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Showing posts from November, 2017

Oklahoma health insurance marketplace: history and news of the state’s exchange

Highlights and updates Year-over-year enrollment up 36% in first 3.5 weeks 1332 waiver proposal would have created reinsurance program 8% rate hike, but after-subsidy rates much lower for some enrollees With reinsurance, rates would have decreased by 34% Oklahoma had to withdraw 1332 waiver after HHS delays State plans additional 1332 waivers as part of long-range plan Law enacted to allow out-of-state insurers to sell plans in OK Oklahoma exchange overview Oklahoma uses the federally-facilitated exchange, which means enrollees use Healthcare.gov.  146,286 people enrolled in qualified health plans (private plans) through the Oklahoma exchange during the 2017 open enrollment period. 129,060 had effectuated coverage as of February 2017, and 91 percent of those enrollees were receiving premium subsidies. No subsidy? Can’t afford Obamacare? Get up to 360 days of short term coverage for as little as $50 a month. Blue Cross Blue Shield of Oklahoma is the only carrier offe...

SIS Wholesale Insurance Services Launches Online Builders Risk Program

Commercial lines insurance program administrator Safebuilt Insurance Services, Inc., dba SIS Wholesale Insurance Services, has launched a new online builders risk program available in all 50 states and Washington D.C. SIS’ Builders Risk Program is delivered via its online rating … from News – Insurance Journal http://ift.tt/2AtGZQX

Miami Woman Arrested Over Fraudulent Insurance Claims, Attempt to Steal $178K

A Florida homeowner was arrested for insurance fraud and grand theft following her attempt to file a damage claim against a new insurance policy after already receiving a $60,000 insurance payout from her former insurance provider for the same damages. … from News – Insurance Journal http://ift.tt/2BAW4Oc

Victim Compensation for Emotional Suffering: How Much Is Right?

If a company sends one of its workers to a crime-ridden neighborhood to repair a leaking roof and the worker is held up by gunpoint, has his wallet stolen and is so terrified that he can’t return to work, how … from News – Insurance Journal http://ift.tt/2AmMPAU

Express Scripts Not Looking But Open to Deal with an Insurer, Amazon

Express Scripts Holding Co.’s chief executive said he’s open to a deal with a health insurer or partnering with Amazon.com Inc. CEO Tim Wentworth’s pharmacy benefits company has been battered by departing clients and the vague specter of Amazon’s entry … from News – Insurance Journal http://ift.tt/2AgAOzb

GM Plans Fleets of Autonomous Robo-Taxis by 2019

General Motors Co. laid out its vision for self-driving vehicles on Thursday, telling investors it planned a commercial launch of fleets of fully autonomous robo-taxis in multiple dense urban environments in 2019, in a challenge to rivals such as Alphabet … from News – Insurance Journal http://ift.tt/2AnTNFK

How Payment Policies of Insurers, Government Discourage Opioid Alternatives

For the drug industry, building a better pain pill is a problem. Pharmaceutical companies have introduced new medicines to treat dependence, reverse overdoses, and deal with opioids’ side effects. But few effective and economically viable alternatives to addictive painkillers have … from News – Insurance Journal http://ift.tt/2AjmiGT

Woman Staying in Hotel During Tennessee Wildfires Claims PTSD in Lawsuit

A Tennessee woman who checked in to a hotel as deadly wildfires raged nearby says in a lawsuit that she was terrified she would die in the hotel and is suffering from post-traumatic stress disorder because of the experience. Holly … from News – Insurance Journal http://ift.tt/2jBnJpV

Miner Dies on Blackhawk Mining Property in West Virginia

West Virginia mining officials say that a 28-year-old equipment operator for a coal mining company has died. The Office of Miners’ Health, Safety and Training says the incident occurred about 3 p.m. Tuesday on property owned by Blackhawk Mining in … from News – Insurance Journal http://ift.tt/2ALhWsW

DEA Opens Kentucky Field Office to Target Opioid Abuse

The U.S. Drug Enforcement Agency is targeting opioid abuse in Appalachia by establishing a new field office in Kentucky to oversee a region ravaged by overdose deaths. The new Louisville field office will have a special agent in charge to … from News – Insurance Journal http://ift.tt/2zCPIMN

Executive fired from failed insurer settles lawsuit

The former CFO of a failed insurer reached a settlement in a lawsuit that charged the firm fired him for complaining it violated the law by hiring a disbarred lawyer who had been jailed for his role in a prepaid funeral company Ponzi scheme. from Business Insurance http://ift.tt/2zTtQAZ

