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Showing posts from May, 2018

Echelon, Pembridge Insurance remain full partners of Broker Identity Program

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The Insurance Brokers Association of Canada (IBAC) announced on Thursday that Echelon and Pembridge Insurance Company are maintaining their support of the Broker Identity Program (BIP) at the full partner level. Related: Economical Insurance remains a full partner of the Broker Identity Program “As a broker-exclusive insurer, Echelon is proud to support the Broker Identity Program, and we are pleased to renew our important partnership with the Insurance Brokers Association of Canada,” Echelon president and CEO Serge Lavoie said in a news release. “Pembridge Insurance has always been a strong supporter of the independent broker channel demonstrated through our ongoing support of the Broker Identity Program,” said Bob Tisdale, president and COO of Pembridge Insurance Company. The BIP was created in 1988 to promote the value and professionalism of insurance brokers to consumers, insurers and governments. Canadian Insurance Top Broker is now on Facebook ( facebook.com/TopBrokerMa...

States sue EPA over suspended pesticide safety training

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Podcast: KHN’s ‘What The Health?’ Virginia, The VA, And Military Medicine

Insurers need a truly digital customer experience to compete with “Big Tech” firms

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This story originally appeared in Investment Executive . As “Big Tech” companies begin making advances in the insurance industry, Canadian traditional insurers must ramp up their customer service, particularly since Canadians are less satisfied with their insurers than the North American average. The 2018 World Insurance Report, published in partnership between Capgemini and Efma — both based in Paris — warns that its critical for insurers to become digitally agile if they’re going to compete with companies like Google, Amazon, Facebook and Apple. Clients are certainly expressing a demand for more digital services. Specifically, more than 45% of Gen Y and tech-savvy customers in Canada cited the internet and mobile apps as important insurance-transaction channels. As it stands, 22.8% of customers in Canada say they would consider purchasing insurance products from Big Tech firms. “The use of data and being able to offer a truly digital customer experience are both critical for the...

CoreLogic: Texas, Louisiana Highly Vulnerable to Hurricane Storm Surge Losses

Texas and Louisiana are among the top three states for potential storm surge losses at the start of the 2018 hurricane season, which begins on June 1. That’s according to Irvine, California-based CoreLogic, a provider of global property information and … from News – Insurance Journal https://ift.tt/2H7gvE8

Dannon settles lawsuit against executive who left for Chobani

(Reuters) — Dannon Co. has settled its lawsuit against a former senior sales executive it accused of stealing confidential business strategies and employee salary data before jumping to yogurt-making rival Chobani L.L.C. from Business Insurance https://ift.tt/2J2pKqU

Outlooks Revised to Positive for Arkansas’ Kinsale Insurance

A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of Kinsale Insurance Company (Kinsale) in Little Rock, Arkansas. Concurrently, A.M. … from News – Insurance Journal https://ift.tt/2kF1LTS

WCRI: Work Comp Costs per Claim High, Growing in Louisiana

Workers’ compensation total costs per claim in Louisiana were the highest in a recent study of 18 states conducted by Cambridge, Mass.-based Workers Compensation Research Institute (WCRI), the organization announced. The study, CompScope™ Benchmarks for Louisiana, 18th Edition, found the … from News – Insurance Journal https://ift.tt/2H5QuVG

Holland Joins Missouri’s Kelly Probert Insurance Agency

Kelly Probert Insurance Agency in Webb City, Missouri, has hired Debra Holland as producer. She will identify and develop insurance prospects, design insurance plans, and recommend coverages to new and existing clientele. Prior to joining the agency, Holland worked for … from News – Insurance Journal https://ift.tt/2H6T4eb

Black Promoted to Brokerage Underwriter at J.M. Wilson

Portage, Michigan-based wholesale insurance organization, J.M. Wilson, has promoted Braden Black to brokerage underwriter. Black is responsible for quoting new and renewal brokerage business and servicing accounts for independent insurance agents in 25 states. Braden joined J.M. Wilson in 2016 … from News – Insurance Journal https://ift.tt/2JnfBIU

Wisconsin’s SECURA Insurance Distributes Agent Donations to 27 Fire Departments

Appleton, Wisconsin-based SECURA Insurance has presented 27 fire departments with donations earned by its local independent agents in eight states. The donations ranged from $500 to $1,500, with some agencies choosing to split the donation among multiple fire departments. Some … from News – Insurance Journal https://ift.tt/2J0AZEf

Report: Michigan Fire Officials Lack Inspection Resources

The Michigan fire marshal’s office hasn’t performed annual safety inspections of churches, theaters, restaurants or other places of public assemblage as required by state law, according to a newspaper investigation. The Legislature has never funded the requirement, the Lansing State … from News – Insurance Journal https://ift.tt/2xuKB4D

Opinion: Ashwin Mistry on Alpha and unrated providers

Ashwin Mistry argues brokers who use unrated providers should pay higher fees from Insurer - insuranceage.co.uk https://ift.tt/2smE4nD

Minn. sues opioid maker Insys over improper drug marketing

(Reuters) — Minnesota on Wednesday became the latest state to sue Insys Therapeutics Inc., accusing the drugmaker of illegally marketing a powerful fentanyl-based pain medicine, while a former employee pleaded guilty in New Jersey over bribing doctors to prescribe the drug. from Business Insurance https://ift.tt/2svy5MD

Insurance building withstands crash test

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

Michael Jackson's estate sues ABC for copyright infringement

(Reuters) — Michael Jackson's estate sued ABC on Wednesday, arguing that a special the network aired last week about the pop singer's final days used his songs and music videos without permission. from Business Insurance https://ift.tt/2J7BuIQ

Judge dismisses Kaspersky suits seeking to overturn government ban

(Reuters) — A U.S. federal judge on Wednesday dismissed two lawsuits by Moscow-based Kaspersky Lab that sought to overturn bans on the use of the security software maker's products in U.S. government networks. from Business Insurance https://ift.tt/2J0rS6v

Aon names Marcell reinsurance CEO

In the midst of rebranding, Aon P.L.C. has named Aon Benfield President Andrew Marcell as CEO of reinsurance solutions, effective immediately. from Business Insurance https://ift.tt/2IWCP94

Chubb Names Watson, Porter to Energy Practice Leadership Posts

Chubb has announced two leadership appointments for its Energy Industry Practice serving the mid- and large-market segments. Brad Watson and Barton Porter have been named Energy Industry Practice Leaders for Chubb’s mid-market and large-market business lines, respectively. Their responsibilities will … from News – Insurance Journal https://ift.tt/2IYE2wA

FOS reveals “600-700” complaints on telematics insurance last year

Ombudsman gives update after highlighting growth in “black box” complaints in annual review. from Insurer - insuranceage.co.uk https://ift.tt/2kFqnw6

Markel targets SMEs with refreshed legal advisory service

The proposition has been relaunched as Markel Law. from Insurer - insuranceage.co.uk https://ift.tt/2svBv1S

Hawaii reports surge in serious work-related accidents

With fatalities, amputations, burns and other serious injuries on the list, the Hawaii State Department of Labor & Industrial Relations on Tuesday announced an alarming surge in workplace incidents over a 20-day period in May. from Business Insurance https://ift.tt/2J6Jeux

Quebec broker association expresses support for Bill 141

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The Regroupement des cabinets de courtage d’assurance du Quebec (RCCAQ) has expressed its support for Bill 141, months after suggesting the bill could potentially lead to “disastrous consequences” for consumers. RCCAQ initially balked at the bill, which would have allowed consumers to purchase insurance online without consulting an intermediary, such as a broker. But the bill was amended in March, and will now require that consumers who purchase insurance online have the ability to speak to certified representatives if they require assistance. “Bill 141 does not go far enough in this regard,” RCCAQ chair Christopher Johnson said in a news release. “Nevertheless, it does have the merit of putting benchmarks in place that will enable us to continue our regulatory work.” Among other measures, the bill would also make the Autorite des marches financiers (AMF) the sole regulator of the insurance industry in the province, which RCCAQ believes would eliminate confusion for insurance profes...

Vegas Magician Copperfield Not Liable for Tourist’s Injuries, Jury Rules

Illusionist David Copperfield was found negligent but not financially responsible for a British tourist’s injuries during a signature vanishing act that used participants from the audience of a Las Vegas Strip show in 2013, a jury said Tuesday. Gavin Cox … from News – Insurance Journal https://ift.tt/2J4BnO7

Worldwide Facilities Acquiring RIC Insurance in California

Worldwide Facilities LLC has acquired the assets of Santa Rosa, Calif.-based RIC Insurance General Agency Inc. Terms of the deal weren’t disclosed. RIC will continue to maintain its client and market relationships and commitments as a division of Worldwide Facilities. … from News – Insurance Journal https://ift.tt/2LbxxTI

How Safe Must Driverless Vehicles Be to Be Accepted? Very Safe.

