Business Insurance
The U.S. Securities and Exchange Commission said Monday it has levied fines totaling $750,000 against three broker-dealers/investment advisory groups for cybersecurity policy failures that resulted in email account takeovers exposing the personal inf...
Posted: Aug 31, 2021
A federal appeals court said the trustee liquidating Bernard Madoff's firm can pursue a $343.1 million clawback lawsuit against Citigroup Inc, a decision that could help the late swindler's customers recover close to the estimated $17.5 billion they...
Posted: Aug 31, 2021
FM Global on Tuesday named Lyndon D. Broad senior vice president, chief underwriting officer and David M. Johnson senior vice president, chief client experience officer as the major property/casualty insurer continues to realign its leadership.
Posted: Aug 31, 2021
Shares of Robinhood Markets Inc., a popular gateway for trading meme stocks, tumbled nearly 7% on Monday on news that PayPal Holdings Inc. may start an online brokerage and a report saying regulators were looking at a possible ban on a practice that...
Posted: Aug 31, 2021
Production on the new "Mission: Impossible" movie was shut down seven times due to the coronavirus pandemic, according to a lawsuit filed on Monday that accuses the film’s insurance company of failing to pay out for all but one of the costly stoppage...
Posted: Aug 31, 2021
Japan’s industrial output dropped 1.5% month-over-month in July as a surge in COVID-19 cases led to stringent lockdowns that disrupted parts supply and production of cars, electrical machinery and communication electronics equipment.
Posted: Aug 31, 2021
Willis Towers Watson PLC on Monday said it was reorganizing its global leadership ranks across two business segments and three geographies.
Posted: Aug 31, 2021
COVID-19 workers compensation claims in Florida more than doubled in July from the previous month, according to a report released Monday by the Florida Division of Workers’ Compensation, which has been tracking income-replacement comp claims since th...
Posted: Aug 31, 2021
The U.S. Securities and Exchange Commission recently has cracked down on companies it deems to have breached securities laws by making inadequate cybersecurity disclosures, and it’s expected to continue to pursue enforcement activity.
Posted: Aug 31, 2021
Insurers are bracing for $15 billion to $30 billion in claims from Hurricane Ida, but the figure could jump higher, in part because of pandemic pricing that has pushed up the cost of lumber and labor to rebuild, insurance experts said Monday.
Posted: Aug 31, 2021
Zurich Insurance Group named Paolo Mantero chief strategy officer as of the start of next year.
Posted: Aug 31, 2021
Torrential rains and floods in New Zealand’s Auckland on Aug. 30 damaged properties, farms and vehicles and forced road closures.
Posted: Aug 31, 2021
Coal India Ltd.’s decision to reduce coal supplies and a shortage of rail cars for captive power plants has brought the Indian aluminum industry to an abrupt halt, threatening small and medium enterprises in the downstream sector.
Posted: Aug 31, 2021
Data from the U.K.’s National Fraud Intelligence Bureau showed that financial losses from cyber crimes and fraud tripled to £1.3 billion ($1.8 billion) in the first half of the year from £414.7 million in the year-ago comparable period.
Posted: Aug 31, 2021
Bangkok Airways Public Co. Ltd. has revealed that it discovered a cyber attack on its systems on Aug. 23 that breached personal data of its customers, including passport information, contact details and partial credit card information.
Posted: Aug 31, 2021
According to Egypt’s Financial Regulatory Authority, the local insurance market reported more than 32% year-on-year growth in premium income to 24.5 billion Egyptian pounds ($1.56 billion) in the first half of the year.
Posted: Aug 31, 2021
Anthony Leeming, chief executive of South African resort group Sun International Hotels Ltd., said that the hotel group will receive 500 million South African rand ($34 million) worth of COVID-19 related business interruption insurance claims payment...
Posted: Aug 31, 2021
Strict lockdowns and travel restrictions in Vietnam’s major export hub Ho Chi Minh City due to the fast-spreading COVID-19 Delta variant infections are threatening the global coffee supply chain.
Posted: Aug 31, 2021
Nearly all of Louisiana lost electrical power on Monday after one of the most powerful hurricanes to strike the region downed power lines, littered roads with debris and flooded isolated communities south of New Orleans.
Posted: Aug 30, 2021
A federal appeals court Friday affirmed a jury award in favor of an Axa SA unit in litigation largely related to a Hurricane Irma claim.
Posted: Aug 30, 2021
Moody’s Investors Services Inc. cautioned Monday that it could take “months” to assess the magnitude of Ida’s impact on the property/casualty sector after the Category 4 Hurricane barreled into the Louisiana coast on Sunday.
Posted: Aug 30, 2021
Hurricane Ida damaged a Louisiana grain export elevator owned by global grain trader Cargill Inc. and disrupted export operations at the busiest bulk grain export facilities in the United States on Monday.
Posted: Aug 30, 2021
Fitch Ratings Inc. said in a note Monday that preliminary estimates show a potential insurance industry loss from Hurricane Ida of $15 billion to $25 billion, which would be well below the record $65 billion in insured losses from Hurricane Katrina i...
Posted: Aug 30, 2021
At least one person has died and power is out across Louisiana and Mississippi on Monday as officials warned residents against venturing out on roads littered with downed power lines and debris from Ida, which remains a powerful storm.
Posted: Aug 30, 2021
Heavy rainfall have caused severe flooding in the Indian states of Bihar and Assam, affecting more than three million people.
Posted: Aug 30, 2021