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Showing posts from March, 2018

UAE: VAT liability on unexpired policies estimated at US$218 million

The value added tax (VAT) liability of UAE insurers on unearned premiums for policies issued in 2017 that run into 2018 is estimated at AED800 million (US$218 million). from Recent Posts on (MiddleEast) https://ift.tt/2EaGcls

UAE: Jean-Louis Laurent Josi is new CEO of Oman Insurance Co

Oman Insurance Company (OIC) has appointed Mr Jean-Louis Laurent Josi as its new CEO with the appointment taking effect today. from Recent Posts on (MiddleEast) https://ift.tt/2J6tBDA

Global: Standards body seeks feedback on supervision of takaful

The Islamic Financial Services Board (IFSB) has issued an exposure draft on takaful/retakaful for a two-month public consultation period which started on 28 March 2018. from Recent Posts on (MiddleEast) https://ift.tt/2pXtLEz

California Sues Sutter Health, Alleging Excessive Pricing

Dollar Tree receives maximum fine for putting workers at risk again

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Business interruption, medical costs among exec concerns: Travelers

While nearly half the executives in a recent survey cited business interruption as their biggest weather-related concern, the Travelers Cos. Inc. said Thursday, nearly 40% of the respondents said they do not have a continuity plan in place, and roughly 10% didn’t know if one exists. from Business Insurance https://ift.tt/2pP2QuG

Data breaches hit new high in New York

A record number of data breach notices were filed in 2017 with the New York attorney general, who pledged to introduce new notification requirements directed at Facebook and other social media sites. from Business Insurance https://ift.tt/2J2h7Nv

Chubb appoints executive in excess and surplus lines

Chubb Ltd. has named Jason Neu to be senior vice president, professional risk, for Denver-based Westchester Surplus Lines Insurance Co., the excess and surplus lines insurance division of Chubb in North America, Chubb said in a statement Friday. from Business Insurance https://ift.tt/2J4vp09

Doctor suspended by New York workers comp board

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‘Stinky’ city told to quit threatening blogger with lawsuits

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The BI Top 10

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Judge dismisses Exxon lawsuit to stop climate change probes

(Reuters) — A federal judge dismissed Exxon Mobil Corp.’s lawsuit seeking to stop New York and Massachusetts from probing whether the oil and gas company covered up its knowledge about climate change and lied to investors and the public about it. from Business Insurance https://ift.tt/2pWxqmn

Walmart Talking with Health Insurer Humana on Closer Ties, Possible Acquisition

U.S. retailer Walmart Inc. is in early-stage talks with health insurer Humana Inc. about developing closer ties, with the acquisition of Humana being discussed as one possibility, people familiar with the matter said on Thursday. Should the talks lead to … from News – Insurance Journal https://ift.tt/2Iiz4WD

UK insurers, reinsurers' operating costs rise due to tech investments: PwC

A report by U.K.-based consultancy firm PricewaterhouseCoopers International Ltd. said that local insurers and reinsurers' operating costs are increasing following a rise in investment in technology and people. from Business Insurance https://ift.tt/2IgwYqk

Insurers increase capital by nearly 16% in past two years

Data from Kenya's Insurance Regulatory Authority showed that insurers increased their capital by nearly 16% in the past two years to meet new capital requirements. from Business Insurance https://ift.tt/2J55TaV

Axa opens new office in Brazil

France-based insurer Axa S.A. has opened a new office in Brazilian city Recife to serve the state of Pernambuco and the country's northeast region. from Business Insurance https://ift.tt/2pQ5vEg

Beijing's air quality index rises to hazardous levels following sandstorm

A sandstorm across northern China caused Beijing's air quality index to increase to hazardous levels on March 28. from Business Insurance https://ift.tt/2J2eFGB

Kenya Re's net profit rises 9%

Kenya Reinsurance Corp. Ltd.'s net profit grew 9% to 3.5 billion Kenyan shillings ($35 million) in 2017, driven by growth in the retakaful sector and expansion in the regional business. from Business Insurance https://ift.tt/2GCsq0x

Risk management firm expands 24/7 risk coverage across Asia Pacific region

U.S.-based risk management firm iJET International Inc. has expanded operations at its Singapore center to offer 24/7 risk management across the Asia Pacific region. from Business Insurance https://ift.tt/2GHup3C

Youths’ Climate Change Suit Has Potential Impact on a Historic Scale for Insurance

A three-year-old lawsuit by a group of youths against the U.S. over climate change, which looks to now get a new trial date at some point this year, has the potential to open up lawsuits on a historic scale, according … from News – Insurance Journal https://ift.tt/2pVcBsj

India: Life policy persistency ratios remain low

Tthe life insurance industry was able to retain an average of 65% of its policies after the first policy year and 34% after the fifth policy year, according to the Handbook of Statistics published by the insurance regulator for the financial year ended 31 March 2017 (FY2017). from Recent Posts on (eDaily) http://bit.ly/2pOZybB

China: New medical liability insurance cover launched for doctors

The southern Chinese city of Shenzhen has launched a new medical insurance service to protect doctors from malpractice payouts, that is applicable to medical accidents across the Chinese mainland. from Recent Posts on (eDaily) http://bit.ly/2IdTtMB

Japan: Super elderly outnumber other senior citizens

Japan's demographics are entering a new phase, in which the "super elderly," those 75 years old or older, outnumber senior citizens aged between 65 and 74. from Recent Posts on (eDaily) http://bit.ly/2pRL9dT

Australia: Private health insurers are less trusted than distrusted

A new landmark survey shows that private health insurance is more distrusted than it is trusted by Australians. from Recent Posts on (eDaily) http://bit.ly/2J5XS5u

Indonesia: Current ideal number of life insurance agents is 1 mln

The Indonesian Life Insurance Association (AAJI) has stated that with the population of Indonesia totalling 250 million, the ideal number of life insurance agents required to serve a market of this size is one million. from Recent Posts on (eDaily) http://bit.ly/2pPgnlW

Podcast: KHN’s ‘What The Health?’ VA Secretary Out, Privatization In?

Health care providers billing ‘impossible’ hours treating car crash victims

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Hundreds of health-care providers in Ontario are billing insurance companies for an improbable number of daily hours spent treating car crash victims, recent insider data suggest. However, no one appears to be leading a charge against the potentially fraudulent overbilling worth millions of dollars a year, leaving it to drivers to pick up the tab in the form of higher insurance premiums. Related: Auto repair fraud costs Ontarians $547 million annually: Aviva Canada “Right now, it’s a shared problem between the industry, individual insurers, the colleges that oversee these different types of practitioners…and then the government,” said Ben Kosic, CEO of the Canatics insurance consortium. “It isn’t clear that any one party holds either the keys to the solution or the responsibility.” The closely held data obtained by The Canadian Press suggest some chiropractors, physiotherapists, psychologists, massage therapists or other providers are billing for an excessive number of hours — ...

Scor announces executive changes

French reinsurer Scor S.E. has named Laurent Rousseau to be deputy CEO of Scor Global S.E. property and casualty, effective April 1, 2018, the company said in a statement. from Business Insurance https://ift.tt/2E5krDI

Kentucky workers comp bill heads to governor

The Kentucky House of Representatives on Tuesday approved a bill that would change the state’s workers compensation system, a bill that is receiving support from the business community. from Business Insurance https://ift.tt/2GmIXlA

Business interruption greatest weather-related concern: Travelers survey

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Following a record year for natural disasters in 2017, the latest Travelers Risk Index Survey finds that 43% of business leaders view business interruption as their biggest weather-related concern. The insurer surveyed more than 1,200 business leaders, and found that approximately 40% of respondents said they did not have a business continuity plan in place, and approximately 10% didn’t know if one existed within their company. Related: Travelers Canada joins partnership on D/X Initiative “It’s more important than ever for businesses of all sizes to take the proper steps to protect employees, property and assets,” said Scott Humphrey, second vice-president of risk control at Travelers. “Preparing for the unexpected, including the impact of severe weather, is fundamental to an effective risk management program.” The survey also revealed that 70% of business leaders are not entirely confident that they have proper insurance coverage, and 63% don’t periodically review their covera...

