Insurance News
States with Best, Worst Home Flood Damage Disclosure Laws
Thu, 16 Aug 2018
In 21 states, home sellers are not required by law to disclose to buyers whether their home has ever flooded or whether they will be required to purchase flood insurance, according to an analysis by the Natural Resources Defense Council …
Apparent Natural Gas Explosion in Denver Injures 9
Thu, 16 Aug 2018
Nine people were injured, one critically, by an apparent natural gas explosion in Denver on Aug. 14, firefighters said. Capt. Greg Pixley, a spokesman for the Denver Fire Department, said seven bystanders were treated for minor injuries and released after …
Experts: Cost of Hail Damage Will Continue to Rise
Thu, 16 Aug 2018
Hailstorms inflict billions of dollars in damage yearly in North America alone, and the cost will rise as the growing population builds more homes, offices and factories, according to climate and weather experts who spoke at a conference in Colorado …
Why Insurers Should Love, Not Fear, Amazon: Viewpoint
Thu, 16 Aug 2018
Whenever Amazon.com Inc. eyes expansion into a new industry, the stalwarts of that space shudder. A Reuters report on Thursday that the e-commerce giant has been talking to insurers about introducing a price comparison website in the U.K. was no …
Lingering Texas Drought Has Ranchers Reducing Herds
Thu, 16 Aug 2018
A growing number of Texas ranchers and farmers are trimming their livestock, or selling them altogether, as the persistent drought has eliminated water supplies and forage for the animals. Some landowners describe a boom-and-bust cycle playing out with increasing frequency …
New Specialty Offering from HUB Targets Cannabis Producers, Distributors, Retailers
Thu, 16 Aug 2018
Global insurance brokerage Hub International Limited (HUB) has formed a comprehensive cannabis insurance and risk services offering under its Agribusiness & Farm Specialty Practice. The new offering is designed to reduce risks in all aspects of operations for medical and …
Survivor of Missouri Duck Boat Sinking Wants Them Banned
Thu, 16 Aug 2018
An Indiana woman whose husband and three children died when a duck boat sank last month in Missouri said she hopes to save lives by backing an effort to ban the amphibious tourist boats. Tia Coleman, speaking through tears during …
Ohio Workers’ Comp Bureau to Help Buy Bulletproof Vests for Law Enforcement
Thu, 16 Aug 2018
Ohio Attorney General Mike DeWine says the state’s injured worker fund is setting aside a portion of its safety grant funding to help local police agencies pay for bulletproof vests. The Republican gubernatorial nominee advanced the plan Tuesday. It follows …
Kroger to Pilot Self-Driving Grocery Delivery in Arizona
Thu, 16 Aug 2018
Kroger Co. is bringing self-driving grocery delivery to Arizona. The largest grocery chain in the U.S. will start delivering groceries in autonomous-capable Toyota Prius cars starting Aug. 16 at a Fry’s Food Stores location it owns in Scottsdale. To start, …
FBI: Lower Mississippi River Ports, South Louisiana Vulnerable to Cyber Threats
Thu, 16 Aug 2018
Giant cranes loading and unloading gargantuan barges. Oil tankers, supply vessels and pipelines serving a vital energy industry. Flood control structures. Chemical plants. Cruise ships. Drinking water sources. All computer-reliant and tied in some way to the internet. All of …
NYC Mayor Signs Bill Capping New Ride-Hail Licenses
Thu, 16 Aug 2018
New York City, the largest American market for Uber, has become the first U.S. city to regulate the growth of app-based rides. Democratic Mayor Bill de Blasio on Tuesday signed a bill placing a temporary cap on new licenses for …
Banks on Alert After FBI Warning of Cyber Attacks on ATMs
Thu, 16 Aug 2018
Banks are on alert for new attacks targeting cash in ATMs after the Federal Bureau of Investigation warned U.S. lenders last week of a potential threat. “The FBI routinely advises private industry of various cyber-threat indicators observed during the course …
Global Insured Catastrophe Losses Decline to $20 Billion in H1: Swiss Re
Thu, 16 Aug 2018
Global insured losses from natural catastrophes and man-made disasters during the first half of 2018 were US$20 billion, down from US$30 billion in H1 2017, according to Swiss Re Institute’s latest sigma study. On the other hand, during the first …
Allianz Global Corporate Adds Setzer, Johnson to Aviation Underwriting Team
Thu, 16 Aug 2018
Allianz Global Corporate & Specialty (AGCS) has hired Scott Setzer as an executive underwriter for Aviation, and Adam Johnson as an Aviation underwriter. Setzer will be based in Alpharetta, Georgia and Johnson in Denver. They will focus on strengthening relationships …
Flash Flooding Closes Roads, Damages Homes in Central New York
Thu, 16 Aug 2018
Home and business owners in New York’s Finger Lakes region were dealing with flooded basements after heavy rains caused flash flooding that inundated roads in several towns Tuesday. A state of emergency was declared in at least one county. The …
Affinion Group Closes Sale of Insurance Division to New York’s Mill Point Capital
