Business Insurance

EEOC allows employers to quiz workers over sickness symptoms

Employers can ask workers who report feeling ill or call in sick questions about their symptoms to determine if they have COVID-19, the U.S. Equal Employment Opportunity Commission said in updated guidance.

Posted: Jul 14, 2022

Ruling concerning FLSA status of medical service drivers overturned

A federal appeals court on Thursday reversed a lower court’s summary judgment and sent back a case concerning whether drivers for a medical service were employees — and therefore subject to the Fair Labor Standards Act ­— or independent contractors.

Posted: Jul 14, 2022

Nevada comp regulators announce 5.5% increase in benefits

The Nevada Workers’ Compensation Section announced that the maximum monthly benefit increased 5.5% at the start of July because of an increase in the state’s average weekly wage.

Posted: Jul 14, 2022

Premiums up by almost 10% in Bosnia and Herzegovina in first half

Data from Bosnia and Herzegovina’s insurance association showed that local insurers’ aggregate gross written premiums increased almost 10% year-on-year to 308 million Bosnian mark ($158 million) in the first half of the year.

Posted: Jul 14, 2022

Mexico declares state of emergency due to drought

Severe drought and acute water shortage has forced Mexican authorities to declare emergency.

Posted: Jul 14, 2022

Semiconductor manufacturers threatened by coolant shortage

A months-long suspension of production at U.S.-based conglomerate 3M Co.’s Belgian factory in Zwijndrecht has created a shortage of specialist coolant fluids – widely used by semiconductor manufacturers and data centers worldwide.

Posted: Jul 14, 2022

Farmers face over $3 billion loss from drought

The Italian agricultural association Coldiretti said the local farmers have suffered about €3 billion ($3.1 billion) in losses due to drought conditions in the country.

Posted: Jul 14, 2022

Ukraine war could erode insurers’ capital just like COVID-19 did

A report by U.S.-based credit ratings agency S&P Global Ratings Inc. said that the Russia-Ukraine war and subsequent energy crisis is likely to erode the capital of insurers this year just like the COVID-19 pandemic did in 2020.

Posted: Jul 14, 2022

Scor estimates over $200 million loss from drought in Brazil

France-based reinsurer Scor SE expects to record nearly €200 million ($204 million) in losses in the first half of the year relating to the severe drought in southern Brazil.

Posted: Jul 14, 2022

AGCS combines captives, multinational business

Allianz Global Corporate & Specialty SE, a unit of Allianz SE, said Thursday it has folded its captive solutions team into its multinational business and reorganized its global leadership.

Posted: Jul 14, 2022

Twitter calls foul over Musk’s tweet

When it comes to lawsuits, anything you say or post can be used against you. And even the silly poop emoji is not without prejudice, as Elon Musk is learning after backing out of a $44 billion deal to buy Twitter.

Posted: Jul 14, 2022

U.S. inland marine line premiums up sharply in 2021

U.S. inland marine line premiums increased 15% in 2021 after falling 2% in 2020, according to a report Thursday from A.M. Best & Co.

Posted: Jul 14, 2022

Calif. appellate court reinstates COVID business interruption case

In a rare policyholder victory, a California appeals court on Wednesday reversed a lower court and reinstated a COVID19-related business interruption coverage lawsuit filed by a hotel and restaurant against an Allianz SE unit.

Posted: Jul 13, 2022

Fresenius unit accused of fraud in dialysis treatment

The United States has joined a whistleblower lawsuit accusing a unit of Germany’s Fresenius Medical Care AG of defrauding Medicare and other health care programs by billing for medically unnecessary procedures on dialysis patients.

Posted: Jul 13, 2022

Insurer must defend assisted living facility against residents’ lawsuit

An insurer must defend a North Carolina assisted living facility in a lawsuit that charges the adult home failed to provide adequate meals and activities, a federal appeals court said Tuesday in affirming a lower court.

Posted: Jul 13, 2022

SEC votes to undo Trump-era curbs on shareholder advisers

The U.S. Securities and Exchange Commission voted Wednesday to rescind rules introduced under former President Donald Trump that critics said impeded the independence of firms that advise investors on how to vote in corporate elections.

Posted: Jul 13, 2022

Risk Strategies hires former Lockton exec

Risk Strategies Co. on Wednesday named former Lockton Cos. LLC executive Patrick Roth senior vice president, growth leader for the Central and West regions.

Posted: Jul 13, 2022

OSHA fines two Florida firms following workplace fatalities

The Occupational Safety and Health Administration on Tuesday issued fines to two Florida following fatal work incidents.

Posted: Jul 13, 2022

Workers comp market remains competitive

During midyear renewals, workers compensation rates were flat, and the line of business remains one of the most desirable and least volatile sectors for insurers, experts say.

Posted: Jul 13, 2022

Ex-utility execs ordered to pay Fukushima damages

The Tokyo district court on Wednesday ordered four former executives of Tokyo Electric Power Co. to pay 13 trillion yen ($95 billion) in damages to the operator of the wrecked Fukushima Dai-ichi nuclear power plant, the plaintiff's lawyers said.

Posted: Jul 13, 2022

PCF buys California brokerage Andreini

Acquisitive broker PCF Insurance Services said Wednesday it has bought Andreini & Co., a San Mateo, California-based brokerage with about $25 million in annual revenue.

Posted: Jul 13, 2022

Global inflation to increase claims costs: Swiss Re

Rate hardening in commercial lines is forecast to drive strong nonlife premium growth globally, but the impact of high inflation will weigh on total premium growth, according to a Swiss Re Institute report.

Posted: Jul 13, 2022

Aon names new CEO for Dutch unit

U.K.-based Aon PLC has named Leonique van Houwelingen as chief executive of Aon Netherlands, effective Nov. 1.

Posted: Jul 13, 2022

Indian state stares at $1.3 billion damage from recent floods

Torrential rains, floods and landslides in the Indian state of Assam have caused an estimated 100 billion Indian rupees ($1.3 billion) in damage since April.

Posted: Jul 13, 2022

Cyber insurers’ average ransomware payouts surpass $3.5 million

A survey by enterprise security company Panaseer Ltd. found that largest ransomware payouts made by cyber insurers averaged £3.26 million ($3.9 million) in the U.K. and $3.52 million in the past two years.

Posted: Jul 13, 2022