Business Insurance
U.K.-based marine insurer The Standard Club Ltd. said that its combined ratio improved to 105% in the year ended Feb. 20, 2022, compared to 121% seen in the previous financial year.
Posted: Jun 21, 2022
U.S.-based Moody’s Investors Service Inc. is looking to downgrade the A3 insurance financial strength rating of Hong Kong-based Peak Reinsurance Co. Ltd. from “stable,” due to concerns of contagion risks from the weakening credit profile of its major...
Posted: Jun 21, 2022
U.K.-based Howden Broking Group Ltd. said that increasing numbers of secondary catastrophes have driven up insurance losses and rates while adversely affecting capacity in the first quarter of the year.
Posted: Jun 21, 2022
Greece has filed a €214 million ($224.6 million) lawsuit against Swiss pharmaceutical firm Novartis AG, accusing the company of engaging in illicit activities to drive up its sales in Greece.
Posted: Jun 21, 2022
Japanese carmaker Toyota Motor Corp. is appealing the Australian Federal Court’s April class-action ruling that could make Toyota liable to pay around $2 billion in damages to more than 260,000 customers in Australia for faults in their Toyota vehicl...
Posted: Jun 21, 2022
The European Union’s top court has sided with Spain, ordering U.K.-based marine insurer The London P&I Club to pay a multi-million dollar claim for the damage caused by a major oil spill from a Greek oil tanker in 2002.
Posted: Jun 21, 2022
Spain on Monday won backing from Europe’s top court in its multimillion euros damage claim against The London Steam-Ship Owners’ Mutual Insurance Association Ltd. for a massive oil spill on its northwestern coast two decades ago.
Posted: Jun 21, 2022
A Louisiana appeals court’s refusal to dismiss policyholder litigation in a COVID-19-related business interruption case is a significant ruling and is expected to be influential, policyholder attorneys say.
Posted: Jun 21, 2022
Taiwan’s Central Weather Bureau said that a 6.0-magnitude earthquake struck Hualien County in Taiwan on June 20, rattling most parts of Taiwan including Taipei, and even mainland China’s Fujian province.
Posted: Jun 20, 2022
Research firm Counterpoint Technology Market Research’s report said that European smartphone market declined 12% in the first quarter of the year after recording the lowest shipments for the period in almost a decade mainly due to component shortages...
Posted: Jun 20, 2022
Data from the Central Bank of Hungary showed that local insurers’ aggregate gross profit plummeted by more than 11% year-on-year to almost 22 billion Hungarian forint ($57.3 million) in the first quarter of the year.
Posted: Jun 20, 2022
Ongoing civil unrest in Ecuador against the government’s social and economic policies have caused an estimated $50 million in losses to the country’s production sector, as the protestors damage infrastructure and businesses.
Posted: Jun 20, 2022
The Rail, Maritime and Transport union’s planned strike this week in the U.K. is likely to cause an estimated £1 billion ($1.2 billion) in losses to the tourism, leisure and theatre industries in the country.
Posted: Jun 20, 2022
Lebanese insurance broker Chedid Capital Holding’s subsidiary, Chedid Insurance Brokers Egypt has received a license to operate in Cairo.
Posted: Jun 20, 2022
South Africa’s government has allocated 22 billion South African rand ($1.4 billion) to state-owned insurer South African Special Risk Insurance Association SOC Ltd. to help the insurer maintain its solvency following huge losses from the July 2021 r...
Posted: Jun 20, 2022
Lockton Cos. Inc. has recruited former Marsh & McLennan Cos. Inc. executive Machua Millett as chief innovation officer and alternative investment practice leader in its financial services group.
Posted: Jun 17, 2022
A federal district court in California has refused for the second time to dismiss COVID-19 related litigation filed by a hotel group against a Sompo International Holdings Ltd. claiming coverage under an environmental policy.
Posted: Jun 17, 2022
John Hampton, professor of business at St. Peter’s University in Jersey City, New Jersey, and former executive director of the Risk & Insurance Management Society Inc., died Monday at age 79.
Posted: Jun 17, 2022
State securities regulators in Alabama, Kentucky, New Jersey, Texas and Washington are investigating crypto lender Celsius Network’s decision this week to suspend customer redemptions, Joseph Rotunda, enforcement director at the Texas State Securitie...
Posted: Jun 17, 2022
A teacher who injured her back at work and who had surgery out of state and out of her employer’s network is due compensation for her surgery because the school district had originally denied her claim, the Supreme Court of South Dakota unanimously r...
Posted: Jun 17, 2022
Law enforcement in the United States, Germany, the Netherlands and Britain dismantled a global network of internet-connected devices that had been hacked by Russian cybercriminals and used for malicious purposes, the U.S. Justice Department said Thur...
Posted: Jun 17, 2022
Africa’s largest retail chain Shoprite Holdings Ltd.’s IT systems were recently compromised in a recent ransomware attack by RansomHouse.
Posted: Jun 17, 2022
Data from the Czech Insurance Association showed that local insurers’ aggregate written premium increased almost 9% year-on-year to nearly 41 billion Czech koruna ($1.8 billion) in the first quarter of the year.
Posted: Jun 17, 2022
The Mexican Employers Federation said that a group of armed robbers stole 20 containers loaded with gold, silver ore, and televisions from a Mexican freight yard earlier this month.
Posted: Jun 17, 2022
It’s been another big week for executive changes, led by moves at Chubb. Also of note: A rare win by a policyholder in COVID-19-related business interruption litigation.
Posted: Jun 17, 2022