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Business Insurance - _Risk Management
CAC Specialty adds four executives from Alliance
CAC Specialty said Friday it has added four former Alliance Insurance Group executives to its newly formed senior living practice.
POSTED JUNE 24, 2022 2:14 PM |
Carnival fined $5 million by New York for cybersecurity violations
A New York state regulator on Friday fined cruise line operator Carnival Corp. $5 million for “significant” cybersecurity violations, following four security breaches from 2019 to 2021 that exposed substantial amounts of sensitive customer data.
POSTED JUNE 24, 2022 1:58 PM |
Casino COVID-related ruling turns in favor of Zurich, AIG, Allianz
A New Jersey appeals court overturned a lower court and ruled against an Atlantic City casino and in favor of units of Zurich Insurance Group Ltd., American International Group Inc. and Allianz SE in COVID-19-related business interruption coverage Thursday.
POSTED JUNE 24, 2022 1:40 PM |
COVID-19 presumptions lose steam among lawmakers
Despite the strong push for COVID-19 workers compensation presumptions in the early stages of the pandemic, fewer than half of the 18 states that enacted legislation or saw executive orders still have the provisions in place, according to a report released Wednesday by the National Council on Compensation
POSTED JUNE 24, 2022 11:59 AM |
Strip club stripped of insurance
Hoping a photo of the voluptuous “Baywatch” star Carmen Electra in its advertisements would spark the interest of potential customers at the DiCarlo Gentleman’s Club in Colonie, New York, the owners now say the fallout of a lawsuit filed by the actress and two other women has caused it to lose insurance.
POSTED JUNE 24, 2022 11:50 AM |
News Archives - Insurance Journal
Maine Agency Faces Backlash, Loses 3 Carriers After Juneteenth Posting
An independent insurance agency in Millinocket, Maine has lost three of its carrier partners and continues to face backlash on social media and in its community after posting a racially-charged sign on its door on Monday, the Juneteenth holiday. “Juneteenth …
POSTED JUNE 24, 2022 4:13 PM |
Cyber Insurtechs and Insurers ‘In This Together,’ Not in Competition
Insurtechs and insurance companies are “breaking down the wall” that stood between them as competitors in favor of working together to tackle dynamic cyber risk. “We’re all trying to solve the same problem,” said Lori Bailey, chief insurance officer at …
POSTED JUNE 24, 2022 4:12 PM |
People Moves: McGriff Names Curtis VP for Captives, Alternative Risks
McGriff Insurance Services, a retail insurance broker based in Huntsville, Alabama, has named Bud Curtis vice president and alternative risk business development manager. McGriff, a subsidiary of Truist Insurance Holdings, the sixth largest insurance broker in the U.S., said in …
POSTED JUNE 24, 2022 4:08 PM |
Acrisure Acquires Ohio’s QuickInsured Agency
Acrisure, a fintech company that runs a global insurance broker, announced that it has acquired Columbus, Ohio-based QuickInsured, a tech-centered insurance agency. Acrisure will now have use of QuickInsured’s proprietary digital “sales funnel,” which customizes insurance offerings for customers, and …
POSTED JUNE 24, 2022 3:49 PM |
Walgreens Reaches $105 Million Settlement With Shareholders
Walgreens Boots Alliance Inc. agreed to pay $105 million to settle a long-running class-action lawsuit accusing it of misleading shareholders about how rising generic drug prices and reimbursement pressures would hurt its pharmacy business. The preliminary all-cash settlement was filed …
POSTED JUNE 24, 2022 3:40 PM |
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Fraud, Litigation Push Florida Insurance Market to Brink of Collapse
With its abundance of unneeded new roofs on homes – and flashy lawyer billboards at every turn claiming massive settlements on claims – Florida’s insurance market is on the verge of failure. This man-made catastrophe is causing financial strain on consumers, as the annual cost of an average Florida homeowners insurance policy will skyrocket to … Continue reading Fraud, Litigation Push Florida Insurance Market to Brink of Collapse →
POSTED JUNE 23, 2022 6:05 PM |
Lightning SparksMore Than $1 Billionin Homeowners ClaimsOver Five Years
By Loretta Worters, Vice President, Media Relations, Triple-I More than $1 billion in lightning-caused U.S. homeowners insurance claims were paid out in 2021 to 60,000-plus policyholders, with 40 percent of that figure ($522 million) attributable to California alone, according to Triple-I. Based on national insurance claims data, the Triple-I found: The total value of claims … Continue reading Lightning SparksMore Than $1 Billionin Homeowners ClaimsOver Five Years →
