Tue.Sep 03, 2024

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Risks Too Big for Insurers Just Fed a $200 Billion Market Boom in Captives

Insurance Journal

As the market for in-house insurance surpasses a record $200 billion, the underlying reasons for that boom show how a hotter, less stable planet is redrawing the risk map for corporations.

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Order and Bind Insurance Before the Loss—Commercial Policy Covers Water Damage Under Drain Backup Endorsement

Property Insurance Coverage Law

I can only imagine that the owner of Opera Block Properties was a student of weather when ordering drain backup coverage—the day before drains backed up. This post highlights an agent’s binding authority under Michigan law and discusses important insurance principles concerning the “completed-loss” and “loss-in-progress” doctrines.

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Michigan’s Conifer Holdings Sells Insurance Agency Operations

Insurance Journal

Conifer Holdings announced that it completed the sale of its insurance agency operations for consideration equal to $45 million (subject to transaction expenses and customary purchase price adjustments), plus possible additional earn-out payments of up to $25 million based on …

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WEBINAR SERIES | Wellness in the Workplace – How to Create an Effective and Compliant Wellness Program

Relation

You will want to take advantage of Relation’s upcoming compliance webinar – Wellness in the workplace. Join our VP of Compliance, Matthew LoPorto, and our Wellness Program Manager, Jeanne McDaniel, as they team up to discuss how to create a thriving Wellness Program that not only encourages engagement with health and wellness benefits but also cultivates a […] The post WEBINAR SERIES | Wellness in the Workplace – How to Create an Effective and Compliant Wellness Program a

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Natural Disasters to Cause $151 Billion in Annual Insurer Losses

Insurance Journal

Urban expansion, property exposure and climate change could fuel a 40% increase in annual natural-catastrophe losses for the global insurance industry, according to a new report.

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When is the Right Time to Get Flood Insurance?

Wren Insurance Agency

As a Floridian, you may know that - regardless of the flood zone your home is in - it's always a good idea to have flood insurance in place, especially once you realize that your regular homeowners insurance doesn't cover most rising water events. Overflow of inland or tidal waters, heavy runoff from significant rainfall, collapse or destabilization of land along a body of water due to erosion, or unexpected wave activity can all cause flooding events in your home that aren't covered by your typ

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Navigating Difficult Return to Work Scenarios: Strategies and Best Practices

AMAXX

Return to Work (RTW) programs are essential components of an effective workers’ compensation system. They help injured employees transition back into the workforce, ensuring their well-being while minimizing the financial impact on employers. However, not all RTW scenarios are straightforward. Some situations present unique challenges that require careful handling to achieve the best outcomes for both the employee and the employer.

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Global Non-Life Reinsurer’s Profits to Peak in 2024: Fitch Ratings

Insurance Journal

Fitch Ratings published midyear underwriting results for 19 non-life reinsurers, finding that the group’s average first-half 2024 combined ratio was 84.2, and forecasting continued profits for the rest of 2024 and 2025 also.

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COFE – The Future of Forest Operations

CDC: Workers Compensation

What does safety have to do with forest engineering? Everything. For the first time, Safety, Health, and Workforce Development was highlighted as a distinct track at the Council of Forest Engineering’s (COFE) Annual Meeting. Hosted by the University of Idaho’s College of Natural Resources and the University of Idaho Experimental Forest on May 21-24 in Moscow, Idaho, and co-sponsored by the NIOSH Agricultural Center, Pacific Northwest Agricultural Safety and Health (PNASH) Center, the meeting inc

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Ryan Specialty Agrees to Buy Certain Assets of Ardonagh’s Geo Underwriting Europe

Insurance Journal

Ryan Specialty, the Chicago-based international specialty insurance firm, announced it has signed a definitive agreement to acquire certain assets of the European managing general agent Geo Underwriting Europe BV (Geo Europe), part of London-based Ardonagh Group.

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New maritime disputes expert at WFW in Athens

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post New maritime disputes expert at WFW in Athens appeared first on Insurance Marine News.

Marine 52
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Oklahoma Manufacturer Sued For Firing Employees Over COVID Vaccine Exemptions

Insurance Journal

AG Equipment Company, a Broken Arrow, Oklahoma compressor packaging manufacturer, violated federal law when it fired 10 employees for failing to receive a COVID-19 vaccination because of their religious beliefs or medical restrictions, the U.S.

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Vessel intended as a “game-changer” in New Zealand runs aground in storm

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Vessel intended as a “game-changer” in New Zealand runs aground in storm appeared first on Insurance Marine News.

Marine 52
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Halliburton Says August Cyberattack Took Information From Systems

Insurance Journal

Oil service company Halliburton on Tuesday said a cyberattack last month has caused “disruptions and limitations” to business applications that support operations.

Cyber 289
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Pilot reports that captain of containership appeared to be drunk

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Pilot reports that captain of containership appeared to be drunk appeared first on Insurance Marine News.