Trisura Group to acquire full management interest in Canadian subsidiary

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Trisura Group Ltd. has agreed to acquire the remaining 40% management interest in its Canadian subsidiary, which holds Trisura Guarantee Insurance Company. Trisura currently holds a 60% interest. Under the agreement, current employees and directors of Trisura Guarantee will exchange their shareholdings in the company for common and preferred shares of Trisura. The move is expected to bring Trisura’s debt-to-capital ratio below its target maximum of 20%. Related: Smooth transition for Trisura’s new surety business after deal with RSA Canada: Trisura CEO “The management and employee shareholders of Trisura Guarantee are pleased to have reached an agreement to exchange our current shareholding for a significant stake in Trisura, the global public entity,” Mike George, president and CEO of Trisura Guarantee, said in a statement. “The share exchange will enable us to participate in the future growth of Trisura, as well as [help] us achieve our strategic initiatives in Canada and abro...

Ironshore’s Joseph Boren to retire, Frediani to succeed

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Florida regulators take over insolvent workers comp insurer

Florida insurance regulators have taken over Guarantee Insurance Co. and have started liquidating its assets, a spokesman for the Department of Financial Services confirmed. from Business Insurance http://ift.tt/2AmfjLi

What brokers can learn from CatIQ’s Canadian Catastrophe Conference

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With natural catastrophes on the rise in Canada, there’s plenty for brokers to learn at CatIQ’s Canadian Catastrophe Conference (C4) in 2018. “The upcoming C4 conference could be interesting for brokers in particular, with the diverse range of topics that we’re covering,” Laura Twidle, CatIQ’s director of catastrophic loss analysis, told Canadian Insurance Top Broker . Related: Most North American cities “lousy” at flood preparedness: JLT Canada Public Sector Summit Those topics include the increasing frequency of extreme weather events in Canada, flood management, earthquake preparedness and the growing threat of wildfires. “We have more people building in areas that have a wildfire–urban interface,” Twidle said. “With these more extreme weather events coming down in the future, we could get more drought conditions, which could lead to more wildfires.” This year’s conference will also feature an opening-day disaster mitigation workshop, featuring panelists from Public Safety ...

Aon acquires Swiss brokerage

Aon P.L.C. on Thursday said it is acquiring Swiss commercial brokerage Unidelta A.G. from Business Insurance http://ift.tt/2BC5au3

Hong Kong: Regulator urges ALM focus in insurers' investments

The emergence of new advancements and initiatives, such as green bonds and InsurTech among others, are potential investment opportunities for insurers. However, investment managers should exercise due care and diligence in their selection of investments, said Dr Moses Cheng, Chairman of the Insurance Authorit (IA), Hong Kong at the 5th Asia Investment Management Summit for Insurance yesterday. In his keynote speech, he urged insurers to enhance their asset-liability management (ALM) function to better set their risk appetite for asset-liability mismatch risk and devise appropriate measures to address it. from Recent Posts on (eDaily) http://ift.tt/2i43ReM

Australia: PM orders probe into conduct of banks, insurers

Prime Minister Malcolm yesterday announced a Royal Commission into the banking, superannuation and financial services industries, including the life and non-life sectors. from Recent Posts on (eDaily) http://ift.tt/2AtbCGc

China: Capital curbs slash mainlanders' insurance purchases in HK

New insurance premiums for policies issued in Hong Kong to mainland Chinese visitors have plunged to a two-year low, data released by the Insurance Authority (IA) show. from Recent Posts on (eDaily) http://ift.tt/2i43PDG

India: Life insurance stocks trade higher than peers in other Asian markets

The share prices of Indian life insurance companies are significantly higher than those of their peers elsewhere in Asia, says Milliman India in its report. from Recent Posts on (eDaily) http://ift.tt/2As4MAv

South Korea: Insurers trailing behind in new drugs

Korean insurance policies are lagging behind the development of anticancer therapies, leaving many novel drugs without coverage and creating a population of "medical poor" citizens, according to Dr Lee Dae-ho, head of the planning committee of the Korean Association for Clinical Oncology (KACO). from Recent Posts on (eDaily) http://ift.tt/2i5osja

Trump to nominate FSOC insurance expert

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Podcast: ‘What The Health?’ Taxes, Medicare And The Year-End Mess

Express Scripts CEO sees Amazon as a potential partner: CNBC

(Reuters) — Express Scripts sees Amazon.com Inc., which has been reported to be interested in entering the pharmacy market, as a possible partner rather than a competitor, the PBM's CEO said Thursday on CNBC. from Business Insurance http://ift.tt/2j4eOxM

