FTC Sues amazon.com for Breaking Antitrust Law and Harming Consumers

The U.S. Federal Trade Commission filed a long awaited antitrust lawsuit against Amazon.com on Tuesday, and asked the court to consider forcing the online retailer to sell assets as the government pressed on with its fight to rein in Big Tech’s domination of the internet.....Read More

Conservative Attacks on Diversity Efforts in Corporate America Keep Coming

Before the US Supreme Court did away with affirmative action in college admissions, corporate America was bracing itself for attacks on its diversity, equity and inclusion efforts. They have begun — and there will likely be more to come. This week, the American Alliance for Equal Rights (AAER), a group created by conservative activist Edward Blum, filed complaints against two law firms over their diversity fellowships. Three weeks ago, AAER sued Fearless Fund, an.....Read More

Climate Change Lawsuits More Than Double in 5 Years as Impacts Hit Home

The number of court cases related to climate change has more than doubled in five years as impacts ranging from shrinking water resources to dangerous heatwaves hit home for millions, a report said on Thursday. Some 2,180 climate-related lawsuits have been filed across 65 jurisdictions over the past five years, according to the report by the UN Environment Programme (UNEP) and New York’s Columbia University, which tracks ongoing climate cases in a global database......Read More

UK Regulators Urged to Help Keep London Competitive, Using New Post-Brexit Remit

Britain’s regulators must push ahead with applying their new post-Brexit remit to help keep the country’s financial sector globally competitive, industry officials said on Thursday. After Britain’s departure from the European Union, the government has come under pressure to maintain London’s position as a globally competitive financial center by reforming financial rules inherited from the bloc......Read More

Should Insurance Drive Increased Firearm Safety?

It seems almost weekly there is a story or two in the national headlines addressing gun violence in the U.S., and a recent Insurance Journal story indicated respondents of a survey thought insurance could have a role in firearm safety. It’s an interesting question, should insurance drive increased firearm safety?.......Read More

Near $27B Underwriting Loss in 2022 Largest for U.S. P/C Insurers Since 2011

Key financial results for private U.S. property/casualty insurers significantly worsened in 2022 from a year earlier, according to preliminary results from global analytics provider Verisk and the American Property Casualty Insurance Association (APCIA).The industry recorded a net underwriting loss for 2022 of $26.9 billion, more than six times the $3.8 billion underwriting loss in 2021. The underwriting loss in 2022 was the largest the industry has seen since 2011.......Read More

Government’s SVB Intervention Saved Insurers From Significant D&O Claims

Had the federal government not stepped in to make Silicon Valley Bank (SVB) depositors whole, providers of directors and officers insurance for startups and venture capitalists – as well as financial institutions supporting these entities – would have been staring at potentially significant claims, according to commentary from AM Best......Read More

Peloton to Pay $19M Fine Over Treadmill Hazard

eloton Interactive Inc. has agreed to pay a $19 million fine for failing to promptly report a defect with its Tread+ treadmill that could cause serious injury, U.S. regulators said on Thursday. The Consumer Product Safety Commission (CPSC), in a statement, said the civil penalty would resolve the agency’s charges that the company had received more than 150 reports of incidents where users were pulled under and entrapped by the time it notified regulators.......Read More

Insurers Denying Coverage to FTX-Linked Crypto Firms as Contagion Risk Mounts

Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for any losses from hacks, theft or lawsuits, several market participants said.Insurers were already reluctant to underwrite asset and directors and officers (D&O) protection policies for crypto companies because of scant market regulation and the volatile prices of Bitcoin and other cryptocurrencies......Read More

RMS: Less Than $2B in Insured Losses from Hurricane Nicole

Catastrophe modeler RMS said private market U.S. insured losses from Hurricane Nicole are estimated at less than $2 billion, with a best estimate of $1.6 billion. This estimate represents insured losses associated with wind, storm surge, and precipitation-induced flooding. Losses reflect property damage and business interruption to residential,.......Read More

Australian Health Insurer Medibank Reports Cyber Incident

Australian health insurer Medibank Private said on Thursday it will isolate and remove access to some customer-facing systems as it detected unusual activity on its network. The company said it took “immediate steps to contain the incident, and engaged specialized cybersecurity firms,” adding that there was no evidence that any sensitive data, including customer data,...Read More

Insurers Should Be Ready for Global Average Disaster Losses of $123 Billion: Verisk

The global insurance industry should be prepared for insured losses from natural catastrophes well in excess of $100 billion every year, according to the 2022 Global Modeled Catastrophe Losses Report from Verisk Extreme Event Solutions. In fact, the latest analysis, which uses Verisk’s models released in June 2022 and a global suite of industry exposure data as of Dec. 31, 2021, reveals an average annual loss of $123 billion in 2022, a 16% increase from the $106 billion modeled AAL in 2021.....Read More

