5 Dead After Small Plane Crashes on Island off Southern California Coast
News Archives - Insurance Journal Oct 10, 2024 | 15:50 pmFive people were killed when a small plane crashed during takeoff from Santa Catalina Island off the Southern California coast, authorities said. The twin-engine Beechcraft 95 crashed shortly after 8 p.m. Tuesday, just moments after it departed from Catalina Airport[…]
Read more...First MainStreet Adds Two Agencies
News Archives - Insurance Journal Oct 10, 2024 | 12:53 pmFirst MainStreet Insurance L.C. (FMSI) announced addition of two new agencies, one in Minnesota and the other in Iowa. Joining in September was Kozlowski Insurance Agency, headquartered in Pipestone, Minnesota and two satellite offices in Luverne, MN and Brookings, SD.[…]
Read more...Exxon Granted Largest US Offshore Carbon Storage Site in Texas
News Archives - Insurance Journal Oct 10, 2024 | 12:40 pmExxon Mobil Corp. won the right to pump carbon dioxide beneath Texas state waters in the Gulf of Mexico, in what will be the largest concession of its kind in the US. The lease granted by the Texas General Land[…]
Read more...J&J’s Court-Shopping Strategy Pits New Jersey Home Against Texas
News Archives - Insurance Journal Oct 10, 2024 | 12:34 pmJohnson & Johnson’s bold move to skirt a US court in New Jersey and seek a potentially friendlier venue in Texas to settle claims its baby powder gave women cancer faces a key decision as soon as Thursday. A federal[…]
Read more...Harris County Officials Say Texas Law Limits Settlements Against Polluters
News Archives - Insurance Journal Oct 10, 2024 | 12:28 pmIt wasn’t immediately clear what chemicals erupted into the air from the Channelview fire. The most anyone knew was that the large plume of black smoke billowing across the late afternoon sky — visible for miles just east of Houston[…]
Read more...Two Iowa Men Charged With Insurance Fraud
News Archives - Insurance Journal Oct 10, 2024 | 12:23 pmMichael Vecchio, age 50, of Sioux Center was charged with one count of Insurance Fraud – Presenting False Information (Class D Felony) and Todd Meendering, age 61, of Boyden was charged with one count of Insurance Fraud – Conspiracy (Class[…]
Read more...Milton Brings Winds, Flooding to Florida but Damage May Not Be as Heavy as Feared
News Archives - Insurance Journal Oct 10, 2024 | 12:05 pmHurricane Milton made landfall Wednesday night, centered near Sarasota as a Category 3 storm with maximum sustained winds of 120 mph, a less-powerful storm than had been feared but one that brought some storm surge, flooding, multiple tornadoes and property[…]
Read more...Catastrophe Bonds Dodge Worst-Case Scenario After Milton
News Archives - Insurance Journal Oct 10, 2024 | 12:03 pmAfter fearing the worst from Hurricane Milton, investors in catastrophe bonds appear to have sustained losses well below those predicted as recently as Wednesday. Estimates that had indicated the bonds would lose as much as 15% have now been replaced[…]
Read more...Balance With ‘Micro-Actions’ in Commercial Market But Milton Could Disrupt
News Archives - Insurance Journal Oct 10, 2024 | 11:50 amWTW characterized commercial insurance rates as balances and stable but, as Hurricane Milton approached, the broker warned of upcoming disruption. “The current state of affairs might only be one major hurricane away from being upended, and with Milton knocking on[…]
Read more...Russian Strikes on Ukraine’s Ports Push Up Insurance Rates: Market Sources
News Archives - Insurance Journal Oct 10, 2024 | 10:16 amA series of Russian missile strikes on Ukrainian Black Sea port infrastructure and commercial vessels has led to a jump in insurance costs and forced some shipowners to cancel bookings, insurance sources and a broker said on Thursday. Russian ballistic[…]
Read more...Hurricane Milton Could Use Up P/C Insurers’ 2024 Catastrophe Budgets
