Business Insurance

Life insurer probes personal data leak of two million customers

Indonesian life insurer PT Asuransi BRI Life is investigating claims that personal data of more than two million of its customers is available online for sale.

Posted: Jul 30, 2021

Argentina declares six-month water emergency for Parana River

The 180-day “water emergency” declared for the Parana River by the Argentine government threatens the country’s grain exports at the peak time, as vessels cut cargoes to avoid grounding in the shallow river.

Posted: Jul 30, 2021

Fisheries agency seeks $800 million from miner for fuel spill

Russia’s Federal Agency for Fishery is seeking 58.7 billion Russian rubles ($800 million) from mining conglomerate MMC Norilsk Nickel PJSC for the devastating Arctic fuel spill of May 2020 that harmed aquatic bioresources.

Posted: Jul 30, 2021

Financial services D&O fines reach $270 million in UK

Law firm Berrymans Lace Mawer LLP’s tracker data revealed that financial services providers’ director and officers in the U.K. were handed down more than £196 million ($269.5 million) in large regulatory fines since 2020.

Posted: Jul 30, 2021

Repeat violations common in latest round of heavy OSHA fines

An Ohio contractor and a Georgia recycling facility face fines of more than $100,000 each for repeatedly exposing workers to deadly hazards, according to statements issued Thursday by the Occupational Safety and Health Administration.

Posted: Jul 30, 2021

Authorities probing Emergent BioSolutions

Drug manufacturer Emergent BioSolutions Inc. on Friday said it has received inquiries and subpoenas from a swathe of U.S. authorities related to its abilities to manufacture COVID-19 bulk drug substance.

Posted: Jul 30, 2021

Ransomware threatening national security: Webinar

Sanctions risk is a growing concern for policyholders and insurers as they face a rising tide of ransomware events and claims, a panel of experts said.

Posted: Jul 30, 2021

Alliant snags Willis exec for public entity practice

Alliant Insurance Services Inc. has recruited former Willis Towers Watson PLC executive Kaci Snyder as senior vice president in its public entity practice.

Posted: Jul 30, 2021

Allianz, China's first foreign-owned insurance asset management firm

Allianz SE said on Friday that its local Chinese asset management unit had received regulatory approval and would be the first wholly foreign-owned insurance asset management company in the country.

Posted: Jul 30, 2021

China watchdog promotes greater market access for foreign investors

China's banking and insurance watchdog said it would seek to stabilize the expectations of foreign investors by continuing with efforts to implement policies designed to expand their market access.

Posted: Jul 30, 2021

Gallagher reports higher revenue, more market firming

Arthur J. Gallagher & Co. reported total revenue of $1.9 billion for the second quarter, a 22.2% increase over the same period last year, though organic revenue growth was lower than some of its rivals that have reported so far.

Posted: Jul 29, 2021

Arch’s Q2 earnings jump 54%

Arch Capital Group Ltd. late Wednesday reported second-quarter net income of $718.7 million, up 54.1% from the same quarter in 2020, as premiums soared.

Posted: Jul 29, 2021

Comp fraud conviction blocks naturalization application

A federal appeals court Wednesday upheld a district court’s ruling that the U.S. Citizenship and Immigration Services did not err in denying a woman’s naturalization application because of a workers compensation fraud conviction.

Posted: Jul 29, 2021

NFP hires executive from Marsh

NFP Corp. has recruited former Marsh LLC executive Morgan Frick as senior vice president in its management and professional liability practice.

Posted: Jul 29, 2021

Lloyd’s launches climate change plan; accused of ‘greenwashing’

Lloyd’s of London this week published a report – “Insuring a Sustainable, Greener Future” – and an action roadmap the day after a member of Insurance Rebellion, a protest group pressuring insurers to withdraw from the fossil fuel sector, was arrested...

Posted: Jul 29, 2021

First-half global insurtech funding hits record $7.4B

Global insurtech funding reached a record $7.4 billion in the first half of this year, exceeding full-year totals for any previous year, according to Willis Tower Watson PLC’s quarterly InsurTech Briefing released Thursday.

Posted: Jul 29, 2021

CFC Underwriting names Newman CEO

London-based cyber insurer CFC Underwriting Ltd. has named chief innovation officer Graeme Newman as CEO, effective immediately, succeeding founder and current CEO Dave Walsh, who has been named group CEO.

Posted: Jul 29, 2021

Hartford’s Q2 profit soars 94%

Hartford Financial Services Group Inc. reported second-quarter net income of $900 million, up 94% from the year-earlier period, driven in part by written premium and underwriting gains in commercial lines and a decrease in COVID-19-related losses.

Posted: Jul 29, 2021

Policies reduced opioid prescriptions in comp: WCRI

State prescription drug monitoring programs reduced the amount of opioids prescribed by 12% in the first year of implementation, according to a study by the Workers’ Compensation Research Institute.

Posted: Jul 29, 2021

Latin America insurance market expected to grow 4.8% a year

Nicolss Deino, executive director for the financial industry at Accenture Chile, said that the Latin American insurance market would grow 4.8% a year through 2025.

Posted: Jul 29, 2021

Peak Re to acquire remaining 50% stake in Caribbean insurer

Hong Kong-based Peak Reinsurance Co. Ltd. has agreed to acquire the remaining 50% stake in St. Maarten-based insurer Nagico Holdings Ltd., subject to regulatory approvals.

Posted: Jul 29, 2021

Axis Capital’s net income more than doubles in second quarter

Bermuda-based insurer and reinsurer Axis Capital Holdings Ltd.’s net income more than doubled to $228 million in the second quarter as compared to the year-ago comparable period.

Posted: Jul 29, 2021

Uber fails to protect personal data of over 1 million Australians

The Office of the Australian Information Commissioner has found Uber Technologies Inc. in violation of Australia’s privacy rules after it failed to the protect personal data of an estimated 1.2 million Australians.

Posted: Jul 29, 2021

Scor’s net income jumps nearly 1,400%

France-based reinsurer Scor SE’s net income surged 1,361.5% year-on-year to €380 million ($447 million) in the first half of the year versus €26 million in the year-ago comparable period.

Posted: Jul 29, 2021

Sasria may face over $1 billion property claims from riots

South Africa’s Minister of Finance Tito Mboweni said that the state-owned insurer Sasria SOC Ltd. could face up to 20 billion South African rand ($1.35 billion) in insurance claims for property damages during the recent riots.

Posted: Jul 29, 2021