Medical payments per comp claim down in North Carolina

Medical payments per workers compensation claim in North Carolina decreased 6% per year from 2013 through 2015, according to a study released by the Workers Compensation Research Institute. from Business Insurance http://ift.tt/2AnrGGZ

Texas Company Agrees to Pay $545.1K Penalty Following Worker Fatality

The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) and Marshall Pottery Inc. in Marshall, Texas, have reached a settlement agreement including a penalty of $545,160, after the death of an assistant plant manager. The federal agency reported … from News – Insurance Journal http://ift.tt/2jy4ei0

Keystone Pipeline Leak Likely Caused by 2008 Construction Damage: Report

A federal agency says a leak in TransCanada Corp.’s Keystone oil pipeline in South Dakota likely was caused by damage during construction in 2008. The Pipeline and Hazardous Materials Safety Administration issued a corrective action report Tuesday on the estimated … from News – Insurance Journal http://ift.tt/2AsIy1k

Liberty Mutual Insurance Opens New Campus in North Texas

Liberty Mutual Insurance Chairman and CEO David H. Long officially opened the company’s one million square foot office complex in Plano, Texas, on Tuesday with a ribbon-cutting ceremony attended by Texas Governor Greg Abbott and City of Plano Mayor Harry … from News – Insurance Journal http://ift.tt/2isdSGr

GM to launch autonomous cars in big cities sometime in 2019

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General Motors expects to have autonomous vehicles working commercially in big cities sometime in 2019. The company made the prediction Thursday in slides posted on its website ahead of an investor presentation. Related: Semi-autonomous vehicles will muddy liability waters: IBC Regulatory Affairs Symposium The company says that based on its current rate of change, it expects “commercial launch at scale” in heavily travelled urban environments in 2019. The slides mention delivery and carrying passengers. GM’s Cruise Automation unit is currently testing autonomous Chevrolet Bolt electric vehicles with human backup drivers in San Francisco, Detroit and Phoenix with plans to test in Manhattan next year. Presumably the backup driver would be removed at the time of the commercial launch. The slides say that GM is focused on deploying self-driving vehicles safely but say the company is in the lead vs rival companies. Canadian Insurance Top Broker is on LinkedIn ( http://i...

Officials Report Third Case of Legionnaires at Illinois Veterans Home

A third person has contracted Legionnaires’ disease at a western Illinois veterans home where two other cases were identified last month, state officials said. The Illinois Department of Veterans’ Affairs and Illinois Department of Public Health on Tuesday reported the … from News – Insurance Journal http://ift.tt/2jyvWv7

$300K Fire in Cincinnati Caused by Teen Trying to Kill Bed Bug

Officials in Ohio say a 13-year-old boy trying to kill a bed bug sparked an apartment building fire that displaced eight people and caused $300,000 in damage in Cincinnati. Officials say the fire was reported around 11 p.m. Tuesday and … from News – Insurance Journal http://ift.tt/2i4ZX5G

Ex-Ohio State Star Spielman Widens Lawsuit over Commercial Use of Image

A former Ohio State and NFL star is asking a judge to let him expand a class-action lawsuit over allegations that marketing campaigns for dozens of big-time colleges and universities improperly used the images of thousands of current and former … from News – Insurance Journal http://ift.tt/2ipWTEP

Judge Limits Key Testimony in Armstrong Lawsuit

A federal judge has set some limits on key evidence and testimony in Lance Armstrong’s upcoming $100 million civil trial, including harm inflicted on former team sponsor U.S. Postal Service and whether the government should have known the cyclist and … from News – Insurance Journal http://ift.tt/2is6xa4

Burns & Wilcox expands brokerage operations in Los Angeles

H.W. Kaufman Group has opened a new office for Burns & Wilcox and Burns & Wilcox Brokerage in downtown Los Angeles. from Business Insurance http://ift.tt/2AfG9qq

Asbestos loss payouts rise: Best

U.S. asbestos loss payouts continue to rise, growing by 9% to $3.2 billion in 2016 compared with 2015 despite a drop in incurred losses, A.M. Best Co. Inc. said in a report. from Business Insurance http://ift.tt/2jA0Pzd

Ironshore’s Boren, President of U.S. Field Operations, Retiring; Frediani to Succeed Him

Ironshore Inc. announced that industry veteran Joseph L. Boren, president of U.S. Field Operations and a noted environmental risk expert, will retire as of year-end 2017. Boren’s role as president of U.S. Field Operations will be assumed by David R. … from News – Insurance Journal http://ift.tt/2zRmK07

Beazley Establishes Marine Insurance Platform In U.S.