Louisiana Senate Backs Higher Civil Penalties in Hazing Death Lawsuits

People who file civil lawsuits in Louisiana when someone dies from hazing could be in line for higher penalty payments, under a bill that won easy passage from the state Senate. Senators voted 28-3 Wednesday for Senate Bill 91 by … from News – Insurance Journal https://ift.tt/2GiCY5x

Pilot fired after reporting possible FAA violations is reinstated

The U.S. Occupational Safety and Health Administration has ordered a small Boston-based airline to reinstate a pilot who lost his job after complaining about what he believed were violations of the Federal Aviation Administration regulations, the department announced Wednesday. from Business Insurance https://ift.tt/2J49G8h

Texas’ Galveston County Looking to Elevate 200 Flood-Prone Homes

Preliminary estimates indicate that a hurricane recovery program in southeast Texas could elevate as many as 200 homes that have been repeatedly flooded. The Daily News reports that Galveston County commissioners received details about the plan on March 26 from … from News – Insurance Journal https://ift.tt/2Ifvywa

Nebraska Woman Sentenced to 10 Months for $300K-Plus Theft from Employer

An accountant accused of embezzling from the Nebraska Rural Electric Association has been sent to prison. Federal prosecutors say 42-year-old Sarah Batenhorst, of Lincoln, was sentenced to 10 months and ordered to pay restitution of nearly $344,000. She’d pleaded guilty … from News – Insurance Journal https://ift.tt/2pUgBZh

More than $1B Sought by Houston-Area Leaders for Flood Control

Officials in the Texas county hardest hit by Hurricane Harvey want to ask voters to approve up to $2 billion in bonds to fund critical flood-control projects, but worried Tuesday about potential roadblocks. Harris County, home to Houston, plans to … from News – Insurance Journal https://ift.tt/2J6TbbS

$1.27M Settlement Proposed in Ohio State Fair Death

A proposed $1.27 million settlement has been announced with the family of an 18-year-old killed in an accident last year at the Ohio State Fair. Court documents show the parents of Tyler Jarrell would receive $870,000, and the rest will … from News – Insurance Journal https://ift.tt/2pOM9QV

Third Person Charged in Waterslide Death of Kansas Boy

A man involved in the design of the world’s tallest waterslide into has been indicted along with two others in connection with the death of a 10-year-old boy at the Schlitterbahn Waterpark in Kansas City, Kansas. John Schooley was included … from News – Insurance Journal https://ift.tt/2GWmBsz

Artificial Intelligence

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  Size: 5.2 MB,   Time: 3 min, 34 sec   Text transcript    Download Eric Chalmers, director of data science with Surex Direct, explains how brokerages can leverage artificial intelligence and machine learning to take their business to the next level. Related Article: Surex Direct’s new hire takes on AI, machine learning Subscribe to our Newsletter  Text Transcript Eric Chalmers, director of data science at SurexDirect.com. Artificial intelligence and machine learning can benefit brokers in a number of ways. For example, they can make the brokerage more efficient by automating repetitive tasks or decisions like reading and categorizing documents, doing data entry and data lookup—the kinds of routine tasks that we accept as part of life, but actually eat up a good portion of our day. Using AI to automate these kinds of tasks improves operational efficiency and makes staff happier too. With AI systems automating lower-level tasks,...

Insurance product to fetch toy replacement for your dog

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Women dockworkers accuse shippers, union of pregnancy discrimination

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Integro to buy Tysers, combine operations

Integro Group Holdings L.P. will combine its UK wholesale and retail operations with specialist Lloyd’s of London broker Tyser & Co. Ltd. with the acquisition of Hawkes Bay Holdings Ltd., Tyser’s privately held principal parent company. from Business Insurance https://ift.tt/2E8te88

Chairman Brian Boornazian to leave Aspen Re

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Nova Scotia amends Insurance Act to protect individuals in vulnerable situations

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Nova Scotia has announced amendments to the Insurance Act aimed at protecting homeowners in vulnerable situations. Insurance companies now won’t be allowed to deny coverage if damage to a property “was caused by a willful or criminal act of any person named under the policy,” the province announced on Thursday. Related: January storms in Eastern Canada caused more than $54 million in insured damage: CatIQ In a news release, Karen Casey, the province’s finance minister, said the amendments “will protect innocent Nova Scotians by ensuring insurance companies cannot deny coverage for individuals in vulnerable situations, which we know disproportionately affects women.” Several other provinces have also made this amendment to their respective insurance acts. Canadian Insurance Top Broker is now on Facebook ( facebook.com/TopBrokerMag )  as well as LinkedIn ( linkedin.com/company/citopbroker ) and Twitter ( twitter.com/CITopBroker ) . Follow us for easy access to the top P...

Oracle’s Java Copyright Violation Claim Against Google Not Dead After All

A U.S. appeals court on Tuesday resurrected a multi-billion dollar copyright case brought by Oracle Corp. against Alphabet Inc.’s Google. The U.S. Court of Appeals for the Federal Circuit said Google’s use of Oracle’s Java development platform to create the … from News – Insurance Journal https://ift.tt/2pOlaF1

Chubb Invests in Startup Bunker to Develop Gig Worker Insurance

Bunker and Chubb are working together to develop new insurance products focused on freelance workers. Chubb has also become a minority investor in Bunker, committing at least $2 million to the startup digital broker and its focus on the small … from News – Insurance Journal https://ift.tt/2uvDYxJ

IBC welcomes news of FSRA’s implementation date

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The Insurance Bureau of Canada (IBC) says it’s pleased to hear that the new Financial Services Regulatory Authority (FSRA) will be operational by April 2019, according to an announcement in Wednesday’s 2018 Ontario budget. “We see FSRA as a proactive, innovative regulator that will lead to sustainable improvement in rates for Ontario’s almost 10 million drivers,” Kim Donaldson, vice-president of IBC Ontario, said in a news release. “Ontario’s insurers support this new regulator and we look forward to working with FSRA.” Related: IBC reacts to the federal budget The 2018 Ontario budget also announced changes to the Insurance Act that give FSRA prudential oversight of specific insurance companies incorporated in the province. Additional proposed legislative changes would allow FSRA to make rules that require insurers to provide claims and vehicle repair history information to persons such as used car dealers. Wednesday’s budget saw the government reaffirm its commitment to the Fa...

Internet Advertising by Unlicensed Marijuana Businesses Upset California Market

Online ads from unlicensed marijuana shops are creating turmoil in California’s emerging legal pot market. State regulators have warned the popular website Weedmaps to take down ads from illegal sellers or face possible penalties. But the company says it’s not … from News – Insurance Journal https://ift.tt/2GoMPm4

Arthur J. Gallagher & Co. Acquires McGregor & Associates in California

Arthur J. Gallagher & Co. has acquired McGregor & Associates in San Diego, Calif. Terms of the deal were not disclosed. George McGregor and his team will continue to operate from their San Diego location under the direction of Norbert … from News – Insurance Journal https://ift.tt/2GoKdVG

Magenta invests in Iprism founder Gary Burke's MGU

New backer to "support rapid growth" of the managing general underwriter. from Insurer - insuranceage.co.uk https://ift.tt/2uuDDLF

Zurich UK to buy Oak Underwriting from RSA Insurance

Zurich UK has agreed to acquire Oak Underwriting from RSA Insurance to accelerate the growth of its high net-worth business. from IBR - News https://ift.tt/2GUL15D

Flooding of East Coast Roads from High Tides Becoming Routine, Costly

High tide floods, or so-called “nuisance flooding,” that happen along shore roadways during seasonal high tides or minor wind events are occurring far more frequently than ever before. Researchers at the University of New Hampshire have found that in the … from News – Insurance Journal https://ift.tt/2pO63vh

New Jersey Doctor Sentenced for Cheating Medicare, Insurers Out of $3M

A New Jersey doctor who defrauded Medicare and private insurers out of $3 million has been sentenced to three years in prison. Anthony Enrico, a podiatrist with offices in Paterson, Passaic, and Elizabeth, had pleaded guilty last October to health … from News – Insurance Journal https://ift.tt/2IeWZGq

