Insurance Journal

Georgia Court Says No Double Dip on Auto Policies After Accident

The injured party in an automobile collision cannot double-dip on insurance coverage simply because she calls the payment from the other driver’s policy “punitive damages,” a Georgia appeals court has decided. “The mere fact t...

Posted: Oct 27, 2021

Repairing Mexico City’s Collapsed Metro Could Cost $40M: Grupo Carso

MEXICO CITY – Mexican billionaire Carlos Slim’s Grupo Carso said the cost of repairing a collapsed section of a Mexico City metro rail that caused a fatal accident earlier this year could amount to some 800 million pesos ($40 million). …

Posted: Oct 27, 2021

AM Best Downgrades Outlook for Journey Insurance

AM Best credit rating agency has given Florida-based Journey Insurance Co. a financial strength rating of “excellent,” but downgraded the company’s outlook from stable to negative, due to its parent company’s capitalization. J...

Posted: Oct 27, 2021

How the Cost of a Contract Bond Is Determined

This post is part of a series sponsored by Old Republic Surety. The business of surety and fidelity bonding represents a growing segment of the insurance industry. Surety companies are eager to partner with independent insurance agents in the vital &...

Posted: Oct 27, 2021

Unvaccinated Pilots Costing It Millions in Paid Leave, United Airlines Tells Judge

United Airlines Inc. told a federal judge the company is spending millions on paid leave for unvaccinated pilots because their colleagues “refuse to risk their safety” by flying with them. The leave is costing United about $1.4 million ev...

Posted: Oct 27, 2021

Insuring Cannabis Summit: Capacity Still a Centerpiece of Concern

There is little surprise when a conversation about cannabis and insurance turns to the subject of capacity. “Really when it comes to cultivation, processing, there is a bit of a hiccup, it seems in the overall market space, I think …

Posted: Oct 27, 2021

Takeaways from Our Conversation on Federal Legalization

It’s part of just about every cannabis conversation: “Hey, it looks like we’re close to seeing cannabis legalized. Is this the year?” There are three promising cannabis bills in Congress – two that would legalize or at least d...

Posted: Oct 26, 2021

California Labor Commissioner Cites Grocer $1.1M for COVID Sick Leave Practices

The California Labor Commissioner’s Office cited Bodega Latina (dba El Super grocery stores) in Southern California $1,164,500 for failing to provide or delaying supplemental paid sick leave or other benefits to 240 workers at 38 locations affe...

Posted: Oct 26, 2021

TWIA Policies Expected to Grow by 5.2% in 2022

The Texas Windstorm Insurance Association expects policies in-force to increase by 5.2% in 2022, according to preliminary budget information shared at a Board of Directors meeting Oct. 25. Policies will increase from a projected 194,054 at December 3...

Posted: Oct 26, 2021

OSHA Launches Program To Protect Midwest Workers From Exposure to Hazardous Materials

To reduce employee exposure to health hazards and encourage companies to make workplace safety and health a priority, the U.S. Department of Labor Occupational Safety and Health Administration’s regional office in Kansas City has established a...

Posted: Oct 26, 2021

Insurance Industry Can Expect Global Average Annual Disaster Claims of $106B: AIR

The global insurance industry can currently expect a long-run annual average loss of $106 billion and a greater than a 40% chance of experiencing an annual loss of more than $200 billion in the next decade, according to Boston-based modeling …

Posted: Oct 26, 2021

Aromatherapy Spray From India Linked to U.S. Deaths Being Recalled

U.S. health officials may have solved the mystery of how four people in different states came down with a serious tropical disease even though none had traveled internationally: an aromatherapy spray imported from India. The Centers for Disease Contr...

Posted: Oct 26, 2021

People Moves: New Hires at MEMIC Group, GCG Financial, NFP

The MEMIC Group Hires Pennsylvania’s Beswick, Delaware’s Grandrino Cindy Beswick of Pennsylvania and Angela Grandrino of Delaware have been appointed as senior production underwriter and production underwriter, respectively, by workers&#8...

Posted: Oct 26, 2021

Small Earthquake Confirmed in Southern California

A small earthquake near downtown Los Angeles on Sunday morning was felt widely across Southern California, the U.S. Geological Survey confirmed. The magnitude 3.6 quake hit just after 7 a.m. and was centered about a mile south-southeast of the Boyle...

Posted: Oct 26, 2021

Hippo in California Hires Hiscox’s Hanson to Expand Claims Operations

This article originally appeared in Carrier Management. Digital home insurer Hippo hired a former Hiscox executive to be its first chief claims officer, with a mission to expand claims operations for the now publicly-traded California-based InsurTech...

Posted: Oct 26, 2021

Insurer Responsible for Damages After Massachusetts Officer Injured During Training

Driving a truck too fast and injuring a fellow officer during a firearms training is not within the scope of employment duties for a Massachusetts police officer, the Massachusetts Supreme Judicial Court found. This means his insurer is on the &#8230...

Posted: Oct 26, 2021

California City Pays $500K to Stroke Victim Arrested for DUI

A Southern California city will pay $500,000 to settle a lawsuit by a woman arrested for driving under the influence when she was actually having a stroke. The settlement ends a long legal battle over the arrest of Robin Winger, …

Posted: Oct 26, 2021

Pounding Rain Raises Flash Flood Threat in New York, New England

The powerful storm battering the U.S. Northeast will inundate New York City with lashing rain and possible flash floods through Tuesday night, then unleash the worst of its fury on New England. As much as 4 inches (10 centimeters) could …

Posted: Oct 26, 2021

Commercial Liability Insurers Face Growing Number of False Claims Act Cases

A growing number of False Claims Act investigations combined with recent court decisions that found insurers liable for the cost of settlements may spell trouble for commercial liability insurers. Policyholder attorney Geoffrey B. Fehling, with Hunto...

Posted: Oct 26, 2021

Analysts Say U.S. Labor Shortage Could Last a While

Labor shortages may be the most intractable of the cost risks that U.S. companies faced in the latest quarter, and as the earnings season moves into its peak there are signs the problem will persist, some strategists say. Finding and …

Posted: Oct 26, 2021

AIG Announces Senior Leadership Changes; Readies for Life & Retirement Business Spinoff

Insurer American International Group announced senior leadership changes that it says strengthen the organization to deliver on its main priorities including the separation of the Life & Retirement business. AIG announced that effective January 1...

Posted: Oct 26, 2021

AIG Announces Senior Leadership Changes; Readies for Life & Retirement Unit Spinoff

Insurer American International Group announced senior leadership changes that it says strengthen the organization to deliver on its main priorities including the separation of the Life & Retirement business. AIG announced that effective January 1...

Posted: Oct 26, 2021

Safety Head Criticizes Tesla Over Its Release of New Self-Driving Software

The head of the U.S. National Transportation Safety Board on Monday criticized electric carmaker Tesla Inc.’s decision to provide new self-driving software to vehicle owners without addressing safety concerns that the agency raised after a seri...

Posted: Oct 26, 2021

Global Commercial Insurance Rates Rise 15% in Q3 as Moderation Continues: Marsh

Global commercial insurance prices increased 15% in the third quarter of 2021, which was the same rate of increase recorded in the previous quarter, according to the Global Insurance Market Index released by insurance broker Marsh. While this is the...

Posted: Oct 26, 2021

UK Financial Regulator Raises No Objection to Bain’s Acquisition of Insurer LV=

Britain’s financial watchdog said on Tuesday it won’t stop insurer LV= from proceeding with the disputed sale of its pensions and life insurance business to U.S. private equity company Bain Capital. LV=, founded in 1843 and formerly known...

Posted: Oct 26, 2021