Insurance Journal

Bank of Japan Scraps Radical Policy, Makes First Interest Rate Hike in 17 Years

The Bank of Japan (BOJ) ended eight years of negative interest rates and other remnants of its unorthodox policy on Tuesday, making a historic shift away from its focus on reflating growth with decades of massive monetary stimulus. While the …

Posted: Mar 19, 2024

China Evergrande’s Alleged $78 Billion Fraud Is Among World’s Worst

China Evergrande Group’s alleged $78 billion revenue overstatement escalates the legal peril of founder Hui Ka Yan, who now stands at the center of one of the biggest financial fraud cases in history. The nation’s top securities regulator...

Posted: Mar 19, 2024

California Insurance Wholesalers Association (CIWA) Celebrates Unprecedented Growth and Continues Up...

SAN FRANCISCO BAY AREA, March 19, 2024 – The California Insurance Wholesalers Association (CIWA), a nonprofit organization dedicated to advocacy, education, and networking in the Property & Casualty segment of the insurance industry, is pleased t...

Posted: Mar 19, 2024

Realtor Group Strikes $418 Million Deal to End Suits Over Commissions

The National Association of Realtors agreed to settle litigation over commission rules for US real estate agents, clearing the way for possible changes in how Americans buy and sell homes. For homeowners and buyers, the proposed settlement marks an i...

Posted: Mar 19, 2024

Viewpoint: The Imperative of Long-Term NFIP Reform

In the wake of a record-shattering 28 billion-dollar extreme weather and natural disaster season in 2023, the U.S. finds itself at the mercy of an increasingly volatile climate. As hurricanes grow fiercer, sea levels rise and rainfall patterns shift,...

Posted: Mar 19, 2024

North Carolina Labor Chief Rejects Infectious Disease Rules for Workplaces

RALEIGH, N.C. (AP) — North Carolina’s elected labor commissioner has declined to adopt rules sought by worker and civil rights groups that would have set safety and masking directives in workplaces for future infectious disease outbreaks like w...

Posted: Mar 19, 2024

Maui’s Mayor Prioritizes Vows to Hire More Firefighters After Hawaii Wildfire

Maui’s mayor says he is prioritizing housing, evaluating evacuation routes and hiring more firefighters as his Hawaii community recovers from the deadliest U.S. wildfire in more than a century. Mayor Richard Bissen outlined the steps in emotion...

Posted: Mar 19, 2024

People Moves: Zamora Named Chief Underwriting Officer of ICW Group

ICW Group Insurance Companies promoted Paul Zamora to chief underwriting officer, leading the company’s property/casualty multiline underwriting strategy and business expansion. Zamora joined ICW Group nearly 20 years ago to oversee its workers...

Posted: Mar 19, 2024

Older Boeing Plane Found to Have Missing Panel After Flight From California to Oregon

A post-flight inspection revealed a missing panel on an older Boeing 737-800 that had just arrived at its destination in southern Oregon on Friday after flying from San Francisco, officials said, the latest in a series of recent incidents involving &...

Posted: Mar 19, 2024

New Jersey Voters May Get to Decide If They Have a Right to a Clean Environment

New Jersey, known as much for its beaches and blueberries as for the chemical plants and refineries that line some of its major highways, is considering asking voters a fundamental question: Should the state guarantee its citizens the right to &#8230...

Posted: Mar 19, 2024

How to Renew Your Insurance License with a Criminal Background Part 1: Alabama through Georgia

This post is part of a series sponsored by AgentSync. Insurance licenses can be hard to get and keep, even for those with the most pristine backgrounds. So, what’s an insurance producer to do if they find themselves in the …

Posted: Mar 18, 2024

Six Defendants to Stand Trial for Michigan Auto Insurance Fraud Scheme

Six defendants will stand trial on charges alleging the group operated an auto insurance fraud scheme targeting Michigan residents involved in automobile collisions, Michigan Attorney General Dana Nessel and Anita Fox, Director of the Michigan Depart...

