Business Insurance
Sources at Lebanon's Insurance Control Commission said that several insurers have failed to properly reinsure their risks, putting around $700 million worth of damage caused by the Beirut Port blast at risk.
Posted: Nov 09, 2020
French reinsurer Scor SE's gross written premiums increased 1% year-on-year to nearly €4.1 billion ($5 billion) in the third quarter of 2020 despite the COVID-19 pandemic.
Posted: Nov 09, 2020
U.K.-based insurer and reinsurer Beazley PLC plans to use reinsurance to manage growth in some of the more volatile lines it rights.
Posted: Nov 09, 2020
U.S.-based cybersecurity firm Cyble Inc. said that India-based e-commerce grocery firm BigBasket suffered a cyber attack on Oct. 14 and personal details of up to 20 million customers were stolen.
Posted: Nov 09, 2020
Singapore Airlines Ltd. reported a record loss of $2.3 billion Singapore ($1.7 billion) in the quarter ended Sep. 30, as the carrier continued to reel from the impact of the COVID-19 pandemic on global air travel.
Posted: Nov 09, 2020
The Federal Trade Commission is aiming to clean house on counterfeit websites that allegedly trick consumers into paying for Clorox and Lysol cleaning products that never get delivered.
Posted: Nov 06, 2020
A federal district court in Austin, Texas, on Wednesday refused to dismiss a COVID-19 business interruption lawsuit filed by a barbershop against a Hartford Financial Services Group Inc. unit based on language in its virus exclusion that provides for...
Posted: Nov 06, 2020
An annual report to the California legislature on claims-handling practices of worker compensation administrators found that 67.5% met or exceeded the performance standards set by the states.
Posted: Nov 06, 2020
American International Group Inc. will likely spin off its life and retirement business via an initial public offering or a staggered private sale, its incoming CEO Peter Zaffino said Friday.
Posted: Nov 06, 2020
There are “significant regional differences” in the share of total reported claims arising from COVID-19, with Southern California showing higher incidents of workplace illnesses, according to a study released Thursday by the Workers’ Compensation In...
Posted: Nov 06, 2020
Former workers compensation administrator Stephanie McCloud has been promoted to director of the Ohio Department of Health, Ohio Gov. Mike DeWine announced Thursday.
Posted: Nov 06, 2020
Pfizer Inc. received informal requests relating to its operations in China from the U.S. Department of Justice and the U.S. Securities and Exchange Commission in June and August, respectively, its regulatory filing showed on Thursday.
Posted: Nov 06, 2020
The husband of a former Amazon.com Inc. finance manager who leaked confidential information about the online retailer's financial performance pleaded guilty on Thursday to an insider trading charge, the U.S. Department of Justice said.
Posted: Nov 06, 2020
Pricing changes across multiple lines of business have been much in the news this week. Also of note: Several underwriters have switched companies.
Posted: Nov 06, 2020
Beazley PLC indicated on Friday that it would post an underwriting loss for the year, as the British specialist insurer set aside $80 million to pay out catastrophe claims and reiterated its pandemic-related loss estimate.
Posted: Nov 06, 2020
Finland-based insurer Sampo Oyj's pre-tax profit increased more than five-fold to €485 million ($564 million) in the third quarter of the year, driven by excellent results at its property/casualty unit.
Posted: Nov 06, 2020
Australia-based Suncorp Group Ltd. expects claims related to hailstorms that hit Queensland on Oct. 31 of up to $220 million Australia ($159 million).
Posted: Nov 06, 2020
Japanese video game developer Capcom Co. Ltd. suffered a cyber attack on Nov. 2, in which around 1 terabyte of data was stolen.
Posted: Nov 06, 2020
U.K.-based insurer and reinsurer Lancashire Holdings Ltd.'s gross written premiums increased 14% year-on-year to nearly $659 million in the first nine months of 2020.
Posted: Nov 06, 2020
U.K.-based RSA Insurance Group PLC in the fourth quarter has reached the retention limit of its aggregate reinsurance program that cedes risk from any loss events exceeding £10 million ($13 million).
Posted: Nov 06, 2020
India-based pharmaceutical company Lupin Ltd. suffered a cyber attack barely two weeks after Dr Reddy's Laboratories Ltd. reported a cyber attack on Oct. 22.
Posted: Nov 06, 2020
Indonesia's geological agency has raised the alert level of Mount Merapi volcano to second highest and ordered a halt of tourism and mining activities.
Posted: Nov 06, 2020
U.K.-based Associated British Foods PLC received an insurance payment of £30 million ($39 million) for damage to its Speedibake Wakefield bakery in a massive blaze in February.
Posted: Nov 06, 2020
A federal appeals court has affirmed a lower court’s summary judgment against an American International Group Inc. unit in litigation over a well site fire.
Posted: Nov 05, 2020
American International Group Inc. reported a slump in third-quarter profit on Thursday, hurt by losses related to storms, wildfires and the COVID-19 pandemic.
Posted: Nov 05, 2020