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Archive: November 2024

Accused of Going Too Far, UK Finance Regulator Plots Where to Go Next
Insurance Journal | November 20, 2024
Accused of Going Too Far, UK Finance Regulator Plots Where to Go Next
The UK’s top financial regulator has spent much of its eleven-year history in combat with the industry it oversees, a tone set by its first chief executive Martin Wheatley, whose zeal for fining banks got him ousted in 2015. Now, …
Bank of Spain Estimates Floods Cost 0.2% of GDP in 4th Quarter
Insurance Journal | November 20, 2024
Bank of Spain Estimates Floods Cost 0.2% of GDP in 4th Quarter
Last month’s catastrophic floods in eastern Spain are likely to have a negative impact of 0.2 percentage points on the country’s gross domestic product in the fourth quarter, the Bank of Spain said on Wednesday. More than 200 people died …
US Faces Growing Crisis Over High Traffic Deaths, NTSB Chair Says
Insurance Journal | November 20, 2024
US Faces Growing Crisis Over High Traffic Deaths, NTSB Chair Says
The United States must address a growing public-health crisis over traffic deaths that remain significantly higher than pre-pandemic levels, the head of the National Transportation Safety Board said on Tuesday. “Unlike most developed nations, U.S. roadways have grown more deadly …
US High Court Declines Appeal, Upholds Coverage Ruling on Treated Wood
Insurance Journal | November 20, 2024
US High Court Declines Appeal, Upholds Coverage Ruling on Treated Wood
Insurance carriers may want to examine policy language – and what information they request from insureds – after the U.S. Supreme Court let stand a lower court’s ruling which could force Argo Group to cover claims that a wood-treating company …
California Labor Commissioner Fines Hotel $10M for Worker Recall Law Violations
Insurance Journal | November 20, 2024
California Labor Commissioner Fines Hotel $10M for Worker Recall Law Violations
The Marriott Marquis San Diego Marina was fined $9.4 million by the California Labor Commissioner’s Office for violating the state’s worker recall law. The penalty is for the hotel’s reported failure to rehire 15 employees laid off during the pandemic. …
More Logging Proposed to Help Curb Wildfires in Pacific Northwest
Insurance Journal | November 20, 2024
More Logging Proposed to Help Curb Wildfires in Pacific Northwest
U.S. officials would allow increased logging on federal lands across the Pacific Northwest in the name of fighting wildfires and boosting rural economies under proposed changes to a sweeping forest management plan that’s been in place for three decades. The …
New York City Issues First Drought Warning in 22 Years
Insurance Journal | November 19, 2024
New York City Issues First Drought Warning in 22 Years
New York City has issued its first drought warning in 22 years after months of little rain — and will restart the flow of drinking water from an out-of-service aqueduct as supplies run low. Dry conditions across the Northeast have …
Massachusetts Police Charge Man With Intentionally Setting Brush Fires
Insurance Journal | November 19, 2024
Massachusetts Police Charge Man With Intentionally Setting Brush Fires
A man was arrested on suspicion of intentionally setting brush fires in Massachusetts during a time of dry conditions that have led to blazes throughout the Northeast, police said Monday. Police said they arrested the 72-year-old Attleboro man during a …
TWIA Board Reviews 2025 Budget After $455 Million Loss from Hurricane Beryl
Insurance Journal | November 19, 2024
TWIA Board Reviews 2025 Budget After $455 Million Loss from Hurricane Beryl
The Texas Windstorm Insurance Association Board of Directors met last week to review information related to the agency’s 2025 budget. The meeting presented new information on TWIA losses from 2024 storms as projected policy growth in the coming year. The …
People Moves: Great American Insurance Group Promotes Gambrell to Divisional President, Excess Liability
Insurance Journal | November 19, 2024
People Moves: Great American Insurance Group Promotes Gambrell to Divisional President, Excess Liability
Great American Insurance Group, headquartered in Cincinnati, promoted Todd D. Gambrell to divisional president, excess liability, effective Jan.1, 2025. Gambrell will succeed John V. Bracca, who will retire in January after more than 30 years of service. Gambrell joined Great …