Study Urges Rethinking of Disaster Management in Era of Compounding Events
A new report warns that compounding natural disasters introduce new, interconnected, and complex risk scenarios — and points to a need to reimagine efforts that support disaster preparedness, mitigation, and recovery “in an era of intensifying extreme weather-climate events and …
Preservationists Rush to Save 150-Year-Old Lighthouse From Toppling Into Hudson River
HUDSON, N.Y. (AP) — The race is on to keep a 150-year-old lighthouse from crumbling into the Hudson River. Wooden pilings beneath Hudson-Athens Lighthouse are deteriorating, and the structure, built in the middle of the river when steamboats still plied …
Hard Market Conditions Expected to Ease in 2025 as Claims Inflation Softens: Swiss Re
Hard market conditions in the global non-life insurance sector will continue this year, but will begin to ease in 2025, as general inflation and claims inflation conditions soften, according to Swiss Re in a report, which discusses the macroeconomic factors …
Detroit-Area County to Pay $7M to Family of Man Killed in Jail for a Misdemeanor
DETROIT (AP) — A Detroit-area county agreed to a $7 million settlement in the death of a man who was severely beaten by another man while in jail for a misdemeanor. Separately, a federal prosecutor announced Monday that the Wayne …
UK Lays Out Stronger Cybersecurity Defenses After Attack Crippled NHS Hospitals
The new UK government plans to strengthen the nation’s defenses against cyberattacks, a month after a ransomware hack crippled London hospitals and health care providers. Labour introduced the Cyber Security and Resilience Bill on Wednesday as part of its maiden …
Islamic Insurance Helps Cover Muslim Farmers Battling Climate Change
On his four and a half acres of land in central Pakistan, Izhar ul-Haq approaches farming as a science. He knows the precise acidity of the soil and the exact amount of brackish groundwater his crops can tolerate if mixed …
Russian Cybersecurity Firm Kaspersky Labs to Wind Down US Operations
Kaspersky Labs will gradually wind down its U.S. operations from July 20, the Russian anti-virus software maker said on Monday, nearly a month after the Biden administration announced plans to bar sales of the company in the country. Kaspersky, which …
World Bank Eyes First ‘Drought’ Bond in Next 12-18 Months
The World Bank is looking to issue its first drought bond in the next 12-18-months and broaden its offering of catastrophe bonds supporting countries suffering devastation from storms and earthquakes, a senior executive at the lender said. The drought bond …
Coalition Asks FEMA to Make Wildfire Smoke, Extreme Heat Eligible for Disaster Funds
A group of 14 attorney generals has formed a coalition to persuade the Federal Emergency Management Agency (FEMA) to initiate rulemaking to update its regulations to recognize extreme heat and wildfire smoke events as eligible for major disaster declarations under …
FM Global Rebrands As FM
FM Global said it will now be known simply as FM. The commercial property insurer on July 17 unveiled its new name and “titanium” logo at the company’s midyear meeting. “We believe that by uniting our businesses under the FM …
Georgia Appeals Court Questions Insolvency Pool’s Subrogation in Comp Cases
Georgia employers and their workers’ compensation insurers can rest a little easier after an appeals court this week narrowed the circumstances in which a state guaranty association can seek reimbursement on claims paid after staffing firms’ insurance carriers become insolvent. …
Popular California Restauranteur Fined $71K for Failing to Pay Overtime
A popular Sonoma County chef denied three workers at its Healdsburg, California establishment of more than $35,000 in overtime wages, according to the U.S. Department of Labor. Investigators in the department’s Wage and Hour Division say chef Octavio Diaz shortchanged …
California Needs a Million EV Charging Stations — But That’s ‘Unlikely’ and ‘Unrealistic’
California will have to build public charging stations at an unprecedented — and some experts say unrealistic — pace to meet the needs of the 7 million electric cars expected on its roads in less than seven years. The sheer …
People Moves: Intact Hires Janssens as SVP of West Coast Commercial Surety; Odiorne Chief Deputy Insurance Commissioner in Washington
Intact Hires Janssens as SVP of West Coast Commercial Surety Intact Insurance Specialty Solutions, the brand for Intact Financial Corporation’s U.S. insurance company subsidiaries, headquartered in Plymouth, Minnesota, hired Erik Janssens as senior vice president of West Coast Commercial Surety. …
Religious Liberty Bars Priest’s Defamation Claim Against Bishop, Virginia Court Rules
A priest’s defamation claim against his bishop is barred by the religious liberty protections in the First Amendment of the U.S. Constitution and the Virginia Constitution, a Virginia appeals court has ruled. The Virginia Court of Appeals found that the …
People Moves: DUAL Swiss Taps Tokio Marine’s Wyss as Managing Director; WTW Appoints 3 Senior Hires to International Casualty Team
This edition of International People Moves details appointments at managing general agent DUAL Europe and insurance broker WTW. A summary of these new hires follows here. DUAL Swiss Taps Tokio Marine’s Wyss as Managing Director DUAL Europe announced the appointment …
People Moves: VIAA Hires Sherman as Book Management Coach
Valley Insurance Agency Alliance (VIAA), headquartered in St. Louis, hired Carly Sherman as a book management coach. Sherman is focused on improving personal lines production profitability with strategic and regional partner carriers. Sherman previously worked as an agency manager with …
New Jersey’s US Senator Menendez Convicted of Bribery, Foreign-Agent Charges
US Senator Bob Menendez, the once-powerful New Jersey Democrat, was found guilty of bribery, extortion and acting as a foreign agent of Egypt after a corruption trial focused on 13 gold bars, nearly $500,000 in cash and a Mercedes-Benz seized …
World Insurance Acquires Rhode Island’s Affiliated Insurance Managers
Insurance broker World Insurance Associates announced that it recently acquired the business of Affiliated Insurance Managers (AIM) of Warwick, Rhode Island. AIM was founded in 1937. Today the agency is primarily focused on commercial lines, while also providing insurance to …
People Moves: Aon Taps Thomas From Lloyd’s as Head of Lloyd’s Capital; McLarens Names 2 Leadership Appointments in Latin America
This edition of International People Moves details appointments at the broker Aon and claims services provider McLarens. A summary of these new hires follows here. Insurance broker Aon plc appointed Ed Thomas as head of Lloyd’s Capital within its Reinsurance …