Some Tornado Victims in Pennsylvania Struggle with Uninhabitable Homes

God put Brian Cross’s home in a bubble. That’s his explanation for why the tornado that blasted through Uniontown and North Union Township, Penn., last month didn’t inflict as much damage on his Millview Street home in the city as … from News – Insurance Journal https://ift.tt/2GlHtZ4

New York Court Affirms Gas Company on the Hook for Environmental Cleanup Costs

The New York Court of Appeals has ruled that KeySpan Gas East Corporation is responsible for costs to clean up environmental contamination caused by manufactured gas plants owned by its predecessor during years when there was no pollution property damage … from News – Insurance Journal https://ift.tt/2Ig0KM5

Australia regulator approves Oceanwide and Genworth's merger deal

Genworth Financial and China Oceanwide have received approval from Australian regulator for their $2.7bn merger deal. from IBR - News https://ift.tt/2GDk60l

XL Catlin, RedSeal unveil new approach to cyber insurance

XL Catlin and RedSeal have unveiled a new dynamic approach to cyber insurance, which uses objective measurement of network resilience to help underwriters assess their clients’ risks over time. from IBR - News https://ift.tt/2GlL35w

Uber Reaches Settlement with Family of Victim of Driverless Accident

The family of the woman killed by an Uber Technologies Inc. self-driving vehicle in Arizona has reached a settlement with the ride services company, ending a potential legal battle over the first fatality caused by an autonomous vehicle. Cristina Perez … from News – Insurance Journal https://ift.tt/2E5dnXM

Integro to Buy Lloyd’s Broker Tysers; Integro’s UK Wholesale Unit to Use Tysers’ Brand

Integro Insurance Brokers, the New York-based insurance brokerage and specialty risk management firm, announced it will acquire 100 percent of Hawkes Bay Holdings Ltd. (HBH), the privately owned parent company of Tysers & Co. Ltd., a specialist Lloyd’s broker. Further, … from News – Insurance Journal https://ift.tt/2IcInHI

Greek bank explores options for majority stake sale in insurance unit

Ioannis Kyriakopoulos, chief financial officer of National Bank of Greece S.A., said that the bank is exploring all options on the sale of a majority stake in its wholly-owned insurance unit after a deal to sell the subsidiary expired on March 28. from Business Insurance https://ift.tt/2J32Wrr

Liverpool Victoria swings to profit after Allianz joint venture

U.K.-based Liverpool Victoria Insurance Co. Ltd.'s pre-tax profit totaled £122 million ($172 million) in 2017, compared with a loss of £12 million in 2016. from Business Insurance https://ift.tt/2pNJiqA

UK wants China to use its ILS framework for disaster insurance

The U.K. government wants China to make use of its recently enacted insurance-linked securities regulatory and tax framework to help China access greater disaster insurance or reinsurance protection. from Business Insurance https://ift.tt/2pRgsFJ

Specialty Insurer Fortegra Financial Corp. Launches EU Subsidiary in Malta

Fortegra Financial Corp., a Jacksonville-based international specialty insurer and subsidiary of Tiptree Financial, announced the creation of a wholly owned European subsidiary in Malta. The unit, called Fortegra Europe Insurance Co. Ltd. (FEIC), has received authorization from the Malta Financial … from News – Insurance Journal https://ift.tt/2GjXfn9

UK tries to reassure insurers about Brexit transition

U.K. financial regulators are trying to reassure insurers that there will be a transition period to ease their adjustment to Brexit. from Business Insurance https://ift.tt/2GTCRua

Sompo International completes acquisition of Italian agricultural insurer

Bermuda-based insurer and reinsurer Sompo International Holdings Ltd. has completed its acquisition of Italy-based agricultural insurer A&A S.r.l. from Business Insurance https://ift.tt/2uuc4SH

Slovenian insurer posts profit despite nat cat losses

Slovenia-based insurer Adriatic Slovenica Zavarovalna druzba d.d. posted a profit of €11.4 million ($14 million) in 2017 despite increased extreme weather-related claims. from Business Insurance https://ift.tt/2IfLRtb

Slovenian insurer posts profit despite nat cat losses

Slovenia-based insurer Adriatic Slovenica Zavarovalna druzba d.d. posted a profit of €11.4 million ($14 million) in 2017 despite increased extreme weather-related claims. from Business Insurance https://ift.tt/2GglLJL

Colombia likely to sanction oil firm over spill

Colombia's Ministry of Environment and Sustainable Development is likely to sanction local oil firm Ecopetrol S.A. following an oil spill in two rivers in the Santander region. from Business Insurance https://ift.tt/2J1fRKB

Six Egyptian insurers to boost capital

Six Egyptian insurers plan to increase their capital by up to 168 million Egyptian pounds ($9.5 million) each during the current financial year ending June 30. from Business Insurance https://ift.tt/2pNHyh2

UK Regulators Seek to Reassure Insurers, Banks About Brexit Transition Period

U.K. financial regulators sought to reassure banks and insurers that they can rely on a transition period to ease their adjustment to Brexit, putting pressure on the European Union to do the same. The statements on Wednesday from the Bank … from News – Insurance Journal https://ift.tt/2IaoTni

Former Chairman of China’s Anbang Pleads for Leniency in $10B Fraud Trial

The former chairman of China’s Anbang Insurance Group Co Ltd requested leniency at the end of his high-profile trial in Shanghai for alleged economic crimes, including fraud and embezzlement involving more than $10 billion, according to court statements. Wu Xiaohui … from News – Insurance Journal https://ift.tt/2E47KZQ

The Hanover explores Chaucer sale options

Lloyd’s business had net written premiums of $849.1m in 2017. from Insurer - insuranceage.co.uk https://ift.tt/2Ieghft

China’s Ping An Plans $3B IPO of Financial Management Portal OneConnect: Sources

Ping An Insurance (Group) Co., China’s largest insurer by market value, is starting preparations for an initial public offering of its OneConnect financial management portal that could raise as much as $3 billion, people with knowledge of the matter said. … from News – Insurance Journal https://ift.tt/2Idm70n

SoftBank Edges Closer to Buying Stake in Swiss Re Valued at $9.6 Billion: Sources

Swiss Re AG jumped after people familiar with the matter said Japan’s SoftBank Group Corp. is edging closer to buying a stake in the company, valuing the reinsurer at as much as 37 billion francs ($39 billion). Billionaire Masayoshi Son’s … from News – Insurance Journal https://ift.tt/2IbVYz0

Wildfires Cost Montana $240M In Visitor Spending, New Research Shows

University of Montana researchers say the 2017 fire season likely cost Montana about $240 million in visitor spending. The Institute for Tourism and Recreation Research said Tuesday that 12.5 million out-of-staters visited Montana last year and spent $3.36 billion. Economist … from News – Insurance Journal https://ift.tt/2E0N5FX

California Marijuana Resort is Asking People to Light up Privately

Plans to turn the old California ghost town of Nipton into a marijuana paradise are on the back burner for now, although visitors to the area an hour outside Las Vegas are still encouraged to toke up privately. David Gwyther, … from News – Insurance Journal https://ift.tt/2GCbvuR

Hanover Insurance Weighs Selling London Specialty Unit Chaucer

The Hanover Insurance Group is weighing the sale of its international specialty insurance business, London-based Chaucer. The Worcester, Mass.-based company issued a statement confirming that it “is undertaking a review of strategic alternatives, including a possible sale, for London-based Chaucer, … from News – Insurance Journal https://ift.tt/2GEo0Gn

Third-party administrators offering telemedicine in comp programs

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Older infrastructure poses barriers to getting monster ships to port

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Look out for CITB’s Week in Review!

