Business Insurance
South Korean insurers’ combined net profits increased to around 8 trillion South Korean won ($5.95 billion) in the first half of this year, in a new record set by the industry, Asia Insurance Review reported citing Pulse by Maeil Business News Korea....
Posted: Aug 22, 2023
According to a new report from Aon PLC, South Africa’s insurance market is continuing to see reduced capacity on risks, making it challenging to secure coverage with carriers, Middle East Insurance Review reported. The report also highlights that nat...
Posted: Aug 22, 2023
Independent insurance brokerage Latin RE is the first Brazilian broker to get a license to operate directly in the specialist Lloyd’s insurance and reinsurance marketplace, Reinsurance News reported. The announcement means Latin RE will be able to se...
Posted: Aug 22, 2023
Germany-based insurer Allianz SE's Asian business has reported a 18% year-on-year increase in operating profit to €370 million ($402.9 million) in the first half of this year, Asia Insurance Review reported. The property and casualty segment’s operat...
Posted: Aug 22, 2023
Insurance Australia Group Ltd., which is ensnared in a litigation over the collapse of supply chain financing firm Greensill Capital Pty Ltd., said in its annual report on Aug. 21 that it has 20 claims with an aggregate value of $7 billion Australian...
Posted: Aug 22, 2023
The U.S. Department of Labor on Monday announced it filed a federal whistleblower lawsuit against a Tyler, Texas-based company over allegations it fired a worker who had requested to use a respirator to protect against workplace smoke and fumes.
Posted: Aug 22, 2023
The Occupational Safety and Health Administration has cited a San Antonio, Texas, wire drawing company after a worker suffered a fatal fall from a forklift in February.
Posted: Aug 22, 2023
Funds managed by Goldman Sachs Asset Management will invest more than $1 billion in debt and equity in World Insurance Associates LLC, the acquisitive brokerage announced Monday.
Posted: Aug 21, 2023
Ukraine is considering using its newly tested wartime Black Sea export corridor for grain shipments after other cargo ships follow the first successful evacuation of a vessel on the route last week, a senior agricultural official said on Monday.
Posted: Aug 21, 2023
Indivior has agreed to pay $30 million to settle a class-action lawsuit filed in a U.S. court by health plans accusing the drugmaker of illegally suppressing generic competition for its opioid addiction treatment Suboxone.
Posted: Aug 21, 2023
Broker Marsh LLC, a unit of Marsh & McLennan Cos. Inc., said in a statement Sunday it would acquire Australia’s Honan Insurance Group.
Posted: Aug 21, 2023
The U.S. Occupational Safety and Health Administration cited a Wisconsin art supply manufacturing company after a worker’s February amputation injury.
Posted: Aug 21, 2023
Corporate creators, do you want copyright protections to keep your artistic works from being stolen? Better fire your artificial intelligence.
Posted: Aug 21, 2023
New issuance of catastrophe bonds during the first half of 2023 set records for both dollar amount at $9.85 billion and deal total with 64 tranches of notes, according to a report Monday from Swiss Re Ltd.
Posted: Aug 21, 2023
Russia’s Ministry of Emergency Situations said that a fire broke out at the key Russian Black Sea port of Novorossiysk on Aug. 18, with the cause of the blaze yet unknown, TradeWinds reported citing Yahoo. The fire reportedly started in a cargo area...
Posted: Aug 21, 2023
A report published by Clyde & Co. showed that the Middle East and Africa was the only region worldwide to see an uptick in insurance mergers and acquisitions in the first half of this year, with nine deals completed compared to eight in the previous...
Posted: Aug 21, 2023
Data from Egypt’s Financial Regulatory Authority showed that local insurers recorded a 28.9% year-on-year growth in total insurance premiums to 35.8 billion Egyptian pound ($1.15 billion) in the first half of this year, driven by growth in the non-li...
Posted: Aug 21, 2023
Australia-based Echo Law Pty Ltd. has initiated a class action against Qantas Airways Ltd. in federal court, alleging that the airline’s use of COVID-19 travel credits allowed it to treat its customers’ money as more than $1 billion in interest-free...
Posted: Aug 21, 2023
The Slovenian government has raised its estimates for the damage caused by the recent floods from the initial €500 million ($543.4 million) to several billions of euros, Xprimm reported. The estimates for insured losses caused by the floods may excee...
Posted: Aug 21, 2023
Insurance Australia Group Ltd. posted 10.6% year-on-year growth in gross written premiums to $14.73 billion Australian ($9.42 billion) in the fiscal year ended June 30, Reuters reported. The insurer’s cash earnings more than doubled to AUD452 million...
Posted: Aug 21, 2023
Mosaic Insurance Holdings Ltd. said Monday it has appointed former Axis Capital Holdings Ltd. executive David Drogin senior vice president, head of U.S. cyber.
Posted: Aug 21, 2023
Bermuda’s insurance regulator said Friday it has agreed with Aon PLC to appoint provisional liquidators for cells associated with troubled reinsurance intermediary Vesttoo Ltd. that are contained in an Aon segregated account company domiciled on the...
Posted: Aug 18, 2023
The U.S. Occupational Safety and Health Administration on Thursday announced it cited a Pennsylvania cement manufacturer after a worker drowned in February.
Posted: Aug 18, 2023
Due to multiple requests for more time, the nomination deadline for the Business Insurance 2023 Women to Watch Awards has been extended to Sept. 1.
Posted: Aug 18, 2023
The U.S. Equal Employment Opportunity Commission announced Friday that Corning Inc. will pay $120,000 and furnish other relief to settle a sex discrimination lawsuit brought by the commission.
Posted: Aug 18, 2023