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Archive: October 2024

5 Dead After Small Plane Crashes on Island off Southern California Coast
Insurance Journal | October 10, 2024
5 Dead After Small Plane Crashes on Island off Southern California Coast
Five people were killed when a small plane crashed during takeoff from Santa Catalina Island off the Southern California coast, authorities said. The twin-engine Beechcraft 95 crashed shortly after 8 p.m. Tuesday, just moments after it departed from Catalina Airport …
First MainStreet Adds Two Agencies
Insurance Journal | October 10, 2024
First MainStreet Adds Two Agencies
First MainStreet Insurance L.C. (FMSI) announced addition of two new agencies, one in Minnesota and the other in Iowa. Joining in September was Kozlowski Insurance Agency, headquartered in Pipestone, Minnesota and two satellite offices in Luverne, MN and Brookings, SD. …
Exxon Granted Largest US Offshore Carbon Storage Site in Texas
Insurance Journal | October 10, 2024
Exxon Granted Largest US Offshore Carbon Storage Site in Texas
Exxon Mobil Corp. won the right to pump carbon dioxide beneath Texas state waters in the Gulf of Mexico, in what will be the largest concession of its kind in the US. The lease granted by the Texas General Land …
J&J’s Court-Shopping Strategy Pits New Jersey Home Against Texas
Insurance Journal | October 10, 2024
J&J’s Court-Shopping Strategy Pits New Jersey Home Against Texas
Johnson & Johnson’s bold move to skirt a US court in New Jersey and seek a potentially friendlier venue in Texas to settle claims its baby powder gave women cancer faces a key decision as soon as Thursday. A federal …
Harris County Officials Say Texas Law Limits Settlements Against Polluters
Insurance Journal | October 10, 2024
Harris County Officials Say Texas Law Limits Settlements Against Polluters
It wasn’t immediately clear what chemicals erupted into the air from the Channelview fire. The most anyone knew was that the large plume of black smoke billowing across the late afternoon sky — visible for miles just east of Houston …
Balance With ‘Micro-Actions’ in Commercial Market But Milton Could Disrupt
Insurance Journal | October 10, 2024
Balance With ‘Micro-Actions’ in Commercial Market But Milton Could Disrupt
WTW characterized commercial insurance rates as balances and stable but, as Hurricane Milton approached, the broker warned of upcoming disruption. “The current state of affairs might only be one major hurricane away from being upended, and with Milton knocking on …
Russian Strikes on Ukraine’s Ports Push Up Insurance Rates: Market Sources
Insurance Journal | October 10, 2024
Russian Strikes on Ukraine’s Ports Push Up Insurance Rates: Market Sources
A series of Russian missile strikes on Ukrainian Black Sea port infrastructure and commercial vessels has led to a jump in insurance costs and forced some shipowners to cancel bookings, insurance sources and a broker said on Thursday. Russian ballistic …
Hurricane Milton Could Use Up P/C Insurers’ 2024 Catastrophe Budgets
Insurance Journal | October 10, 2024
Hurricane Milton Could Use Up P/C Insurers’ 2024 Catastrophe Budgets
S&P Global Ratings said potential losses from Hurricane Milton could fully deplete the 2024 natural catastrophe budgets for rated U.S. property/casualty insurers, affecting underwriting margins and earnings. In a report titled “Hurricane Milton: The Implications For Rated U.S. Insurers And …
Delaware High Court Rescues Insurance Agency’s Malpractice Suit Against Law Firm
Insurance Journal | October 10, 2024
Delaware High Court Rescues Insurance Agency’s Malpractice Suit Against Law Firm
Six months after a three-judge panel of the Delaware Supreme Court said an insurance agency deserved another shot at proving its claims of professional negligence against a law firm, the full state high court has agreed. On October 8, the …
Flaws of the Saffir-Simpson Scale: Wind Isn’t the Only Threat in Modern Hurricanes
Insurance Journal | October 10, 2024
Flaws of the Saffir-Simpson Scale: Wind Isn’t the Only Threat in Modern Hurricanes
The insurance industry faces significant challenges in covering catastrophic risks, especially as climate change drives more extreme weather events. With soaring premiums and increasing exclusions, the need for an accurate assessment of these risks is more important than ever. The …