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We know you’re busy. That’s why you’re a top producer. We know you don’t have time to read every news story that lands in your inbox every day of the week. And now, you don’t have to. Related: A podcast for brokers? You better believe it. Starting this Saturday, we’re launching our Week in Review newsletter, recapping the week’s top stories. Are you too busy to follow all the headlines from Monday to Friday? We’ve got you covered. Now, you can kick back on Saturday morning (or afternoon—we won’t judge) and catch up on anything you may have missed. If you haven’t already subscribed to our newsletter, click here to sign up for all the news you can use, six days a week! CITB’s Week in Review. Reading has never felt so right. Canadian Insurance Top Broker is now on Facebook ( facebook.com/TopBrokerMag ),  as well as LinkedIn ( linkedin.com/company/citopbroker ) and Twitter ( twitter.com/CITopBroker ) . Follow us for easy access to the top P&C news you need to know. ...

5 things to know about cannabis from Ontario’s latest provincial budget

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As the federal government moves to legalize marijuana for recreational users later this year, Ontario’s latest budget sheds light on the province’s approach to sales, distribution, enforcement and revenue expectations. – The Ontario Cannabis Retail Corporation, an LCBO subsidiary created to manage sales and distribution of recreational pot in the province, is not expecting to generate profits immediately after legalization. It is expecting an $8-million loss in 2017-2018, followed by a $40-million loss in 2018-19, largely due to initial startup costs to establish the retail network. By 2019-20, the province is forecasting OCRC net income of $35 million, followed by $100 million in net income by 2020-21. Related: Are commercial insurers ready for legalized recreational cannabis? – In a bid to crack down on the black market for marijuana in Ontario, the provincial government is creating a Cannabis Intelligence Co-ordination Centre to shut down illegal storefronts. – The province ...

China: Former Anbang boss accused of US$10-bln fraud by prosecutors

The trial of Mr Wu Xiaohui, the former chairman of Anbang Insurance Group, for alleged economic crimes started in Shanghai yesterday, according to a statement from the Shanghai No. 1 Intermediate People's Court. from Recent Posts on (eDaily) https://ift.tt/2GjFkko

Shipping: Caution remains the watchword for global marine insurance, says IUMI

Against the backdrop of encouraging global economic growth and an improved outlook for the shipping industry, concerns within the hull insurance market remain, says the International Union of Marine Insurance (IUMI), giving its expert opinion on the current state of the hull, cargo and offshore energy insurance markets. from Recent Posts on (eDaily) https://ift.tt/2pR6Laa

India: Govt-backed crop insurance scheme loses sheen

India's crop insurance programme, launched two years ago, is seeing negative growth for the current financial year ending 31 March 2018 (FY2018). Its coverage area has fallen to 24% the gross cropped area (GCA) from 30% last year. from Recent Posts on (eDaily) https://ift.tt/2GgT93n

Australia: Govt introduces legislation for health insurance reforms

A suite of private health insurance reforms will help Australia maintain a strong and competitive private sector and protect the health system, Health Minister Greg Hunt has said. from Recent Posts on (eDaily) https://ift.tt/2pOy5Gp

Indonesia: General insurers optimistic of stable motor business this year

The Indonesian General Insurance Association (AAUI) has predicted that motor vehicle insurance business can record positive performance this year with growth of 5%. from Recent Posts on (eDaily) https://ift.tt/2GjF8BG

Aon designs policy form, outlines potential cryptocurrency exposures

Aon Risk Solutions, part of Aon P.L.C., has developed a policy form to protect against the loss of cryptocurrency along with other initiatives designed to meet the emerging risks posed by cryptocurrencies and digital ledger technologies. from Business Insurance https://ift.tt/2IYHDXY

Calif. Bill Targets Profiteering In Addiction Treatment, Dialysis Industries

Safety citations upheld on builder’s ‘indifference’ to fall hazards

An administrative law judge of the Occupational Safety and Health Review Commission has upheld citations and a $16,000 penalty issued against a West Virginia construction company because of the owner’s “plain indifference” to fall hazards. from Business Insurance https://ift.tt/2pMl5So

Judge vacates serious safety citation for elevator injury

An administrative law judge with the Occupational Safety and Health Review Commission vacated a violation stemming from an incident in Columbus, Ohio, in which an employee working at the bottom of an elevator shaft was hit with a concrete block that fell 14 stories. from Business Insurance https://ift.tt/2uAMHPl

Hanover Insurance explores sale of Lloyd’s unit

Hanover Insurance Group Inc. said it is reviewing strategic alternatives, including possibly selling London-based Chaucer Holdings P.L.C., its international specialty insurance business. from Business Insurance https://ift.tt/2Gf3m04

Hanover Stone launches practice to aid senior execs with strategy

Hanover Stone Solutions L.L.C. said Wednesday it has established a practice to help senior insurance company executives with strategic planning. from Business Insurance https://ift.tt/2I9DDTe

Brightway Insurance Opens New Agencies in Florida

Brightway Insurance continues to expand across the country, opening new stores in Florida, Michigan and Texas this month. Two new agencies were opened in Florida: Dave Lego became the new owner of Brightway, Julington Creek in St. Johns, Fla. Ryan … from News – Insurance Journal https://ift.tt/2GftIiu

Ransomware Cyberattack Still Affecting City of Atlanta’s Computer Network

Atlanta’s mayor says the city continues to operate despite ongoing troubles caused by a cyberattack on its computer network last week. City officials announced Thursday that the city’s computer network had been attacked by ransomware that encrypted some city data. … from News – Insurance Journal https://ift.tt/2J1j0tN

Brokers welcome Oak and Zurich deal

Some suggested that Oak lost its “soul” under RSA ownership and questioned the fit of Oak and RSA. from Insurer - insuranceage.co.uk https://ift.tt/2I9Crze

3 Month-Old Oklahoma ‘Left Lane’ Law Results in Dozens of Citations

An Oklahoma law forbidding motorists on four-lane highways to impede traffic by traveling in the left lane has resulted in dozens of citations since going into effect last year. Records obtained by The Oklahoman show that 60 people were cited … from News – Insurance Journal https://ift.tt/2Gi2qE4

Chicago’s Promont Insurance Advisors Names Sharkey Agency Sales Director

Chicago-based Promont Insurance Advisors, which specializes in hard-to-place coverages, has appointed Patti Sharkey as agency sales director. Sharkey’s expertise and experience provide a critical component in Promont’s mission to create and support coverage solutions for hard-to-place risks through excellent customer … from News – Insurance Journal https://ift.tt/2IdpZOP

Social Security disability beneficiaries, expenditures increase: NCCI

from Business Insurance https://ift.tt/2uu6QGr

Texas Sets Workers’ Comp Discount, Interest Rate at 5.58%

The Texas Department of Insurance, Division of Workers’ Compensation has set the workers’ comp interest/discount rate for April 1 through June 30, 2018, at 5.58 percent. This rate is computed by using the treasury constant maturity rate for one-year U.S. … from News – Insurance Journal https://ift.tt/2GeDDEU

Louisiana Bill Banning Forced Arbitration in Workplace Harassment Claims Fails

Louisiana lawmakers have jettisoned a measure that would have banned employers from requiring their workers to sign contracts that keep them from filing sexual harassment lawsuits in civil court. The House voted 50-42 against House Bill 578, with most Republicans … from News – Insurance Journal https://ift.tt/2GBtGAJ

Uber agrees to settle Calif. bias lawsuit for $10M

(Reuters) — Uber Technologies Inc. has agreed to pay $10 million to settle a class-action lawsuit brought by two women engineers who accused the ride-services company of gender and race discrimination. from Business Insurance https://ift.tt/2GB4RVG

Schlitterbahn Co-Owner Arrested, Added to Kansas Waterslide Death Indictment

A water park company’s co-owner was being held in a Texas jail on murder and other charges on March 27 in connection to a Kansas criminal case in the death of a 10-year-old boy on what was promoted as the … from News – Insurance Journal https://ift.tt/2J0aI5q

Zycomp to integrate My Proof of Insurance into Power Broker

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Zycomp Systems has announced it will be integrating CSIO’s My Proof of Insurance eDelivery solution into the next version of Power Broker, due to be released on April 20. The integration will allow brokers to send digital policy documents—including eSlips for proof of auto insurance—to personal and commercial lines clients. Related: Applied to integrate My Proof of Insurance into future releases of Epic, TAM Additionally, brokers will be able to send out any document produced within Power Broker—including but not limited to invoices, customer statements and applications for insurance—through My Proof of Insurance. “I’ve always been committed to improving and expanding what our Power Broker Management System has to offer, and I knew immediately that doing this integration with CSIO’s My Proof of Insurance eDelivery solution would be a value add for my broker customers,” Zycomp president Steve Zylak said in a news release. Zycomp worked with MASTERCOM Consulting to meet the data...

