Insurers Say Dark Fleet Oil Tankers Pose a Major Claims Risk
Marine insurance markets face significant risk from the growth of a shadow fleet of ships hauling oil from sanctioned producers like Russian and Iran, an industry group said. The opaque nature of the ownership of those vessels makes it hard …
Bump in Federal Trade Secret Litigation Seen in 2023: Report
Analytics from Lex Machina 2024 Trade Secret Litigation Report reveals a rise in trade secret cases filed in federal district court in 2023, along with the continued steady trend of trade secret cases that involved Defend Trade Secret Act (DTSA) …
Viewpoint: How Insurance Industry Can Use AI Safely and Ethically
Executive Summary: Artificial intelligence (AI) is on the brink of transforming most aspects of business, including insurance, but it needs to be used responsibly, according to Zywave Chief Technology Officer Doug Marquis, who discusses some of the practical steps insurance …
Home Insurance Customers Staying Put Despite More Shopping Around: J.D. Power
Chubb, AIG, and Amica lead other insurers in J.D. Power’s assessment of customer satisfaction for home insurance, but the consumer intelligence company said more people are shopping around. The good news for insurers is that only 2.2% actually switched—and that’s …
Maine Considers Public Flood Insurance Option for Municipalities, Property Owners
State leaders tasked with reviewing Maine’s preparations and responses to climate change-fueled natural disasters are at a crossroads. While Maine has seen seven federal disaster declarations for severe storms and flooding in the past three years, statewide enrollment in federally-backed …
HEMIC in Hawaii Issuing $5 Million Dividend to Policyholders
Hawaii Employers’ Mutual Insurance Company Inc. is giving policyholders the largest dividend in the workers’ compensation carrier’s history. The HEMIC board of directors recently announced a $5 million dividend to qualifying policyholders. The company credits HEMIC’s steady growth and policyholder …
Construction Workers Recover $77K After Being Denied Prevailing Wage
A U.S. Department of Labor investigation has recovered $77,206 in back wages for five workers employed on a federally funded construction project after finding one subcontractor failed to pay prevailing wages and fringe benefits and another submitted falsified payroll records. …
Washington Cabinet Shop Fined $187K for Safety Violations
A Ridgefield, Washington cabinet company has been cited for numerous safety violations including unguarded saw blades, spraying flammable glue next to ignition sources and not taking steps to lock down dangerous machinery. The Washington State Department of Labor & Industries …
California Commissioner, Cal Poly Humboldt Working on Public Wildfire Model
California Insurance Commissioner Ricardo Lara and Cal Poly Humboldt plan to form a strategy group to undertake what Lara says will be the nation’s first public wildfire catastrophe model. The plan is for the group to draw from California’s research …
Registration for Next Round of Louisiana Fortified Homes Program to Open Wednesday
The Louisiana Department of Insurance announced that registration for the next round of Louisiana Fortified Homes Program grants will open at 8 a.m. CT, Wednesday, Sept. 18, and close at 5 p.m. CT, on Friday, Sept. 20. Registration for this …
California Commissioner Issuing Moratorium on Cancellations for Wildfire Victims
California Insurance Commissioner Ricardo Lara has identified areas in the vicinity of the several ongoing large wildfires in the state that will be protected by a one-year moratorium on homeowners insurance non-renewal or cancellation due to wildfire risk. Lara’s action …
Hurricane Francine Insured Losses to Be Manageable With New Orleans Miss
Losses from Hurricane Francine are expected to be manageable for property/casualty insurers, with major population centers sparred from the worst of the storm’s damage. Privately insured loss from Hurricane Francine are estimated to be close to $1.5 billion, catastrophe modeler …
McGowan Owner Jackson Takes Reins as Big ‘I’ Chairman
Todd Jackson, owner and partner of McGowan Insurance Group, has been named chairman of the Independent Insurance Agents & Brokers of America (the Big “I”). Jackson was installed as the 2024-2025 chairman of the industry group at its fall conference …
Reinsurance Outlook to ‘Neutral’; US to Push for Double-Digit Casualty Increases
Fitch Ratings said reinsurers are likely to push for double-digit U.S. casualty rate increases during January renewals to keep up with loss trends from social inflation. The rating agency in a new report changed its outlook of the global reinsurance …
Hawaii Probe Finds No Single Factor Led to Maui Wildfire Losses
No single factor led a fire in the seaside Hawaiian town of Lahaina last year to rage out of control and kill 102 people, according to a state report that assesses the government’s response to the disaster but not its …
Louisiana Commissioner Warns Against Contractor Fraud Post-Hurricane Francine
Louisiana Insurance Commissioner Tim Temple is warning residents to be aware of contractor fraud following Hurricane Francine. Large storms events such as hurricanes provide an opening for dishonest services providers to take advantage of homeowners, Temple said. The commissioner added …
Minnesota Ammunition Manufacturer to Pay $349K Over Clean Air Act Violations
The U.S. Environmental Protection Agency announced a settlement with Federal Cartridge Co. in Anoka, Minnesota, for alleged Clean Air Act violations. Federal Cartridge is one of the world’s largest manufacturers of sporting ammunition. EPA estimates the settlement will reduce air …
Michigan Company Sued for Violating Federal Law on Employee Accommodations
PACE Southeast Michigan, a company providing all-inclusive care for the elderly, violated federal law at multiple locations in the Detroit area by failing to provide reasonable accommodations to employees with disabilities attempting to return to work following Family Medical Leave …
Man Admits Shootings That Damaged Electrical Substations in the Dakotas
BISMARCK, N.D. (AP) — A Canadian man has pleaded guilty to federal crimes for shootings at electrical substations and an oil pipeline in the Dakotas that caused $1.7 million in damages. Cameron Monte Smith pleaded guilty Wednesday in U.S. District …
Arkansas County and Health Provider to Settle for $6M Over Detainee’s Death
LITTLE ROCK, Ark. (AP) — A county in western Arkansas and a health provider have agreed to a $6 million settlement with the family of a man who died from dehydration and malnutrition while being held in a local jail, …
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