B eazley has established its new U.S. marine platform with an initial focus on hull, protection & indemnity (P&I) and liability coverage for the marine and marine constructionmarine platform sectors. Beazley has been an insurer of marine risks in the … from News – Insurance Journal http://ift.tt/2BmxKyQ

San Francisco Supervisors OK Rules for Recreational Pot Stores

Following weeks of emotional and detailed debate over where to allow new stores, San Francisco supervisors approved regulations for the sale of recreational marijuana when it becomes legal in California in January. The San Francisco Board of Supervisors voted for … from News – Insurance Journal http://ift.tt/2zBw18a

Burns & Wilcox Opens Office in Downtown Los Angeles

Burns & Wilcox has opened an office in downtown Los Angeles. The office, located at 515 S. Flower St, is the second location in the greater Los Angeles area and seventh major location for Burns & Wilcox in California outside … from News – Insurance Journal http://ift.tt/2iquWwO

Biba sends warning on Ogden rate decision delays

The warning comes after the Justice Committee said more evidence was needed before the government can make a decision on how the rate should be set. from Insurer - insuranceage.co.uk http://ift.tt/2zQg3eB

GM Autonomous Car’s Jaunt Through San Francisco Streets Halted by Taco Truck

A self-driving General Motors Co. Bolt slowly drove more than two miles through crowded San Francisco streets in its media debut on Tuesday, but double-parked cars and orange traffic cones tripped up the computer driver, and a taco truck stumped … from News – Insurance Journal http://ift.tt/2ByCW3n

Who Is Most at Risk for Opioid Death and How to Help Them: Columbia University Research

Just over 60 percent of individuals who died from an opioid overdose had been diagnosed with a chronic pain condition, and many had been diagnosed with a psychiatric disorder, a study of more than 13,000 overdose deaths has found. Only … from News – Insurance Journal http://ift.tt/2kciCR0

Insurers’ Asbestos Payments in 2016 Topped $3 Billion

While U.S. asbestos-related incurred losses dropped in 2016, property/casualty insurers’ payments for asbestos claims grew 9 percent and hit $3.2 billion for the year, a new A.M. Best report concludes. The $3.2 billion figure exceeds the long-term average of $2.4 … from News – Insurance Journal http://ift.tt/2i3dZo3

“Open banking” holds promise but cybersecurity fears loom for Canadian banks

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As banks work to fortify their cybersecurity defences amidst a growing number of data breaches, they are also exploring the promise of so-called “open banking,” a concept that could finally disrupt the staid financial services industry. Customers have increasingly moved away from physical branches towards online and mobile apps, but banking has yet to reach its “Uberization” moment, one that breaks down traditional models to usher in new innovations, as Uber has done for the taxi industry. Related: What insurers can learn from Equifax: IBC Regulatory Affairs Symposium Open banking — granting third-parties like financial technology startups access to bank data to develop innovative apps — could be such a “game changer,” according to Toronto Dominion Bank’s chief information officer, Jeff Henderson. All but one of 100 payment executives at major banks globally said they were planning major investments in open banking by 2020, according to an online survey by consulting firm Accen...

OSHA cites transportation firm for safety hazards

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Lawyer admits trying to sell secret US whistleblower lawsuits

(Reuters) — A former partner at a major law firm in Washington pleaded guilty to charges that he tried to sell copies of sealed whistleblower lawsuits against corporations that he obtained while working at the U.S. Justice Department. from Business Insurance http://ift.tt/2zBt5si

Aon Switzerland to Buy Swiss Broker Unidelta AG

Aon plc will acquire 100 percent interest in Unidelta AG, an insurance broker located in Rapperswil, St. Gallen, Switzerland. Unidelta AG was founded in 2004, and is an independent all-line insurance broker with a strong focus on personal injury management. … from News – Insurance Journal http://ift.tt/2BoH7y1

Chubb Expects $320 Million in Q4 Catastrophe Losses Including California Wildfires

Chubb Limited reported a preliminary loss estimate for the fourth quarter from natural catastrophes, including the California wildfires, of approximately $320 million pre-tax, or $249 million after tax. Chubb said its insured losses for the California wildfires are currently estimated … from News – Insurance Journal http://ift.tt/2AoiuCl

Chubb estimates fourth-quarter cat losses of $320 million

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Virginia’s Towne Insurance Hires Rogerson to Manage Select Business Unit

Towne Insurance, an independent insurance agency headquartered in Hampton Roads in Virginia, has hired Christopher Rogerson as vice president and manager of its Select Business Unit. He will be responsible for further development of Towne’s Select Business Unit strategy, as … from News – Insurance Journal http://ift.tt/2BymOil

