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News – Insurance Journal

California City Paying $11M to Settle Fatal Crosswalk Crash

15 Oct 2021 19:52


Sacramento has paid $11 million to settle a lawsuit after a car hit a boy and killed his grandmother in 2018, one of the city’s largest such payouts. QuiChang Zhu, 72, and her grandson Jian Hao Kuang, 6, were using …


Texas Bill Would Make Firms Requiring COVID Vaccine Vulnerable To Lawsuits

15 Oct 2021 16:48


As Gov. Greg Abbott and other Republican Texas leaders wage a war against vaccination mandates meant to curb COVID-19, a state Senate committee on Oct. 14 advanced legislation that would make any entity, including hospitals, vulnerable to discrimination lawsuits if …


People Moves: Risk, Rushmore and Willis Towers

15 Oct 2021 16:47


Risk Strategies Names Meder to Claims Advocacy Role Risk Strategies, a national insurance brokerage and risk management firm, announced that John Meder, of Raleigh, North Carolina, will be the new head of risk consulting and claims advocacy. Meder has more …


Texas Contractor Fined $212K in Fatal Crane Collapse

15 Oct 2021 16:39


Federal workplace safety officials say a Lufkin, Texas, contractor’s failure to assemble a crane boom properly caused the crane to collapse onto a passing vehicle on Interstate 10 near Beaumont, killing the two occupants in April 2021. OSHA cited Hemphill …


Former Northeast Missouri Town Clerk Sentenced for $315K Embezzlement

15 Oct 2021 16:25


The former town clerk of a small rural community in northeast Missouri was sentenced Wednesday to 18 months in federal prison and ordered to pay back $315,000 to the town. Tracey Ray, 48, pleaded guilty in June to wire fraud …


North Dakota Hit with Tornados, Record Rainfall, Blanket of Snow

15 Oct 2021 16:19


North Dakota residents experienced a range of weather this week, with rare October tornadoes in the southeastern part of the state, an early season snowstorm in the west and record rainfall in Bismarck. Preliminary reports indicate two tornadoes touched down …


As Louisiana Port Rebuilds After Hurricane Ida, Loss of Wetlands Seen as Threat

15 Oct 2021 16:12


On Louisiana’s south coast, in a key port servicing the U.S. offshore oil industry, a huge shipyard sits idle and in tatters. Where parts of the nine-bay terminal’s roof once hung, only a tangle of twisted metal beams is now …


Murdaugh Charged With Taking Dead Housekeeper’s Life Insurance Settlement

15 Oct 2021 15:57


Prominent South Carolina lawyer Alex Murdaugh, already accused of swindling money from his law firm and for faking his own murder, has now been charged with stealing insurance settlements meant for the sons of his late housekeeper. Murdaugh was arrested …


RIMS CEO Roth to Retire in 2022

15 Oct 2021 15:54


After a 36-year career advancing the risk management profession, RIMS CEO Mary Roth has announced she plans to retire following the RIMS 2022 Annual Conference & Exhibition that is scheduled for next April. She has been chief executive officer of …


Judge Dismisses Air Ambulance Attempt to Block Florida Reimbursement Law

15 Oct 2021 15:37


Florida’s insurance commissioner is applauding a federal court’s decision to dismiss an air ambulance company’s challenge to a 2020 law that limits insurance reimbursements for pricey helicopter and fixed-wing medical transports. “The successful dismissal of this lawsuit will ensure consumers …


Washington City Paying $515K Settlement in Police Shooting

15 Oct 2021 14:35


The city of Seattle has agreed to pay $515,000 to settle a civil-rights lawsuit filed by the estate of Iosia Faletogo, who was shot and killed by police after a foot chase across Aurora Avenue North on New Year’s Eve …


Wildfire Destroys School in Small Eastern Washington Town

15 Oct 2021 14:32


A fire has destroyed a school in an eastern Washington town. Lincoln County Sheriff Wade Magers said the fire at Almira Elementary and Middle School started around 4:30 p.m. Tuesday. Classes and after school activities had been canceled because of …


California Highway Reopens, Wildfire Still Threatens Homes

15 Oct 2021 14:30


A key Southern California highway closed for days because of a wildfire was reopened Thursday evening but authorities warned that flames still posed a threat to remote properties in a coastal mountain range. The Alisal Fire has charred more than …


Mosaic Insurance Opens First U.S.-Based Office Location in New York City

15 Oct 2021 14:17


Mosaic Insurance has opened an office in New York City. This is its first U.S.-based physical address for a growing number of employees. The Midtown South office, which will accommodate members of Mosaic’s cyber and transactional liability lines, along with …


Workers’ Compensation Insurers Find That as Opioid Cost Slows, Marijuana Grows

15 Oct 2021 14:14


Workers’ compensation insurers have slashed spending on opioids, reducing the risk of addiction and delayed recovery, but now they are under increasing pressure to reimburse injured workers for a new kind of elixir. Six states now allow or require insurers …


