Business Insurance
Marsh & McLennan Cos. Inc. is looking to other options rather than pay cuts to keep on top of expenses during the COVID-19 pandemic, but its bonus pool may shrink, the firm’s top executive said Thursday.
Posted: Apr 30, 2020
Reinsurer Swiss Re swung into a net loss in the first quarter as the impact of the coronavirus outbreak began to bite, it said on Thursday.
Posted: Apr 30, 2020
Insurers in the United Kingdome could face a multi-million pound lawsuit from pubs, hotels, restaurants and leisure groups, who allege the carriers rejected their legitimate business interruption claims.
Posted: Apr 30, 2020
A fire broke out at a construction site in the South Korean city of Icheon, and killed at least 38 workers and injured ten others.
Posted: Apr 30, 2020
The Hungarian Competition Authority has fined Dutch online travel agency Booking.com BV a record €7 million ($7.6 million) for unfair trade practices.
Posted: Apr 30, 2020
A report said that China's movie box office faces losses of more than 30 billion Chinese yuan ($4.2 billion) this year due to the COVID-19 pandemic.
Posted: Apr 30, 2020
Richard Brabec, environment minister of Czech Republic, has said that the country is suffering a "catastrophic" drought due to a lack of precipitation and increasing average temperatures.
Posted: Apr 30, 2020
A report by A.M. Best Co. Inc. said that the economic fallout due to the COVID-19 pandemic is likely to add pressure on nonlife insurance premium growth in Singapore this year and potentially over the subsequent years.
Posted: Apr 30, 2020
Joachim Wenning, chief executive of Munich Reinsurance Co., expects the cost of the COVID-19 pandemic to be substantial but manageable for the reinsurer.
Posted: Apr 30, 2020
Insurer Croatia Osiguranje dd's gross written premiums fell nearly 5% year-over-year to nearly 984 million Croatian kuna ($141 million) in the first quarter.
Posted: Apr 30, 2020
The range of policyholders filing lawsuits against insurers over coronavirus-related business interruption claims continued to expand Wednesday with the Simon Wiesenthal Center suing Chubb Ltd. for coverage.
Posted: Apr 29, 2020
President Donald Trump on Tuesday signed an executive order directing meat and poultry processors to continue operations to the maximum extent possible to prevent disruption to the country’s food supply chain. Although temporary guidance regarding th...
Posted: Apr 29, 2020
A federal appeals court reversed a $64.1 million jury award Tuesday and ruled in favor of Fireman’s Fund Insurance Co. in an asbestos coverage dispute with Utica Mutual Insurance Co.
Posted: Apr 29, 2020
An appeals court on Tuesday ordered a retrial in a negligence lawsuit against a fruit company that resulted in a $2.6 million award to a man who was crushed in a forklift accident at a California mandarin orchard.
Posted: Apr 29, 2020
A landscaper who was intoxicated when he rear-ended another car in a company vehicle is not entitled to workers compensation benefits, an appellate court held Monday.
Posted: Apr 29, 2020
Beazley Group PLC has added five mergers and acquisitions underwriters to expand its transactional risk insurance business, the London-based insurer said Wednesday.
Posted: Apr 29, 2020
Fifty-four percent of U.S. employees say they are worried about exposure to COVID-19 at their job, according to the results of a new national poll released Tuesday by Eagle Hill Consulting LLC.
Posted: Apr 29, 2020
France is working on a new mechanism for pandemics insurance cover that could entail some state backing, and is exploring funding options to have a scheme in place ahead of another potential coronavirus lockdown, Axa's chief risk officer said.
Posted: Apr 29, 2020
Lockton Cos. LLC has named Hiram Marrero president, global growth officer, the brokerage said in a statement Wednesday.
Posted: Apr 29, 2020
Hiscox Ltd. is considering raising additional capital as it expects U.S. surplus lines rates and reinsurance rates to increase, the Bermuda-based insurer and reinsurer said Wednesday.
Posted: Apr 29, 2020
CFC Underwriting Ltd. named former Marsh JLT Specialty cyber executive Shannon Groeber executive vice president on Wednesday.
Posted: Apr 29, 2020
Manufacturing plants in India that ceased operations due to the lockdown risk losing their insurance cover if the COVID-19 induced restrictions get extended beyond May 3.
Posted: Apr 29, 2020
European airlines could face class-action lawsuit for refusing to refund customers whose flights have been cancelled due to the COVID-19 pandemic.
Posted: Apr 29, 2020
Data from the China Banking and Insurance Regulatory Commission showed that premiums grew nearly 84% month-on-month to around 493 billion Chinese yuan ($70 billion) in March.
Posted: Apr 29, 2020
Taiwanese karaoke chain Cashbox Partyworld KTV has halted operations at all its 17 branches around the nation for a week after a fire killed five people at its Linsen North Road outlet in Taipei on April 26.
Posted: Apr 29, 2020