Posted: Mar 18, 2024

Long Recovery Ahead for Swath of Central US Hit by Deadly Tornadoes

LAKEVIEW, Ohio (AP) — Residents in a swath of the central U.S. hit by deadly tornadoes were cleaning up, assessing damage and helping neighbors on Saturday. But it will be a long recovery from the storms that ripped through parts …

Posted: Mar 18, 2024

Texas Firefighters Completely Contain Panhandle Wildfire

LUBBOCK — Firefighters have completely contained the Smokehouse Creek fire in Hutchinson County after a nearly three-week battle with what quickly became the largest wildfire in Texas history. That inferno and a series of other wildfires killed at le...

Posted: Mar 18, 2024

Walgreens to Pay $205K Over Pregnancy Discrimination at Louisiana Store

Pharmacy and retailer Walgreens Co. has agreed to pay $205,000 and provide other relief to settle a pregnancy discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced. According to the EEOC...

Posted: Mar 18, 2024

Scranton School District Reports Ransomware Attack

The Scranton, Pennsylvania school district has been experiencing computer outages due to a ransomware attack last week. “The attack is causing a temporary disruption to some of our computer systems and services,” the school reported on Fa...

Posted: Mar 18, 2024

Trump Has Failed to Get Appeal Bond for $454M Civil Fraud Judgment, Lawyers Say

Donald Trump has so far been unable to obtain a bond that would allow him to appeal a $454 million judgment against the former U.S. president in a New York civil fraud case without posting the full amount himself, his …

Posted: Mar 18, 2024

Florida Jury: NICO Did Not Act in Bad Faith in Keys Crash that Killed 4 Women from Spain

Six months after a federal appeals court upheld a $12 million verdict against a waste-hauling company in a crash that killed four Spanish women in the Florida keys, a jury has found that the firm’s insurer did not act in …

Posted: Mar 18, 2024

Bankruptcy Court Approves Camden Diocese’s $87.5M Plan for Abuse Victims

Almost three-and-one-half years after the Catholic Diocese of Camden, New Jersey filed for bankruptcy citing financial effects from the pandemic and sexual abuse settlements, its Chapter 11 reorganization plan has been approved. The final plan, the n...

Posted: Mar 18, 2024

Chubb Launches Global Transactional Risk Platform to Grow International Footprint

Chubb announced the launch of a global transactional risk platform to provide transactional risk liability insurance products across international markets. Chubb has appointed Josh Cowen as senior vice president, International Transactional Risk, to...

Posted: Mar 18, 2024

Agile Underwriting Gets ‘In-Principle’ Approval to Launch Lloyd’s Syndicate

Agile Underwriting Services has received “in-principle” approval from Lloyd’s to create Agile Syndicate 2427, subject to regulatory approvals. Syndicate 2427 will be established under the “syndicate-in-a-box” (SIAB) fram...

Posted: Mar 18, 2024

People Moves: Canal Insurance Names Brocklebank Chairman of the Board

Seven years after he was named president and CEO of transportation insurer Canal Insurance, Paul Brocklebank has an additional title to his name – chairman of the board of the Greenville, South Carolina, company. The move comes after several years &#...

Posted: Mar 18, 2024

The Year in Insurance – A Look Back, A Look Ahead

2023 was an unremarkable year for insurers. And that’s a good thing. Insurers and their shareholders prefer boring predictable results over unexpected volatile shocks. Property & casualty insurance company stocks performed relatively well....

Posted: Mar 18, 2024

Apple, Investors Reach $490 Million Settlement in Fraud Case

Apple Inc. reached a $490 million settlement of a class-action lawsuit brought by a group of investors who accused Chief Executive Officer Tim Cook of misleading them in 2018 about the company’s sales prospects. Cook made false statements about...

Posted: Mar 18, 2024

Reckitt Unit Hit With $60 Million Verdict in Enfamil Baby Formula Case

An Illinois jury has ordered Reckitt Benckiser unit Mead Johnson to pay $60 million to the mother of a premature baby who died of an intestinal disease after being fed the company’s Enfamil baby formula. The jury in an Illinois …

Posted: Mar 18, 2024