New York-Based Cargill Accountant Sentenced to Five Years for $3.1M Theft

An accountant who admitted to stealing $3.1 million from agribusiness giant Cargill, Inc. has been sentenced to five years in prison. Diane Backis was sentenced Tuesday in federal court in Albany to mail fraud and filing a false income tax … from News – Insurance Journal http://ift.tt/2AfWFql

New York Logging Company Owner Sentenced to Prison for $83K Theft

The former owner of an upstate New York logging company who stole more than $80,000 in workers’ compensation benefits has been sentenced to up to three years in prison. Fifty-six-year-old David Sigl, of Auburn, N.Y., was sentenced Tuesday in Cayuga … from News – Insurance Journal http://ift.tt/2BoYtuj

Willis Towers Watson Launches Updated Capital Modeling Platform, Igloo 5

Willis Towers Watson has launched Igloo 5, an update to its financial modeling platform. The broker said Igloo 5 brings a number of key improvements including: Greatly improved model runtime Ready for use-based licensing and full implementation in the cloud … from News – Insurance Journal http://ift.tt/2zBbcd8

UK’s Aviva Plans to Return $4B of Extra Cash to Shareholders, Make Acquisitions

Aviva expects to generate an extra 3 billion pounds ($4 billion) in cash over the next two years and will make acquisitions as well as giving money back to shareholders, it said on Thursday, sending its share price to three-month … from News – Insurance Journal http://ift.tt/2niiv7A

UK financial regulator calls for quick transition deal on insurance rules post Brexit

Andrew Bailey, chief executive of U.K.'s financial regulator the Financial Conduct Authority, said that a transition deal is needed "pretty damn quick" to avoid "skirmishes" with the European Union over whose insurance rules should be followed after Brexit. from Business Insurance http://ift.tt/2An86Nv

Canopius reveals homebuyer fees product

Provider says new product will be available via brokers. from Insurer - insuranceage.co.uk http://ift.tt/2zC1APb

Turkey to set up nuclear insurance pool

The Turkish Natural Catastrophe Insurance Pool plans to set up a nuclear insurance pool to provide cover to nuclear power plants in the cities of Akkuyu and Sinop. from Business Insurance http://ift.tt/2AphqAl

Chinese insurer to provide cover for business brought by Belt and Road initiative

He Qing, president of China Pacific Insurance (Group) Co. Ltd., said that the insurer plans to provide cover to business brought by the Belt and Road Initiative. from Business Insurance http://ift.tt/2ipjbXs

Austrian insurer's pre-tax profit rises 10%

Vienna Insurance Group A.G.’s pre-tax profit grew 10% year over year to €331 million ($393 million) in the first nine months of 2017. from Business Insurance http://ift.tt/2zQy9gv

Foreign insurers keen to operate in New Zealand: Central bank

A report by the Reserve Bank of New Zealand said that foreign insurers are interested in entering the local market despite the market consolidating in recent years. from Business Insurance http://ift.tt/2imVYVL

Global Banks Face ‘Significant Evolution’ in Cyber Threat Level: SWIFT

Global banks need to do more to protect themselves from cyber attacks after a “significant evolution” in the threat level in the last 18 months, according to the SWIFT global payments network. Hackers are deploying increasingly sophisticated ways of breaching … from News – Insurance Journal http://ift.tt/2AeVIi9

Romanian insurer's premiums rise more than 10%

Romania-based insurer CertAsig Societate de Asigurare Reasigurare S.A.'s gross written premiums grew 12% year over year to €11 million ($13 million) in the first nine months of 2017. from Business Insurance http://ift.tt/2BnW8jn

Romanian insurer's premiums rise more than 10%

Romania-based insurer CertAsig Societate de Asigurare Reasigurare S.A.'s gross written premiums grew 12% year over year to €11 million ($13 million) in the first nine months of 2017. from Business Insurance http://ift.tt/2j4rPaG

Insurance regulator's committee recommends rules for fair playing ground for reinsurers

The Reinsurance Expert Committee of the Insurance Regulatory and Development Authority of India has recommended that after reinsurer General Insurance Corp. of India, local insurers should be permitted to obtain the best terms simultaneously from other reinsurers that satisfy eligibility criteria. from Business Insurance http://ift.tt/2BnW7vP

Workers' strike continues at copper mines in Peru

Workers at U.S.-based mine operator Southern Copper Corp.'s mines in Peru completed the ninth day of an indefinite strike on Nov. 29, following a failed negotiation attempt with the company. from Business Insurance http://ift.tt/2nhV2Uf

