Insurance Journal

AM Best: Louisiana Insurance Incentive Program a “Short-Term Stopgap”

As Louisiana lawmakers adjourn Monday for a special session to address the state’s property insurance crisis, a commentary from AM Best says Louisiana’s plan to appropriate $45 million in funds to incentivize insurance companies to take o...

Posted: Jan 30, 2023

Dow Chemical to Pay $5.4M Settlement Over Michigan Chemical Spill

The U.S. Environmental Protection Agency announced a proposed $5.4 million settlement with The Dow Chemical Co. to recover costs for EPA’s cleanup work at the Tittabawassee River, Saginaw River & Bay Superfund site in Midland, Michigan. EPA...

Posted: Jan 30, 2023

North La. Families Evacuated After Train Derails

KEATCHIE, La. (AP) – About 130 people in north Louisiana are under a mandatory evacuation Saturday after a train derailed and at least two of the cars involved began leaking hazardous products, state police said. The Union Pacific Railroad train &#82...

Posted: Jan 30, 2023

S&P Predicts Reinsurers Will Continue Pricing Momentum During 2023

A hard market in short-tail lines – such as property and property catastrophe – across global geographies is likely to continue throughout 2023, after beginning the year with multi-decade-high pricing increases during the January 2023 reinsurance ren...

Posted: Jan 30, 2023

W.R. Berkley: Waiting for Discipline in Property; Overall Marketplace ‘Splintered’

There is no one answer to the overall insurance industry’s place within its cyclical path. Each product line needs to be looked at individually, according to Robert Berkley, CEO of W.R. Berkley Corp. “Once upon a time, most P/C product &#...

Posted: Jan 30, 2023

New York Gov. Hochul Seeks to Exclude Medical Malpractice From Wrongul Death Damages Bill

New York Gov. Kathy Hochul will not sign the measure on her desk that seeks to expand wrongful death damages as it is written. Instead, she wants lawmakers to amend the bill to exempt medical malpractice claims from the changes …

Posted: Jan 30, 2023

Update: New York Gov. Hochul Seeks to Exclude Medical Malpractice From Wrongful Death Damages Bill

New York Gov. Kathy Hochul will not sign the measure on her desk that seeks to expand wrongful death damages as it is written. Instead, she wants lawmakers to amend the bill to exempt medical malpractice claims from the changes …

Posted: Jan 30, 2023

SC Supreme Court: Missed Deadline Not Reason to Dismiss Workers’ Comp Fee Appeal

Judges are often sticklers for court deadlines, but they have to at least give a reason for dismissing a case when a lawyer fails to file a brief on time, the South Carolina Supreme Court said this month in a …

Posted: Jan 30, 2023

U.S. and EU to Launch First-of-its-Kind AI Agreement

The United States and European Union on Friday announced an agreement to speed up and enhance the use of artificial intelligence to improve agriculture, healthcare, emergency response, climate forecasting and the electric grid. A senior U.S. administ...

Posted: Jan 30, 2023

Freight Truck, Express Bus Crash in Upstate New York Kills 6, Injures 3: Officials

LOUISVILLE, N.Y. (AP) — Six people died in upstate New York when a freight truck and an express bus carrying more than a dozen people collided Saturday near the U.S.-Canada border, state police said. Three others were injured, including one …

Posted: Jan 30, 2023

National Traffic Safety Board Issues Report on Las Vegas Crash That Killed 9

Federal crash investigators have released reports and investigative material about a multi-vehicle wreck a year ago in North Las Vegas that killed a driver and his passenger in a speeding sports car and seven members of a family in a …

Posted: Jan 30, 2023

Southern California’s Santa Ana Winds Toppled Trees, Big Rigs

Powerful Santa Ana winds tore across Southern California on last week – topping 100 mph, in parts – blowing over multiple big rigs on several highways and toppling massive 80-to-100 foot-tall trees, including in San Diego’s iconic Balboa Park w...

Posted: Jan 30, 2023

Alabama City Starts $10M to Upgrade Failing Sewer System

Federal and state officials on Friday marked the start of a $10 million project aimed at repairing and upgrading an Alabama community’s failing sewer system that has left residents dealing with pools of raw sewage at their homes. The project &#...

