everest Re Group Ltd., on Thursday said Erik Nikodem, president of global property, will retire in mid-July and appointed three executives to take over his responsibilities.

Posted: Jun 30, 2022

Billboards increase insurance bills: Survey

What potential plaintiffs see: A person with a friendly face and a nice suit can get you money you deserve. What most insureds envision: Higher insurance rates and, possibly, a courtroom.

Posted: Jun 30, 2022

Convex names co-founder group CEO

Specialty insurer and reinsurer Convex Group Ltd. said Thursday its board has named co-founder Paul Brand as group CEO, effective Friday.

Posted: Jun 30, 2022

Former top Apple lawyer pleads guilty to insider trading

The former top corporate lawyer at Apple Inc. pleaded guilty on Thursday to insider trading charges, for what prosecutors called a five-year scheme to trade ahead of the iPhone maker's quarterly earnings announcements.

Posted: Jun 30, 2022

Allianz, Coalition partner on cyber programs

Allianz SE said Thursday it has started a multiyear partnership with insurtech Coalition Inc., a managing general agent specializing in cyber risk.

Posted: Jun 30, 2022

Supermarket chain Wegmans settles with New York over data breach

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.

Posted: Jun 30, 2022

Tokio Marine Highland names CEO

Tokio Marine Highland said Thursday it had named Chief Underwriting Officer Norman Heinrich as CEO.

Posted: Jun 30, 2022

Income outlook for major nonlife insurers remains favorable

U.S.-based credit ratings agency S&P Global Ratings Inc. expects the aggregate net income of Japan’s three major nonlife insurers to remain favorable this year after their net income more than doubled in 2021.

Posted: Jun 30, 2022

Risks associated with tech M&As create new insurance opportunities

U.K.-based specialist insurer CFC Underwriting Ltd. said that growing technology company mergers and acquisitions present new business opportunities for insurance brokers.

Posted: Jun 30, 2022

New offshore gas platform launched near Ukraine has no insurance

Romanian energy company Black Sea Oil & Gas SA has officially launched its new Black Sea offshore gas platform, close to Ukraine, without any insurance.

Posted: Jun 30, 2022

African Risk Capacity to offer insurance for agriculture, renewable energy sectors

South Africa-based insurer African Risk Capacity Group has committed to extend insurance cover to the African agriculture and green energy sectors.

Posted: Jun 30, 2022

Mexican general insurance market to grow by 7.5% a year

According to U.K.-based data analytics firm GlobalData PLC, Mexico’s general insurance industry is expected to be worth $26.1 billion in 2026, up from $18.2 billion in 2021.

Posted: Jun 30, 2022

Carlsberg brewery fined nearly $4 million for fatal gas leak

The U.K.’s Birmingham Crown Court fined brewery Carlsberg Supply Company UK Ltd. in Northampton £3 million ($3.7 million) over an “explosive release” of ammonia gas that killed one worker and injured around 20 others in November 2016.

Posted: Jun 30, 2022