Marine 52
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Investigation Underway After Bleacher Collapse at Texas Rodeo Injures 12 People

Insurance Journal

Authorities are investigating the weekend collapse of a portion of bleachers at a rodeo arena in Texas, injuring 12 people near San Antonio. Emergency responders arrived at the rodeo arena shortly after 9 p.m.

Liability 289
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Markel names O’Neil as senior underwriter for marine and energy liability

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Markel names O’Neil as senior underwriter for marine and energy liability appeared first on Insurance Marine News.

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NHTSA Reports 28th Takata Air Bag Inflator Death Since 2009

Insurance Journal

The National Highway Traffic Safety Administration said on Tuesday it had confirmed the 28th death in the United States stemming from a defective Takata air bag inflator since 2009. The issue has prompted the largest-ever recall in U.S. history.

Liability 289
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Conditions “not right” for towing of Sounion tanker. Says EUNAVFOR Aspides

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Conditions “not right” for towing of Sounion tanker. Says EUNAVFOR Aspides appeared first on Insurance Marine News.

Marine 52
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People Moves: AXIS Names White as Head of Aviation, Succeeding Wood; Lockton Re Names Lynn for New Agriculture Practice, Ferrier for US West Coast Build-Out

Insurance Journal

This edition of International People Moves details appointments at AXIS Capital Holdings and Lockton Re. A summary of these new hires follows here. AXIS Names White as Head of Aviation, Succeeding Wood AXIS Capital Holdings Ltd.

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At least one more tanker attacked in Red Sea on Monday

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post At least one more tanker attacked in Red Sea on Monday appeared first on Insurance Marine News.

Marine 52
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Ryan Specialty to Acquire P&C MGUs From Ascot’s Ethos Specialty

Insurance Journal

Ryan Specialty, the Chicago-based international specialty insurance firm, announced it has signed a definitive agreement to acquire the property and casualty (P&C) MGUs owned by Ethos Specialty Insurance LLC from Ascot Group Ltd.

Insured 289
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Can You Have Private Insurance and Medicaid?

Smart Insurance Agents

Can You Have Private Insurance and Medicaid? Eligibility and Benefits Explained Yes, you can have private insurance and Medicaid simultaneously. This raises the question: can you have private insurance and Medicaid? This dual coverage can provide a broader range of medical services and reduce out-of-pocket costs. This article will explain how eligibility works, how benefits coordinate, and what you need to know about combining both types of insurance.

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Bus Crash Involving Abilene Christian Football Team Injures 4

Insurance Journal

Four people were injured after a bus carrying the Abilene Christian University football team was involved in a crash with another vehicle in Lubbock, Texas, on Saturday night.

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Insurers face $151bn in yearly losses from natural disasters, report forecasts

Elmore

Risk modelling firm says recent challenging years are not outliers The post Insurers face $151bn in yearly losses from natural disasters, report forecasts appeared first on Elmore Insurance Brokers.

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Tornadic Winds Derail 43 Train Cars in North Dakota

Insurance Journal

STEELE, N.D. (AP) — Tornadic winds knocked nearly four dozen train cars off a track in North Dakota, part of a storm system that spurred reports of five tornadoes across the Dakotas.

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Djibouti offers Ethiopia access to port

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Djibouti offers Ethiopia access to port appeared first on Insurance Marine News.

Marine 52
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HP to Continue $4 Billion Damages Case Against Mike Lynch

Insurance Journal

Hewlett Packard said Monday it would continue legal proceedings to seek up to $4 billion in damages from British billionaire Mike Lynch’s estate in the UK. The U.S.

Damage 289
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Marine round-up : 4th September 2024

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Marine round-up : 4th September 2024 appeared first on Insurance Marine News.

Marine 52
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Sedgwick: Product Recalls Dropped in Q2 in 5 Key Industries

Insurance Journal

Product recalls in the U.S. decreased across the automotive, consumer product, food and drink, medical device and pharmaceutical industries in the second quarter, according to a new report from Sedgwick. Sedgwick’s U.S.

Liability 280
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New shipping directive from Somalia

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post New shipping directive from Somalia appeared first on Insurance Marine News.

Marine 52
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Insurers Say Honda and Local Dealer Should Pay for Damages Caused by Car Fire

Insurance Journal

Three insurers that paid more than $1 million in auto and property damage claims to a New York couple and their homeowners association are attempting to recover the payments from the giant car maker and local dealership.

Damage 278
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Everything You Need To Know Won’t Qualify For CE Credit

Rough Notes

Learn everything you need to know, not the bare minimum “[S]oft skills” are often the hardest to learn, and the most important to possess, when working in an independent insurance agency. By Cheryl Koch, CPCU, ARM, AAI, ACSR, AFIS, and Mary Belka, CPCU, ARM, ARe, RPLU, CIC It was bound to happen sometime.

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SEC’s WhatsApp Probe Expands as Rating Agencies Hit With Fines

Insurance Journal

Moody’s Corp., S&P Global Inc. and Fitch Ratings Inc. will pay a combined $48 million over allegations that the credit-rating companies failed to keep proper electronic communications — the latest fallout from US regulators’ so-called WhatsApp investigations.

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