The race is on for companies to present their driverless cars to the public, but recent collisions involving autonomous vehicles developed by Uber Technologies Inc. and Tesla Inc. have led to doubts about whether these vehicles can alleviate traffic issues … from News – Insurance Journal https://ift.tt/2Jj7v3O

California Cannabis Banking Bill Clears Senate, Heads to Assembly

A California bill to establish a state charter bank for cannabis businesses has passed the Senate Floor. Senate Bill 930, authored by state Sen. Bob Hertzberg, D-Van Nuys, would enable banks to issue checks to cannabis business accountholders to be … from News – Insurance Journal https://ift.tt/2LOYmOG

AXIS Re Reports Organizational Changes, Market Expansion Plans

AXIS Re, the reinsurance segment of AXIS Capital Holdings Limited, has announced organizational changes to improve client service and plans to expand product and market capabilities. AXIS Re will now organize around four major divisions – North America, EMEA (Europe-Middle … from News – Insurance Journal https://ift.tt/2svGpMx

Marijuana, Opioids Found in High Percentage of Drivers Killed in Car Crashes

More than half of drivers killed in car accidents who were tested for drugs had marijuana, opioids or a combination of the two in their system, according to a new report. The report from the Governors Highway Safety Association (GHSA) … from News – Insurance Journal https://ift.tt/2spDwws

Allianz to buy 8% stake in African Reinsurance

Germany-based insurance company Allianz Group has agreed to acquire a 8% minority stake in African Reinsurance (Africa Re). from IBR - News https://ift.tt/2kAk1hk

More U.S. Firms Follow Europeans in Valuing Apprenticeships to Attract Talent

The rise of the apprentice: a European tradition comes to the U.S. The growing number of apprenticeships in the U.S. has more to do with European companies importing the practice into their American operations than with the long-running NBC television … from News – Insurance Journal https://ift.tt/2xs3AwI

Rivals Uber, Waymo in Talks About Driverless Ride Hailing Partnership

Uber Technologies Inc. is talking with Alphabet Inc.’s autonomous driving unit Waymo about using its technology on Uber’s ride-hailing app, Uber Chief Executive Dara Khosrowshahi said on Wednesday, signaling a possible thaw in relations between the firms. Khosrowshahi said on … from News – Insurance Journal https://ift.tt/2JkmcDH

Runner Who Broke Arm on NYC Bridge Sues Port Authority

A New York man who broke his arm running on the George Washington Bridge is suing the Port Authority of New York and New Jersey, alleging there’s not enough space for cyclists and pedestrians. Dennis O’Donnell says he was headed … from News – Insurance Journal https://ift.tt/2IZiRuu

After Pair of 1-in-1000 Year Floods, a Maryland Town Seeks Safeguards

The deadly flash flood that devastated a Maryland town’s historic center in July 2016 was dubbed a 1-in-1000 year event. Less than two years later, an even more treacherous flood ravaged the town, gutting shops and killing a visitor. Exasperated … from News – Insurance Journal https://ift.tt/2L9lxCd

New York Attorney General Leads Suit Against U.S. Environmental Protection Agency

New York Attorney General Barbara D. Underwood, joined by Attorneys General Xavier Becerra of California and Brian Frosh of Maryland, has led a lawsuit against the United States Environmental Protection Agency (EPA) for the delay of what they allege is … from News – Insurance Journal https://ift.tt/2H77VVU

Allianz to acquire 8% stake in Africa Re

Germany-based Allianz S.E. has signed an agreement to buy 8% stake in Nigeria-based African Reinsurance Corporation for $81 million. from Business Insurance https://ift.tt/2IZdITc

QBE Insurance plans EU market push after Brussels unit approval

Australia-based QBE Insurance Group Ltd. has received regulatory approval to start operations at its new unit in Brussels. from Business Insurance https://ift.tt/2stH6pp

Foreign insurance brokers look to expand in China

Several foreign insurance brokers are looking to expand their operations in China following the gradual opening of the country's insurance sector. from Business Insurance https://ift.tt/2kAK1sO

India likely to approve 100% foreign ownership for insurance brokers

The Indian government is likely to allow 100% foreign ownership in insurance brokers operating in the local market from the current 49%. from Business Insurance https://ift.tt/2xtrXKB

Insurers plans for takaful launch amid regulatory delays

Moroccan insurers’ preparations for the introduction of takaful have been complicated by a long regulatory and shariah process that makes the startup date uncertain. from Business Insurance https://ift.tt/2LIAnke

Mexican banks vulnerable to cyber attacks amid recent breaches: Official

Alejandro Diaz de Leon, governor of Mexico's central bank, said that local banks may still be vulnerable to cyber attacks after a breach cost five companies 300 million Mexican pesos ($15 million) this month. from Business Insurance https://ift.tt/2J7oYJ1

Legislators propose requiring marine and fire polices to cover terrorism

Leaders of the Philippines' lower house of parliament, have proposed amending insurance laws to require marine and fire insurance policies to cover losses from terrorism and acts of rebellion. from Business Insurance https://ift.tt/2LKTxpL

Cyclone damages infrastructure in Oman

Salim bin Abdullah bin Aovi Shanfari, head of Oman's Dhofar Municipality, said that cyclone Mekunu caused millions of Omani rials worth of damage to buildings, farms and public properties. from Business Insurance https://ift.tt/2LL3jIx

Former Chairman of China’s Anbang Insurance Files Rare Appeal of Fraud Conviction

The former chairman of China’s Anbang Insurance Group Co., Wu Xiaohui, has lodged an appeal against his conviction for fraud and embezzlement that led to a sentence of 18 years in prison, his lawyers said. While not unknown, it is … from News – Insurance Journal https://ift.tt/2xvGdmd

ABC Sued by Michael Jackson’s Estate for Music Copyright Infringement

Michael Jackson’s estate sued ABC on Wednesday, arguing that a special the network aired last week about the pop singer’s final days used his songs and music videos without permission. The copyright infringement lawsuit, which also names ABC’s corporate parent … from News – Insurance Journal https://ift.tt/2xrbZ3H

XL Catlin launches Corporate CPR

Product can cover 45 named crisis events under six categories. from Insurer - insuranceage.co.uk https://ift.tt/2suu8Yq

Readers And Tweeters Bare Their Teeth On Dental Disparities (And Other Fine Points)

Letters to the Editor is a periodic Kaiser Health News feature. KHN  welcomes all comments  and will publish a selection. We edit for length and clarity and require full names. Foaming At The Mouth Over Dental Insurance? In response to the revelation that a 61-year-old academic had to rely on handouts from his mom to cough up over $50,000 for dental work ( “When Is Insurance Not Really Insurance? When You Need Pricey Dental Care,” May 21), Trista McGlamery of Atlanta tweets that an ounce of prevention is worth a ton. I blew through my coverage this year having 11 cavities filled and scaling done, so I will agree dental insurance isn't sufficient. Another aspect of this is the gap in quality rural dental care. How many people are facing enormous bills now thanks to substandard care earlier? https://t.co/ZrxdmR3o6n — Trista McGlamery (@tristamac) May 21, 2018 — Trista McGlamery, Atlanta Jillian Tullis of San Diego seconds that emotion. Great article about #denti...

#Insagepeople: 28 May - 1 June 2018

Catch up with the latest people news. from Insurer - insuranceage.co.uk https://ift.tt/2kEsFvn

Tesla in Autopilot mode crashes into California police car

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Authorities say a Tesla sedan in Autopilot mode has crashed into a parked police cruiser in Southern California. Police Sgt. Jim Cota says the officer was not in the cruiser during the crash Tuesday in Laguna Beach. He says the Tesla driver suffered minor injuries. The police SUV ended up with its two passenger-side wheels on a sidewalk. Tesla’s semi-autonomous Autopilot mode has come under scrutiny following other recent crashes. The carmaker says the function is not designed to avoid a collision and warns drivers not to rely on it entirely. 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. from Canadian Insurance Top Broker https://ift.tt/2kzmFE5

Pa. high court rules state police cannot collect on injured officer’s suit

The Pennsylvania State Police cannot recoup workers compensation benefits from an injured trooper who was also awarded more than $1 million in a lawsuit related to an on-duty car accident, the Pennsylvania Supreme Court ruled unanimously Tuesday. from Business Insurance https://ift.tt/2LKCIvi

Texas Governor Unveils School Safety Plan, Proposed Gun Law Changes

Note: This story originally appeared in The Texas Tribune. Less than two weeks after 10 people were killed in a southeast Texas school shooting, Gov. Greg Abbott laid out a 40-page, 40-strategy plan for preventing future school shootings, and left … from News – Insurance Journal https://ift.tt/2J4wxAp