How 2 University Researchers Hope to Protect Power Grid with Cyber Insurance Modeling

The failure of even parts of the nation’s power grid could cause rolling blackouts that paralyze health care, traffic and business systems. With the advent of “smart” infrastructures that send data to the internet, cybersecurity is becoming a prime concern … from News – Insurance Journal https://ift.tt/2J1bOh3

Family files Suit Over Teen’s Death After New Mexico Rodeo Competition

The family of a teenager who died after a bull riding competition is suing the organizers of the 2016 event. Brandon Charley died in Fruitland, N.M., while riding a bull named WhooWee. The lawsuit filed in state district court claims … from News – Insurance Journal https://ift.tt/2GD5iin

Pot Landlord Sues Southern California City Over Marijuana Regulations

A woman who owns a business that claims to be California’s largest landlord of marijuana businesses sued the city of San Bernardino to overturn its pot regulation ordinance that could bar her from the industry. Stephanie Smith, the owner of … from News – Insurance Journal https://ift.tt/2J0Ggbh

Deaths lead to safety citation for tower contractor

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Roofing firm penalized for fall hazards

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Uber Won’t Renew Autonomous-Vehicle License for California

Uber Technologies Inc. won’t renew a license to operate self-driving cars in California while the company evaluates how one of its vehicles killed a pedestrian in Arizona last week. The San Francisco-based company told the California Department of Motor Vehicles … from News – Insurance Journal https://ift.tt/2pObZ6F

U.S. Launches Investigation into Fatal Tesla Crash in California

A fatal crash and vehicle fire of a Tesla Inc Model X near Mountain View, Calif., last week has prompted a federal field investigation, the U.S. National Transportation Safety Board said, sparking a big selloff in Tesla stock. Late on … from News – Insurance Journal https://ift.tt/2pLslNu

Fraudsters among California comp system’s latest suspensions

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Federal Energy Regulator Warns on Cyber Attacks on Power Grid

Hackers increasingly threaten sites in the U.S. ranging from nuclear power plants to water processing systems, according to a member of the Federal Energy Regulatory Commission, adding his voice to warnings from several agencies and officials in recent weeks. “Cyberattacks … from News – Insurance Journal https://ift.tt/2GfIJ3Y

A whole new ball game: Sports world adapts to growing cybersecurity threats

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Copyright: efks / 123RF Stock Photo Imagine the fallout if the NHL was hacked and its star players—think Sidney Crosby, Auston Matthews and Connor McDavid—had their home addresses, phone numbers and other personal information made accessible online. It’s an all-too-familiar scenario for Canadian lacrosse player Kevin Crowley, who was among the victims of a data breach that affected Major League Lacrosse last summer, when a spreadsheet with the personal details of every player in the league and former players was mistakenly made available to an unintended audience. “To be completely candid, we talked about it on our team and I don’t think anyone was all that surprised that something like that could have happened,” said the 29-year-old New Westminster, B.C., native, who was a No. 1 draft pick in the MLL and the National Lacrosse League. Related: XL Catlin to offer Digital Resilience Score to cyber policyholders “As lacrosse players we’re not making millions of dollars a year, ...

Uber Settles Employee Gender, Racial Bias Lawsuit for $10 Million

Uber Technologies Inc. has agreed to pay $10 million to settle a class-action lawsuit brought by two women engineers who accused the ride-services company of gender and race discrimination. The settlement, disclosed in a filing in the U.S. District Court … from News – Insurance Journal https://ift.tt/2GihvWp

FTC going to the mattresses over mattresses

The Federal Trade Commission is going after a Palo Alto, California-based mattress company that sold its products as having been “Designed and Assembled in the USA” when the items actually came from China. from Business Insurance https://ift.tt/2GewNiQ

Working with Physicians, Cigna Cuts Prescription Opioid Use by 25%

Health insurer Cigna said it has achieved a 25 percent reduction in opioid use among its customers as a result of a partnership with more than 1.1 million prescribing physicians. The company said it reached this key metric one year … from News – Insurance Journal https://ift.tt/2I9b2NS

Penn State Frat Video Shows Pledges Being Plied with Alcohol

Security video shot in the basement of a Penn State fraternity house the night a pledge was fatally injured during an evening of hazing and drinking was played in court on Monday and shows fraternity members plying pledges with alcohol. … from News – Insurance Journal https://ift.tt/2GfdOET

Cyclone Debbie insured losses peak at $1.34 billion

Perils A.G. has increased its final estimate of insured property losses for Tropical Cyclone Debbie to AU$1.74 billion ($1.34 billion). from Business Insurance https://ift.tt/2IYCLC8

Lawsuit Advances Over Rotten Beams in Delaware Townhouses

A lawsuit against Delaware’s largest private landowner and other companies is moving forward, saying “systemic concealed defects” are threatening to collapse the terraces on 63 waterfront homes that were built in part with taxpayer dollars. The News Journal of Wilmington … from News – Insurance Journal https://ift.tt/2IbgvE2

Connecticut Homeowners Ask Legislature for Assistance on Bad Foundations

Connecticut homeowners said they need additional financial assistance to help with crumbling home foundations that threaten to collapse their houses. Dozens of homeowners arrived in Hartford on Monday to support a bill that proposes every insurance company cover the peril … from News – Insurance Journal https://ift.tt/2GA3pDc

FCA reviewing if Aviva share cancellation plan broke market abuse rules

CEO Andrew Bailey sends letter to MPs. from Insurer - insuranceage.co.uk https://ift.tt/2E1R4Cm

Could national prescription monitoring proposal deter opioid seekers?

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B3i Services to commercialize blockchain solutions for re/insurance

The Blockchain Insurance Industry Initiative (B3i) founders have formed a startup to offer insurance solutions on a blockchain platform that improves efficiency across the value chain of the re/insurance industry. from IBR - News https://ift.tt/2Ger5gN

FCCI Insurance selects Guidewire's solution to replace manual underwriting processes

Commercial property and casualty (P&C) provider FCCI Insurance Group has selected Guidewire Software’s Underwriting Management as its new cloud-based underwriting workstation for its commercial line of business. from IBR - News https://ift.tt/2Gf8vp0

Zurich buys Oak Underwriting from RSA

Zurich says deal will give it "significant scale" in the HNW market. from Insurer - insuranceage.co.uk https://ift.tt/2E1la8M

Thai court orders telecom firm's former president to pay $1.5 billion

Thailand's court of appeal for corruption and misconduct cases has ordered Sudharm Malila, former president of local telecom firm TOT P.C.L., to repay nearly 47 billion Thai baht ($1.5 billion) to the firm for wrongfully amending a concession contract. from Business Insurance https://ift.tt/2E1RGaX

Exin Financial in talks to acquire Israeli rival

Dutch insurer Exin Financial Services Holding B.V. is in talks to acquire Israel-based Clal Insurance Enterprises Holdings Ltd. from Business Insurance https://ift.tt/2DZzbEc

AIG Launches Travel Insurance on Demand App in Canada

Travel Guard Group Canada, Inc., the Toronto-based subsidiary of AIG, has launched a travel insurance app allowing Canadian customers (except Quebec residents) to purchase coverage in blocks of time through their iPhone. Customers can now conveniently optimize travel insurance in … from News – Insurance Journal https://ift.tt/2unxTTK

Firms in Singapore, Australia face highest data breach fines: Study

A study by U.S.-based information technology firm Dell EMC found that firms in Singapore and Australia face the highest penalties for data breaches. from Business Insurance https://ift.tt/2pMq7gY

Bushfire likely to cause more than $30 million of damage

Brendan Pendergast, partner at Australian law firm Maddens Lawyers, said that the March 17 bushfire in south-west Victoria in Australia is likely to cause $40 million Australia ($31 million) worth of damage. from Business Insurance https://ift.tt/2pLo38X