Posted: Jan 30, 2023

Alabama City Starts $10M Upgrade to Failing Sewer System

Federal and state officials on Friday marked the start of a $10 million project aimed at repairing and upgrading an Alabama community’s failing sewer system that has left residents dealing with pools of raw sewage at their homes. The project &#...

Posted: Jan 30, 2023

Administrator Releases Financial Plan for Jackson’s Shaky Water System

The interim manager appointed by the U.S. Department of Justice to reform the troubled water system in Mississippi’s capital city released a new financial plan Friday to change the way Jackson bills for water and to spend hundreds of millions &...

Posted: Jan 30, 2023

Video Evidence Questions Alex Murdaugh’s Claimed Timeline in SC Murder Trial

Alex Murdaugh’s comments to police about his whereabouts around the time his wife and son were fatally shot may not have been accurate, according to video evidence presented by prosecutors Friday at the South Carolina attorney’s murder tr...

Posted: Jan 30, 2023

Today Is Deadline for New York Gov. Hochul to Decide on Bill to Expand Wrongful Death Damages

Today is the deadline for New York Gov. Kathy Hochul to decide whether to sign legislation that will expand the types of damages that could be won in wrongful deaths cases. The bill, known as the Grieving Families Act, seeks …

Posted: Jan 30, 2023

Maine Jury Awards $4.5M for Claim of Sexual Abuse Committed 30 Years Ago

PORTLAND, Maine (AP) — A jury has awarded $4.5 million in damages to a woman whose lawsuit contended she was sexually abused three decades ago by a family friend in Maine. The federal jury found in favor of 36-year-old Julia …

Posted: Jan 30, 2023

Markets/Coverages: WTW Launches Cyber Facility, Providing Excess Capacity Globally

A new excess layer cyber facility, called CyXS, was launched by WTW, providing excess layer cyber capacity for global clients. Key elements of the facility include: Capacity: Access to up to 50 million (USD/ GBP/ EUR) of excess layer capacity …

Posted: Jan 30, 2023

Intercontinental Exchange to Start Rival London Gas Market to Dodge EU Price Cap

Intercontinental Exchange Inc. will open a parallel natural gas market in London to help traders avoid potential disruptions from new European Union rules to cap energy prices. The new market will offer benchmark Dutch Title Transfer Facility futures...

Posted: Jan 30, 2023

French (Yes, French) Executives Are the World’s Worst Workaholics: Survey

Americans have popularized “hustle culture,” but it’s French executives who binge work the most, according to a new survey. Nearly four in ten French business leaders admit to working intense, long hours without regular breaks, well...

Posted: Jan 30, 2023

Legal & General’s Wilson to Retire After Decade as CEO

Legal & General Group Plc’s veteran chief executive officer is to retire after more than a decade at the helm of the insurer. Nigel Wilson has told the insurer’s board he “would like to retire from executive life,” accordi...

Posted: Jan 30, 2023

Insurers Hit With Thousands of Claims Following Storms and Floods in New Zealand

Major insurers operating in New Zealand including Insurance Australia Group and Suncorp Group have cumulatively received over 9,000 claims so far following severe storms and flooding in and around the biggest city, Auckland. As of Monday morning, Sun...

Posted: Jan 30, 2023

Filipino Workers Say Oil Company Abandoned Them in Hurricane Ida

NEW ORLEANS (AP) – As Hurricane Ida struck the Louisiana Gulf Coast in August 2021, Renato Decena and Rosel Hernandez watched the storm punch a hole in the roof of the bunkhouse where they were sheltered _ abandoned, they allege, …

Posted: Jan 30, 2023

Twitter Asks Judge to Toss Out Proposed Sex Bias Class Action

Twitter Inc. has asked a federal judge to toss out a proposed class action claiming the company targeted female employees during its recent mass layoffs, saying the plaintiffs failed to identify any actual discrimination. Twitter said the December la...

Posted: Jan 30, 2023