Texas Insurance Commissioner Launches ‘Keep it Simple’ Campaign

Texas Insurance Commissioner Kent Sullivan is aiming to ensure that plain language prevails at the Texas Department of Insurance website with a “keep it simple” campaign. Sullivan is a plain language champion, and his message is taking hold at the … from News – Insurance Journal https://ift.tt/2IZBhqP

Bermuda reinsurer pushes back on PFIC allegations

Greenlight Re responed to assertions about its business and potential tax consequences in a report from hedge fund Sunesis Capital, which the reinsurer said contains “inaccurate statements.” from Business Insurance https://ift.tt/2L9VOK1

Chubb to roll out personal cyber coverage in Canada

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Chubb has announced it will be rolling out its Masterpiece Cyber Protection product in Canada this year. Offered as a supplement to Chubb’s Masterpiece Homeowners policy, the new coverage is designed to offer individuals and families protections from cyberattacks that lead to extortion and ransomware, financial loss, cyberbullying, cyber disruption and breach of privacy. Policyholders will also be able to access discounted third-party resources that can help them secure networks and mobile devices, and spot signs of online manipulation. “Personal cyber protection is no longer a ‘nice to have,’ but rather a ‘must have,’” said Michael Tanenbaum, executive vice-president of Chubb’s North America Cyber Practice. “Simply clicking on the wrong email or downloading a new app could put your personal data in the wrong hands.” Key benefits of Masterpiece Cyber Protection include: Protection against threats to release your personal information, holding your files for ransom, and destruction...

UK shipping provider settles with US Navy in overbilling case

(Reuters) — A British-based maritime services company has agreed to pay $20 million to resolve allegations it overbilled the U.S. Navy for goods and services provided to American warships at ports around the world, the U.S. Justice Department said Tuesday. from Business Insurance https://ift.tt/2kzvC00

Kepperling Named Illinois Branch Manager for Erie Insurance

Rob Kepperling will step into the role of Illinois branch manager for Pennsylvania-based Erie Insurance starting June 7. Kepperling began his career with Erie Insurance in 2004 in the Claims division. In 2011, he moved into a sales role as … from News – Insurance Journal https://ift.tt/2H0DHDX

Fatal Crashes Up 60% in South Dakota

This year is shaping up to be a deadly one for drivers on South Dakota’s roadways. The Rapid City Journal reports that there have been 42 motor vehicle fatalities in the state so far in 2018, a 60 percent increase … from News – Insurance Journal https://ift.tt/2LKZUte

People, Organizations Working Together to Hurricane-Proof Houston-Area Community

The Texas A&M AgriLife Extension Service, working in collaboration with area residents, the Clear Lake City Water Authority, or CLCWA, and Exploration Green Conservancy, have been collaborating to transform an about-to-be paved golf course into a new kind of nature … from News – Insurance Journal https://ift.tt/2JgYCrq

Small Group Health Insurance Grew by 15% in Minnesota in 2017

The number of people covered by small group health insurance in Minnesota grew by 15 percent last year, ending a string of annual enrollment declines stretching back to 2004. Price hikes and tight limits last year on doctor and hospital … from News – Insurance Journal https://ift.tt/2kz3JVV

California workers comp rate cuts ordered

California Insurance Commissioner Dave Jones accused workers compensation insurers of not passing cost savings to employers, who are not seeing equivalent premium savings. from Business Insurance https://ift.tt/2sqG4KS

San Francisco city attorney subpoenas Uber, Lyft on driver classification

(Reuters) — San Francisco's city attorney on Tuesday subpoenaed Uber Technologies Inc. and Lyft Inc. to turn over records relating to how the ride-hailing companies classify drivers, as well as driver wages, health care and other benefits, the latest demand in a year-long investigation. from Business Insurance https://ift.tt/2LHdIF0

Alberto Brings Severe Weather, Deaths in North Carolina

North Carolina’s governor is urging his state’s residents to exercise caution as rains from a subtropical depression spread into his and other Southern states, noting the deaths of two broadcast journalists killed by a falling tree as they reported on … from News – Insurance Journal https://ift.tt/2kEJlTD

News analysis: Alpha collapse reignites unrated debate

As another unrated insurer fails the market debates if there is still a place for unrated providers from Insurer - insuranceage.co.uk https://ift.tt/2LLcFUv

ARAG appoints Eastern Canada sales manager

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Nancy Babeu has been appointed regional sales manager for Eastern Canada by ARAG Services Corporation. Babeu has almost 20 years of experience in the insurance industry, including more than three years in the legal expense sector. She’s held managerial, underwriting and account management roles with companies such as ABZ Insurance and Allstate Insurance Company of Canada. “I’m a firm believer in the huge benefits that legal expense insurance has to offer both families and businesses alike, and the great possibilities it opens up for brokers,” Babeu said in a news release. “It really is an honour to be joining a company that has such a proud heritage of promoting the cause of access to justice for ordinary people, all over the world.” Babeu will be ARAG’s principal broker for Quebec, and will lead sales operations in Atlantic Canada and Ottawa. She is fully licensed in commercial and personal lines damage insurance in Quebec and is working towards both her CRM and CIP designations. ...

‘Sesame Street’ sues over movie trailer’s puppet misbehavior

The nonprofit organization behind the long-running children’s program “Sesame Street” has filed a trademark infringement lawsuit against the production company behind an upcoming film starring Melissa McCarthy titled “The Happytime Murders.” from Business Insurance https://ift.tt/2kBYcxK

Alliant Names Harper Vice President of Healthcare Group in California

Alliant Insurance Services Inc. has named David Harper senior vice president within its Healthcare Group. He will be based in Orange County, Calif. and design customized insurance and risk management solutions for clients throughout the Western Region. Harper was previously … from News – Insurance Journal https://ift.tt/2L6NbzP

How to Succeed in Today’s Small Business Insurance Market

The small business market is big. The U.S. small commercial market represents about one-third of the total commercial lines market and generates between $99 billion and $103 billion in direct written premium, according to a 2016 McKinsey & Co. report. … from News – Insurance Journal https://ift.tt/2IWJ7Wv

Tesla Hits Parked Police Vehicle in California, Driver Blames Autopilot

The driver of a Tesla Inc. Model S crashed into an unoccupied, parked police vehicle in Laguna Beach, Calif., on Tuesday and the driver told investigators the Tesla was in “Autopilot” mode at the time, police said. The driver suffered … from News – Insurance Journal https://ift.tt/2xojLLH

The blog spot: Top five insurance agency spats

Last week Insurance Age exclusively revealed that Aviva has pulled GRP’s agency. from Insurer - insuranceage.co.uk https://ift.tt/2Jgi2gg

Newline chooses German city Cologne as EU insurance hub in Brexit move

London-based insurance company Newline Group has selected German city Cologne as its European Union (EU) insurance hub. from IBR - News https://ift.tt/2L2IjM0

West Bend Insurance modernizes operations with Duck Creek’s SaaS solution

West Bend Mutual Insurance has now started using Duck Creek’s Technologies' Duck Creek OnDemand SaaS solution for the P&C insurance industry. from IBR - News https://ift.tt/2JcKuj5

Safety commission drills down on OSHA’s general duty clause

The Occupational Safety and Health Review Commission has signaled it may be ready to curtail OSHA’s perceived overuse of the general duty clause by briefing a heat-stress case and setting oral arguments in two others. from Business Insurance https://ift.tt/2xmHY4W

IMF Urges China to Accelerate Opening of Economy to Outside World

China has made progress on reforms but should allow market forces to play a more decisive role and accelerate its opening up to the rest of the world, the International Monetary Fund said. While credit growth has slowed, it remains … from News – Insurance Journal https://ift.tt/2LJaosV

Lack of control deters foreign insurers

Foreign insurers are hesitant to enter the Indian insurance market due to a requirement for local management control. from Business Insurance https://ift.tt/2sl4Mgs

Concern over insurers' capacity to withstand shocks

The Reserve Bank of New Zealand said that local insurers have relatively small capital buffers to withstand shocks such as a major earthquake. from Business Insurance https://ift.tt/2xsStDU

Hackers thwarted in $110 million cyber heist on bank

Hackers were thwarted in an attempt to steal $110 million from Mexico-based Bancomext S.A. in January. from Business Insurance https://ift.tt/2shqNNg

Korean Re to set up new unit in Zurich

South Korea-based Korean Reinsurance Co. plans to set up a subsidiary in Zurich to expand its operations in Europe and prepare for Brexit. from Business Insurance https://ift.tt/2J08qCW

Pirate attacks surge, losses exceed $1 billion: Report

A report by U.S.-based organization Oceans Beyond Piracy found that the number of pirate attacks grew 163% in the Caribbean and Latin America regions in 2017. from Business Insurance https://ift.tt/2LFT08y