Swiss Re appoints Claudia Cordioli as managing director for western, southern Europe

Swiss Re Ltd. has appointed Claudia Cordioli as managing director of western and southern Europe, with effective April 1, . from Business Insurance https://ift.tt/2J08kLK

Malaysia's central bank calls on insurers to divest stake to local investors

Malaysia's central bank has called on foreign insurers to keep their promises to sell a minimum of 30% stake in their operations to local investors. from Business Insurance https://ift.tt/2J0lkBh

Arctic Winter Ice Covers 2nd Smallest Area on Record, Opening Region to Shipping

Winter sea ice on the Arctic Ocean covered the second smallest area on record this year, part of a thaw that is opening the region to shipping and oil exploration and may be disrupting weather far to the south, scientists … from News – Insurance Journal https://ift.tt/2GBNeFm

Steve Treloar hails LV's "strong results" for 2017

GI CEO outlines plans to grow in the broker channel and says partnership with Allianz is "progressing well" as he comments on the future Ogden rate and LV redundancies. from Insurer - insuranceage.co.uk https://ift.tt/2pKf3Bs

Blog: How to get underwriters to step outside the box

Allianz’s Nick Hobbs talks brokers through how to get the best from their underwriters. from Insurer - insuranceage.co.uk https://ift.tt/2GgiCWl

Final Loss Estimate for Australia’s Cyclone Debbie Is A$1.7B (US$1.3B): PERILS

The final property insurance loss estimate for Australia’s Tropical Cyclone Debbie is A$1.7 billion (US$1.3 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. Cyclone Debbie hit the Australian states of Queensland and New South … from News – Insurance Journal https://ift.tt/2pKCp9i

Brexit Effect: Lower Number of UK Financial Services Jobs Expected to Shift to EU

The number of finance jobs to be shifted out of Britain or created overseas by March 2019 due to Brexit has dropped by half compared to six months ago to 5,000 roles, firms employing the bulk of UK-based workers in … from News – Insurance Journal https://ift.tt/2pL6Mxq

How Will London’s Position as Global Financial Center Be Affected by Brexit?

Is London’s position as the largest international center of finance slipping as a result of Brexit? London has been a critical artery for the flow of money around the world for centuries. The financial services sector accounts for about 12 … from News – Insurance Journal https://ift.tt/2I95cvP

Profits and turnover up at LV in 2017

Broker channel delivers £30m underwriting profit. from Insurer - insuranceage.co.uk https://ift.tt/2pLVnN2

Biggest Scandinavian Bank Lowers Debt Costs for Firms with Strong Cyber Defenses

Nordea Bank AB will start pricing debt products to reflect threats to data as the scandal engulfing Facebook Inc. redefines corporate risk. Mathias Leijon, co-head of corporate and investment banking at Nordea in Stockholm, says his team has been thinking … from News – Insurance Journal https://ift.tt/2GcQQhr

Anbang’s Former Chairman Goes on Trial, Accused of Masterminding $10.4B Fraud

A Shanghai court accused former Anbang Insurance Group Co. Chairman Wu Xiaohui of masterminding a 65.2 billion yuan ($10.4 billion) fraud, using unauthorized sales of investment-type policies to prop up the acquisitive company’s capital. Wu ordered up fraudulent financial statements … from News – Insurance Journal https://ift.tt/2pKPLTU

Wholesale brokerage introduces real estate policy

Wholesale brokerage Executive Perils Inc. is introducing a policy designed for the real estate industry intended to meet the needs of diverse real estate companies in one policy. from Business Insurance https://ift.tt/2GvGEjA

AIG, Travelers report UK gender pay gaps

Insurers, brokers and a string of other insurance industry firms have published details on the differences in pay between their male and female workers in the United Kingdom. from Business Insurance https://ift.tt/2GeH4HD

UK gender pay gaps in the insurance industry

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Waymo to buy 20,000 Jaguars for robotic ride hailing service

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Self-driving car spinoff Waymo will buy up to 20,000 electric vehicles from Jaguar Land Rover to help realize its vision for a robotic ride-hailing service. The commitment announced Tuesday marks another step in Waymo’s evolution from a secret project started in Google nine years ago to a spin-off that’s gearing up for an audacious attempt to reshape the transportation business. Related: Questions abound about autonomous cars facing ethical dilemmas The Jaguar deal will expand upon a fleet of self-driving cars that Waymo has been gradually building in partnership with Fiat Chrysler since 2015. Waymo initially equipped about 600 Pacifica minivans with its self-driving technology before negotiating to buy “thousands” more of the vehicles. The minivans will be part of a ride-hailing service that Waymo plans to launch in Phoenix later this year. If all goes well, Waymo expects to expand the service to other states. Jaguar will deliver its vehicles for Waymo’s ride-hailing from 202...

Malaysia: Central bank calls out foreign insurers to keep divestment pledge

The central bank, Bank Negara Malaysia (BNM), has insisted that insurance companies keep their promise. from Recent Posts on (eDaily) https://ift.tt/2I79ofD

Taiwan: Regulator wary of risk in insurers' massive investments overseas

The Financial Suoervisory Commission (FSC) is concerned about the proportion of overseas investments of insurance companies and is considering whether or not to limit them, according to Mr Cheng-Mount Cheng, FSC Vice Chairman. from Recent Posts on (eDaily) https://ift.tt/2Gg4516

India: Govt to review state-run insurance companies

The Finance Ministry will soon hold a performance review meeting of all state-run insurance companies, including the Life Insurance Corporation. from Recent Posts on (eDaily) https://ift.tt/2pKT90s

Bangladesh: Govt-run insurer to pay first compensation instalment of US$4.2 mln for crashed aircraft

State-owned general insurer Sadharan Bima Corporation will pay an initial US$4.2 million or BDT346 million in compensation for the ill-fated US-Bangla plane that crashed in Nepal on 12 March. from Recent Posts on (eDaily) https://ift.tt/2pJhjZP

Australia: Insurance Industry Awards are open for nominations till 7 May

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and Asia Insurance Review have announced that submissions for the Australian Insurance Industry Awards are now open. from Recent Posts on (eDaily) https://ift.tt/2pPad5w

Schlitterbahn, Former Park Operator Indicted in Kansas Waterslide Death

A Kansas waterslide hyped as the world’s highest was a “deadly weapon” that had already injured more than a dozen people before a 10-year-old boy was decapitated on it in 2016, according to a grand jury indictment unsealed on March … from News – Insurance Journal https://ift.tt/2pJwWR1

National Hurricane Center Gets New Leader

A meteorologist who aided emergency response efforts along the Gulf Coast after the 2010 oil spill has been tapped to lead the U.S. government’s hurricane forecasting hub in Miami. The National Oceanic and Atmospheric Administration announced Thursday that Kenneth Graham … from News – Insurance Journal https://ift.tt/2upEOMl

Newfoundland and Labrador to reduce retail sales tax on auto insurance

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Newfoundland and Labrador has announced a plan to reduce the retail sales tax on auto insurance that was first introduced in the province in 2016. In its 2018 budget, tabled Tuesday, the government promised to cut the tax by 5% per cent over four years, starting with a 2% reduction on January 1, 2019. The Insurance Bureau of Canada (IBC) has expressed support for the move. Related: IBC reacts to the federal budget “Auto premiums in Newfoundland and Labrador are already the highest in the Atlantic region,” Tom O’Handley, manager of government relations for IBC’s Atlantic region, said in a news release. “This change will make auto insurance more affordable for consumers and that is a very positive move.” IBC has expressed concerns about Newfoundland and Labrador’s current auto insurance system, which it says gives drivers little choice between insurers and charges premiums that are 40% higher than anywhere else in Atlantic Canada, leading some people to drive without insurance. ...