Uber’s UK Data Breach Exposed Accounts of 2.7M Customers in 2016

Uber Technologies Inc. said information from 2.7 million U.K. customers was taken in a 2016 security breach that hit 57 million riders and drivers globally and that the company kept secret from the public and authorities until recently. Uber said … from News – Insurance Journal http://ift.tt/2jxUynV

Lawyer Pleads Guilty to Trying to Sell Sealed Whistleblower Lawsuits

A former partner at a major law firm in Washington pleaded guilty on Wednesday to charges that he tried to sell copies of sealed whistleblower lawsuits against corporations that he obtained while working at the U.S. Justice Department. Jeffrey Wertkin, … from News – Insurance Journal http://ift.tt/2AK2eOZ

Index Shows Where People Are Moving in Next Few Months

It’s possible to know where in the country more homebuyers will be moving over the next 30 to 90 days, thanks to what’s called a “pre-mover” index. It turns out that the U.S. markets with the highest “pre-mover” indices during … from News – Insurance Journal http://ift.tt/2nhI4Wm

China Oceanside’s Acquisition of Genworth Again Delayed by U.S. Review

The closing deadline for China Oceanwide Holdings Group Co.’s proposed purchase of Genworth Financial Inc .has been extended for a second time, to April 1, to allow them to satisfy a U.S. review on foreign takeovers, they said on Wednesday. … from News – Insurance Journal http://ift.tt/2zAEB78

Mining Jobs to Focus on Community Relations as Robots and Sensors Take Over

Some mines in the next decade will run without humans and instead rely on robots, virtual models and sensors, according to Anglo American Plc. Anglo is betting on technology, such as computerized drills with “chiseling ability as good as a … from News – Insurance Journal http://ift.tt/2nfOpBH

North Carolina Detects GenX in 34 Additional Wells

North Carolina officials say tests have detected elevated levels of an unregulated compound at 34 additional wells near a chemical company’s manufacturing facility. The Fayetteville Observer reports the results announced Monday bring the total number of wells contaminated by the … from News – Insurance Journal http://ift.tt/2AJul0z

Ex-Coal Boss Blankenship Announces U.S. Senate Run From West Virginia

Donald Blankenship, the former Massey Energy chief executive who went to prison in the wake of a 2010 mine explosion that killed 29, plans to run for the U.S. Senate from West Virginia. Blankenship is filing election papers to run … from News – Insurance Journal http://ift.tt/2zEiVH6

Florida’s Hurricane Irma Recovery: The Cost, The Challenges, The Lessons

The hurricane season is officially over, but it didn’t go by without leaving a major mark on Florida and its insurance industry. Hurricane Irma, a name most in the state won’t soon forget, first hit the Florida Keys as a … from News – Insurance Journal http://ift.tt/2ip3CPu

Turkey: Nuclear insurance pool to be set up

A nuclear insurance pool is being established to insure Turkey's first nuclear power plants in Akkuyu and Sinop. from Recent Posts on (MiddleEast) http://ift.tt/2j1KrIq

UAE: Action needed to boost marine insurance business

More should be done to increase demand for marine insurance, which is considered very important in the UAE because of its role in supporting trade, said Mr Ayman Khamis, General Manager of Sharjah Insurance Company and Chairman of the Marine Insurance Technical Committee of the Emirates Insurance Association (EIA). from Recent Posts on (MiddleEast) http://ift.tt/2BnKaWW

Morocco: Takaful rules expected to be issued in 1H of 2018

Long-awaited rules for takaful are expected in the first half of 2018, according to industry players. from Recent Posts on (MiddleEast) http://ift.tt/2j1Kowe

Insurers caught up in banking royal commission

Prime Minister Malcolm Turnbull has announced a royal commission into the alleged misconduct of Australia’s banks and other financial services entities, including insurers… from insuranceNEWS.com.au http://ift.tt/2Bv5A5z

Lloyd’s hurricane payout reaches $1.7 billion

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London Market Group proposes solution to Brexit dilemma

The London Market Group has released a proposal it said would allow both the EU and U.K. to maintain access to their insurance markets and control over their respective regulatory systems once Brexit goes into play. from Business Insurance http://ift.tt/2zAMGZv

Repeat bad drivers can expect dramatically longer prohibitions in B.C.

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Street racers and stunt drivers in British Columbia could lose their vehicles for up to 36 months as part of new penalties the province is imposing on bad drivers. The Ministry of Public Safety says starting Dec. 1 prohibitions ranging from three to 36 months will replace existing 15-day penalties for those drivers and other repeat offenders. Related: ICBC seeks 200 volunteers for distracted driving pilot program The ministry says the same penalties could also be applied to a broader range of offences, including excessive speeding, driving without due care and attention and other high-risk behaviours. RoadSafetyBC, the lead provincial agency responsible for road safety in the province, will set the length of each prohibition on a case-by-case basis, relying on the driver’s record and details provided by police. Officers will still be able to immediately impound vehicles for a minimum of seven days if drivers are caught racing or stunt driving, the ministry says in a news relea...

