Business Insurance
A federal appeals court Monday affirmed an arbitration award in favor of Lloyd's of London in a reinsurance dispute with CNA Financial Corp. units, stating it might have ruled otherwise, but is constrained by federal arbitration law.
Posted: Aug 24, 2021
Worldwide insurance merger and acquisition activity slipped slightly in the first half of 2021 with 197 deals compared with 201 for the same period last year, according to a report released Tuesday from law firm Clyde & Co.
Posted: Aug 24, 2021
Commercial insurance prices moderated across all account sizes with an average increase of 8.3%, but cyber saw a premium hike of 25.5%, according to The Council of Insurance Agents & Brokers’ second-quarter Commercial P/C Market Survey released Tuesd...
Posted: Aug 24, 2021
Typhoon Omais made landfall in South Korea on Aug. 23, causing heavy rains and flash floods that inundated roads and buildings and forced the evacuation of more than 10,000 people in the southern region of the country.
Posted: Aug 24, 2021
Analysts at Canadian investment banking firm RBC Capital Markets LLC said that foreign insurers have enjoyed stronger growth in China than local insurers who have seen volumes stagnate.
Posted: Aug 24, 2021
Catastrophe modeler Risk Management Solutions Inc. estimates €6.5 billion ($7.7 billion) in insured and reinsured losses from the devastating floods that ravaged Europe in July.
Posted: Aug 24, 2021
The judge overseeing Purdue Pharma’s bankruptcy said on Monday that some members of the Sackler family who own the OxyContin maker face a “substantial risk” of liability and could be on the hook for “huge amounts of money” over claims the company fue...
Posted: Aug 24, 2021
At least six U.S. states, including Georgia, did not fully sign on to a proposed $26 billion settlement with three drug distributors and Johnson & Johnson, which have been accused of fueling the nation's opioid epidemic, according to the states' atto...
Posted: Aug 24, 2021
The U.S. Securities and Exchange Commission will seek input on whether digital customer engagement innovations used by financial firms should be governed by existing rules or may need new ones, commission chair Gary Gensler told Reuters.
Posted: Aug 24, 2021
What’s to become of the pets when the pandemic wanes? According to survey results released Tuesday, there’s much to bark about.
Posted: Aug 24, 2021
New issuance of catastrophe bonds hit a record $8.5 billion in the first half of 2021, driven by additional capital inflows into the sector and new sponsors drawn to the fresh capital.
Posted: Aug 24, 2021
South Africa's only insurer covering political violence will increase its premiums to cover a rise in reinsurance costs following some of the worst unrest in decades, the head of the state-owned company told Reuters.
Posted: Aug 24, 2021
Supply chain disruptions have hit McDonald's Corp. which has ran out of bottled drinks and milkshakes across its locations in England, Scotland and Wales.
Posted: Aug 24, 2021
The consolidated profit of 28 listed insurers in the U.A.E. rose 25% year-on-year to 1.15 billion United Arab Emirates dirhams ($313 million) in the first half of the year.
Posted: Aug 24, 2021
Jamal Asfour, chief executive of the Insurance Corporation of Afghanistan, said that the Afghan insurer will continue to operate despite the current political turmoil triggered by the Taliban’s takeover of Afghanistan.
Posted: Aug 24, 2021
Foot Locker Inc., Adidas AG and Buckle Inc. are joining the list of companies struggling to replenish their inventories due to large-scale factory lockdowns in Vietnam triggered by the recent surge in COVID-19 infections.
Posted: Aug 24, 2021
A report by Marsh LLC said that insurance rates in Australia continued to increase in the first half of the year.
Posted: Aug 24, 2021
EPIC Insurance Brokers and Consultants has recruited former Risk Strategies Co. executive Peter Marshall as managing principal, media services in its entertainment and sports practice.
Posted: Aug 23, 2021
A Connecticut Native American tribe can recover up to $2 million in COVID-19 business interruption losses and cleanup costs under its $1.6 billion in coverage, a state court has ruled.
Posted: Aug 23, 2021
Forty-six percent of employers say they are “more strongly” considering a vaccine mandate for employees due to the recent rise in COVID-19 cases, according to survey results released Monday by San Francisco-based employment law firm Littler Mendelson...
Posted: Aug 23, 2021
The National Council on Compensation Insurance filed a proposed workers compensation loss-cost decrease of 7.9%, effective Nov. 1, the West Virginia Offices of the Insurance Commissioner announced.
Posted: Aug 23, 2021
Performance among the 17 non-life reinsurers monitored by Fitch Ratings Inc. improved during the first half of 2021 as the group’s combined ratio dropped to 94.5% from 105.9% during the first half of 2020 and net premiums written jumped 18.47% to $72...
Posted: Aug 23, 2021
Austria-based insurer Uniqa Insurance Group AG’s pre-tax earnings surged almost 290% year-on-year to €216 million ($254 million) in the first half of the year.
Posted: Aug 23, 2021
Russia-based Insurance Company of Gaz Industry Sogaz will provide 2 trillion Russian ruble ($27 billion) worth of insurance cover for all of Rosenergoatom JSC’s nuclear power plants in Russia.
Posted: Aug 23, 2021
Aon PLC on Monday announced several executive changes in its reinsurance brokerage unit.
Posted: Aug 23, 2021