Insurers prevail over former asbestos distributor

Travelers Cos. Inc. and Crum & Forster Holdings Corp. Inc. units have prevailed in litigation over a now-defunct asbestos distributor, with an appeals court upholding a lower court’s ruling that their coverage limits are exhausted. from Business Insurance https://ift.tt/2GxljX3

Florida governor signs PTSD first responders bill

Florida will now cover post-traumatic stress disorder under workers compensation for first responders after Gov. Rick Scott on Tuesday sign a bill that would pave the way. from Business Insurance https://ift.tt/2Gccen1

Facebook’s Zuckerberg to testify before Congress: Source

(Reuters) — Facebook CEO Mark Zuckerberg plans to testify before Congress, a source briefed on the matter said on Tuesday, as he bows to pressure from lawmakers insisting he explain how 50 million users’ data ended up in the hands of a political consultancy. from Business Insurance https://ift.tt/2I53U5d

Flood risk funding boost welcome, but NFIP overhaul still needed

A boost in funding for flood risk mapping and mitigation included in the omnibus spending bill signed by President Donald Trump last week is a positive sign, but additional work will need to be done to shore up the National Flood Insurance Program. from Business Insurance https://ift.tt/2IaMR1J

XL Catlin, cyber security firm partner on cyber resilience assessment

XL Catlin and cyber security firm RedSeal have introduced a new measurement of network cyber resilience designed to help underwriters evaluate risks and help clients improve their cyber security and potentially their insurance terms. from Business Insurance https://ift.tt/2I6ZJWq

Arkansas comp rates will drop 15.4%

Workers compensation rates in Arkansas will decrease 15.4% in 2018, Gov. Asa Hutchinson said Monday. from Business Insurance https://ift.tt/2pGb4Go

Fired waiter defends rudeness as being “French”

A Vancouver, British Columbia, waiter fired for being "aggressive, rude and disrespectful" filed a complaint with the British Columbia's Human Rights Tribunal insisting there was nothing wrong with his manner, that he was just being “French,” the Telegraph reported Monday. from Business Insurance https://ift.tt/2Gv6UKT

Markel International appoints new president of Canadian operations

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Specialist insurer Markel International has appointed David A. Crozier president of Markel Canada, effective following the retirement of Karen Barkley at the end of this year. Crozier most recently served as president and CEO of Everest Insurance Company of Canada. He will join Markel later this year before assuming his role as president in early 2019. “David will develop Markel’s position in Canada as the go-to name for specialty insurance, building on the great foundations established by Karen, and opening up the Markel global product portfolio to the Canadian market,” Simon Wilson, managing director of Markel’s national markets, said in a news release. Crozier has also had executive roles with Economical and Chubb. William Stovin, president of Markel International, thanked Barkley for her accomplishments over the years, which included turning the former Elliott Special Risks from an MGA into a full insurance company. Markel Canada has offices in Toronto, Montreal, Calgary and V...

BMW faces US class action lawsuit over emissions

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Takata whistleblowers to share $1.7M award, lawyers say

(Reuters) — Three former Takata Corp. employees will share an award of $1.7 million after they alerted authorities to the risks of deadly air bag inflators that led to the largest recall in automotive history. from Business Insurance https://ift.tt/2IaD0cf

Validus Specialty, Eagle Ocean America to Offer Marine Vessel Operator Coverage

The Marine & Upstream Energy insurance team of Validus Specialty Underwriting Services, Inc. has partnered with Eagle Ocean America, a full-service insurance facility operated by Eagle Ocean Agencies, to offer new hull, liability and ancillary covers to serve U.S. vessel … from News – Insurance Journal https://ift.tt/2pJj1KU

Break Out Awards nominations due next week

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Cyber attacks biggest risk for Swiss banks: Watchdog

(Reuters) — Cyber attacks pose the biggest threat to the Swiss financial system with risks from hacking incursions on the rise, watchdog FINMA warned Tuesday, calling on Switzerland to step up its national defenses against the menace. from Business Insurance https://ift.tt/2pFZtqL

Ryder launches commercial vehicle-sharing platform

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Commercial fleet management firm Ryder has announced the launch of COOP by Ryder, a peer-to-peer digital platform for commercial vehicle sharing. The first-of-a-kind platform allows users to list and rent out underutilized commercial vans, trucks, tractors and trailers within a trusted industry network. Fleet owners can list their vehicles and times when they are available, and receive automated payments. Related: RV-sharing platform Wheel Estate announces expansion “COOP by Ryder aims to revolutionize the optimization and utilization of commercial trucks by helping fleet owners get the most value out of their fleets,” Robert Sanchez, Ryder chairman and CEO, said in a news release. “We are excited to launch this new platform that makes trucks shareable at a time when the sharing economy is driving innovation in many industries.” According to Ryder telematics data, about 2 million commercial vehicles in the U.S. sit idle for more than one business day each week. COOP by Ryder w...

Chicago-Based Dentist Group Puts Teeth in Push to Curb Opioid Use

The American Dental Association, based in Chicago, wants dentists to drastically cut back on prescribing opioid painkillers. The association announced a new policy that “essentially says eliminate opioids from your arsenal if at all possible,” said Dr. Joseph Crowley, the … from News – Insurance Journal https://ift.tt/2DZShKa

Holmes Murphy Expands Nebraska Main Street Program to Smaller Companies

Iowa-based Holmes Murphy has expanded Main Street, its captive insurance subsidiary built to give small businesses the same buying power as big corporations, to include businesses with 10 to 50 employees. Since its inception in 2014, Main Street has helped … from News – Insurance Journal https://ift.tt/2ul0Ks8

Texas Oil Field Service Company Settles Oklahoma Pollution Lawsuit

A Texas-based oil field service company has settled a lawsuit with more than 100 southern Oklahoma residents who allege their homes and businesses were damaged by groundwater contamination caused by the company. Halliburton Energy Services acknowledges the pollution but disputes … from News – Insurance Journal https://ift.tt/2GArb1C

Missouri Bill to Strengthen Workplace Arbitration Fails to Advance

A Missouri bill to strengthen employment contracts that require sexual harassment, discrimination and other work-related issues to be decided through arbitration has died an unusually early death that came as Congress considers moving in the opposite direction. At issue is … from News – Insurance Journal https://ift.tt/2usdEEC

Workers’ Compensation Costs to Drop in Arkansas

Arkansas businesses will see a decrease in workers’ compensation insurance costs beginning in July. Arkansas Insurance Commissioner Allen Kerr today has approved a decrease in workers’ compensation cost of 15.4 percent in overall loss in the voluntary market and a … from News – Insurance Journal https://ift.tt/2pIzD4o

XL Catlin to offer Digital Resilience Score to cyber policyholders

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XL Catlin has partnered with RedSeal to offer cyber insurance policyholders a Digital Resilience Score to better understand their cyber risks. The score identifies how weaknesses from third-party software and incorrectly configured devices could impact a network, how vulnerable an insured’s valuable assets are to attack, and the degree to which a network is understood. The higher the score, the lower the risk. Related: XL Catlin introduces online platform for marine insurance claims The tool is designed to help underwriters better evaluate their clients’ risks over time. It also allows insureds to improve their cybersecurity and potentially improve their insurance terms. “We see this collaboration as a win-win for all involved,” said John Coletti, XL Catlin’s chief underwriter, cyber and technology. “We’re giving our clients the option to create a cycle of continuous improvement in their cyber security efforts. Plus, our underwriters have more in-depth information to evaluate t...

