Business Insurance
Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut will likely total less than $250 million, reinsurance broker Guy Carpenter & Co. LLC said on Monday.
Posted: Aug 10, 2020
A warehouse worker who was injured in a forklift accident cannot sue the company that owns the warehouse, which regularly allowed workers to engage in unsafe practices such as standing on a forklift in motion, an appeals court in New Jersey ruled on...
Posted: Aug 10, 2020
Brown & Brown Inc. has agreed to buy Hauser Inc., a brokerage that focuses on placing coverage for private equity groups, Brown & Brown announced Monday.
Posted: Aug 10, 2020
Commercial property insurance average pricing in the U.S. increased 22% in the second quarter of 2020, according to the Global Insurance Market Index released Monday by Marsh LLC.
Posted: Aug 10, 2020
McDonald’s Corp. said on Monday it sued former Chief Executive Steve Easterbrook to recoup tens of millions of dollars in severance and benefits, claiming he covered up and lied about sexual relationships with at least three employees.
Posted: Aug 10, 2020
The California Workers’ Compensation Institute this month released an online application to support interactive analyses and comparisons of COVID-19 and non-COVID-19 claims.
Posted: Aug 10, 2020
Chubb Ltd. on Monday named John Lupica president, North America insurance operations as Paul Krump was appointed vice chairman, global underwriting and claims.
Posted: Aug 10, 2020
Insured losses in the United States from Hurricane Isaias are expected to be around $4 billion, according to a report from Karen Clark & Co. on Monday.
Posted: Aug 10, 2020
French insurer Axa SA recorded COVID-19 pandemic-related claims of €1.5 billion ($1.8 billion) in the first half of the year.
Posted: Aug 10, 2020
A report by the United Nations said that the blast in Beirut on Aug. 4 has caused extensive damage at the Port of Beirut, which is expected to be out of use for at least one month.
Posted: Aug 10, 2020
Insurance Australia Group Ltd. has said that its $75 million Australia ($52.5 million) catastrophe bond has been fully exhausted by bushfire-related claims.
Posted: Aug 10, 2020
Foreign reinsurers are expected to pay more than 90% of the insured value of the Air India Express plane that was destroyed in a crash in the Indian state of Kerala on Aug. 7.
Posted: Aug 10, 2020
China-based Huawei Technologies Co. Ltd. would face huge losses as the production of its most advanced smartphone chips Kirin 9000 will stop from Sep. 15, due to U.S. sanctions.
Posted: Aug 10, 2020
Uganda Reinsurance Co. Ltd.'s gross written premiums increased nearly 51% year-over-year to 50.5 billion Kenyan shillings ($464 million) in 2019.
Posted: Aug 10, 2020
The Australian tourism industry could lose around $10 billion in cancelled trips, including flights, hotels, tours and car hire, due to coronavirus lockdowns.
Posted: Aug 10, 2020
Objectors to class-action lawsuit settlements should not be allowed to engage in “blackmail” for their own financial benefit, said a federal appeals court Thursday in reversing a lower court ruling.
Posted: Aug 07, 2020
Insured losses from Hurricane Isaias are expected to top $1 billion, according to a report Friday from Aon PLC.
Posted: Aug 07, 2020
The Country Music capital’s board authority on beer is asking a federal court to toss out a lawsuit filed by several Nashville, Tennessee, honky-tonk bars over COVID-19 closures.
Posted: Aug 07, 2020
The $46,000 fine and probation levied against a U.S. Postal Service worker convicted of lying about her workers compensation-related travel were upheld by an appellate court Thursday.
Posted: Aug 07, 2020
The New Mexico Environment Department filed an emergency amendment Wednesday to require employers to disclose positive COVID-19 cases among their employees to the state within four hours of being notified of the test results.
Posted: Aug 07, 2020
Georgia Gov. Brian Kemp on Wednesday signed into law a bill that provides businesses and health care facilities and workers with immunity from COVID-19-related litigation.
Posted: Aug 07, 2020
Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese port of Tianjin in 2015, industry sources and analysts say.
Posted: Aug 07, 2020
AbbVie Inc. has agreed to pay $24 million to settle a lawsuit that alleged insurance fraud by the drugmaker in promoting its blockbuster drug Humira, California’s insurance regulator said on Thursday.
Posted: Aug 07, 2020
Bermuda-based insurance and reinsurance groups Third Point Reinsurance Ltd. and Sirius International Insurance Group Ltd. have agreed to merge in a deal valued at $788 million.
Posted: Aug 07, 2020
A California judge signaled on Thursday he might be leaning against a request for a preliminary injunction forcing Uber Technologies Inc. and Lyft Inc. to classify drivers as employees rather than contractors.
Posted: Aug 07, 2020