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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 …
Britain Bolsters Sanctions Regime on Russia With New Trade Unit
Insurance Journal | October 10, 2024
Britain Bolsters Sanctions Regime on Russia With New Trade Unit
Britain on Thursday launched a trade sanctions unit with new powers to penalize companies that fail to comply with restrictions on exporting services to Russia. Britain has announced sanctions on more than 20 billion pounds ($26 billion) worth of trade …
People Moves: Miller Promotes Nagle to Head of Miller Europe, Succeeding Holloway; Markel Taps AIG’s Eastwood as Sr. Cyber U/W
Insurance Journal | October 10, 2024
People Moves: Miller Promotes Nagle to Head of Miller Europe, Succeeding Holloway; Markel Taps AIG’s Eastwood as Sr. Cyber U/W
This edition of International People Moves details appointments at the insurance broker Miller and the insurer Markel. A summary of these new hires follows here. Miller Promotes Nagle to Head of Miller Europe, Succeeding Holloway Miller, the London-based independent specialist …
Markets/Coverages: AEGIS London-Led Lloyd’s Consortium Launches $25M Miner Rescue Insurance Cover
Insurance Journal | October 10, 2024
Markets/Coverages: AEGIS London-Led Lloyd’s Consortium Launches $25M Miner Rescue Insurance Cover
The Lloyd’s insurance market’s only product writing cover for the rescue of miners trapped underground has more than doubled its available cover from $10 million to $25 million with a launch of a new consortium led by AEGIS London. AEGIS …
Geopolitical Conflict Could Cost Global Economy $14.5 Trillion Over 5 Years: Lloyd’s
Insurance Journal | October 10, 2024
Geopolitical Conflict Could Cost Global Economy $14.5 Trillion Over 5 Years: Lloyd’s
The global economy could be exposed to losses of US$14.5 trillion over a five-year period from the threat of a hypothetical geopolitical conflict causing widespread disruption to global trade patterns and supply chains, according to a report published by Lloyd’s, …
World’s Rivers Faced Driest Year in 30 Years in 2023: UN Weather Agency
Insurance Journal | October 10, 2024
World’s Rivers Faced Driest Year in 30 Years in 2023: UN Weather Agency
The U.N. weather agency is reporting that 2023 was the driest year in more than three decades for the world’s rivers, as the record-hot year underpinned a drying up of water flows and contributed to prolonged droughts in some places. …
Munich Re Specialty to Enter Spanish Insurance Market
Insurance Journal | October 10, 2024
Munich Re Specialty to Enter Spanish Insurance Market
Munich Re Specialty announced it is entering the Spanish commercial market for primary specialty insurance, with an aim to begin underwriting in 2025. It has set up a Spanish branch of Munich Re Risk Solutions Ireland Ltd., which holds regulatory …
Lloyd’s of London Must Stop Supporting Fossil Fuel Expansion, NGO Says
Insurance Journal | October 10, 2024
Lloyd’s of London Must Stop Supporting Fossil Fuel Expansion, NGO Says
The Lloyd’s of London market is undermining climate action and should impose binding rules to prevent insurers supporting fossil fuel expansion, NGO Reclaim Finance said on Wednesday. Some European insurers, including Generali and Zurich, have imposed restrictions on underwriting for …
GSK Agrees to Settle About 80,000 Zantac Lawsuits for Up to $2.2B
Insurance Journal | October 10, 2024
GSK Agrees to Settle About 80,000 Zantac Lawsuits for Up to $2.2B
GSK has agreed to pay up to $2.2 billion to settle most pending U.S. state court lawsuits claiming that a discontinued version of the heartburn drug Zantac caused cancer, the company announced on Wednesday. The settlement with ten plaintiffs’ law …
Florida CFO Bars Insurers From Altering Adjusters’ Reports Without Explanation
Insurance Journal | October 10, 2024
Florida CFO Bars Insurers From Altering Adjusters’ Reports Without Explanation
Almost two years after a group of independent claims adjusters alleged that insurers had deceptively altered their damage estimates and low-balled policyholders, Florida’s chief financial officer has issued an emergency rule barring similar actions in Hurricane Milton claims. “Any move …