Geopolitical Risks: Why Underwriters Are Watching Aggregations
Executive Summary: With instances of violent unrest rising across the globe in recent years, property all-risk insurance programs bore significant losses. One reason is that sublimits for strikes, riots and civil commotion included on the programs were occurrence sublimits. The …
POSTED MAY 02, 2024 5:52 AM |
Allstate Tops Profit Estimates on Higher Premiums, Investment Returns
Insurer Allstate posted an upbeat first-quarter profit on Wednesday, helped by higher premiums and stronger investment returns. Insurers usually see stable product demand irrespective of economic conditions, mainly due to the widespread adoption of employer-sponsored and government-mandated policies. Allstate’s adjusted …
POSTED MAY 02, 2024 5:41 AM |
AIG Profit Exceeds Expectations on Lower Catastrophe Losses
American International Group Inc. (AIG) reported profit above analysts’ estimates in the first quarter as lower-than-expected catastrophe losses contributed to strong underwriting results. Adjusted earnings for the quarter were $1.2 billion, or $1.77 a share, up from $1.63 a share …
POSTED MAY 02, 2024 5:25 AM |
Southeast Seas Rising Faster than Other Regions, ‘Turbocharging’ Floods, Report Finds
From the Rio Grande to the Outer Banks, sea levels are rising faster than most other parts of the world, blocking the outflow of rivers and streams and causing inland flooding that would not have been seen just a few …
POSTED MAY 02, 2024 5:01 AM |
Pennsylvania Supreme Court: No Coverage for Mother’s Distress Over Son’s Overdose Death
The Pennsylvania Supreme Court has ruled that Nationwide Property and Casualty is not obligated to defend its homeowner insureds against a wrongful death claim for emotional and mental distress brought by a mother whose son died from a drug overdose …
POSTED MAY 02, 2024 5:00 AM |
Police: Athletic Director Used AI to Frame Principal With Racist Remarks in Fake Audio
A high school athletic director in Maryland has been accused of using artificial intelligence to impersonate a principal on an audio recording that included racist and antisemitic comments, authorities said. Authorities said the case appears to be among the first …
POSTED MAY 02, 2024 5:00 AM |
California Contractor Pleads Guilty to Insurance Fraud After Underreporting Nearly $1M in Payroll
Kent Bo Fridolfsson, 67, of Benicia, California, pleaded guilty to six charges of insurance fraud and grand theft after a joint investigation with the California Department of Insurance, Solano County District Attorney’s Office and the Employment Development Department reportedly revealed …
POSTED MAY 02, 2024 5:00 AM |
New Mexico Restaurant Settles Wage-Theft Complaint After Prolonged Legal Battle
New Mexico labor announced a legal settlement that resolves longstanding accusations of unpaid wages against a restaurant business in northwestern New Mexico. The Workforce Solutions Department said in a news release that 505 Burgers Farmington LLC has agreed to pay …
POSTED MAY 02, 2024 5:00 AM |
$24.5M Settlement in New Mexico over Natural Gas Flaring in Permian Basin
New Mexico has reached a record settlement with a company over air pollution violations at natural gas gathering sites in the Permian Basin. The $24.5 million agreement with Ameredev announced this week is the largest settlement the state Environment Department …
POSTED MAY 02, 2024 5:00 AM |
Travelers to Open Technology Office in Atlanta
Just as companies worldwide struggle with the office-versus-remote work question, Travelers has decided to open a 2,800-square-foot office site in Atlanta to house its artificial intelligence, data science and other technology operations. Travelers, a global property and casualty insurer, plans …
POSTED MAY 01, 2024 4:05 PM |