Directors could be fined $660,000 for nuisance calls

Business directors in the United Kingdom could be personally fined up to £500,000 ($665,438) if they fail to prevent nuisance calls. from Business Insurance https://ift.tt/2J1kxj5

UK businesses suffer most data breaches in Europe: Report

A report by U.S.-based data security firm Thales e-Security Inc. found that businesses in the United Kingdom suffered the most data breaches of all European countries in 2017. from Business Insurance https://ift.tt/2LFSMOK

Malaysian Re partners with Argo, eyes regional market

Malaysian Reinsurance Berhad has signed a memorandum of understanding with U.K.-based insurer Argo Managing Agency Ltd. for underwriting and technical support. from Business Insurance https://ift.tt/2J40RuI

Chinese regulators fine insurers, intermediaries $10 million

Chinese regulators have fined more than 60 insurers and intermediary agencies nearly $10 million for irregularities and industry violations in the first four months. from Business Insurance https://ift.tt/2LFSAz0

Generali opens new branch in Luxembourg

Italy-based insurer Assicurazioni Generali S.p.A. has set up a new branch in Luxembourg focusing on employee benefits business. from Business Insurance https://ift.tt/2xrjFml

Insurers' earnings take hit amid low interest rates

Several large Israeli insurers reported a loss or decline in profit in the first quarter amid low interest rates. from Business Insurance https://ift.tt/2kABDd5

New York Board Proposes 11.7% Decrease in Workers’ Comp Rates

The New York Compensation Insurance Rating Board (NYCIRB), a non-governmental rate service organization, has proposed an 11.7% decrease in the overall loss cost level in New York State. The change was proposed in its 2018 loss cost filing with the … from News – Insurance Journal https://ift.tt/2kC8e2e

Allianz Group to Acquire 8% of Africa Re

Allianz Group has agreed to acquire eight percent in African reinsurer Africa Re. The total cash consideration payable at closing would amount to USD$ 81 million (or Euro 69 million). Africa Re has been operating for 42 years on the … from News – Insurance Journal https://ift.tt/2shITPe

Massachusetts’ Insurance Center of New England Hires Slezek as CFO

Insurance Center of New England (ICNE), a privately owned and independent insurance agency with three offices in Agawam, Gardner and Westford, Mass., has hired Lori A. Slezek as chief financial officer. In this role, Slezek will report directly to ICNE … from News – Insurance Journal https://ift.tt/2H1GyMQ

Rhode Island’s Narragansett Bay Insurance Company Names Tiziani Senior Vice President

Narragansett Bay Insurance Company (NBIC) has named Glen Tiziani senior vice president of Sales & Distribution, effective May 21, 2018. NBIC, a Rhode Island-headquartered, wholly-owned subsidiary of Heritage Insurance Holdings Inc., offers specialty insurance services and products to homeowners through … from News – Insurance Journal https://ift.tt/2IXK64l

Monomoy, Rogers & Gray, Spinnaker Launch Admitted Homeowners Product in Mass.

Monomoy Insurance Group and Rogers & Gray Insurance have launched an admitted residential homeowners product in Massachusetts through a partnership with Spinnaker Insurance Company (Spinnaker), a national property and casualty insurer. Monomoy Insurance Group was established with a goal of … from News – Insurance Journal https://ift.tt/2sjmqRN

Amazon seeking to deliver "better insurance experience" for customers

Plus Insurance Age asks Alexa about Amazon's UK insurance plans - hear the recordings. from Insurer - insuranceage.co.uk https://ift.tt/2IZMJml

Insurance complaints to Financial Ombudsman hold steady in 2017/18

But organisation warns over loyalty and telematics complaints. from Insurer - insuranceage.co.uk https://ift.tt/2kyYBkH

Oregon proposes comp rule change for workers with varying wages

The Oregon Workers’ Compensation Division on Friday issued a proposed change to its rules for how weekly wages are calculated, taking into account workers whose wages vary week to week, according to a draft of the changes. from Business Insurance https://ift.tt/2L5mb3O

Aon appoints executive of new group

Aon P.L.C., U.K.-based insurance and reinsurance broker, said Tuesday it has appointed Karl Hennessy to be CEO of its new carrier solutions group. from Business Insurance https://ift.tt/2ITo9rw

Insured losses for subtropical storm Alberto total $50 million

Insured losses from subtropical storm Alberto will total about $50 million, according to Karen Clark & Co. from Business Insurance https://ift.tt/2L4xOI9

Cyber crooks claim to hit two large Canadian banks

(Reuters) — Bank of Montreal, operating as BMO Financial Group, and Canadian Imperial Bank of Commerce said on Monday that cyber attackers may have stolen the data of nearly 90,000 customers in what appeared to be the first significant assault on financial institutions in the country. from Business Insurance https://ift.tt/2L7GGNt

California Woman Hit by Bat at Minor League Game Revives Safety Debate

A Southern California woman’s recent injury by a baseball bat has renewed attention to fan safety at games. The Sun of San Bernardino reports Saturday that 27-year-old Cloey Heckendorn was hit in the head during the Rancho Cucamonga Quakes’ game … from News – Insurance Journal https://ift.tt/2GXK7DP

South Carolina jury fails to reach verdict in J&J talc trial

(Reuters) — A South Carolina jury on Friday could not agree on a verdict in a case of a woman whose family said her long-term use of Johnson & Johnson's Baby Powder led to her death from asbestos-related cancer, resulting in a mistrial. from Business Insurance https://ift.tt/2J0B6vz

Tesla seeks to dismiss securities fraud lawsuit

(Reuters) — Tesla Inc. on Friday asked a court to dismiss a securities fraud lawsuit by shareholders who said the electric vehicle maker gave false public statements about the progress of producing its new Model 3 sedan. from Business Insurance https://ift.tt/2xuLYjM

Vermont high court rules volunteer not due comp benefits

The Supreme Court of Vermont ruled that a Burlington-based transportation authority does not have to provide workers compensation benefits to a volunteer driver who was injured in a car accident. from Business Insurance https://ift.tt/2sjoJnZ

Fashion finds home in oil-industry safety wear

A young production engineer for a Chevron plant in east Texas had gripes about the lack of flame-retardant safety clothing for women in an industry that boasts 22% female workers but lacked female-friendly attire. from Business Insurance https://ift.tt/2ITXURC

Brit adds to US professional liability team

Brit Ltd. named Jim Kelly as assistant vice president, construction professional to bolster its Brit Global Specialty USA professional liability team, and Tom Rea was appointed senior vice president, miscellaneous professional liability. from Business Insurance https://ift.tt/2L6uhcf

Friends of the Earth says to sue Shell over climate change

(Reuters) — Friends of the Earth plans to file a lawsuit against Royal Dutch Shell P.L.C., accusing the oil company of failing to act on climate change, the environmental activist group said on Tuesday. from Business Insurance https://ift.tt/2IXxR8d

Alberto Weakens to Depression, Moving North Across Alabama

Storm Alberto weakened to a subtropical depression, moving across central Alabama after making landfall in the Florida Panhandle and bringing heavy rains that threaten the U.S. South with economic losses of $1 billion. Alberto was 30 miles (45 kilometers) west … from News – Insurance Journal https://ift.tt/2shGWSW

Metal Objects Lead to Recall of Spam and Another Hormel Product

The U.S. Department of Agriculture is recalling more than 228,000 pounds of Spam and another product made by Austin, Minnesota-based Hormel after four consumers complained about metal objects in the food. The USDA’s Food Safety and Inspection Service says the … from News – Insurance Journal https://ift.tt/2IVaQqv

Texas Mutual Names Ward as COO, Haugaard as Sr. VP-Policyholder Services

Austin-based workers’ compensation carrier, Texas Mutual Insurance Company, has appointed Jeanette Ward as the company’s new chief operating officer (COO) and Kim Haugaard as the company’s new senior vice president of policyholder services, the role previously filled by Ward. As … from News – Insurance Journal https://ift.tt/2sf0GXq

Flooding Worries Grip New Orleans as Hurricane Season Nears

Dr. Lauren Morris’s dental office is in sight of one of the pumping stations designed to push water out of New Orleans. But despite that proximity, the roughly year-old business has already flooded. Now with a storm in the Gulf … from News – Insurance Journal https://ift.tt/2xngEng

The Co-operators partners with Choices for Youth

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The Co-operators has partnered with Choices for Youth (CFY) to donate $90,000 over three years to provide employment opportunities to marginalized youth in St. John’s, N.L. “Providing meaningful supports for at-risk youth gives them the opportunity and the tools to improve their individual situations, while helping build a stronger, more vibrant community,” Rob Wesseling, president and CEO of The Co-operators, said in a news release. The funding will go toward initiatives such as Project Sucseed, in which CFY participants build hydroponic systems made of recyclable materials that are designed to grow produce in northern communities. “We are proud to partner with The Co-operators to continue to grow our social enterprise portfolio at CFY and to find additional innovative ways to help young people live better lives,” said CFY executive director Sheldon Pollett. Canadian Insurance Top Broker is now on Facebook ( facebook.com/TopBrokerMag )  as well as LinkedIn ( linkedin.com/comp...

