Business Insurance
The Insurance Council of Australia said that insurers have received more than 8,400 claims related to damage from the latest floods in Sydney, with initial insured losses estimated at $97.9 million Australian ($67 million).
Posted: Jul 11, 2022
Ireland-based aircraft lessor SMBC Aviation Capital is writing off $1.6 billion worth of aircraft now stuck in Russia following the country’s seizure of jets amid its war in Ukraine.
Posted: Jul 11, 2022
New York’s attorney general on Monday said Teva Pharmaceutical Industries Ltd. lied to evade accountability for helping fuel the state’s opioid crisis.
Posted: Jul 11, 2022
Applied Underwriters Inc. said Monday it would raise staff salaries across the board by 10% to keep up with inflation, effective retroactively to June 20.
Posted: Jul 11, 2022
Requiring a job candidate who had been out of work for six months to sign a pre-employment arbitration agreement as a condition of employment was not “unconscionable,” a federal appeals court said Friday in overturning a lower court decision.
Posted: Jul 08, 2022
A federal judge in Charlotte, North Carolina, on Thursday issued a preliminary injunction against a group of former Willis Towers Watson PLC surety brokers who last month joined rival Alliant Insurance Services Inc.
Posted: Jul 08, 2022
The Occupational Safety and Health Administration assessed a cushion manufacturer $227,907 in penalties after a worker suffered a severe arm injury at a plant in Temple, Texas.
Posted: Jul 08, 2022
Sentry Insurance said Friday that it has named Heather Schenker, formerly vice president of underwriting at Nationwide Insurance, to the newly created position of head of specialty.
Posted: Jul 08, 2022
The third of three Business Insurance Break Out Awards events took place in Los Angeles on Thursday, June 30 2022. Honorees attended the event with colleagues and family.
Posted: Jul 08, 2022
Lloyd’s of London hopes to stay in its financial district tower but will make a final decision later this year, the commercial insurance market said on Friday.
Posted: Jul 08, 2022
Three former JPMorgan Chase & Co employees face a federal trial in Chicago on Friday on accusations they helped turn their trading desk into a criminal enterprise that faked precious metals futures orders to manipulate prices.
Posted: Jul 08, 2022
The California Division of Workers’ Compensation on Thursday issued a notice of intent to readopt its emergency regulation to extend indefinitely the state’s temporary telemedicine rules beyond the current expiration date of July 18.
Posted: Jul 08, 2022
A former investment manager at Celsius Network sued the crypto lender on Thursday, saying it used customer deposits to rig the price of its own crypto token and failed to properly hedge risk, causing it to freeze customer assets.
Posted: Jul 08, 2022
Three contractors face a combined $121,822 in proposed penalties after a worker at a Denver construction site fell about 65 feet from an “improperly elevated scaffold” and suffered serious injuries, and a second worker narrowly avoided a similar fall...
Posted: Jul 08, 2022
Aviation insurance buyers face some of the most challenging renewals in more than a decade, as rising exposures and the war in Ukraine drive up costs, with some experts predicting the toughest conditions since 9/11.
Posted: Jul 08, 2022
Reform of insurance capital rules should not be a “free lunch” that puts pensioners and policyholders at risk, Bank of England Deputy Governor Sam Woods said Friday, as the industry debates rule changes potentially delayed by political turmoil.
Posted: Jul 08, 2022
According to the China Banking and Insurance Regulatory Commission, the average comprehensive solvency ratio of 180 local insurers was 224.2% in the first quarter of the year – well within the new China Risk-Oriented Solvency System Phase 2’s require...
Posted: Jul 08, 2022
The European Union antitrust regulators raided the offices of German online food delivering company Delivery Hero SE and its Spanish subsidiary Glovo in Berlin and Barcelona on July 6 over their alleged involvement in a cartel to share national onlin...
Posted: Jul 08, 2022
Aggregate premiums of nonlife insurers in India rose 23% year-on-year to approximately 545 billion Indian rupees ($6.9 billion) in the quarter ended June 30.
Posted: Jul 08, 2022
A pilots’ strike at Scandinavian Airlines Systems – the flag carrier of Denmark, Norway, and Sweden – led to the cancelation of more than 200 SAS flights on July 7 and if prolonged will cost the airline $10 million to $13 million per day.
Posted: Jul 08, 2022
U.K.-based insurance broker Miller Insurance Holdings Ltd. has acquired Japanese marine insurer Lead Insurance Services Ltd.
Posted: Jul 08, 2022
A report by Swiss Re Institute said that the new Asian trade bloc, the Regional Comprehensive Economic Partnership (RCEP), will create new business opportunities for the insurance industry, especially across marine, trade credit, engineering and prop...
Posted: Jul 08, 2022
Litigation figures prominently in this week’s Top 10, led by Chubb’s prevailing over Admiral Insurance in a complex case out of California.
Posted: Jul 08, 2022
Three organizations have filed a criminal complaint to federal prosecutors in Switzerland, alleging possible money laundering and a failure to exercise due diligence at UBS in relation to funds they say were received by an alleged associate of former...
Posted: Jul 08, 2022
Insurtech Coalition Inc., a managing general agent specializing in cyber risk, said Friday it has raised an additional $250 million in capital, which increases its total valuation to $5 billion.
Posted: Jul 08, 2022