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Archive: August 2023

Judge Tosses Lawsuits Filed Over NYC’s Strict Rules on Short-term Rentals
Insurance Journal | August 10, 2023
Judge Tosses Lawsuits Filed Over NYC’s Strict Rules on Short-term Rentals
A New York judge on Tuesday dismissed lawsuits filed by Airbnb and three hosts over New York City`s rules for short-term rentals, saying the restrictions are “entirely rational.” In a 14-page ruling, Supreme Court Judge Arlene P. Bluth said having …
Verisk Beats Expectations with Q2 Earnings
Insurance Journal | August 10, 2023
Verisk Beats Expectations with Q2 Earnings
Verisk Analytics Inc. (VRSK) on Wednesday reported second-quarter earnings of $196.9 million. The Jersey City, New Jersey-based company said it had profit of $1.35 per share. Earnings, adjusted for one-time gains and costs, were $1.51 per share. The results beat …
Could Georgia Be Next With Major Tort Reform? Kemp Calls for Limits
Insurance Journal | August 10, 2023
Could Georgia Be Next With Major Tort Reform? Kemp Calls for Limits
Georgia Gov. Brian Kemp said Tuesday that he wants to make it harder for people to file lawsuits and win big legal judgments, arguing that suits are driving up insurance and business costs. “The laws on our books make it …
Lloyd’s Leads Insurers in Raising Rates, Cutting Taiwan Cover as Conflict Risks Rise
Insurance Journal | August 10, 2023
Lloyd’s Leads Insurers in Raising Rates, Cutting Taiwan Cover as Conflict Risks Rise
Lloyd’s of London underwriters are leading insurers in raising rates and cutting the amount of cover they offer for risks involving Taiwan as concerns grow over possible military action by China, industry sources with knowledge of the matter say. Insurers …
Norwegian River Dam Partly Collapses After Floods
Insurance Journal | August 10, 2023
Norwegian River Dam Partly Collapses After Floods
A dam on a Norwegian river partly collapsed on Wednesday, sending water gushing through a gaping hole in the structure after days of heavy flooding, TV images showed. The Braskereidfoss power dam on the Glomma River, Norway’s biggest waterway, had …
Fake Job Offer Opened Door to Suspected North Korean Crypto Hack
Insurance Journal | August 10, 2023
Fake Job Offer Opened Door to Suspected North Korean Crypto Hack
In late July, a programmerat Estonia’s CoinsPaid, the world’s biggest crypto payment provider, met over video link with a recruiter who had reached out on LinkedIn with a lucrative job offer. During the 40-minute job interview, the engineer was asked …
Markets/Coverages: Howden Offers Blended Policy for PI, Crime and Cyber Liability
Insurance Journal | August 10, 2023
Markets/Coverages: Howden Offers Blended Policy for PI, Crime and Cyber Liability
Howden, the London-based insurance group, announced the launch of a blended insurance product that brings together professional indemnity, crime and cyber liability into one policy and under one limit. It brings a different approach to insurance for financial institutions, offering …
Tainted Medication Fears Spur Defense Department to Seek Outside Testing
Insurance Journal | August 10, 2023
Tainted Medication Fears Spur Defense Department to Seek Outside Testing
The US Department of Defense entered an agreement with Valisure, an independent lab that’s spotted dangerous chemicals in a variety of widely used pharma and consumer products, to test medications amid surging concerns about generic drug quality and shortages. Under …
Wind-Driven Hawaii Wildfire Destroying Maui Tourist Town
Insurance Journal | August 9, 2023
Wind-Driven Hawaii Wildfire Destroying Maui Tourist Town
A wildfire erupted in Maui on Wednesday fueled by strong winds from Hurricane Dora, destroying homes and businesses in a tourist town and forcing some residents to jump into the ocean to escape the flames. The Associated Press is reporting …
Inszone Expands in Texas With Acquisition of Speck Insurance
Insurance Journal | August 9, 2023
Inszone Expands in Texas With Acquisition of Speck Insurance
Inszone Insurance Services, a national provider of benefits, personal, and commercial lines insurance, announced the acquisition of Speck Insurance and Financial Services. Terms were not disclosed. The acquisition includes all operations of Speck Insurance and Financial Services, a personal and …