Business Insurance
French luxury goods company Chanel SAS’ South Korean unit issued an apology on Aug. 8 after hackers stole its customers’ personal data in a recent cyberattack.
Posted: Aug 10, 2021
Bayer lost a third appeal of U.S. court verdicts that awarded damages to customers blaming their cancers on use of its glyphosate-based weedkillers, leaving the German drugs and pesticides group to pin hopes for legal relief on the U.S. Supreme Court...
Posted: Aug 10, 2021
Data from the Insurance Regulatory Commission of Sri Lanka showed that the local insurance industry’s total gross written premium income rose 6% year-on-year to 208.25 billion (1.04 billion) Sri Lankan rupees in 2020.
Posted: Aug 10, 2021
U.A.E.-based Abu Dhabi National Insurance Co. PSC's net profit increased 31% year-on-year to 248.7 million United Arab Emirates dirham ($68 million) in the first half of the year driven by improved underwriting and investments.
Posted: Aug 10, 2021
Italy’s National Institute of Geophysics and Volcanology said that the Italian volcano Mount Etna erupted on Aug. 9 with strong explosions that rattled the nearby buildings in the Catania province.
Posted: Aug 10, 2021
Australian insurer Suncorp Group Ltd. utilized its reinsurance cover only for a single event in the financial year ended June 30, 2021, despite natural catastrophe costs exceeding the budget by almost $60 million Australian ($44 million).
Posted: Aug 10, 2021
German reinsurer Deutsche Ruckversicherung AG said that the losses from the recent floods and rainfall in Germany have triggered its retrocession program.
Posted: Aug 10, 2021
German insurer Allianz SE’s net income surged 46% year-on-year to €2.2 billion ($2.6 billion) in the second quarter, driven by a rise in operating profit across all its business segments.
Posted: Aug 10, 2021
Armin Laschet, Minister-President of the German state of North Rhine-Westphalia, said that the total damage from the recent floods in Germany is likely to surpass €26 billion ($30.6 billion).
Posted: Aug 10, 2021
Losses from theft, hacks and fraud in “decentralized finance” or DeFi, a thriving segment in the cryptocurrency sector, hit an all-time high in the first seven months of the year, a report from crypto intelligence company CipherTrace showed Tuesday.
Posted: Aug 10, 2021
While policyholders continue to lose most COVID-19-related business interruption coverage disputes, a clear picture on the issue will likely not emerge before state supreme and federal appellate courts issue more rulings on the issue.
Posted: Aug 10, 2021
German reinsurance group Munich Re said Tuesday it would meet its 2021 profit goal as it raised its forecast for gross premiums and predicted higher pandemic-related losses than previously anticipated.
Posted: Aug 10, 2021
Amazon.com Inc. on Tuesday said it would pay customers who suffer injuries or property damage from defective goods others sell on its U.S. platform, in a new policy that could reduce litigation.
Posted: Aug 10, 2021
Swiss Re Corporate Solutions has hired former American International Group Inc. executive Marilyn Blattner-Hoyle as global head of trade finance in its global credit and surety unit, effective Aug. 18.
Posted: Aug 10, 2021
The U.S. Securities and Exchange Commission said Monday that Poloniex has agreed to pay roughly $10.4 million to settle charges of operating as an unlicensed cryptocurrency exchange.
Posted: Aug 09, 2021
Lockton Re, the reinsurance business of Lockton Cos. LLC, has recruited former Guy Carpenter & Co. LLC executive Rob McNamara as North American facultative leader.
Posted: Aug 09, 2021
Acrisure Re, the reinsurance division of Acrisure LLC, has hired former Guy Carpenter & Co. LLC executive Craig Darling to launch a Florida office.
Posted: Aug 09, 2021
India’s state-controlled reinsurer General Insurance Corporation of India has moved its Middle East and North Africa business from Dubai to the Indian state of Gujarat.
Posted: Aug 09, 2021
Kenya Reinsurance Corp. Ltd.’s net profits plunged 66% year-on-year in the first half of the year, as its loss ratio climbed after a 22% growth in insurance claims to 6.3 billion Kenyan shillings ($58 million).
Posted: Aug 09, 2021
Wildfires spreading in the Greek capital of Athens have forced evacuation of thousands of tourists and residents as the fires ravage businesses, homes and cars.
Posted: Aug 09, 2021
Insurance rate increases accelerated slightly in most lines in July, with only workers compensation prices decreasing, according to data from insurance exchange Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.
Posted: Aug 09, 2021
Qatar Insurance Co. QSPC’s recorded a net profit of more than 342 million Qatari rial ($94 million) in the first half of the year, up from a loss of nearly QAR208 million in the year-ago comparable period.
Posted: Aug 09, 2021
China’s antitrust regulator is reportedly planning to fine food-delivery company Meituan Inc. roughly $1 billion for its alleged abuse of dominant market position.
Posted: Aug 09, 2021
Irish insurer FBD Holdings PLC now expects €183 million ($214 million) in gross claims and costs from the COVID-19 business interruption test case in 2021, up from the previous estimate of €150 million.
Posted: Aug 09, 2021
Global supply chains are feeling the impact of extreme weather conditions in China, as a heavy typhoon season strikes the country, severely affecting port and factory operations in Chinese industrial hubs.
Posted: Aug 09, 2021