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Archive: May 2024

China Weighs Record Fine for PwC Over Evergrande Audit Work
Insurance Journal | May 30, 2024
China Weighs Record Fine for PwC Over Evergrande Audit Work
China is poised to impose a record fine on PricewaterhouseCoopers LLP and suspend some of the global auditor’s local operations over its role in one of the nation’s biggest alleged financial fraud cases, according to people familiar with the matter. …
EU Weighs Proposal to Sanction Russian Oil Tanker Insurer Ingosstrakh
Insurance Journal | May 30, 2024
EU Weighs Proposal to Sanction Russian Oil Tanker Insurer Ingosstrakh
The European Union’s executive arm is examining the feasibility of a proposal by one of its member states to sanction Russia’s Ingosstrakh Insurance Co., as part of efforts to choke revenue generating streams that Moscow needs to finance its war …
Wisconsin Average Indemnity Benefit Up, Disability Duration Still Short: WCRI
Insurance Journal | May 30, 2024
Wisconsin Average Indemnity Benefit Up, Disability Duration Still Short: WCRI
Wisconsin’s average indemnity benefit per claim grew nearly 10% in 2022, fueled by large growth in the average duration of temporary disability per claim, according to a recent study from the Workers Compensation Research Institute. Nevertheless, the duration of temporary …
Survey: Mid-Market Leaders Peg Cyber, Economy and Regulation as Top Concerns
Insurance Journal | May 30, 2024
Survey: Mid-Market Leaders Peg Cyber, Economy and Regulation as Top Concerns
Business leaders place cybersecurity, the economy, regulatory challenges and global instability among their top concerns for the coming year, fueled by factors such as AI, climate change, nuclear verdicts and political unrest. The annual Marsh McLennan Agency Business Insurance Trends …
How AI Can Reshape Claims Management
Insurance Journal | May 30, 2024
How AI Can Reshape Claims Management
How can artificial intelligence change property and casualty insurance claim processing? Two industry experts answered that question from a few angles during Carrier Management’s annual InsurTech Summit. Frank Giaoui, founder and CEO of Optimalex Solutions, and Shane Riedman, general manager …
White House to Support New US Nuclear Power Plants
Insurance Journal | May 30, 2024
White House to Support New US Nuclear Power Plants
The White House on Wednesday planned to announce new measures to support the development of new U.S. nuclear power plants, a large potential source of carbon-free electricity the government says is needed to combat climate change. The suite of actions, …
Is Trampoline Job Landscape Work? A.I. Says Yes. 11th Circuit Says it’s Not Covered
Insurance Journal | May 30, 2024
Is Trampoline Job Landscape Work? A.I. Says Yes. 11th Circuit Says it’s Not Covered
Is the installation of an in-ground trampoline considered landscaping work, covered by a landscaper’s liability insurance policy? Artificial intelligence programs suggest that it is. But human judges with the 11th U.S. Circuit Court of Appeals believe otherwise, despite one of …
New Language in California Budget Seeks to Expedite Insurance Rate Filing Approvals
Insurance Journal | May 29, 2024
New Language in California Budget Seeks to Expedite Insurance Rate Filing Approvals
Insurers are praising new trailer bill language in the California budget that promises to expedite the home and auto insurance rate filing approval process. California Gov. Gavin Newsom first made the proposal to speed up the rate filing process while …
Chicago Man Convicted of Murder Based on Blind Witness’ Testimony Sues City, Police
Insurance Journal | May 29, 2024
Chicago Man Convicted of Murder Based on Blind Witness’ Testimony Sues City, Police
CHICAGO (AP) — A Chicago man convicted of murder based in part on testimony from a legally blind eyewitness is suing the city and the police department. A judge convicted Darien Harris in 2014 in connection with a fatal shooting …
Relation Insurance Services Acquires Oklahoma’s First Insurance
Insurance Journal | May 29, 2024
Relation Insurance Services Acquires Oklahoma’s First Insurance
Relation Insurance Services acquired the assets of First Insurance an Affiliate of FirstBank, Inc. The transaction went into effect on April 1, 2024; terms of the transaction were not disclosed. First Insurance, based in Durant, Oklahoma, offers commercial and personal …