Thu, 16 Aug 2018
Affinion Group, LLC, a subsidiary of Affinion Group Holdings Inc., has closed the previously announced sale of its insurance division, Affinion Insurance Solutions, to an affiliate of Mill Point Capital. As a result of the sale, Affinion Group will operate …
New Hampshire Workers’ Comp Rates May Decrease for Seventh Year in a Row
Thu, 16 Aug 2018
New Hampshire employers could pay less for their workers’ compensation insurance next year because of a filing that lowers the loss costs insurers use to develop prices. The National Council on Compensation Insurance (NCCI) filed a rate proposal with the …
QBE North America Sells Its Personal Lines Business to Safeco
Thu, 16 Aug 2018
QBE North America has sold its personal insurance independent agency policies in 47 states to Safeco Insurance, a division of Liberty Mutual. The agreement was effective August 15, 2018. The terms of the transaction were not disclosed. The QBE North …
AXIS Re Appoints PartnerRe’s Pollak to New Role as Head of Product Center
Thu, 16 Aug 2018
AXIS Capital Holdings Ltd. announced that Marcus Pollak has been appointed to the newly created role of head of Product Center for AXIS Re. Based in Zurich, Pollak will lead underwriting process and portfolio management activities for AXIS Re, and …
Investor Sues AT&T Over Cryptocurrency Theft
Thu, 16 Aug 2018
U.S. entrepreneur and cryptocurrency investor Michael Terpin filed a $224 million lawsuit on Wednesday against telecommunications company AT&T, accusing it of fraud and gross negligence in connection with the theft of digital currency tokens from his personal account. In a …
Famed Pebble Beach Classic Car Show Attracting New Models
Thu, 16 Aug 2018
Next week more than 20,000 car enthusiasts will trek to Pebble Beach, Calif., the Pacific peninsula 90 minutes south of Silicon Valley, for one of the most important classic car shows on earth, the Pebble Beach Concours d’Elegance. There will …
Randall & Quilter Signs Program Underwriting Partnerships with 3 European MGAs
Thu, 16 Aug 2018
Randall & Quilter Investment Holdings Ltd. announced that its wholly owned European subsidiary R&Q Insurance (Malta) Ltd. has signed three new program underwriting partnerships – or fronting arrangements – with European managing general agents. They are: Futura, a Spanish MGA …
Italy Bridge Operator’s Shares Drop After Disaster; Supply Chain Impact Expected
Thu, 16 Aug 2018
Italy’s biggest toll-road operator came under heavy stock-market attack on Thursday after Rome criticized it for a deadly bridge collapse this week, moving to revoke its concession and accusing it of failing to ensure the viaduct’s safety. An 80-meter-long section …
Brexit Effect: Number of EU Nationals Working in UK Plunges During Q2
Thu, 16 Aug 2018
Further evidence that Brexit is deterring European Union workers emerged in figures published Tuesday [Aug. 14]. The number of EU nationals working in the U.K. in the three months through June plunged by 86,000 from a year earlier to 2.28 …
Australia’s QBE Reports 4% Rise in H1 Profit – on Fewer Natural Disasters
Thu, 16 Aug 2018
Australia’s QBE Insurance Group Ltd. posted a better-than-expected 4 percent rise in first-half profit, helped by fewer natural disasters in its biggest markets, sending its shares up almost 9 percent to their highest since November. The strong result draws a …
Amazon Weighs Formation of UK Insurance Comparison Website: Reuters
Thu, 16 Aug 2018
Amazon.com Inc is sounding out some of Europe’s top insurance firms to see if they would contribute products to a UK price comparison website in what would be a major foray by the U.S. online retail giant into the region’s …
Mississippi Supreme Court Allows Privacy Suit Against Google to Move Forward
Thu, 16 Aug 2018
Mississippi’s Supreme Court says a state lawsuit against Google alleging violations of student privacy should stay in a northeast Mississippi court. The court voted 6-2 Aug. 9 to deny an appeal by the unit of California-based Alphabet Inc. Google wanted …
South Carolina City Settles Suit Over High-Speed Chase Death for $1M
Thu, 16 Aug 2018
An upstate South Carolina city will pay $1 million to settle a lawsuit involving a bystander who died when hit by a wrong-way driver pursued by police. The Greenville News reports a municipal insurance fund will pay $750,000 to an …
Worldwide Facilities Hires Carlson as VP, Healthcare, in Chicago
Thu, 16 Aug 2018
Worldwide Facilities, a national wholesale insurance brokerage and managing general agent, has appointed Joe Carlson as vice president, Healthcare at its Chicago office. Prior to taking on this role, Carlson served as the director of Healthcare and Non-Profit Risk for …
Questpro Adds Keck, Jones and Haaker in Dallas
Thu, 16 Aug 2018
Dallas-based insurance and risk management staffing agency, Questpro, has added several team members. Jason Keck has been hired as director, life insurance recruiting. Keck focuses on developing long term relationships with life/annuity insurance and life/annuity reinsurance companies. In this role …