POSTED JUNE 21, 2022 4:54 PM |
Triple-I Responds to SEC’s Proposed Climate-Risk Disclosure Requirements
Creating a new layer of federal oversight would neither enhance nor standardize the climate-related disclosures U.S. insurers make to investors, Triple-I said in a letter to the U.S. Securities and Exchange Commission (SEC). Triple-I’s letter responded to the SEC’s request for public comment on its proposed rulemaking, “The Enhancement and Standardization of Climate-Related Disclosures for … Continue reading Triple-I Responds to SEC’s Proposed Climate-Risk Disclosure Requirements →
POSTED JUNE 17, 2022 5:59 PM |
Distracted Driving Surges Since Start of Pandemic
By Max Dorfman, Research Writer, Triple-I Distracted driving in the United States has risen more than 30 percent from February 2020 to February 2022, as the coronavirus pandemic has upended driving patterns, according to a recent report by telematics service provider Cambridge Mobile Telematics (CMT). This comes despite improvements in other dangerous behaviors, like speeding, … Continue reading Distracted Driving Surges Since Start of Pandemic →
POSTED JUNE 15, 2022 3:21 PM |
Fla. P&C Crisis Worsens As Hurricane Season Begins
Already this year, three Florida insurers have been declared insolvent due to their failure to obtain full reinsurance as the 2022 hurricane season bears down. “We have the potential of a massive failure of Florida insurers, probably the worst on record,” says Triple-I communications director Mark Friedlander. According to Friedlander, the $2 billion reinsurance fund … Continue reading Fla. P&C Crisis Worsens As Hurricane Season Begins →
POSTED JUNE 10, 2022 7:21 PM |
Report: Policyholders See Climate as a ‘Primary Concern’
By Max Dorfman, Research Writer, Triple-I (06/08/2022) Nearly three-quarters of property and casualty policyholders consider climate change a “primary concern,” and more than 80 percent of individual and small-commercial clients say they’ve taken at least one key sustainability action in the past year, according to a report by Capgemini, a technology services and consulting company, … Continue reading Report: Policyholders See Climate as a ‘Primary Concern’ →
POSTED JUNE 08, 2022 1:39 PM |
Litigation-Funding Law Found Lacking in Transparency Department
Piecemeal efforts to bring transparency to third-party litigation funding continued apace (albeit a snail’s pace) with legislation the governor of Illinois signed into law on May 27th. The funding of lawsuits by investors with no stake beyond the potential to profit from any settlement has been a growing contributor to the phenomenon known as “social … Continue reading Litigation-Funding Law Found Lacking in Transparency Department →
POSTED JUNE 01, 2022 6:28 PM |
The Battle Against Deepfake Threats
By Max Dorfman, Research Writer, Triple-I Some good news on the deepfake front: Computer scientists at the University of California have been able to detect manipulated facial expressions in deepfake videos with higher accuracy than current state-of-the-art methods. Deepfakes are intricate forgeries of an image, video, or audio recording. They’ve existed for several years, and … Continue reading The Battle Against Deepfake Threats →
POSTED MAY 31, 2022 5:50 PM |
Cyber Premiums Nearly Doubled as Losses Fell
By Max Dorfman, Research Writer, Triple-I Direct written premiums for cyber policies grew sharply in 2021 from 2020, spurred by claims activity and cyber incidents. According to a recent analysis by S&P Global Market Intelligence, direct written premiums nearly doubled, to approximately $3.15 billion in 2021, from $1.64 billion the previous year. Direct written premiums … Continue reading Cyber Premiums Nearly Doubled as Losses Fell →
POSTED MAY 27, 2022 6:53 PM |
Maritime Day: Honoring An “Invisible” Industry
By Loretta Worters, Vice President, Media Relations, Triple-I Maritime Day is a time-honored tradition that recognizes one of the United States’ most important industries. It is observed on May 22, the date in 1819 that the American steamship Savannah set sail from Savannah, Ga., on the first ever transoceanic voyage under steam power. “National Maritime Day was created by an … Continue reading Maritime Day: Honoring An “Invisible” Industry →
POSTED MAY 20, 2022 4:51 PM |
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