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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 …
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, …