India: Reinsurance Expert Committee recommends reinsurers be treated equally after GIC Re

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Australia/New Zealand: Agency heads polarised on brokers' role

CEOs of Australian and New Zealand underwriting agencies have polarised views on brokers' future roles, according to the 2017 annual CEO Survey report released by the Underwriting Agencies Council (UAC), which is the peak body for Australian and New Zealand underwriting agencies. from Recent Posts on (eDaily) http://ift.tt/2ikl0Vk

China: Major insurer outlines opportunities in Belt-Road Initiative

China Pacific Insurance (Group) Co, one of the country's largest insurance groups, is eyeing business opportunities in the Belt and Road Initiative, according to the group's President He Qing. from Recent Posts on (eDaily) http://ift.tt/2AlyxTH

Bangladesh: Govt to cut insurers' licence renewal fees

Bangladeshi Finance Minister AMA Muhith has assured insurance companies that the government would reduce fees chargeable on their licence renewal, in a bid to revitalise the sector. from Recent Posts on (eDaily) http://ift.tt/2ijc82p

South Korea: Ratio of auto crashes rises among senior drivers

The number of car accidents caused by elderly drivers more than quadrupled over the past 10 years, causing damage worth KRW304.8 billion (US$277.2 million), insurance data show. from Recent Posts on (eDaily) http://ift.tt/2AjC9pj

Public-sector climate risks growing: Moody’s

Environmental risks are increasingly important in evaluating the impact of climate change on U.S. state and local government bond issuers, which must adapt to and mitigate these risks, says a Moody’s Investors Service report. from Business Insurance http://ift.tt/2Am3abM

London steps closer to becoming alternative capital hub

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New Sensors Tracking Earthquakes Across Texas

Note: This article originally appeared in The Texas Tribune. Three years ago, a series of quakes rattled North Texas — and some residents’ nerves. Larry Walden, a Parker County commissioner, remembers a public meeting at the time in which residents … from News – Insurance Journal http://ift.tt/2Al76cz

Texas’ Hochheim Prairie Farm Mutual Ratings on CreditWatch; Harvey Cited

S&P Global Ratings has placed its ‘B+’ financial strength ratings for Hochheim Prairie Farm Mutual Insurance Assoc. (HPFMIA) and its subsidiary, Hochheim Prairie Casualty Insurance Co. (HPCIC; collectively Hochheim) on CreditWatch with negative implications. Hochheim, headquartered in Yoakum, Texas, only … from News – Insurance Journal http://ift.tt/2ijY34W

Safety National Awards 3 Safety First Grants

St. Louis, Missouri-based insurer, Safety National, has awarded its annual Safety First Grant to three policyholders for their creative risk control solutions. The first-place grant, in the amount of $10,000, was awarded to Alliance of Schools for Cooperative Insurance Programs … from News – Insurance Journal http://ift.tt/2ilseZl

Telemedicine on the rise: Survey

Three-quarters of medical providers currently offer or plan to offer telemedicine services, according to the results of a recent survey, outstripping expectations. from Business Insurance http://ift.tt/2j0U4XJ

Munich Re’s Ergo Decides Not to Sell Run-Off Life Policies as Offers Too Low

Munich Re’s ERGO unit has dropped plans to sell run-off life insurance policies, saying non-binding offers received by the company were too low. “In ERGO’s view, the current value of the portfolios and its potential appreciation is not adequately reflected … from News – Insurance Journal http://ift.tt/2AjFtRp

Michigan, Enbridge Reach Deal to Boost Pipeline Safety

Michigan Gov. Rick Snyder and Canadian oil transport company Enbridge Inc. announced a timeline Monday for determining the future of twin pipelines beneath the channel where Lakes Huron and Michigan converge. Options include shutting down the lines or routing them … from News – Insurance Journal http://ift.tt/2il6kph

Plant Death Leads to $224K in Fines for Indiana Company

State regulators have fined a southern Indiana auto parts plant $224,000 for alleged safety violations discovered following a worker’s death. The Indiana Occupational Safety and Health Administration issued the order Nov. 15 against Autoneum North America Inc. The Swiss-based company … from News – Insurance Journal http://ift.tt/2AmEdwy

