Business Insurance
U.S.-based catastrophe risk modeling firm Risk Management Solutions Inc. has launched high definition models covering severe convective storm peril across 17 countries in Europe.
Posted: May 06, 2020
Norwegian Cruise Line Holdings Ltd., the world's third-largest cruise operator, raised doubts about its ability to keep running as a business on Tuesday, the first in the sector to signal it may succumb to the coronavirus crisis.
Posted: May 05, 2020
Legalized cannabis represents a significant new business opportunity for the insurance industry, according to a report released Tuesday by New Dawn Risk Group Ltd., a London-based brokerage.
Posted: May 05, 2020
California's attorney general on Tuesday sued Uber Technologies Inc. and Lyft Inc. for classifying its drivers improperly as independent contractors instead of employees, evading workplace protections and withholding worker benefits.
Posted: May 05, 2020
The Legal Sea Foods LLC restaurant chain filed a breach of contract suit against its insurer Monday for refusing to pay business interruption expenses in connection with the coronavirus pandemic, stating even though its policy was issued in March, wh...
Posted: May 05, 2020
A.M. Best Co. Inc. downgraded the financial strength rating of Axis Capital Holdings Ltd. to A from A+ as the insurer and reinsurer reported a loss for the first quarter of 2020.
Posted: May 05, 2020
American International Group Inc. estimates it will pay $272 million in first-quarter losses related to COVID-19 and expects the pandemic will generate the largest ever industry loss, hitting numerous lines of business, the insurer’s executives said...
Posted: May 05, 2020
Lawmakers in four states pushed workers compensation legislation over the past week to enhance benefits for essential workers performing job duties during the COVID-19 pandemic.
Posted: May 05, 2020
Socials, dues, candlelit ceremonies are all the things of college Greek life. Yet one essential component barely makes the list: insurance.
Posted: May 05, 2020
A German federal court judge cast doubt on Volkswagen AG's reasoning after the carmaker urged the court to dismiss a claim for damages brought by an owner of a diesel-powered VW Sharan family van.
Posted: May 05, 2020
USI Insurance Services LLC has agreed to acquire Minnetonka, Minnesota-based broker Associated Benefits and Risk Consulting in a $266 million cash deal, seller Associated Banc-Corp said Monday.
Posted: May 05, 2020
WeWork co-founder Adam Neumann filed a lawsuit against Japan's SoftBank Group Corp. and its Vision Fund on Monday for terminating a $3 billion tender offer to the office-sharing startup's shareholders.
Posted: May 05, 2020
Business software group SAP SE disclosed on Tuesday that some of its cloud products did not meet contractual or statutory security standards and said it would take remedial action to fix the problem as soon as possible.
Posted: May 05, 2020
U.S. Equal Employment Opportunity Commission guidance that sanctions employer use of COVD-19 testing raises more questions than it answers, and increased employment practices liability claims may be inevitable, say many observers.
Posted: May 05, 2020
Germany-based insurer Allianz SE expects its net income to fall by around 30% year-over-year to €1.4 billion ($1.5 billion) in the first quarter due to the coronavirus pandemic.
Posted: May 05, 2020
U.K.'s Night Time Industries Association has teamed up with an organization called Hiscox Action Group to pressure insurer Hiscox Ltd. to pay out on business interruption policies held by companies affected by the COVID-19 pandemic.
Posted: May 05, 2020
Wildfires have spread across 1.2 million acres of land in Siberia since the beginning of the year, compared with 944,000 acres in the previous year.
Posted: May 05, 2020
The General Insurance Association of Japan estimates said that local insurers have paid out more than $10 billion in claims related to typhoons Faxai and Hagibis as well as heavy rains that followed the storms.
Posted: May 05, 2020
A report by technology firm Data Labs India Solutions Pvt. Ltd. said that India is expected to lose $320 billion due to 40 days of lockdown to contain the spread of COVID-19 pandemic.
Posted: May 05, 2020
A string of wildfires have hit storage tanks and pumping stations in Venezuela's Orinoco oil belt, forcing some producing areas to temporarily halt output.
Posted: May 05, 2020
The U.A.E. Insurance Authority has said that insurers can merge in order to sustain operations in the difficult situation caused by the COVID-19 pandemic.
Posted: May 05, 2020
Taiwan-based oil firm CPC Corp. suffered a malware attack on May 4, resulting in the crash of the company's website and temporary closure of its gas stations.
Posted: May 05, 2020
There has been a rise in the number of piracy and armed robbery incidents in Mexican waters in the Gulf of Mexico.
Posted: May 05, 2020
American International Group Inc. on Monday posted a 93% drop in quarterly adjusted profit, as it set aside money to cover claims related to the COVID-19 outbreak, which it called the single largest catastrophe loss the industry has ever seen.
Posted: May 04, 2020
Cover Whale Insurance Solutions Inc. has been approved as a coverholder at Lloyd's of London and is working with Lloyd's syndicates to provide commercial auto coverage for trucks in the U.S., the Rancho Santa Margarita, California-based insurtech bro...
Posted: May 04, 2020