News Archives - Insurance Journal Oct 10, 2024 | 09:37 amS&P Global Ratings said potential losses from Hurricane Milton could fully deplete the 2024 natural catastrophe budgets for rated U.S. property/casualty insurers, affecting underwriting margins and earnings. In a report titled “Hurricane Milton: The Implications For Rated U.S. Insurers And[…]
Read more...Delaware High Court Rescues Insurance Agency’s Malpractice Suit Against Law Firm
News Archives - Insurance Journal Oct 10, 2024 | 09:34 amSix months after a three-judge panel of the Delaware Supreme Court said an insurance agency deserved another shot at proving its claims of professional negligence against a law firm, the full state high court has agreed. On October 8, the[…]
Read more...Flaws of the Saffir-Simpson Scale: Wind Isn’t the Only Threat in Modern Hurricanes
News Archives - Insurance Journal Oct 10, 2024 | 08:56 amThe insurance industry faces significant challenges in covering catastrophic risks, especially as climate change drives more extreme weather events. With soaring premiums and increasing exclusions, the need for an accurate assessment of these risks is more important than ever. The[…]
Read more...Britain Bolsters Sanctions Regime on Russia With New Trade Unit
News Archives - Insurance Journal Oct 10, 2024 | 08:52 amBritain on Thursday launched a trade sanctions unit with new powers to penalize companies that fail to comply with restrictions on exporting services to Russia. Britain has announced sanctions on more than 20 billion pounds ($26 billion) worth of trade[…]
Read more...People Moves: Miller Promotes Nagle to Head of Miller Europe, Succeeding Holloway; Markel Taps AIG’s Eastwood as Sr. Cyber U/W
News Archives - Insurance Journal Oct 10, 2024 | 08:27 amThis edition of International People Moves details appointments at the insurance broker Miller and the insurer Markel. A summary of these new hires follows here. Miller Promotes Nagle to Head of Miller Europe, Succeeding Holloway Miller, the London-based independent specialist[…]
Read more...Markets/Coverages: AEGIS London-Led Lloyd’s Consortium Launches $25M Miner Rescue Insurance Cover
News Archives - Insurance Journal Oct 10, 2024 | 08:03 amThe Lloyd’s insurance market’s only product writing cover for the rescue of miners trapped underground has more than doubled its available cover from $10 million to $25 million with a launch of a new consortium led by AEGIS London. AEGIS[…]
Read more...Geopolitical Conflict Could Cost Global Economy $14.5 Trillion Over 5 Years: Lloyd’s
News Archives - Insurance Journal Oct 10, 2024 | 07:11 amThe global economy could be exposed to losses of US$14.5 trillion over a five-year period from the threat of a hypothetical geopolitical conflict causing widespread disruption to global trade patterns and supply chains, according to a report published by Lloyd’s,[…]
Read more...World’s Rivers Faced Driest Year in 30 Years in 2023: UN Weather Agency
News Archives - Insurance Journal Oct 10, 2024 | 02:40 amThe U.N. weather agency is reporting that 2023 was the driest year in more than three decades for the world’s rivers, as the record-hot year underpinned a drying up of water flows and contributed to prolonged droughts in some places.[…]
Read more...Munich Re Specialty to Enter Spanish Insurance Market
News Archives - Insurance Journal Oct 10, 2024 | 02:25 amMunich Re Specialty announced it is entering the Spanish commercial market for primary specialty insurance, with an aim to begin underwriting in 2025. It has set up a Spanish branch of Munich Re Risk Solutions Ireland Ltd., which holds regulatory[…]
Read more...Lloyd’s of London Must Stop Supporting Fossil Fuel Expansion, NGO Says
News Archives - Insurance Journal Oct 10, 2024 | 02:13 amThe Lloyd’s of London market is undermining climate action and should impose binding rules to prevent insurers supporting fossil fuel expansion, NGO Reclaim Finance said on Wednesday. Some European insurers, including Generali and Zurich, have imposed restrictions on underwriting for[…]
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