A.M. Best Upgrades Credit Ratings of Texas’ Spartan Insurance

A.M. Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to “a-” from “bbb+” of Spartan Insurance Company (Spartan) in Pearland, Texas. The outlook of these ratings has been revised … from News – Insurance Journal https://ift.tt/2GZVET5

H.W. Kaufman Group Hires Wells Fargo’s Hunegs as Corporate VP

H.W. Kaufman Group has added Josh Hunegs as a corporate vice president at its headquarters in Detroit/Farmington Hills, Michigan. Hunegs will work on a variety of financial and corporate opportunities, including investments, real estate, foreign exchange, premium financing and acquisitions. … from News – Insurance Journal https://ift.tt/2xnvGcr

Jury Orders City to Pay Indiana Couple $102K for Flood Damage

A jury has ordered a northern Indiana city to pay a couple more than $102,000 for flood damage their home suffered nearly a decade ago. Richard and Janet Brown sued the city of Valparaiso after 18 inches of floodwater entered … from News – Insurance Journal https://ift.tt/2sowo3s

McLaughlin Files to Run for Kansas Insurance Commissioner

A retired healthcare company manager who has been active in the NAACP is running for Kansas insurance commissioner as a Democrat. Nathaniel McLaughlin of Kansas City, Kansas, filed for a spot on the August primary ballot. He is the only … from News – Insurance Journal https://ift.tt/2kxeFn1

BIBA raises concerns on EC’s Motor Insurance Directive refit evaluation

The British Insurance Brokers’ Association (BIBA) has raised concerns on the European Commission's (EC) proposed on changes to the Motor Insurance Directive. from IBR - News https://ift.tt/2IXQRmU

Appeals court affirms dismissal of suit against NHL in player’s death

A federal appellate court has affirmed the dismissal of a wrongful death lawsuit brought against the National Hockey League for the death of player Derek Boogaard. from Business Insurance https://ift.tt/2sov9kK

Oregon Recreational Marijuana Growers to Scale Back

Oregon produced enough recreational cannabis last year to supply every adult resident with more than 5 ounces of legal marijuana. The Bend Bulletin reports there were more than 1 million pounds in the state’s supply chain. Data provided by the … from News – Insurance Journal https://ift.tt/2shlvkY

California Jury Delivers $25M Decision in Johnson & Johnson Suit

A California jury delivered a $25.7 million verdict against Johnson & Johnson in a lawsuit brought by a woman who claimed she developed cancer by using the company’s talc-based baby powder. Jurors in Los Angeles recommended $4 million in punitive … from News – Insurance Journal https://ift.tt/2snXsQj

Army Officer in Alaska Charged with Making Fraudulent Claims

A 40-year-old Army officer assigned to Alaska has been charged with making false insurance claims and pocketing nearly $400,000. Lt. Col. Christopher James DeMure is charged with mail fraud, wire fraud and money laundering. He was arrested Thursday and held … from News – Insurance Journal https://ift.tt/2GYZgF3

RightSure Acquires ETNA Insurance Agency in Arizona

RightSure Insurance Group has acquired Tucson, Ariz.-based ETNA Insurance Agency. Terms of the deal were not disclosed. The purchase is RightSure’s 11th book of business acquisition. Current ETNA executives and employees will be retained by RightSure and will continue to … from News – Insurance Journal https://ift.tt/2xnw3Ut

Aviation training center ordered to reinstate whistleblower

OSHA has ordered SimCom Training Centers to reinstate a flight instructor who was allegedly terminated after he raised concerns about potential violations of FAA regulations. from Business Insurance https://ift.tt/2xquaqc

OSHA cites underground utility construction firm for cave-in hazards

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

Mass., Conn. Senators Seek Answers About Safety Protocols for Self-Driving Cars

U.S. Senators Edward Markey and Richard Blumenthal are pressing automakers and technology companies that are developing self-driving cars about their safety protocols for test-driving the vehicles. Federal investigators said this week that the system used to automatically apply brakes had … from News – Insurance Journal https://ift.tt/2xoCZAW

Trench death leads to safety citations for utility company

from Business Insurance https://ift.tt/2kztK7G

Insurance Broker Ed Wins License to Transact Business in Jersey

Insurance and reinsurance broker Ed has been granted a license to carry out general insurance mediation business by the Jersey Financial Services Commission. This follows on from last year’s announcement by the broker of the expansion of its professional and … from News – Insurance Journal https://ift.tt/2snPmr9

Glass Panel Falls, Kills Worker at Manhattan Skyscraper Site

New York City has issued a stop work order at the construction site of one of Manhattan’s tallest skyscrapers after a large glass panel fell, killing a security guard and injuring a construction worker. The city’s Department of Buildings said … from News – Insurance Journal https://ift.tt/2xp5PBb

Class Action Alleges Facebook’s Ad Tools Discriminate Against Older Job Seekers

A proposed class action lawsuit alleging Facebook’s ad placement tools facilitate discrimination against older job-seekers has been expanded to identify additional companies, further widening the latest front in claims that candidates are being filtered out by gender, geography, race and … from News – Insurance Journal https://ift.tt/2Je6Ctm

With a Roar, Flash Flood Smashes Into a Maryland Community

Roaring flash floods struck a Maryland city Sunday that had been wracked by similar devastation two years ago, its main street turned into a raging river that reached the first floor of some buildings and swept away parked cars, authorities … from News – Insurance Journal https://ift.tt/2kwij0s

FBI Urges Rebooting, Upgrading Office, Home Routers After Russian Hacking

The FBI warned on Friday that Russian computer hackers had compromised hundreds of thousands of home and office routers and could collect user information or shut down network traffic. The U.S. law enforcement agency urged the owners of many brands … from News – Insurance Journal https://ift.tt/2smjrqV

Reuters: China’s Ant Financial Raises $10 Billion at $150 Billion Valuation

Ant Financial Services Group, operator of China’s biggest online payment platform by market share, Alipay, has closed its latest funding round having raised $10 billion from a clutch of global and local investors, five people with direct knowledge of the … from News – Insurance Journal https://ift.tt/2ISbepD

Lawsuit exposes Google, Facebook to billions in data privacy fines

U.S.-based Google L.L.C. and Facebook Inc. could face up to $9.3 billion in fines following complaints filed by an Austrian privacy-advocacy group under new data protection regulations. from Business Insurance https://ift.tt/2sep4se

2 Banks Report First Cyber Attack Against Canadian Financial Institutions

Bank of Montreal and Canadian Imperial Bank of Commerce said on Monday that cyber attackers may have stolen the data of nearly 90,000 customers in what appeared to be the first significant assault on financial institutions in the country. Bank … from News – Insurance Journal https://ift.tt/2LHEcWX

Insurers continue flocking to Luxembourg as post Brexit base

Claude Wirion, managing director of Luxembourg's insurance regulator, said that at least 11 nonlife insurers plan to set up their operations in the country to maintain access to the European market post Brexit. from Business Insurance https://ift.tt/2IZDa73

Tower to hike premium rates to offset reinsurance costs

New Zealand-based insurer Tower Ltd. plans to increase premium rates to offset higher reinsurance costs after a spate of wild weather hit its earnings. from Business Insurance https://ift.tt/2IVbq7C

Silver miner curtails operations amid rise in violence

Canada-based miner Pan American Silver Corp. has curtailed operations at its Dolores silver mine in Mexico due to increasing violence and crime. from Business Insurance https://ift.tt/2IXIcRB

Russian bank to merge insurance business with Sogaz

Russia-based VTB Bank J.S.C. plans to merge its insurance business with Insurance Company of Gaz Industry Sogaz. from Business Insurance https://ift.tt/2sks6KB

Regulator rejects insurer's offer to up its stake in Sava Re

Slovenia's insurance regulator has again rejected insurer Croatia Osiguranje d.d.'s proposal to increase its stake in Slovenia-based Pozavarovalnica Sava, d.d. to 20% or more. from Business Insurance https://ift.tt/2kxQTHp

Nigeria signs MoU with African Risk Capacity

The Nigerian government has signed a memorandum of understanding with Bermuda-based African Risk Capacity Insurance Co. Ltd. to insure against natural disasters. from Business Insurance https://ift.tt/2siF1wo

Omani insurers to face surge in cyclone-related claims

Omani insurers are likely to face a surge in claims related to cyclone Mekunu which hit the country on May 26. from Business Insurance https://ift.tt/2ISaYXz

