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Insurance Journal

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Insurance Journal delivers the latest business news for the Property/Casualty insurance industry
Updated: 22 hours 28 min ago

Ex-CEO, 7 Other Execs Blamed for $7.4B Accounting Fraud at S. Africa Retailer Steinhoff

Tue, 03/19/2019 - 12:10
Former Steinhoff Chief Executive Markus Jooste and seven others were involved in a 6.5 billion euro ($7.4 billion) accounting fraud at the South African retailer, the new CEO said told lawmakers on Tuesday. Steinhoff said on Friday an independent report …

Floods, Earthquake Pummel Indonesia, Killing More Than 80

Tue, 03/19/2019 - 11:51
The number of people killed after torrential downpours triggered flash floods and mudslides that tore through mountainside villages in Indonesia’s easternmost province has climbed to 79, with dozens of others missing, officials said Monday. On Sunday, the disaster-prone country was …

Brazil’s Backlash over Vale Dam Disaster Deepens with Mine Closure, Frozen Funds

Tue, 03/19/2019 - 10:24
Vale SA’s shares declined on Monday as the world’s biggest iron ore producer faced continued backlash from Brazilian authorities after a deadly mining accident in January. Rio de Janeiro-based Vale was ordered on March 15 to shut its Timbopeba mine …

Brexit Makes It Harder for Fintech, Financial Services Firms to Recruit Top Talent: Report

Tue, 03/19/2019 - 09:50
Leaving the European Union is making it harder for fintech firms in Britain to recruit top talent, a report said on Tuesday, threatening to slam the brakes on a 7 billion pound ($9 billion)growth sector just as EU states step …

Lengthy Brexit Delay Grows More Likely After House Speaker Torpedoes PM May’s Plans

Tue, 03/19/2019 - 08:57
Theresa May looked set to seek a long extension to the U.K.’s European Union membership after the House of Commons speaker torpedoed her plan to win Parliamentary approval for her deal to leave the bloc. Officials privately accused Speaker John …

Cyber Attack at Aluminium Producer Norsk Hydro Causes Production Outages

Tue, 03/19/2019 - 08:30
Norsk Hydro ASA, one of the world’s biggest aluminum producers, is suffering production outages after a cyber attack affected operations across Europe and the U.S. Some operations, such as primary production potlines, have moved to a manual mode where possible, …

BNP Paribas’ Insurance Unit Cuts Exposure to Coal on Climate Change Concerns

Tue, 03/19/2019 - 08:21
The Cardif insurance division of BNP Paribas, France’s largest bank, on Monday outlined new targets to reduce its exposure to coal as companies around the world step up fossil fuel divestment plans to improve the environment. Cardif, which has already …

Mozambique’s Death Toll from Deadly Cyclone Idai Could Top 1000

Tue, 03/19/2019 - 06:42
A tropical cyclone that tore across Mozambique at the weekend may have killed more than 1,000 people, President Filipe Nyusi said, as heavy rains continued to inundate the southeast African nation and neighboring Zimbabwe. “It’s clear that the next few …

Insurance Department Takes Over Arkansas Health Insurance Marketplace

Tue, 03/19/2019 - 05:22
The Arkansas Health Insurance Marketplace has become part of the state’s insurance department after Gov. Asa Hutchinson signed legislation dissolving the marketplace board as a separate entity. The state Legislature established the insurance marketplace in 2013. The Arkansas marketplace used …

State Farm: Illinois and Missouri Ranked 3rd and 5th for Hail Damage in 2018

Tue, 03/19/2019 - 05:13
A new report from State Farm says that Illinois and Missouri were among the top states in the nation for hail damage in 2018, according to a new report from State Farm. Illinois ranks third with $330 million in paid …

Cotuno Joins Alliant’s Texas Benefits Team as VP

Tue, 03/19/2019 - 05:09
Houston-based benefits consultant Dan Cotuno has joined Alliant Insurance Services as vice president within the company’s Employee Benefits Group. Cotuno will provide integrated, data-driven benefits to a diverse client base as Alliant continues to grow its Texas benefits team. Cotuno …

Berkley Launches Private Company Primary Management Liability Policy

Tue, 03/19/2019 - 05:04
Berkley Professional Liability, a Berkley Company, has expanded its product offerings to include a primary private company management liability policy. This comprehensive package policy offers coverage designed to address growing exposures facing private companies. Management teams can select one or …

Investigation Found FAA Employees Warned of Boeing Influence Over Safety Approvals

Tue, 03/19/2019 - 05:00
Federal Aviation Administration (FAA) employees warned as early as seven years ago that Boeing Co. had too much sway over safety approvals of new aircraft, prompting an investigation by Department of Transportation auditors who confirmed the agency hadn’t done enough …

PwC to Pay $335 Million to Settle Negligence Claim Over Colonial Bank Audits

Tue, 03/19/2019 - 05:00
A top U.S. banking regulator said on Friday that PricewaterhouseCoopers will pay $335 million to settle claims of “professional negligence,” after saying the auditor should have identified problems leading to the 2009 collapse of Alabama-based Colonial Bank. PwC did not …

Researchers Aim to Spot a Liar Using Online Polygraph

Tue, 03/19/2019 - 05:00
Can you spot a liar? It’s tricky enough in face-to-face conversations that offer facial expressions, gestures and tone of voice because those physical cues add context. Spotting a liar gets even tougher in blind computer conversations. Florida State University researcher …

Harmful Dry Cleaning Chemical Detected in W. Virginia Town’s Drinking Water

Tue, 03/19/2019 - 04:44
Officials say the drinking water in a West Virginia community along the Ohio River contains a harmful chemical widely used by dry cleaners. State Bureau for Public Health spokeswoman Allison Adler said in an email Wednesday tetrachloroethylene has been detected …

Commentary: How Florida AOB Crisis Is Impacting State’s Independent Agents

Tue, 03/19/2019 - 04:43
Florida’s “one-way attorney fee” statute enacted to protect Florida policyholders from large insurance companies has instead spawned a huge industry of assignment of benefits (AOB) predators who take advantage of policyholders and threaten the livelihood of hundreds of independent insurance …

Cooper Nominates State Rep. Goodman to North Carolina Workers’ Comp Panel

Tue, 03/19/2019 - 04:09
A sitting North Carolina legislator has been nominated by Gov. Roy Cooper to serve on the state Industrial Commission. Cooper told legislators at the beginning of the month of his choice of fellow Democratic Rep. Ken Goodman of Richmond County …

Pinnacol Assurance in Colorado to Distribute $70M Dividends

Mon, 03/18/2019 - 17:54
Pinnacol Assurance announced on Monday it is distributing general dividend checks to its customers totaling $70 million. Pinnacol also recently lowered its rates by 10 percent on average. Both the dividend and the rate decrease marked the fourth consecutive year …

Texas Insurer Group, State Farm Begin North Texas ‘Storm Tour’

Mon, 03/18/2019 - 16:45
Severe storms in Texas last week caused an estimated $30 million in damage and generated some 6,000 wind-related insurance claims, according to the Insurance Council of Texas, which joins State Farm Insurance in conducting a “storm tour” of North and …

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