Insurers’ underwriting loss in 2017 is first in six years: Fitch

For the first time in six years, publicly traded property/casualty insurers and reinsurers in 2017 posted an aggregate underwriting loss, Chicago-based Fitch Ratings Inc. said Monday, as storms and wildfires ate into profits. from Business Insurance https://ift.tt/2ukn8BC

Fate of Flood-Control Projects’ Unclear 7 Months After Harvey

Large-scale projects long considered essential to easing Houston’s flooding woes went to the top of the area’s to-do list after Hurricane Harvey inundated large swaths of the nation’s fourth-largest city. Seven months later, local officials are still looking for funding … from News – Insurance Journal https://ift.tt/2GbBYjr

Startup Auto Insurer Root Raises $51 Million for Further Expansion

Columbus, Ohio-based auto insurer Root Insurance, which incorporates individual driver behavior data from mobile phone apps in every quote, announced the closing of a $51-million Series C funding round. Investors were led by Redpoint Ventures, with Scale Venture Partners and … from News – Insurance Journal https://ift.tt/2DWTAty

NFP introduces new venture fund to support emerging insurtech innovations

Insurance broker NFP has launched a new venture fund focused on partnerships and investments in the emerging Insurtech, Fintech and HR Tech arenas. from IBR - News https://ift.tt/2uoq2Fz

Arizona Governor Halts Uber’s Self-Driving Car Testing

The governor of Arizona has suspended Uber’s ability to test self-driving cars on public roads in the state following a fatal crash last week that killed a 49-year-old pedestrian. The decision to block Uber Technologies Inc.’s autonomous testing is a … from News – Insurance Journal https://ift.tt/2GgYGTm

“Human skills” essential to thriving in an increasingly automated job market: RBC research

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Approximately 50% of Canadian jobs will by impacted by automation over the next 10 years, making the human touch essential to employability, according to new report by RBC. The report— Humans Wanted—How Canadian youth can thrive in the age of disruption —finds that 4 million Canadians who are entering or are preparing to enter the workforce will need “a portfolio of ‘human skills’ to remain competitive and resilient,” RBC said in a press release. Related: AI will have profound impact on underwriting: AGCS report “Canada is on the brink of a skills revolution and we have a responsibility to prepare young people for the opportunities and ambiguities of the future,” said Dave McKay, RBC’s president and CEO. Among the report’s key findings: the Canadian economy is expected to add 2.4 million jobs over the next four years, most requiring a varied mix of skills. RBC says “human skills”—critical thinking, co-ordination, social perceptiveness, active listening and complex problem solvi...

Markel Canada Appoints Crozier from Everest as President

Markel International, the specialist insurance subsidiary of Markel Corp., has appointed David A. Crozier to be president of Markel Canada, its business which operates across the country, with offices in Toronto, Montreal, Calgary and Vancouver. Crozier will take up his … from News – Insurance Journal https://ift.tt/2IUAbwW

Union Mutual of Vermont Companies Promotes Three

Union Mutual of Vermont Companies, a property and casualty insurance group, has promoted John W. Amick, Anna G. Coon and Emile F. Willett Jr. Amick was promoted to vice president of claims, and Coon was named executive communications coordinator and … from News – Insurance Journal https://ift.tt/2I6uYRp

Hartford Approves Deal for Connecticut to Pay City’s Debt

Hartford, Connecticut’s fiscally distressed capital city, will get a much-needed lifeline after its city council on Monday approved a deal to have the state pay its debt. The accord, part of a broader oversight plan that state lawmakers agreed to … from News – Insurance Journal https://ift.tt/2GcsyEr

New York Copter Straps That Trapped Riders May Have Also Cut Fuel

The pilot of the photo-tour helicopter that crash-landed in New York’s East River this month said a safety tether designed to keep passengers inside the open-door flight may have accidentally shut off the craft’s fuel, causing it to lose power. … from News – Insurance Journal https://ift.tt/2unSM1h

Jury Orders AndroGel Maker AbbVie to Pay $3M After Judge Rejected $150M

A U.S. jury on Monday ordered AbbVie Inc. to pay more than $3 million to a man who claimed the company misrepresented the risks of its testosterone replacement drug AndroGel, causing him to suffer a heart attack, though the jury … from News – Insurance Journal https://ift.tt/2GxU3Ys

More than 50,000 British Drivers Initiate ‘Dieselgate’ Suit Against VW

Lawyers for more than 50,000 British car owners kicked off a lawsuit against Volkswagen in London’s High Court on Tuesday in a battle for compensation over a diesel emissions scandal that has engulfed Europe’s largest carmaker since 2015. The three-day … from News – Insurance Journal https://ift.tt/2Gd59D3

Industry gears up for AI decision-making

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Ryder Rolls Out Commercial Vehicle Sharing Program

The sharing economy is coming to the truck rental industry. Truck leasing and rental firm Ryder System is launching an online sharing platform that offers fleet owners with idle vehicles the opportunity to rent their underutilized commercial vehicles to other … from News – Insurance Journal https://ift.tt/2IUj3r8

Ruling allowing securities litigation in state courts could spur additional lawsuits

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Pedestrian accident highlights self-driving vehicle concerns

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Cyber attacks likely to cost Gulf energy industry more than $1 billion: Report

A report by Germany-based Siemens A.G. found that cyber attacks are likely to cost the energy industry in the Gulf region more than $1 billion in 2017. from Business Insurance https://ift.tt/2pIgJM2

Cyber attacks likely to cost Gulf energy industry more than $1 billion: Report

A report by Germany-based Siemens A.G. found that cyber attacks are likely to cost the energy industry in the Gulf region more than $1 billion in 2017. from Business Insurance https://ift.tt/2ukKeIq

UK looks to ILS to boost insurance and reinsurance industry

The U.K. government said that insurance-linked securities are central to keeping the country's insurance and reinsurance industry "at the cutting edge. from Business Insurance https://ift.tt/2pIkdxV

Insurer to pay more than $4 million to airline for aircraft crash

Bangladesh-based insurer Sadharan Bima Corp. will initially pay local airline US-Bangla Airlines Ltd. more than $4 million in compensation for its aircraft that crashed in Nepal on March 12. from Business Insurance https://ift.tt/2G8giom

Building insurance premiums to rise 86% following Grenfell Tower fire

Building insurance premiums will increase by 86% in Kensington and Chelsea councils in the United Kingdom following the Grenfell Tower fire. from Business Insurance https://ift.tt/2usT0Ey

Catastrophes cause more than $428 million in insured losses in South Africa

Pieter Visser, catastrophe analyst at insurance broker Aon South Africa (Pty.) Ltd., said that catastrophes caused more than 5 billion South African rand ($428 million) in insured losses in the country in 2017. from Business Insurance https://ift.tt/2GcIClG

Lassa fever outbreak poses risk to pandemic cat bond

The risk to investors in The World Bank Group's pandemic swaps and catastrophe bonds has gone up following a rise in the number of confirmed deaths from the Lassa fever outbreak in Nigeria. from Business Insurance https://ift.tt/2GcIwKQ

Meet the techies: David Vanek

David Vanek, founder and CEO of Axa-backed Anorak, tells us how brokers can make their advice more accessible to clients through using technology. from Insurer - insuranceage.co.uk https://ift.tt/2IXmWvp

Cloud-based insurance platform Insly raises EUR2.2m for expansion

London-based insurtech cloud company Insly has raised €2.2m investment to expand the business. from IBR - News https://ift.tt/2GiELDm

FOS reveals top five most complained about insurers

Total number of new general insurance complaints fell by 16% in second half of 2017. from Insurer - insuranceage.co.uk https://ift.tt/2usJCjU

Cyber Attacks Pose Biggest Threat to Swiss Financial System: Regulator

Cyber attacks pose the biggest threat to the Swiss financial system with risks from hacking incursions on the rise, watchdog FINMA warned on Tuesday, calling on Switzerland to step up its national defenses against the menace. “The risks connected with … from News – Insurance Journal https://ift.tt/2I9kFfl

TMK Launches Cyber & Services Cover, Protecting Clients Against Cyber Attack Impact

Tokio Marine Kiln (TMK), the London-based specialist and corporate insurance business, launched Cyber Ctrl, a new insurance and services policy to protect clients against the impact of cyber attacks. Addressing an overwhelming demand for more comprehensive coverage and prevention services, … from News – Insurance Journal https://ift.tt/2pGsa6S

Brazil Adopts Law Regulating Ride-Hailing Apps, with Insurance Requirement

Brazil President Michel Temer on Monday signed into law a bill regulating car-hailing apps like Uber without vetoing any provisions. The law will allow local governments to institute rules for the services, although Congress had voted to eliminate more stringent … from News – Insurance Journal https://ift.tt/2I9eLet

Mastermind Behind ATM Malware Attacks Arrested in Spain

The mastermind behind malware attacks that programmed ATMs to spit out cash on demand and caused more than 1 billion euros ($1.2 billion) of losses, has been arrested in Spain. The leader of a criminal gang that carried out the … from News – Insurance Journal https://ift.tt/2pGf3lk