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Sunken Superyacht Likely to Cost Insurers at Least $150 Million, Experts Say
Insurance Journal | August 30, 2024
Sunken Superyacht Likely to Cost Insurers at Least $150 Million, Experts Say
Insurers of the Bayesian superyacht that sank this month, killing tech entrepreneur Mike Lynch and six others, could be on the hook for at least $150 million, according to the first estimates by industry experts. The British-flagged 56-meter-long (184-foot-long) yacht, …
UK’s Aviva Conspired to Dodge India Compensation and Tax Rules, Agency Says
Insurance Journal | August 30, 2024
UK’s Aviva Conspired to Dodge India Compensation and Tax Rules, Agency Says
An Indian tax agency has found that British insurer Aviva breached local regulations capping commissions to sales agents with a system of fake invoices and clandestine cash payments, according to a notice seen by Reuters. In an attempt to grow …
GM Must Face Big Class Action Over Faulty Transmissions
Insurance Journal | August 30, 2024
GM Must Face Big Class Action Over Faulty Transmissions
General Motors was ordered by a federal appeals court to face a class action claiming it violated laws of 26 U.S. states by knowingly selling several hundred thousand cars, trucks and SUVs with faulty transmissions. The 6th U.S. Circuit Court …
NHTSA Closes Two Preliminary Probes Into Fisker’s Ocean SUVs
Insurance Journal | August 30, 2024
NHTSA Closes Two Preliminary Probes Into Fisker’s Ocean SUVs
The U.S. auto safety regulator said on Wednesday it has closed two separate probes into Fisker’s Ocean SUVs over an alleged door malfunction and a loss of brake performance, after the electric-vehicle startup issued recalls to fix the problems. The …
South Africa Insurer Santam Plans Asia Expansion, Following Success of Parent Sanlam
Insurance Journal | August 30, 2024
South Africa Insurer Santam Plans Asia Expansion, Following Success of Parent Sanlam
South Africa-based general insurer Santam Ltd. plans to expand in Asia to diversify its premiums and counter tepid growth at home. The insurer, a subsidiary of financial services group Sanlam Ltd., generates 82% of its premiums in South Africa. “We …
Lithium Startups Bet on High Demand in Battery-Powered Future
Insurance Journal | August 30, 2024
Lithium Startups Bet on High Demand in Battery-Powered Future
As the world leans into electrification, it will need more lithium. A key ingredient in the batteries that power everything from electric vehicles to cell phones, demand is projected to accelerate over the next decade. To meet it, a new …
People Moves: Cooley Joins Graham Rogers Insurance as Transportation New Business Underwriter
Insurance Journal | August 29, 2024
People Moves: Cooley Joins Graham Rogers Insurance as Transportation New Business Underwriter
Paula Cooley joined Graham-Rogers Insurance, headquartered in Bartlesville, Oklahoma, as a transportation new business underwriter. Cooley will focus on garage and transportation commercial auto. She has over 40 years of property and casualty experience, most recently serving as senior transportation/garage …
Woman Shot at Chicago White Sox Game Sues Team and Stadium Authority
Insurance Journal | August 29, 2024
Woman Shot at Chicago White Sox Game Sues Team and Stadium Authority
CHICAGO (AP) — A woman who was shot in the leg during a White Sox game last year is suing the team and the Illinois agency that owns Guaranteed Rate Field. The woman was in the left-field bleachers in Section …
Appeals Court Revives Tesla’s Challenge Against Louisiana Law Banning Direct Sales to Consumers
Insurance Journal | August 29, 2024
Appeals Court Revives Tesla’s Challenge Against Louisiana Law Banning Direct Sales to Consumers
NEW ORLEANS (AP) — Tesla’s federal court challenge to a Louisiana law that prohibits automobile manufacturers from selling directly to consumers has been revived by an appeals court. The lawsuit by the electric car company owned by billionaire Elon Musk …
Chicago Manufacturer Faces $1M Fine for Exposing Workers to Silica Dust
Insurance Journal | August 29, 2024
Chicago Manufacturer Faces $1M Fine for Exposing Workers to Silica Dust
Federal safety inspectors became aware that a 31-year-old employee of a Chicago countertop manufacturer needed a double lung transplant after suffering accelerated silicosis ‒ an incurable lung disease – and the U.S. Department of Labor immediately alerted the company of …