Business Insurance
New Zealand-based insurer Tower Ltd.’s profit after tax slumped 73% year-on-year to nearly $3 million New Zealand ($2 million) in the six months to March 31, largely due to large event claims.
Posted: May 26, 2022
Italy issued yellow alert after Mount Etna erupted on May 20, spewing smoke and red hot lava that gushed down to the Lion Valley.
Posted: May 26, 2022
The U.K. Information Commissioner's Office has fined U.S.-based facial recognition company Clearview AI Inc. over £7.5 million ($9.4 million) for violation of the U.K.’s data protection laws.
Posted: May 26, 2022
U.S.-based Moody’s Investors Service Inc. has warned that prolonged high inflation would affect the profits of insurers in Europe, Middle East and Africa, especially property and casualty insurers, as claims costs surge due to inflation.
Posted: May 26, 2022
U.S.-based Apple Inc. is reportedly expecting manufacturing delays and an impact on the initial production volumes of new iPhones due to the strict COVID-19 lockdowns in China and resulting production suspensions.
Posted: May 26, 2022
A divided Ohio Supreme Court on Tuesday upheld a determination that a cable installation provider misclassified its workers as independent contractors.
Posted: May 26, 2022
Private U.S. property/casualty insurers’ net income rose slightly to $61.9 billion in 2021 from $60.3 billion in 2020, but the groups’ combined ratio deteriorated to 99.6% from 98.6%, according to a report released Thursday by Verisk Inc. and the Ame...
Posted: May 26, 2022
Twitter Inc. has settled with U.S. authorities over allegations it misrepresented the “security and privacy” of user data between May 2013 and September 2019, according to court documents filed Wednesday.
Posted: May 25, 2022
Commercial insurance premiums increased by 6.6% in the first quarter of 2022, more than two percentage points lower than the average increase in the fourth quarter of 2021, according to the Council of Insurance Agents & Brokers’ latest pricing survey...
Posted: May 25, 2022
AssuredPartners Inc. has filed suit and obtained a preliminary injunction against former employees whom, it charges, set up captives for clients, then skimmed off a portion of the premiums.
Posted: May 25, 2022
Teva Pharmaceutical Industries and AbbVie’s Allergan unit reached a settlement worth $161.5 million to resolve claims the companies fueled an opioid epidemic in West Virginia, state attorney general Patrick Morrisey said Wednesday.
Posted: May 25, 2022
A federal judge on Wednesday threw out a lawsuit by a group of gun manufacturers, distributors and retailers challenging the constitutionality of a New York law that allows the state and people affected by gun violence to sue the industry.
Posted: May 25, 2022
A federal appeals court and a Maryland state appeals court affirmed lower court rulings in favor of insurers in three COVID-19 business interruption-related cases filed by restaurants on Tuesday.
Posted: May 25, 2022
Russia has so far deflected much of the impact of sanctions on its oil trade, but the insurance industry threatens to throw a spanner in the works unless Moscow and its customers can plug a gap left by Western underwriters.
Posted: May 25, 2022
The U.S. Securities and Exchange Commission on Wednesday will propose rule changes aimed at stamping out unfounded claims by funds on their environmental, social and corporate governance credentials, and enforcing more standardization of such disclos...
Posted: May 25, 2022
Glencore PLC said Tuesday it anticipates paying up to $1.5 billion to settle accusations of bribery and market manipulation, as authorities in the United States, Britain and Brazil announced that three of the company’s subsidiaries were pleading guil...
Posted: May 25, 2022
Pay levels varied among top brokerage CEOs last year, with one seeing a slight dip in compensation and three receiving increases of more than 20%.
Posted: May 25, 2022
The average medical cost-per-claim for injured workers with lower back pain who were treated exclusively by a chiropractor was 61% less than for those who received no chiropractic treatment, according to a new report.
Posted: May 25, 2022
California employers would be required under a recently amended bill to make available the services of a licensed clinical social worker when it is reasonably required to cure or relieve a worker from the effects of an injury.
Posted: May 25, 2022
A group of Florida workers compensation insurers is challenging the legitimacy of a state policy they claim improperly requires them to authorize physicians and other providers to dispense medications to injured workers.
Posted: May 25, 2022
Heavy rainfall over the past few days caused flooding at La Vanguardia Airport in the Colombian department of Meta on May 20, forcing the suspension of airport operations.
Posted: May 25, 2022
Kuwait Reinsurance Co. KSCP's net profit increased 13% year-on-year to around 2 million Kuwaiti dinar ($6.7 million) in the first quarter of 2022, mainly due to high net investment income and a significant decrease in general and administrative expen...
Posted: May 25, 2022
The aggregate pre-tax net profit of listed insurers in Oman plunged 46% year-on-year to a five-year low of 21 million Omani rial ($54.6 million) in the first quarter of the year.
Posted: May 25, 2022
U.K.-based insurance broker Willis Towers Watson PLC has launched a special cyber insurance product called CyNav for ports and terminals.
Posted: May 25, 2022
German insurer HDI Global SE has restructured its U.K. and Ireland operations to better align its commercial and specialty businesses.
Posted: May 25, 2022