Daimler could recall 600,000 vehicles over emission cheat device

German automaker Daimler A.G. could recall more than 600,000 diesel vehicles over alleged use of emission cheating technology. from Business Insurance https://ift.tt/2L1xeuY

Directors and officers face heightened pressures in #MeToo era

The swirl of current events and rapid ascension of the “#MeToo” movement to end gender discrimination and assault are exerting pressure on the directors and officers liability space. from Business Insurance https://ift.tt/2JfQ5VE

BIBA raises concerns on EC’s Motor Insurance Directive refit evaluation

The British Insurance Brokers’ Association (BIBA) has raised concerns on the European Commission's (EC) proposed on changes to the Motor Insurance Directive. from IBR - News https://ift.tt/2xk4A6d

Transgender protections finding a haven under federal law

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

Amazon leads $12m investment round into online general insurer

Move marks the tech giant's first step into the insurance sector in India. from Insurer - insuranceage.co.uk https://ift.tt/2IUuRJx

Benefit Change Could Raise Costs For Patients Getting Drug Copay Assistance

Axa takes Alan Scott from RSA as southern regional director

Linda Courtney retiring after nearly 30 years with the insurer. from Insurer - insuranceage.co.uk https://ift.tt/2GY3WuE

Ready or not, Canadian business may face sanctions under EU’s GDPR privacy law

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Any Canadian business that collects personal information about residents of the European Union—whether they’re tourists, students or online customers—risks maximum fines of $30 million or more if they violate a sweeping new EU privacy law that takes effect Friday. But privacy experts say many small- and mid-sized Canadian companies have only recently become aware that they may be covered by the EU’s General Data Protection Regulation, which was adopted by the 27-country regional government in 2016 with a two-year delay before enforcement starting on May 25, 2018. “Anybody that is collecting personal data from European residents—not only citizens—needs to comply with this,” Ale Brown, founder of Kirke Management Consulting, said in a phone interview from Vancouver. That’s equally true for a boutique fashion company selling purses, a university with students from a European country or a website using cookies or other information tracking features, she said. The GDPR could even affect ...

Report Blames PG&E Power Lines for 4 of Northern California Wildfires

PG&E Corp.’s equipment was responsible for causing four of the smaller wildfires that tore through Northern California last year, according to the first report issued by state investigators. The fires in Butte and Nevada counties, located in the Sierra Nevada … from News – Insurance Journal https://ift.tt/2LAiNiq

Weakening Alberto Brings Heavy Rains to Southeast for Memorial Day

Subtropical Storm Alberto had a burst of strength as it closes on Florida’s Panhandle, where it should come ashore early Monday, and is spreading heavy rains across the U.S. South, potentially causing more than $1 billion in economic losses. Alberto’s … from News – Insurance Journal https://ift.tt/2LEJu5I

Talks End without Softbank Stake in Swiss Re; Swiss Re Still Open to Other Investors

Swiss Re AG said it would continue to welcome an anchor investor after Masayoshi Son’s SoftBank Group Corp. ended its pursuit of a stake in the world’s second-largest reinsurer. The collapsed talks mark the end of nearly four months of … from News – Insurance Journal https://ift.tt/2L4ixXT

CIBC’s Simplii says fraudsters may have accessed data of 40,000 clients

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Simplii Financial says fraudsters may have electronically accessed certain personal and account information for approximately 40,000 of its clients. Simplii, which is CIBC’s direct banking brand, says it learned of the potential issue yesterday and has implemented additional online security measures as it continues to investigate. The changes include enhanced online fraud monitoring and online banking security measures. Simplii says it will be reaching out to clients and customers who notice any suspicious activity should contact the bank. It adds that clients who are victims of fraud because of the issue will receive 100% of the money lost from the affected bank account. Simplii says there is no indication that clients who bank through CIBC have been affected. 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 ...

Swiss Re, SoftBank pull plug on talks about minority stake

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

Data protection regulations to lead to surge in claims: AIG

American International Group Inc. said that European insurers are likely to face a surge in claims following the introduction of the General Data Protection Regulation on May 25. from Business Insurance https://ift.tt/2siKN1i

Drought restrictions put commercial properties at fire risk

The drought in South Africa has increased fire risk for commercial properties in the Western Cape province following restrictions on the use of water. from Business Insurance https://ift.tt/2IQjGWq

Violence, insecurity forces companies to shutter operations

Mexico-based dairy company Grupo Lala S.A.B. de C.V. and Coca-Cola Femsa SAB de C.V. among others have shuttered their operations in the in the states of Tamaulipas and Guerrero for security reasons. from Business Insurance https://ift.tt/2LBcFGF

Cyber attacks hit ABN Amro, Rabobank

Distributed denial of service attacks disrupted the online services of Dutch banks ABN Amro Bank N.V. and Cooperatieve Rabobank U.A. on May 24 and May 25. from Business Insurance https://ift.tt/2L3wup7

Insurers look to drones for quick damage assessment, payouts

Japanese nonlife insurers are increasingly using drones to assess damage following an accident or natural disaster to help provide quick payouts. from Business Insurance https://ift.tt/2seOypj

Wind farms face higher insurance premiums as risks mount

Jatin Sharma, president of U.S.-based GCube Insurance Services Inc., said that offshore wind farm projects in the Taiwan Straits face higher insurance premiums amid political risks and threat of catastrophes. from Business Insurance https://ift.tt/2xmRS6A

Australia to recall another 1 million vehicles over faulty airbags

The Australian Competition and Consumer Commission has added more than a million cars with potentially faulty Takata Corp.'s airbags to its recall list. from Business Insurance https://ift.tt/2sfqLp3

Bahamas renegotiates catastrophe risk insurance policy

The Bahamas' government has renegotiated its catastrophic risk insurance policy under which the country would be segregated into three distinct zones with different premiums for each zone. from Business Insurance https://ift.tt/2xjalkx

New regulations likely to lead to consolidation

U.S.-based S&P Global Ratings Inc. said that insurers in the Gulf Cooperation Council region are likely to look for alternative methods of raising funds to comply with new regulations. from Business Insurance https://ift.tt/2skfROg

India: Biggest reinsurer shows sturdy results despite competition & global catastrophes

State controlled GIC Re, India's largest reinsurer, has posted a profit after tax of INR3,233.59 crore ($477.4 million) for the year ended 31 March 2018 (FY2018), 3.4% higher compared to INR3,127.67 crore for the previous financial year. from Recent Posts on (eDaily) https://ift.tt/2xdI8eS

Japan: Nippon Life's new ops to offer low-priced products

Insurance giant Nippon Life Insurance has announced that it will launch a new company to provide low-priced insurance policies for sale at shops of independent sales agents. from Recent Posts on (eDaily) https://ift.tt/2sd5fkV

Singapore: Enhanced long-term care insurance scheme to be introduced

The government has outlined a new insurance scheme for long-term care for Singaporeans with severe disability. Compared to the current scheme called ElderShield, the enhanced scheme, called CareShield Life, will have higher and lifetime payouts. from Recent Posts on (eDaily) https://ift.tt/2IP2NaE

Australia: More Aussies abandon private health insurance

A quarter of a million Australians did not renew their private health insurance in the past year, new findings from a survey by the market research firm Roy Morgan shows. from Recent Posts on (eDaily) https://ift.tt/2sbluyG

Taiwan: Questions over adequacy of insurance coverage of offshore wind farms

Geopolitical tensions in the Taiwan Strait have raised concerns over the adequacy of insurance coverage for offshore wind farms in the channel between Taiwan and mainland China, according to an insurer focused on renewable energy. from Recent Posts on (eDaily) https://ift.tt/2IP2Jrq

Best Reads Of The Week With Brianna Labuskes

European insurers, reinsurers lead climate risk disclosure, mitigation

European insurers and reinsurers are leading the way on climate risk disclosure and mitigation while Japanese insurers are improving their performance and U.S. insurers continue to lag behind, according to a new report. from Business Insurance https://ift.tt/2kpj9fn

Motel owner not covered in sex trafficking case

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

Property/casualty sector sees first-quarter gains: Morgan Stanley

A survey of property/casualty insurers, reinsurers and brokers showed strong 2018 first-quarter organic growth and investment income, although some players may seek mergers due to smaller-than-expected increases. from Business Insurance https://ift.tt/2xc4D3Y

Gore Mutual recognized for data management and analytics

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Gore Mutual received an Award of Distinction at the recent Information Builders Summit 2018 User Conference in Orlando, Fla., the company announced on Friday. The insurer was recognized for replacing its legacy reporting processes with a business intelligence platform that “integrates data, improves data quality and provides self-service access to business information,” according to a press release. “Our employees have done exceptional work in building our business intelligence and analytics tools and capabilities and we’re honoured to win this award,” said Jamie McDougall, vice-president of business intelligence and analytics at Gore Mutual. “While we continue to make ongoing improvements and developments in advancing our uses of data and analytics, this award is a significant milestone in the fantastic progress we’ve made so far.” Canadian Insurance Top Broker is now on Facebook ( facebook.com/TopBrokerMag )  as well as LinkedIn ( linkedin.com/company/citopbroker ) and Twitt...

