Floods Strand Cows, Damage Crops as Wild Weather Hits Australia
Heavy rains and flooding across Australia’s southern state of Victoria has damaged crops and stranded cattle as a months-long run of wild weather on the nation’s east coast leaves a trail of destruction. Severe storms have lashed Victoria since October, …
Climate Change, Nuclear Verdicts Worry Wealthy North Americans: Chubb Survey
A new Chubb report has found that 76% of wealthy Americans and Canadians believe exposure to extreme weather due to climate change is among the biggest threats to their homes. Sixty-three percent of respondents to the property and casualty insurance …
Insured Price Tag for Natural Disasters Was $95B in 2023 With Economic Cost of $250B
Natural catastrophes in 2023 caused global economic losses of US$250 billion, with insurers and reinsurers paying US$95 billion of that amount, according to Munich Re. Last year’s insured losses of US$95 billion are close to the five-year average of US$105 …
Viewpoint: Cyber Insurance Market Themes to Look Out for in 2024
After my (relatively) successful effort in looking at 2023 cyber insurance themes, like a gambler on a streak of beginner’s luck, I wanted to have another roll of the dice in offering my thoughts on cyber insurance themes to look …
Oil Tankers Continue Red Sea Movements Despite Houthi Attacks
Oil and fuel tanker traffic in the Red Sea was stable in December, even though many container ships have rerouted due to attacks by Iran-aligned Houthi militants, a Reuters analysis of vessel tracking data showed. The attacks have driven up …
OpenAI Claims New York Times Isn’t ‘Telling the Full Story’ in Suit
OpenAI publicly addressed a lawsuit from the New York Times in a strongly worded blog post on Monday, saying the newspaper’s complaint was “not telling the full story” about its use of Times data. The suit, filed in December, claims …
SCOTUS Declines to Hear Exxon, Koch Industries Appeal on Venue in Climate Case
The U.S. Supreme Court on Monday declined to hear a bid by major fossil fuel companies and an industry trade group to move a lawsuit filed by Minnesota accusing them of worsening climate change out of state court and into …
How Loggerhead Moved to Snap Up 110,000+ Progressive Policies in Florida
In early 2021, former executives with the Auto Club Insurance Co. of Florida, affiliated with AAA, decided to form a new property insurance company in Florida — even before state lawmakers made monumental changes that curbed claims litigation and costs. …
Federal Agency Blames ‘Poor Safety Culture’ for 2021 D.C. Metro Train Derailment
A top federal transportation safety official on Thursday harshly criticized Washington’s regional transit agency, saying a “poor safety culture” led to an October 2021 derailment that caused hundreds of new Metro railcars to be pulled from service. A final National …
New Mexico Revoked Licenses of Cannabis Growers and Fined Them $2M for Safety, Other Violations
New Mexico marijuana regulators revoked the licenses of two growing operations in a rural county for numerous violations and have levied a $1 million fine against each business. One of the businesses, Native American Agricultural Development Co., is connected to …
Guards to Monitor Businessman’s Sites Under California Freeway Where Arson Occurred
More than a month after an arson fire at a storage yard damaged a key Los Angeles freeway, the state has hired security guards to watch out for smoke and other trouble at three additional sites beneath Interstate 10 that …
Prominent Black Church in New York Sued by Yale Professor for Gender Bias
A Yale professor has filed a federal gender discrimination lawsuit against a prominent Harlem church after it did not hire her for its senior pastor job. The suit brought by Eboni Marshall Turman accuses Abyssinian Baptist Church and the search …
Tim Temple Sworn in as Louisiana Insurance Commissioner
Tim Temple was sworn in as Louisiana Insurance Commissioner at noon Monday. Temple won election for the state’s top insurance official in October after his opponent dropped out of the primary. Temple replaces Jim Donelon, who had served as commissioner …
Houston Yet to Allocate $200 Million in Federal Relief Funds to Hurricane Harvey Victims
More than six years after Hurricane Harvey flooded thousands of homes and killed more than 80 people on the Texas Coast, the city of Houston has yet to allocate $200 million in federal relief funds to victims, according to the …
Iowa Supreme Court Upholds Decision to Bar Late Expert Reports in Workers’ Comp Case
The Iowa Supreme Court on Friday reinstated a deputy workers’ compensation commissioner’s decision to bar reports that were submitted too late by experts who weren’t certified, reversing decisions by the district court and Court of Appeals. The high court said …
Michigan Sees Decrease in Uninsured Motorists Following Auto Insurance Reform
Michigan reported the largest decrease in uninsured motorists of any state between 2020 and 2022, according to a recent study by the Insurance Research Council. Michigan’s uninsured motorist rate dropped by more than 6% between 2020 and 2022. The study …
Airlines Cleared to Inspect Grounded Boeing Jets After Mid-Air Incident
A delay in the inspection of grounded Boeing jets ended on Monday after U.S. officials retrieved a panel that blew off an Alaska Airlines 737 MAX 9 airliner and shares in the planemaker sagged on concerns over the troubled jet …
Oregon Judge Refuses to Dismiss 2015 Climate Lawsuit Filed by Youth
A judge in Oregon rejected a U.S. Department of Justice request to dismiss a 2015 lawsuit brought by young people that alleges the federal government knew the dangers posed by carbon pollution but that it has continued through policies and …
Inigo Issues 3rd Catastrophe Bond for $100 Million
Inigo Ltd. announced it has issued its third catastrophe bond for $100 million via Montoya Re Ltd. The cat bond will cover North American named storms and earthquakes and will use a PCS industry loss index trigger. The coupon is …
Google Must Bargain With YouTube Worker Union, US Labor Board Rules
Alphabet Inc’s Google violated U.S. labor law by refusing to bargain with a union representing contract workers for YouTube Music, a federal agency has ruled. The National Labor Relations Board (NLRB) in a decision on Jan. 3 rejected claims by …
Insurance Journal delivers the latest business news for the Property/Casualty insurance industry
Subscribe to Insurance Journal feed