U.S.-Listed Companies Will Have to Disclose How CEO Pay Stacks Against Firm Performance

Wall Street’s main regulator on Thursday voted to adopt a measure requiring that U.S.-listed companies disclose how the pay of their top executives squares with overall company performance. The U.S. Securities and Exchange Commission said the rule will require that firms provide in their proxy statements and other disclosures a table outlining executive compensation and financial performance measures over the five most recently completed fiscal years.......Read More

Generali Beats Forecasts With H1 Net Profit of $1.4 Billion

Italy’s top insurer Assicurazioni Generali said on Tuesday it would increase prices to keep up with rising costs, and maintained its financial targets after a strong life business helped it beat first-half earnings expectations.....Read More

Tesla Faces New Lawsuit Alleging Racial Abuse Against Black Workers

The workers said they were subjected to offensive racist comments and behavior by colleagues, managers, and human resources employees on a regular basis, according to the lawsuit filed in a California state court The harassment, which occurred mostly at Tesla’s Fremont, California factory, included using the terms “nigger,” “slavery” or “plantation” or making sexual comments such as “likes booty,”.....Read More

Insurance Technology: Socotra Snaps Up Startup Portal; Marble Mobilizes Rewards App; RMS Unveils UnderwriteIQ; Vertafore Powers Tokio Marine Surety

Insurance carrier technology firm Socotra reports it has acquired Avolanta, a Columbia, South Carolina software startup offering a unified portal built for the insurance industry. Terms were not disclosed.........Read More

Global Insurance Rates Continue to Moderate in Q1 – With the Exception of Cyber

Global commercial insurance prices rose 11% in the first quarter of 2022, marking the fifth consecutive reduction in rate increase since global pricing increases peaked at 22% in the fourth quarter of 2020, according to the Global Insurance Market Index published by insurance broker Marsh......Read More

Russia Offers to Compensate Foreign Lessors of Commandeered Jets

Russia offered to compensate owners of jets commandeered by the country, a bid to smooth relations with leasing companies that stand to lose billions of dollars on rented aircraft they can’t get back. Authorities in Moscow are seeking ways to legally get round sanctions requiring international firms to recall the planes, Transport Minister Vitaly Savelyev said Tuesday. Options include payments or an outright purchase of the jets, he said......Read More

Social Inflation Increased Commercial Auto Claim Costs by $20B Over 10 Years

The insurance industry is ringing alarm bells about the cost of social inflation again, this time with the help of an actuarial analysis that concludes the phenomenon added more than $20 billion to the cost of commercial auto claims over a decade. The Insurance Information Institute teamed up with the Casualty Actuarial Society to measure excess losses that can not be explained by regular ......Read More

Toxins in Household Products Leave FDA Chasing a Vapor Trail

When the Food and Drug Administration last week identified the likely sources of a powerful carcinogen that’s been found in a myriad of personal-care products, it was the latest development in a year of recalls that has shown the potential dangers of everyday products Americans have long assumed are safe......Read More

Attention Young Professionals: Wholesale Insurance Is ‘Where the Magic Happens’

According to wholesale insurance executives, their segment of the property/casualty insurance industry is more exciting and fulfilling than other sectors of the industry. It’s also full of potential for young insurance professionals starting out in the current hard market and looking to build long-term careers, these executives told.....Read More

Insurance Technology: LineSlip Aids Property Underwriting; Bold Penguin Adds 2 Products:, Cowbell Assesses AWS

LineSlip Solutions recently unveiled a new tool to help risk managers, insurance brokers, and real estate asset managers streamline the collection and reporting of property values and insurance underwriting data. It facilitates instant reporting of insurance program information, as well as insurance premium allocation across the portfolio of property locations.......Read More

EU Plans to Ease Capital Rules for Insurers to Provide €120 Billion Economic Boost

The European Union proposed changing the bloc’s capital rules for insurers on Wednesday to release 120 billion euros ($141 billion) for repairing an economy hit by COVID and to meet climate goals without eroding policyholder protection.