Wildfire Risk High Remains in Arkansas

State forestry officials say the risk for wildfires remains high throughout Arkansas as dry conditions persist. The Arkansas Forestry Commission says firefighters have suppressed more than 100 wildfires since Thanksgiving. Those fires have burned a total of more than 1,800 … from News – Insurance Journal http://ift.tt/2il6Vao

Lincoln, Nebraska, Studying Uses for Driverless Vehicles

The city of Lincoln has signed a nearly $100,000 contract with an engineering consultant to study how the city could one day implement driverless vehicles. HDR Inc.’s study will examine the latest technology, describe a potential pilot project, provide business … from News – Insurance Journal http://ift.tt/2ngDQ1c

Lloyd’s Pays Claims of $1.7B for Hurricanes Harvey, Irma & Maria – So Far

The Lloyd’s market has paid claims worth US$1.7 billion, to date, in response to Hurricanes Harvey, Irma and Maria. Earlier this year Lloyd’s estimated a total commitment of US$4.8 billion for the three storms. Lloyd’s brokers are receiving money from … from News – Insurance Journal http://ift.tt/2ilOoe2

Insurance rates higher with recreational marijuana laws

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Kimberly-Clark must pay death benefits to worker’s widow

The Pennsylvania Supreme Court has denied a Kimberly-Clark Corp. petition to appeal a decision awarding death benefits to a widow whose husband’s death was caused by exposure to chemicals in the workplace. from Business Insurance http://ift.tt/2AH0BkR

Navigators makes executive changes in US insurance unit

Navigators Group Inc. has promoted Michael J. McKenna to the newly created role of chief underwriting officer for the U.S. insurance segment. from Business Insurance http://ift.tt/2AjtRLz

Pottery maker settles OSHA action after kiln death

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ICBC seeks 200 volunteers for distracted driving pilot program

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ICBC is looking for 200 volunteer drivers for a pilot project starting in January that’s aimed at reducing distracted driving. Telematic devices designed to disable smartphones when a vehicle is in motion will be installed in the cars of the volunteers. Related: Most Canadians believe technology is the answer to texting and driving: Aviva “ICBC’s rates are under considerable pressure and one of those reasons is a significant increase in crashes, many of which are the result of distracted driving,” said Mark Blucher, president and CEO of ICBC. The findings gathered “will be used to inform future decisions around distracted driving prevention and enforcement, as well as changes to improve the fairness of how insurance rates are set,” ICBC said in a statement. Volunteers must be residents of British Columbia who are at least 19 years of age, and a member of ICBC’s customer advisory panel. Starting in the spring of 2018, ICBC will also be working with the provincial government to...

Safety Concerns Remain at New Mexico Nuclear Waste Storage Site

A federal nuclear review panel still has some safety concerns about Los Alamos National Laboratory’s new multimillion-dollar storage facility for radioactive waste. The Defense Nuclear Facilities Safety Board said in a recent report that more reviews will be needed as … from News – Insurance Journal http://ift.tt/2Ag8xsC

SWIFT warns banks on cyber heists as hack sophistication grows

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Former Washington Insurance Agent Jailed in $233K Workers’ Comp Scam

A Lake Stevens, Wash. man who ran an insurance agency while claiming he was too disabled to work must serve jail time. The Washington state Department of Labor and Industries says 53-year-old James Kooy was sentenced Monday to 60 days … from News – Insurance Journal http://ift.tt/2AdV3xc

Earthquake Center Confirms Moderate Temblor Felt in Alaska Towns

The Alaska Earthquake Information Center confirmed that a moderate earthquake jostled Alaska’s largest city, but there were no immediate reports of damage. The magnitude 5.3 earthquake hit Monday and was located at a depth of about 10 miles and centered … from News – Insurance Journal http://ift.tt/2ihPJ5v

CAMIC endorses eDelivery solution from CSIO

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The Canadian Association of Mutual Insurance Companies (CAMIC) has endorsed CSIO’s eDelivery solution, which will digitize personal and commercial insurance policy documents and auto liability cards. Related: CSIO adds Symcor to software vendor member network The eDelivery solution is expected to be released in early 2018, and will be available to CSIO members at no additional cost. “We believe this solution is a tremendous value-add for CAMIC members of CSIO, providing them the ability to expand their digital service offering and strengthen their competitive position,” CAMIC president Normand Lafreniere said in a statement. CSIO has worked in collaboration with brokers and carriers—including CAMIC member Gore Mutual—in developing its eDelivery solution. “We are excited to have the support of such an important industry association,” said Catherine Smola, president and CEO of CSIO. Canadian Insurance Top Broker is on LinkedIn ( http://ift.tt/2g7klSX ) and Twitter ( http://tw...