Business Insurance - _Risk Management
|EU regulators set July 27 deadline for Aon, Willis deal
European Union antitrust regulators have extended until July 27 the deadline for their decision on Aon PLC’s $30 billion bid for rival Willis Towers Watson PLC, a European Commission filing showed Wednesday.
POSTED APRIL 14, 2021 8:11 AM
|DOL reinstates liquidated damages under FLSA
The U.S. Department of Labor has rescinded a Trump administration policy and restored investigators’ ability to seek liquidated damages in pre-litigation settlements, or twice the amount of back pay that an employer owes, for alleged violations of the Fair Labor Standards Act.
POSTED APRIL 13, 2021 4:01 PM
|Apple backs far-reaching emissions disclosure rules
Apple Inc. on Tuesday called for the U.S. Securities and Exchange Commission to require companies to disclose emissions including from their “value chain,” according to a tweet from Apple Vice President Lisa Jackson.
POSTED APRIL 13, 2021 3:55 PM
|London claims firm buys U.S. adjuster
London-based claims and insurance management company Charles Taylor Ltd. said Tuesday that it has acquired U.S. adjuster Syndicate Claim Services Inc.
POSTED APRIL 13, 2021 2:26 PM
|Bermuda insurer names former Ironshore exec as co-CEO
Mosaic on Tuesday named Mark Wheeler as co-CEO, joining fellow former Ironshore Ltd. executive Mitch Blaser as a head of the Bermuda-based start-up insurer.
POSTED APRIL 13, 2021 2:24 PM
News – Insurance Journal
|Court Orders Chubb Subsidiary to Pay for Merchandise Lost in Warehouse Bankruptcy
Chubb’s Federal Insurance Co. must pay more than $2 million to a fabric company that lost 22 trailer loads of merchandise when the Mississippi warehouse company that stored it, filed for bankruptcy, sold the goods and pocketed the proceeds. A …
POSTED APRIL 14, 2021 12:49 PM
|Insuring Cyber Podcast: What the ‘New Normal’ Means for Cyber Insurers, Coverage
More than a year has passed since pandemic-related government restrictions began, causing many businesses around the world to shift their workforce to remote. With increased reliance on technology, new work environments and greater use of at-home devices and networks in …
POSTED APRIL 14, 2021 12:00 PM
|Xenia Broking to Acquire UK-Based Credit Insurance Alliance (Brokers)
Xenia Broking Group, the London-based credit insurance and surety specialist, announced it has entered into an agreement to acquire Credit Insurance Alliance (Brokers) Ltd. (CIA). An independent trade credit insurance broker based in the West Midlands, England, CIA specializes in …
POSTED APRIL 14, 2021 11:42 AM
|EU Antitrust Regulators Extend Deadline to July 27 for Decision on Aon-Willis Deal
BRUSSELS – European Union antitrust regulators have extended until July 27 the deadline for their decision on Aon’s $30 billion bid for rival Willis Towers Watson, a European Commission filing showed on Wednesday. Aon, which announced the deal a year …
POSTED APRIL 14, 2021 11:01 AM
|Russia Vulnerable to Climate Change, Causing Expensive Natural Disasters
The residents of Irkutsk, one of Russia’s coldest regions, are used to harsh winters. But when the temperature dropped to negative 60 degrees Celsius (-76 Fahrenheit) last January, even they had to submit to the elements. “Please stay at home …
POSTED APRIL 14, 2021 7:39 AM
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|Bermuda has it covered from start to finish
Triple-I welcomes the Association of Bermuda Insurers & Reinsurers (ABIR) as an Associate Member. ABIR CEO John Huff writes about the influx of investment that solidifies Bermuda’s role in the global re/insurance industry. Much is made of the word “finish.” Finish strong, they say, in sports. A fight to the finish yields the strongest competitor. … Continue reading Bermuda has it covered from start to finish
POSTED APRIL 14, 2021 11:15 AM
|Polar Vortex,Convective StormsKeep Driving Losses
Insured losses from March storms in the United States are likely to surpass $1 billion, Aon said in its monthly Global Catastrophe Recap. Aon said multiple outbreaks – featuring tornadoes, hail, snow, and flooding – were to blame. The most notable included severe weather across the Central and Southern United States, with 122 tornadoes touching down … Continue reading Polar Vortex,Convective StormsKeep Driving Losses
POSTED APRIL 13, 2021 5:29 PM
|How affordable is homeowners insurance?