Safety Regulator Questions Tesla on No Recall With Autopilot Update

15 Oct 2021 13:58


U.S. safety investigators want to know why Tesla didn’t file recall documents when it updated Autopilot software to better identify parked emergency vehicles, escalating a simmering clash between the automaker and regulators. In a letter to Tesla, the National Highway …


Maine to Seek ‘Forever Chemical’ Contamination at Many Sites

15 Oct 2021 13:43


Environmental regulators in Maine will soon undertake a statewide investigation to find concentrations of long-lasting environmental pollutants. The investigation stems from the state’s efforts to mitigate a class of chemicals known as PFAS, which are also called “forever chemicals.” The …


Massachusetts Alleges Improper Asbestos Removal, Disposal in Salem

15 Oct 2021 13:25


The former owners of a Salem property recklessly cut corners that probably led to the release of asbestos during demolition at the site, the state attorney general’s office said in a lawsuit. The office alleges in the suit, filed this …


People Moves: Aon Names WTW’s Forsgård as CEO, Nordic Region; Marshmallow Hires Gillard as Chief People Officer; Sedgwick Appoints Norman for Biz Development

15 Oct 2021 08:37


This edition of International People Moves details appointments at broker Aon, insurtech Marshmallow, and loss adjuster Sedgwick. A summary of these new hires follows here. Aon Appoints WTW’s Forsgård as CEO for Nordic Region Insurance broker Aon plc announced the …


Reinsurer Natural Disaster Losses to Exceed Budget Expectations for 5th Year: S&P

15 Oct 2021 07:33


For the fifth consecutive year, insured losses from natural catastrophes are expected to be at or above global reinsurers’ budget expectations, but their very strong capital adequacy continues to provide a cushion, according to S&P Global Ratings. “The top 21 …


Everest Re, AXIS Capital Estimate Costs of Q3 Natural Catastrophe Losses

15 Oct 2021 06:39


Everest Re Group Ltd. and AXIS Capital announced their preliminary third quarter 2021 catastrophe losses. In advance of its full quarterly earnings to be released on Oct. 27, 2021, Everest is estimating total Q3 pre-tax net catastrophe losses of $635 …


Australia’s Regulator Sues Unit of IAG for Failing to Honor Promised Discounts

15 Oct 2021 06:00


Australia’s corporate regulator commenced civil proceedings against a unit of Insurance Australia Group on Friday, for failing to pass on discounts worth A$60 million ($44.51 million) to nearly 600,000 customers. The Australian Securities and Investments Commission (ASIC) alleged that Insurance …


Corporate Climate Risk Disclosures Still Falling Short, Regulators Say

15 Oct 2021 06:00


Around half of companies assessed have begun to apply globally agreed climate-related disclosure standards for helping investors to pick firms committed to sustainability, regulators said on Thursday. A task force set up by the Financial Stability Board – which groups …


MGAs Can Build Broker Relationships – Even in a Hard Market: Aston Lark’s CEO

15 Oct 2021 05:45


How can managing general agents build broker relationships during a hardening market when insurers have much less incentive to provide capacity? After more than 25 years as a broker, Peter Blanc, CEO of the Goldman Sachs-owned consolidator broking group, Aston …


France’s AXA to Invest €1.5B to Fight Deforestation, Preserve Biodiversity

15 Oct 2021 05:45


French insurer AXA said on Thursday it will invest 1.5 billion euros ($1.74 billion) to support sustainable forest management as part of new commitments to fight deforestation and preserve biodiversity. The announcement comes a day after more than 100 countries …


Illinois Construction Contractor Cited for Workplace Hazards; Fined $229.7K

15 Oct 2021 05:24


For the sixth time in seven years, a federal workplace inspection has found a Roselle, Illinois, construction contractor putting workers at risk of serious injury or death by defying federal requirements to ensure the use of fall protection. On April …


Johnson & Johnson Places Talcum Liabilities Into Bankruptcy

15 Oct 2021 05:00


Johnson & Johnson on Thursday put into bankruptcy tens of thousands of legal claims alleging its Baby Powder and other talc-based products caused cancer, offloading the potential liabilities into a newly created subsidiary. J&J put the talc claims into an …


Lawsuit Seeks SEC Enforcement of Proxy Adviser Restrictions

15 Oct 2021 05:00


The National Association of Manufacturers (NAM), a business group, sued the U.S. securities regulator on Wednesday for refusing to enforce a Trump-era rule reining-in companies that advise investors on how to vote in corporate elections. Last year, the Securities and …


California FAIR Plan to Appeal of Court’s Ruling on Expanded Coverage

14 Oct 2021 23:31


The California FAIR Plan Association (FAIR Plan) says it will appeal a ruling by the Los Angeles Superior Court the association believes will lead to unnecessary rate increases for all FAIR Plan policyholders and unnecessarily expand the role of the …


After Surfside, Task Force Calls for Sweeping Changes in Condo Law

14 Oct 2021 19:16


Four months after the collapse of a 12-story South Florida condominium building left 98 people dead, a Florida Bar task force has recommended major changes in how condo associations operate, including a requirement to maintain larger cash reserves for repairs …

        
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