Business Insurance
British insurers canceled more than £1 billion ($1.2 billion) of dividends on Wednesday, in moves welcomed by the Bank of England, which had cautioned the sector about the risk of heavy costs from the spread of the coronavirus.
Posted: Apr 08, 2020
Alonzo Johnson’s responsibilities as risk management and liability manager for the City of North Las Vegas these days include working as a resource for the city’s emergency management team. Fortunately, although he is working remotely, he can manage...
Posted: Apr 08, 2020
High unemployment numbers and drops in payroll totals could lead to declines in workers compensation premiums, even mid-policy, experts say.
Posted: Apr 08, 2020
Insurers are unlikely to pay out directors’ and officers’ liability claims for China-based coffeehouse chain Luckin Coffee Inc., which allegedly fabricated sales figures by more than 2 billion Chinese yuan ($283 million).
Posted: Apr 08, 2020
Insurer Hiscox Ltd. has turned down a claim by U.K.-based communications agency Media Zoo Ltd., which has asserted that it is insured against coronavirus-related incidents and cancellations.
Posted: Apr 08, 2020
Cyclone Harold made landfall in Fiji on April 8 after leaving a trail of destruction in the Solomon Islands and Vanuatu.
Posted: Apr 08, 2020
Japanese-controlled Milano Bridge container ship smashed into a crane and brought it down at Busan New Port in South Korean on April 6.
Posted: Apr 08, 2020
South Africa-based insurer African Risk Capacity plans to add coronavirus protection to its outbreaks and epidemics parametric insurance product, which it plans to launch next year.
Posted: Apr 08, 2020
Australian engineering firm ADG Engineers (Aust) Pty. Ltd. has partnered with medical experts to develop a COVID-19 support system, designed to mitigate the spread of the coronavirus on construction sites.
Posted: Apr 08, 2020
A 5.3 magnitude earthquake struck sections of Trinidad and Tobago on April 6.
Posted: Apr 08, 2020
Ratings agency A.M. Best Co. Inc. on Tuesday revised its outlook on the U.S. commercial lines insurance industry to negative from stable, due to the impact of COVID-19 and related economic slowdown.
Posted: Apr 07, 2020
(Reuters) — Goldman Sachs Group Inc. must face a shareholder class action accusing the bank of hiding conflicts of interest, including behind-the-scenes dealings with a prominent hedge fund manager, when creating risky subprime securities before the...
Posted: Apr 07, 2020
The Risk & Insurance Management Society Inc. has named Roxsann Wilson as its 2020 Risk Manager of the Year, and Jane Sandler has been inducted into the 2020 Risk Management Honor Roll.
Posted: Apr 07, 2020
In what is described as a major policyholder victory, the California Supreme Court unanimously ruled Monday that policyholders do not have to first exhaust all their primary coverage over different policy periods in order to access their excess cover...
Posted: Apr 07, 2020
A Sugar Land, Texas-based dine-in movie theater chain is suing Lloyd’s of London underwriters for coronavirus-related losses under the pandemic event endorsement in its business interruption coverage.
Posted: Apr 07, 2020
Axis Insurance, a division of Axis Capital Holdings Ltd., named Michael Carr head of U.S. excess and surplus property, Axis Capital said in a statement Tuesday.
Posted: Apr 07, 2020
Global airlines warned that 25 million jobs across the world could be at risk from the coronavirus travel downturn and the industry's representative body said airline finances were so fragile they could not afford to refund customers.
Posted: Apr 07, 2020
W.R. Berkley Corp. named Robert Standen executive vice president, the insurer announced Tuesday in a statement.
Posted: Apr 07, 2020
Pennsylvania lawmakers have joined Louisiana, New York, Ohio, Massachusetts and New Jersey in introducing a bill that would force insurers to retroactively cover business interruption claims due to COVID-19.
Posted: Apr 07, 2020
The U.S. Occupational Safety and Health Administration issued additional interim guidance Friday on respiratory protection due to supply shortages facing the health industry and other workplaces.
Posted: Apr 07, 2020
WeWork's owner, The We Company, has sued SoftBank Group, challenging its largest shareholder's decision to terminate a $3 billion tender offer for shares in the office-space sharing firm.
Posted: Apr 07, 2020
Small-business insurer Next Insurance is reducing April premiums by 25% for general liability, professional liability and commercial auto insurance customers, Next CEO Guy Goldstein said in an online letter to policyholders.
Posted: Apr 07, 2020
Move over death threats, public ridicule and scorn, and criminal charges, it’s the cancellation of insurance coverage that finally shuttered doors to a church in Florida in light of coronavirus shutdowns.
Posted: Apr 07, 2020
A union representing meat process workers nationwide can go forward with its lawsuit against the U.S. Department of Agriculture that claims that recent changes to pork processing rules are putting workers in danger, the U.S. District Court for the Di...
Posted: Apr 07, 2020
The Virginia Workers Compensation Commission announced Tuesday that it has closed and will remain so until further notice as a precautionary measure after an employee began exhibiting symptoms of COVID-19.
Posted: Apr 07, 2020