J&J Considers Placing Talcum Powder Liabilities Into Bankruptcy:

Johnson & Johnson is exploring a plan to offload liabilities from widespread Baby Powder litigation into a newly created business that would then seek bankruptcy protection, according to seven people familiar with the matter.During settlement discussions, one of the healthcare conglomerate’s attorneys has told.....Read More

Agency Start-up Sigo Serving Latinx, Immigrant Drivers Raises $1.5M

A start-up managing general agency focused on auto insurance for underserved populations including immigrants and Latin Americans has raised seed funding to help it launch an initial product. Sigo pulled in $1.5 million in financing from Amicle Capital, Bonded Capital Ventures, Demeter Capital, Financial Solutions Lab, Park City Angels,.....Read More

2020’s P/C Insurance Industry Results and What They Mean for 2021

The most recent tallies of financial results by rating agency analysts reveal that the property/casualty insurance industry weathered the storms of catastrophe losses and COVID, with one segment actually reporting better combined ratios and higher income than in 2019. A Mar. 16 report from Moody’s Investors Service, “Rising commercial pricing and economic recovery support earnings in 2021,”..........Read More

Risk professionals call for federal pandemic backstop

Businesses and risk management professionals are continuing to struggle to manage the complexities of the COVID-19 pandemic as many existing insurance policies fail to cover its impact, a leading risk manager for a restaurant chain said Thursday.....Read More

National Flood Services helps agents sell flood insurance amid COVID-19

This year’s flood season has the potential to create unprecedented havoc. Forecasters are expecting a severe season with several named storms and hurricanes, causing unmitigated damage and costs to communities already facing the difficulties of COVID-19. Indeed the first named storm of 2020, Tropical Storm Arthur, arrived well before the official June 01 start of hurricane season, and experts are noting....Read More

How Family-Work-Neighbor Networks May Make Things Worse in Disaster Response

Faced with a common peril, people delay making decisions that might save lives, fail to alert each other to danger and spread misinformation. Those may sound like behaviors associated with the current pandemic, but they actually surfaced in experiments on how social networks function in emergencies......Read More

States Adding Laws to Shield Businesses From Liability for Coronavirus Claims

Four states have passed laws that grant businesses immunity from civil liability for claims relating to COVID-19, while legislation in at least three other states is advancing. The bills signed into law by the governors of North Carolina, Oklahoma, Utah and Wyoming go far beyond the immunity that several states granted to health care.....Read More

Businesses Fear Lawsuits from Sick Employees, Patrons After Reopening

Business owners hit hard by Covid-19 are eager to get back to work as the outbreak shows signs of slowing and the Trump administration pushes for a quick restart of the nation’s economy.......Read More

InsurePay platform improves cash flow during COVID-19 crisis

InsurePay, which allows insurance providers to offer pay-as-you-go billing for workers’ compensation and general liability policyholders, has announced that its billing platform for the workers’ comp industry allows businesses to pay premiums based......Read More

UK INSURANCE CLAIMS FROM STORMS CIARA AND DENNIS ESTIMATED AT US$473.7M

Insurers expect to make payments to customers hit by the recent Storms Ciara and Dennis of over £363 million (US$ 473.7 million), according to initial estimates from the Association of British Insurers (ABI).....Read More

HAILSTORM CLAIMS EXPECTED TO TOTAL $320 MILLION

The Insurance Council of Australia (ICA) has declared a Catastrophe for damage caused by hail storms that struck eastern Melbourne, the Australian Capital Territory and parts of New South Wales on Sunday and Monday.....Read More

INSURERS TO PAY $21M OF $41M SHAREHOLDER SETTLEMENT WITH WYNN RESORTS

Casino mogul Steve Wynn agreed to pay $20 million toward a settlement of shareholder lawsuits that claimed Wynn Resorts Ltd.’s board had been complicit in his alleged sexual misconduct......Read More

FLORIDA AUTO INSURER WINDHAVEN PLACED INTO REHABILITATION

The future of another Florida domestic insurer is now in the hands of state regulators. Non-standard private passenger auto insurer Windhaven Insurance Co. (WIC), based in Miami, has been placed into rehabilitation by a Florida court....Read More

FEMA POSTPONES SWITCH TO NEW RISK-BASED FLOOD INSURANCE RATING UNTIL 2021

The federal government is delaying implementation of a major change to its pricing formula for federal flood insurance that bases rates on a more accurate assessment of the real flood threat for each home and reflects the cost of rebuilding a home......Read More

CARLYLE GROUP BUYS HILB GROUP FROM PE FIRM

Private equity firm The Carlyle Group has agreed to acquire The Hilb Group LLC from Boston-based private equity firm Abry Partners LLC, the Richmond, Virginia-based brokerage Hilb said on Wednesday.....Read More

LOW FLOOD INSURANCE PENETRATION LEAVING MARK ON PEOPLE, PROPERTIES, AND THE ECONOMY

Despite intense storms in the past year and historic flooding in the Midwest in 2019, the number of homeowners with flood insurance policies in the United States has dropped by at least one-third since 2011, according to the New York Times.......Read More