The average homeowners insurance premium was $1,249 in 2018, up by 3.1 percent from the previous year, according to the latest data from the National Association of Insurance Commissioners (NAIC). In 2017 the average premium was up 1.6 percent. To put this in context, the consumer price index, a measure of the price of goods … Continue reading How affordable is homeowners insurance?
POSTED APRIL 12, 2021 6:27 PM
|Dog bite claims fell 4.6 percent in 2020 despite pandemic pet adoption surge
Pandemic-related lockdowns have led many people to bring new furry friends into their homes. A survey from the Insurance Research Council (IRC), found that 21 percent of homeowners reported adopting a dog in 2020. Despite the increase in the number of dogs in American homes, homeowners dog bite (and related injury), claims fell overall by … Continue reading Dog bite claims fell 4.6 percent in 2020 despite pandemic pet adoption surge
POSTED APRIL 08, 2021 4:49 PM
|Above-average 2021 Atlantic hurricane season predicted
Colorado State University (CSU) hurricane researchers predict an above-average Atlantic hurricane season in 2021, citing the likely absence of El Niño as a primary factor. El Niño tends to increase upper-level westerly winds across the Caribbean into the tropical Atlantic, tearing apart hurricanes as they try to form. The CSU Tropical Meteorology Project team, led … Continue reading Above-average 2021 Atlantic hurricane season predicted
POSTED APRIL 08, 2021 12:34 PM
|FEMA’s New Approach to Flood Risk Will Make Insurance Program Fairer
The Federal Emergency Management Agency (FEMA) last week unveiled details of Risk Rating 2.0 – its plan to modernize the National Flood Insurance Program (NFIP) to make it fairer and more sustainable. The changes measuring flood danger differently – gauging properties’ specific risks and replacement costs, rather than simply whether they sit in a FEMA-designated “flood zone.” … Continue reading FEMA’s New Approach to Flood Risk Will Make Insurance Program Fairer
POSTED APRIL 06, 2021 7:53 PM
|Some Experts Suggest Retiring the Name “Tornado Alley”
What’s in a name? If you live in “Tornado Alley,” there might be a lot – or less than you might imagine. The designation refers to a stretch of geography running from Texas and Oklahoma through Nebraska and Kansas (think Dorothy and Toto, their house wrenched from the parched, flat earth and spinning toward Oz). … Continue reading Some Experts Suggest Retiring the Name “Tornado Alley”
POSTED APRIL 06, 2021 5:05 PM
|Maritime Supply-Chain Vulnerabilities: Why This Won’t Be the Last Timea Megaship Gets Stuck
By Loretta Worters, Vice President, Media Relations, Triple-I When mega containership Ever Given wedged herself across a one-way section of the Suez Canal during a sandstorm last month, it brought 10 percent of global trade to a halt for a week. The ship – owned by Taiwanese container transportation and shipping company Evergreen Marine Corp. … Continue reading Maritime Supply-Chain Vulnerabilities: Why This Won’t Be the Last Timea Megaship Gets Stuck
POSTED APRIL 06, 2021 1:38 PM
|Triple-I Paper Takes a Detailed Look at Member-Owned Group Captives
A captive insurance company is a type of risk-management arrangement that essentially works like self-insurance. While “single-parent” captives are financially possible only for large, well-capitalized companies, associations or groups of companies may band together to form a captive to provide insurance coverage. Professionals such as doctors, lawyers and accountants have formed many captives. A new … Continue reading Triple-I Paper Takes a Detailed Look at Member-Owned Group Captives
POSTED APRIL 06, 2021 12:24 PM
|“Lightning Round” Highlights Technologies Reopening the Economy
Public discussion about re-opening the economy after COVID-19 has mostly revolved around the safety, efficacy, and availability of various vaccines. But in the longer term, other measures and new technologies will be key to getting back to normal and being prepared for future public health emergencies. Last week’s Lightning Round V: Reopening America in the … Continue reading “Lightning Round” Highlights Technologies Reopening the Economy
POSTED MARCH 30, 2021 4:05 PM