Business Insurance
The coronavirus pandemic’s impact on insurers became clearer as several released second-quarter results. On the litigation front, groups of restaurants in New York and Chicago sued insurers for COVID-19 cover.
Posted: Aug 07, 2020
Finnish insurer Sampo Oyj and South Africa-based Rand Merchant Investment Holdings Ltd. plan to acquire U.K.-based insurer Hastings Group Holdings PLC for around £1.66 billion ($2.2 billion).
Posted: Aug 07, 2020
The blast in Beirut on Aug. 4 is expected to have caused up to $15 billion worth of damage, an increase from an earlier estimate of $5 billion.
Posted: Aug 07, 2020
U.K.-based insurer Aviva PLC received COVID-19 pandemic-related claims of £441 million ($580 million) in the first half of the year, of which around 63% or £276 million ($363 million) will be passed on to reinsurers.
Posted: Aug 07, 2020
A report by Aon PLC said that heavy rains and floods caused more than $20 billion worth of damage in Asia in July.
Posted: Aug 07, 2020
U.K.-based outsourced insurance buyer Mactavish Group said that construction companies should expect considerable erosion in the quality and extent of insurance cover offered following the COVID-19 pandemic.
Posted: Aug 07, 2020
Data from the China Banking and Insurance Regulatory Commission showed that six provinces received a total of 188,000 flood-related insurance claims worth nearly 5.3 billion Chinese yuan ($763 million) in the past month.
Posted: Aug 07, 2020
Insurers on Thursday scored their third straight victory in cases involving COVID-19 business interruption claims when a District of Columbia judge ruled that the forced closure of a dozen restaurants in Washington did not constitute a direct physica...
Posted: Aug 06, 2020
Capital One Financial Corp. will pay an $80 million penalty to a U.S. bank regulator after the bank suffered a massive data breach one year ago.
Posted: Aug 06, 2020
Posted: Aug 06, 2020
A federal appeals court has overturned a lower court ruling and reinstated a hostile work environment case filed by a supermarket deli worker who said a fellow worker allegedly stared at her, stood within one or two feet of her, followed her around a...
Posted: Aug 06, 2020
Acquisitive brokerage Patriot Growth Insurance Services LLC has bought Cypress, California-based agency Bowermaster and Associates, Patriot announced Thursday.
Posted: Aug 06, 2020
Australia will spend A$1.66 billion ($1.19 billion) over the next 10 years to strengthen the cyber defenses of companies and households after a rise in cyberattacks, Prime Minister Scott Morrison said on Thursday.
Posted: Aug 06, 2020
The U.S. Securities and Exchange Commission announced Thursday that it had fined World Acceptance Corp., a consumer loan company, $21.7 million for paying bribes in Mexico.
Posted: Aug 06, 2020
The CEO of Axa on Thursday expressed confidence in the French insurer's company-focused XL Group after the business reported a loss in the first half following a spike in COVID-19-related claims.
Posted: Aug 06, 2020
A romantic devil in Sheffield, England, spent two weeks planning a marriage proposal to remember for his sweetheart, but ended up burning down the couple’s home when the stunt went wrong.
Posted: Aug 06, 2020
French insurer Axa said on Thursday the planned €1 billion ($1.2 billion) sale of its Axa Life Europe unit to Cinven had collapsed, and that it would make no fourth-quarter shareholder payouts after net income fell 40% in the first half.
Posted: Aug 06, 2020
The blast in Beirut on Aug. 4 is expected to have caused up to $5 billion worth of damage.
Posted: Aug 06, 2020
Japan-based Canon Inc. suffered a ransomware attack, in which 10 terabytes of data was stolen.
Posted: Aug 06, 2020
Austria-based Uniqa Insurance Group AG has received regulatory approval for the acquisition of French insurer Axa SA's units in Poland, the Czech Republic and Slovakia.
Posted: Aug 06, 2020
Poland's anti-monopoly watchdog has fined Russian energy firm PJSC Gazprom 213 million Polish zloty ($57 million) for not cooperating in its proceedings with regard to the Nord Stream 2 gas pipeline.
Posted: Aug 06, 2020
Saudi Reinsurance Co.'s gross written premiums increased more than 30% year-over-year to surpass 659 million Saudi riyal ($176 million) in the first half of the year.
Posted: Aug 06, 2020
Heavy rains triggered floods and landslides in South Korea and caused widespread damage after two areas were declared disaster zones after 42 consecutive days of rain.
Posted: Aug 06, 2020
A federal district judge has issued a ruling that removes limits as to employees taking leave if there is no work available under a regulation issued by the Department of Labor under the Families First Coronavirus Response Act.
Posted: Aug 05, 2020
A general liability insurer has no duty to defend a “pro bono” contractor for the injuries a church worker sustained on its job site, an appellate court held Tuesday.
Posted: Aug 05, 2020