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Archive: January 2023

Q&A: Louisiana Commissioner Jim Donelon on Special Session to Address Insurance Crisis
Insurance Journal | January 31, 2023
Q&A: Louisiana Commissioner Jim Donelon on Special Session to Address Insurance Crisis
In the aftermath of Hurricane Katrina, Louisiana lawmakers created a $29 million incentive fund to lure property insurance companies to write business in the state. The Insure Louisiana Incentive Program provided grants to five insurers, who were required to match …
California Earthquake False Alarm Offers a Lesson for Crisis Communicators
Insurance Journal | January 31, 2023
California Earthquake False Alarm Offers a Lesson for Crisis Communicators
An earthquake false alarm nearly four years ago can teach disaster and emergency planners – and any crisis communicators, including insurers – a thing or two about communicating to the public during following a crisis. In May 2019, an alert …
People Moves: NFP Hires Hawley as SVP in its Surety Practice
Insurance Journal | January 31, 2023
People Moves: NFP Hires Hawley as SVP in its Surety Practice
NFP Hires Hawley as Senior Vice President in its Surety Practice NFP, a New York, NewYork-based property and casualty broker, benefits consultant, wealth manager, and retirement advisor, has hired Aaron Hawley as a senior vice president in its Surety practice. …
Missouri Engineering Company Fined $198K After Fatal Electrocution
Insurance Journal | January 31, 2023
Missouri Engineering Company Fined $198K After Fatal Electrocution
A fourth-year apprentice heating, ventilation and air conditioning technician employed by U.S. Engineering Services suffered fatal electrocution after coming in contact with energized parts while repairing HVAC equipment on Aug. 24, 2022, at University Academy, a college prep charter school …
AM Best: Louisiana Insurance Incentive Program a “Short-Term Stopgap”
Insurance Journal | January 30, 2023
AM Best: Louisiana Insurance Incentive Program a “Short-Term Stopgap”
As Louisiana lawmakers adjourn Monday for a special session to address the state’s property insurance crisis, a commentary from AM Best says Louisiana’s plan to appropriate $45 million in funds to incentivize insurance companies to take on more property risk …
Dow Chemical to Pay $5.4M Settlement Over Michigan Chemical Spill
Insurance Journal | January 30, 2023
Dow Chemical to Pay $5.4M Settlement Over Michigan Chemical Spill
The U.S. Environmental Protection Agency announced a proposed $5.4 million settlement with The Dow Chemical Co. to recover costs for EPA’s cleanup work at the Tittabawassee River, Saginaw River & Bay Superfund site in Midland, Michigan. EPA began a 30-day …
North La. Families Evacuated After Train Derails
Insurance Journal | January 30, 2023
North La. Families Evacuated After Train Derails
KEATCHIE, La. (AP) – About 130 people in north Louisiana are under a mandatory evacuation Saturday after a train derailed and at least two of the cars involved began leaking hazardous products, state police said. The Union Pacific Railroad train …
S&P Predicts Reinsurers Will Continue Pricing Momentum During 2023
Insurance Journal | January 30, 2023
S&P Predicts Reinsurers Will Continue Pricing Momentum During 2023
A hard market in short-tail lines – such as property and property catastrophe – across global geographies is likely to continue throughout 2023, after beginning the year with multi-decade-high pricing increases during the January 2023 reinsurance renewals, according to a …
W.R. Berkley: Waiting for Discipline in Property; Overall Marketplace ‘Splintered’
Insurance Journal | January 30, 2023
W.R. Berkley: Waiting for Discipline in Property; Overall Marketplace ‘Splintered’
There is no one answer to the overall insurance industry’s place within its cyclical path. Each product line needs to be looked at individually, according to Robert Berkley, CEO of W.R. Berkley Corp. “Once upon a time, most P/C product …
SC Supreme Court: Missed Deadline Not Reason to Dismiss Workers’ Comp Fee Appeal
Insurance Journal | January 30, 2023
SC Supreme Court: Missed Deadline Not Reason to Dismiss Workers’ Comp Fee Appeal
Judges are often sticklers for court deadlines, but they have to at least give a reason for dismissing a case when a lawyer fails to file a brief on time, the South Carolina Supreme Court said this month in a …