Liberty Mutual off hook for pipe maker’s mitigation costs after fire

About $14 million in mitigation costs incurred by a pipe manufacturing company when it had to shift production to India after a fire were extra expenses, whose policy limits were already exhausted under its Liberty Mutual Fire Insurance Company coverage, says a federal appeals court, in upholding a lower court ruling. from Business Insurance https://ift.tt/2krZuLX

Return on investment helps justify return-to-work programs

A bar graph should be all a company needs to see that a return-to-work program for injured workers is the best way to reduce workers compensation spend, says a group of experts. from Business Insurance https://ift.tt/2knPKlE

Jury awards Apple $539M in Samsung patent retrial

(Reuters) — After nearly five days of deliberations, a U.S. jury on Thursday said Samsung Electronics Co. Ltd. should pay $539 million to Apple Inc. for copying patented smartphone features, according to court documents, bringing a years-long feud between the technology companies into its final stages. from Business Insurance https://ift.tt/2INmkYT

Marine insurance blockchain platform launches

Insurwave, a blockchain platform developed by a collaboration of insurance and technology players, is helping to manage marine hull risk and insurance. from Business Insurance https://ift.tt/2koug8j

Alberto, 2018’s First Named Storm, Heading for Florida, Southeast Coast

Meet Alberto, the first named storm of 2018. The sub-tropical storm off Mexico’s Yucatan Peninsula is expected to bring heavy rain to western Cuba and much of Florida early next week, the National Hurricane Center in Miami said Friday. Alberto … from News – Insurance Journal https://ift.tt/2knG3Ui

Illinois Lawmakers Send Governor Bill Legalizing Industrial Hemp

The Illinois House has sent the governor a measure legalizing industrial hemp. The House voted 106-3 this week to allow hemp cultivation for commercial use. Hemp is a form of the cannabis plant distinct from marijuana. It does not produce … from News – Insurance Journal https://ift.tt/2scYMWs

Oklahoma Earthquakes Lead to More Injection Well Shut Downs

The Oklahoma Corporation Commission’s Oil and Gas Division is directing some injection wells in north-central Oklahoma reduce injection volumes and others to stop operations. The directive issued Wednesday comes after the U.S. Geological Survey recently recorded several earthquakes in the … from News – Insurance Journal https://ift.tt/2IM3rcK

Comp-cheating bartender’s Facebook post fails to serve her well

Facebook, the place where everybody knows your name, including fraud investigators apparently, helped catch an Ohio bartender in the act of workers compensation fraud. from Business Insurance https://ift.tt/2Lp5OQF

Michigan Legislators Decide Motorists Need 3-Foot Distance to Pass Bikes

Michigan drivers would have to allow 3 feet of clearance or a “safe passing distance” while going by a bike on the road as part of a legislative compromise that could reach the governor soon. The Senate voted 36-1 this … from News – Insurance Journal https://ift.tt/2GNhYPz

Offshore Worker Alleges Bias in Louisiana Lawsuit

An African-American offshore oil worker has filed a federal lawsuit saying he was intimidated on the job by a supervisor who drew a picture of him dangling from a high rig structure while surrounded by co-workers in Ku Klux Klan … from News – Insurance Journal https://ift.tt/2IMkO9m

Ohio Homeowner Trying to Kill Weeds Burns Down Garage

Authorities say a Ohio homeowner trying to kill troublesome weeds with a torch has burned down his garage. The Springfield News-Sun reported Springfield Township firefighters in central Ohio were called to a home around 4 a.m. Thursday for a detached … from News – Insurance Journal https://ift.tt/2LtmWVj

Bill would force tech firms to disclose foreign software probes

(Reuters) — U.S. tech companies would be forced to disclose if they allowed American adversaries, like Russia and China, to examine the inner workings of software sold to the U.S. military under proposed legislation, Senate staff told Reuters on Thursday. from Business Insurance https://ift.tt/2IKP8kN

The Co-operators appoints new EVP, CFO

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Karen Higgins has been appointed executive vice-president and chief financial officer of The Co-operators, succeeding Bruce West, who announced his retirement earlier this year. Higgins has 20 years of experience in the insurance and financial services industries. She joined The Co-operators in 2018 as vice-president of corporate finance. “Karen’s reputation as a respected and effective leader is highlighted in her track record of building high performing teams, particularly during times of significant change with a keen focus on motivation, development and succession,” said Rob Wesseling, president and CEO of The Co-operators. “Over the past 10 years, her impact has been evident across the organization through the trusted business partnerships she’s built to deliver exceptional results.” In 2011, Higgins became vice-president of finance for The Co-operators’ property and casualty operations. She went on to lead the finance team within the organization’s life operations in 2017. “S...

Virginia Governor Northam Vetoes GOP Healthcare Bills

Virginia Gov. Ralph Northam has vetoed a handful of GOP-backed bills related to health care. Northam vetoed a bill that would have allowed all groups like the Virginia Chamber of Commerce to pool their members together in a group to … from News – Insurance Journal https://ift.tt/2IPTxD7

Southern California Agents Arrested for Fraud

California-based life insurance agents, Samuel Tadlock III, 32, of Eastvale, Marlene Ramirez, 42, of Murrieta, Daniel Herrarte, 34, of Sylmar, and Jorge Lopez Jr., 38, of San Fernando, were arrested this week on multiple felony counts of identity theft and … from News – Insurance Journal https://ift.tt/2Lv1n6X

Fired Oregon Dispatcher Settles Suit for $75,000

The city of Springfield, Ore. has agreed to pay $75,000 to settle a 2014 lawsuit by a dispatcher who said she was wrongly fired after accusing officers of inappropriate conduct. The Register-Guard reported that a joint statement from the city … from News – Insurance Journal https://ift.tt/2GOLlRJ

Hawaii, Central Pacific Could See Handful of Hurricanes This Season

The Central Pacific could see anywhere from three to six hurricanes over the next six months, forecasters predicted Wednesday. That would be an increase over the two named storms last year. Storm activity is likely to be normal or a … from News – Insurance Journal https://ift.tt/2GMjyBr

EY, Guardtime and industry participants launch marine insurance blockchain platform

EY, Guardtime, A.P. Møller-Maersk, Microsoft and insurance industry leaders Willis Towers Watson, XL Catlin, MS Amlin and ACORD are using Insurwave blockchain platform to support marine hull insurance. from IBR - News https://ift.tt/2LwO59I

Allstate pioneers use of AI with their first Amelia deployment

Allstate Insurance is using IPsoft’s Amelia tool to support call center teams countrywide. from IBR - News https://ift.tt/2xdeM07

Auto Insurance Satisfaction

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  Size: 4.3 MB,   Time: 2 min, 58 sec  Text transcript    Download Tom Super, director of property and casualty insurance with J.D. Power, explains how rising consumer expectations are leading to lower levels of satisfaction with auto insurance. Related Article: Auto insurers failing to meet consumer expectations: J.D. Power Subscribe to our Newsletter  Text Transcript Hi, I’m Tom Super, J.D. Power director of property and casualty insurance. In our 2018 J.D. Power Canada auto insurance study, we found that overall customer satisfaction with insurance carriers was at a multi-year low, down another six points in 2018. What emerged from our analysis is that consumers are setting a high bar for insurers. Satisfaction was down across our core factor areas. Price, interaction, billing payment, policy offerings and claims were down across the board. Low levels of satisfaction were reported across channel interactions as well. Whether intera...

