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Archive: April 2025

Aspen Specialty Settles With Condo in $11M Nashville Bombing Coverage Dispute
Insurance Journal | April 30, 2025
Aspen Specialty Settles With Condo in $11M Nashville Bombing Coverage Dispute
Aspen Specialty Insurance Co. has reached a settlement with the owners of a Nashville condominium building that was badly damaged in the Christmas Day bombing in 2020. The terms of the settlement were not disclosed. Both sides have agreed to …
Insured Losses Could Hit $145B in 2025, Driven by Rising Claims From Secondary Perils
Insurance Journal | April 30, 2025
Insured Losses Could Hit $145B in 2025, Driven by Rising Claims From Secondary Perils
Global insured losses from natural catastrophes hit US$137 billion in 2024, following the 5%-7% annual growth rate that has been the norm in recent years, according to Swiss Re analysis. If this trend continues, global insured losses will approach US$145 …
Three Rhode Island Men Charged in Theft of Thousands of Catalytic Converters
Insurance Journal | April 30, 2025
Three Rhode Island Men Charged in Theft of Thousands of Catalytic Converters
Three Rhode Island men have been charged in federal court in Providence for their alleged roles in a conspiracy to steal and sell hundreds of thousands of dollars’ worth of catalytic converters, announced Acting U.S. Attorney Sara Miron Bloom. According …
Tech Update: WTW Launches AI Monitoring Tool ‘Radar Vision’ for Insurers
Insurance Journal | April 30, 2025
Tech Update: WTW Launches AI Monitoring Tool ‘Radar Vision’ for Insurers
WTW has announced the North American launch of Radar Vision, an AI-driven performance monitoring tool custom-built for insurers. The global insurance industry has been turbulent for a few years, with significant inflation and demographic changes compounded by increasingly competitive and …
Companies Count the Costs After Blackout in Spain and Portugal
Insurance Journal | April 30, 2025
Companies Count the Costs After Blackout in Spain and Portugal
As factories, stores and hotels across Spain and Portugal gradually returned to normal on Tuesday after a huge blackout the day before, business associations and companies began counting the cost. Spain’s main business lobby CEOE estimated the outage would shave …
Zombie Ships Are Fast Becoming a Feature of Venezuelan Oil Trade
Insurance Journal | April 30, 2025
Zombie Ships Are Fast Becoming a Feature of Venezuelan Oil Trade
On Good Friday, an aging supertanker fully laden with oil and calling itself Varada arrived in the waters to the east of Malaysia after a two-month voyage from Venezuela. The vessel raised some red flags: it was 32 years old, …
UK Warned Cuts to Flood Defense Are Too Dangerous to Consider
Insurance Journal | April 30, 2025
UK Warned Cuts to Flood Defense Are Too Dangerous to Consider
The UK should spare flood defense programs from budget cuts to be announced in June, as the country is already woefully unprepared for worsening disasters linked to climate change, a government adviser has said. “We are seriously concerned that resilience …
People Moves: Mosaic Promotes Duggan to Lead North American Claims; Hiscox Names Sinkus CUO in US; EPIC Appoints Jackson Managing Principal, Global Leader
Insurance Journal | April 30, 2025
People Moves: Mosaic Promotes Duggan to Lead North American Claims; Hiscox Names Sinkus CUO in US; EPIC Appoints Jackson Managing Principal, Global Leader
Mosaic Promotes Duggan to Lead North American Claims Mosaic, headquartered in Hamilton, Bermuda, named environmental and casualty risk specialist and former district attorney Thomas Duggan as the company’s claims head for North America. Based in New York, Duggan will oversee …
Three Workers Killed in Scaffold Collapse at LNG Plant in Texas
Insurance Journal | April 30, 2025
Three Workers Killed in Scaffold Collapse at LNG Plant in Texas
Three workers were killed and two were injured when a section of scaffolding collapsed early Tuesday at a liquefied natural gas plant that Sempra is building in Texas. The two survivors at the Port Arthur LNG project were rescued from …
Loss of FEMA Program Spells Disaster for Hundreds of Communities and Projects
Insurance Journal | April 30, 2025
Loss of FEMA Program Spells Disaster for Hundreds of Communities and Projects
The textile mills that once served as the backbone of Mount Pleasant, North Carolina, have long been shuttered, and officials believed federal money would be key to the town’s overdue revitalization. They hoped an improved stormwater drainage system and secured …