Launderette-based insurance ghost brokers jailed

Fraudsters sentenced to three years and seven months, and 16 months in prison respectively. from Insurer - insuranceage.co.uk https://ift.tt/2GQ0FgW

Next Insurance becomes licensed insurance carrier

Small business insurer Next Insurance has now become a licensed insurance carrier, offering tailored, digital insurance to small businesses. from IBR - News https://ift.tt/2xeGAkM

Ex-CFO in New Jersey Gets Prison Term for Stealing More Than $1M

The former chief financial officer of a New Jersey orthopedic care provider is headed to prison for stealing more than $1 million from the company for his personal use. Harry Wolfmuller received a two-year sentence Wednesday and must pay $1,175,720 … from News – Insurance Journal https://ift.tt/2IQp3B3

Podcast: The top five stories of the week

Insurance Age's content editor and senior reporter discuss the most read stories of this week. from Insurer - insuranceage.co.uk https://ift.tt/2Ltz0pD

Southwest Crew Detail Engine Explosion Causing Emergency Philadelphia Landing

The flight crew on the Southwest Airlines jet that was forced to make an emergency landing in Philadelphia after an engine exploded described the harrowing experience in their first joint interview on Wednesday. Capt. Tammie Jo Shults called her first … from News – Insurance Journal https://ift.tt/2kpbe1z

Mitsui Sumitomo to buy 37.5% stake in BoComm Life from Commonwealth Bank

Mitsui Sumitomo Insurance (MSI) has agreed to acquire 37.5% stake in Chinese insurance company BoComm Life Insurance from Commonwealth Bank’s subsidiary Colonial Mutual Life Assurance Society (CMLA) for RMB3.2bn ($668m). from IBR - News https://ift.tt/2LttYJL

Data Privacy Activist Sues Tech Giants Over ‘Forced Consent’

As Europe’s new privacy law took effect on Friday, one activist wasted no time in asserting the additional rights it gives people over the data that companies want to collect about them. Austrian Max Schrems filed complaints against Google , … from News – Insurance Journal https://ift.tt/2s7GmHd

GDPR Day 1: Privacy Activist Sues Techs Over Forced Consent; Media Sites Shut EU Access

New European privacy regulations went into effect on Friday that will force companies to be more attentive to how they handle customer data. The ramifications were visible from day one, with major U.S.-media outlets including the LA Times and Chicago … from News – Insurance Journal https://ift.tt/2Ltwsrx

Sexual Harassment Policy Changes Not High on Japan’s Corporate Agenda

Three-quarters of Japanese companies have made no changes to sexual harassment policies over the last year and don’t plan to do so, a Reuters poll found, though awareness of harassment is on the rise. The survey results come after a … from News – Insurance Journal https://ift.tt/2KTXCGT

The BI Top 10

This week’s most popular stories include executive moves at Willis Towers Watson, Marsh and Zurich North America, the NAIC negotiating mandate, blockchain and more. from Business Insurance https://ift.tt/2GLSVMZ

First Blockchain for Marine Insurance Now Running

A blockchain that is said to be the first for marine insurance is now in commercial use, according to a coalition of technology, insurance, marine and consulting businesses. EY, Guardtime, A.P. Møller-Maersk, Microsoft and insurance partners Willis Towers Watson, XL … from News – Insurance Journal https://ift.tt/2LuzaNB

Hiscox updates cyber and data insurance product

Provider adds dependent businesses interruption and system failure elements to cover. from Insurer - insuranceage.co.uk https://ift.tt/2LvM51I

Meet the Techies: Spixii’s Renaud Million

The CEO explains how Spixii is using chatbots to develop the insurance sector. from Insurer - insuranceage.co.uk https://ift.tt/2IKwKIQ

Podcast: KHN’s ‘What The Health?’ Campaign Promises Kept, Plus ‘Nerd Reports’

3 Things Insurance Professionals Should Know in Honor of Wine Day

National Wine Day is a thing. And it’s today. Oenophiles probably know that May 25 is Wine Day, but the annual celebration of fermented grapes might be news to those who only like, but don’t necessarily love, all things wine. … from News – Insurance Journal https://ift.tt/2IZKaUP

GDPR: A New Era in Data Privacy Begins Today

From tech giant Facebook Inc. to libraries and schools, organizations are now subject to the world’s most far-reaching data privacy regulation in a crackdown aimed at protecting people from losing control over their personal information. It’s occupied thousands of lawyers, … from News – Insurance Journal https://ift.tt/2xb6OEJ

Harvey-Arkema Lesson: Chemical Plants Must Plan for Natural Disasters

The U.S. Chemical Safety Board on Thursday urged chemical plants to weigh the risks of natural disasters just as they would the integrity of pipes and production equipment. “Such facilities should perform an analysis to determine their susceptibility to extreme … from News – Insurance Journal https://ift.tt/2kpDRvK

J&J Baby Powder Verdict Reaches Almost $26 Million

Johnson & Johnson was ordered by a California jury to pay $4 million in punitive damages to a 68-year-old woman who claimed her deadly cancer was caused by asbestos in the company’s baby powder. The jury awarded $21.7 million in … from News – Insurance Journal https://ift.tt/2xb6vtz

What NOAA Expects in 2018 Atlantic Hurricane Season

On the heels of the costliest hurricane year on record, the Atlantic is expected to produce five to nine of the mighty storms during the six-month season that starts June 1, the National Oceanic and Atmospheric Administration said. A total … from News – Insurance Journal https://ift.tt/2IZK6Ez

Uber Disabled Brake of Self-Driving Car in Arizona Fatal Crash

Uber had disabled an emergency braking system in a self-driving vehicle that struck and killed a woman in Arizona in March even though the car had identified the need to apply the brakes, the National Transportation Safety Board said in … from News – Insurance Journal https://ift.tt/2xb6Kot

QBE Adds Inland Marine Property Coverage for Construction Project Risks

QBE North America is continuing its inland marine product expansion with the launch of The Solution for Builder’s Risk, a comprehensive policy offering with coverages tailored for construction projects. Features of this new product include capacity up to $250 million … from News – Insurance Journal https://ift.tt/2IJPKXW

Florida Hurricane Fund in Good Shape for Storm Season

The Florida fund that helps private insurers pay out claims after a hurricane remains in good shape heading into a storm season. Despite losses from Hurricane Irma, estimates show the Florida Hurricane Catastrophe Fund will have $17.3 billion available this … from News – Insurance Journal https://ift.tt/2Lv8nRg

Georgia Jury Hands Down $1B Verdict Against Security Company in Rape Suit

A Georgia jury has awarded an eye-popping $1 billion verdict against a security company after an apartment complex guard was convicted of raping a 14-year-old girl. Hope Cheston was outside by some picnic tables with her boyfriend during a party … from News – Insurance Journal https://ift.tt/2GNazjw

Bizet to Join JLT Re Property Treaty Team in Miami

JLT Re (North America) Inc., part of the global provider of reinsurance broking and consultancy, has appointed Alain Bizet as senior vice president in Miami. Alain will join the property treaty team in Miami and focus on the broking efforts … from News – Insurance Journal https://ift.tt/2J8gHIb

United Airlines Settles with Passenger Over Death of Puppy

United Airlines has reached a “resolution” with the owners of a small French bulldog puppy that died during a flight after a cabin attendant ordered it stowed in an overhead bin in March, the carrier said on Thursday. “We are … from News – Insurance Journal https://ift.tt/2GMUZV4

Apple Awarded $540M in Big Patent Win Over Smartphone Rival Samsung

After nearly five days of deliberations, a U.S. jury on Thursday said Samsung Electronics Co. Ltd should pay $539 million to Apple Inc. for copying patented smartphone features, according to court documents, bringing a years-long feud between the technology companies … from News – Insurance Journal https://ift.tt/2II4R8q

Professor Says Window to Prevent Dangerous Impacts from Climate Change Closing Fast

Costs from climate change-driven extreme weather events are on the rise, and the amount of time left to stop those impacts before they get progressively worse is rapidly closing, according to a Columbia University professor speaking on Tuesday during a … from News – Insurance Journal https://ift.tt/2ksjyxT

Uber disabled emergency braking in self-driving car: NTSB

(Reuters) — Uber Technologies Inc. had disabled an emergency braking system in a self-driving vehicle that struck and killed a woman in Arizona in March even though the car had identified the need to apply the brakes, the National Transportation Safety Board said Thursday. from Business Insurance https://ift.tt/2scOd5H

Trump signs regulatory bill including insurance provisions

President Donald Trump signed a major financial regulatory package that includes a requirement that federal officials engaging in international insurance negotiations consult with state insurance regulators. from Business Insurance https://ift.tt/2IHlL6Q

Demand for transactional risk insurance at high: Marsh

Global mergers and acquisitions activity remained robust in 2017, Marsh L.L.C. said in a report released on Thursday, and the competitive atmosphere led private equity and corporate investors to turn to transactional risk insurance in record numbers. from Business Insurance https://ift.tt/2KSiVZA

Lots to see at Symposium BC

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Symposium BC hit the Hilton Vancouver Metrotown in Burnaby, B.C., on April 24. Attendees enjoyed a day filled with seminars covering a variety of topics, such as car sharing, events liability and the legalization of recreational cannabis. Marco Iannuzzi, who won a Grey Cup with the B.C. Lions in 2011, delivered the day’s keynote presentation. The Harvard graduate—who placed first in an episode of CBC’s Canada’s Smartest Person —talked about finding balance in life while pursuing his education, playing professional football, starting six business, attending hundreds of charity events and raising a family. Be sure to check out all the photos from the event at the Insurance Institute of BC’s Flickr page. from Canadian Insurance Top Broker https://ift.tt/2kl3kGq