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Austin Flood Mitigation Makes Residents Eligible for 25% Insurance Discount
Insurance Journal | June 10, 2024
Austin Flood Mitigation Makes Residents Eligible for 25% Insurance Discount
Austin residents can now receive up to a 25% discount on their flood insurance thanks to the city’s upgraded Community Rating System score from the Federal Emergency Management Agency (FEMA). Last month, FEMA notified the City of Austin that it …
North Carolina Commissioner Lands on 8% Rate Increase for Dwelling Policies
Insurance Journal | June 10, 2024
North Carolina Commissioner Lands on 8% Rate Increase for Dwelling Policies
North Carolina Insurance Commissioner Mike Causey has settled on an 8% average rate increase for dwelling insurance policies, starting Nov. 1. The North Carolina Rate Bureau, basing its request on data from property insurers, last summer had urged an average …
US Chamber of Commerce: Nuclear Verdicts’ Amount, Frequency Continue to Increase
Insurance Journal | June 10, 2024
US Chamber of Commerce: Nuclear Verdicts’ Amount, Frequency Continue to Increase
A recent report from The U.S. Chamber of Commerce Institute for Legal Reform (ILR) has found that nuclear verdicts of $10 million or more are on the rise. Looking at verdicts from 2013 to 2022, ILR said the median nuclear …
California’s Capital Will See Temperatures Above 100F This Week
Insurance Journal | June 10, 2024
California’s Capital Will See Temperatures Above 100F This Week
California’s Central Valley will have another round of searing temperatures that will boost energy demand this week, reaching a high of 103F (39C) in Sacramento on Tuesday. A heat advisory is in place for the state capital through Wednesday night, …
People Moves: AXA XL Promotes Pearman to New Role of CUO, Bermuda; Lockton Re Taps Former Aon Execs for Marine & Energy Division, Lloyd’s Capital Unit
Insurance Journal | June 10, 2024
People Moves: AXA XL Promotes Pearman to New Role of CUO, Bermuda; Lockton Re Taps Former Aon Execs for Marine & Energy Division, Lloyd’s Capital Unit
This edition of International People details appointments at AXA XL and Lockton Re. A summary of these new hires follows here. AXA XL Promotes Pearman to New Role of Chief Underwriting Officer, Bermuda As part of its recently announced insurance …
Social Media Giants Avoid School Districts’ Addiction Claims
Insurance Journal | June 10, 2024
Social Media Giants Avoid School Districts’ Addiction Claims
Meta Platforms Inc. and other social media companies won the dismissal of novel claims in hundreds of lawsuits brought by school districts seeking to recover costs for addressing the negative impacts of students’ social media use. A California state judge …
All the Major Legal Battles Elon Musk and His Companies Are Facing
Insurance Journal | June 10, 2024
All the Major Legal Battles Elon Musk and His Companies Are Facing
Elon Musk and his companies are embroiled in dozens of lawsuits, ranging from fatal crashes blamed on Tesla Inc.’s Autopilot system to civil rights complaints over the treatment of employees. Tesla’s board and Musk were hit Thursday with another suit …
Car Maker Stellantis Extends Preventive Recall to Other Models Over Airbag Worries
Insurance Journal | June 10, 2024
Car Maker Stellantis Extends Preventive Recall to Other Models Over Airbag Worries
Car maker Stellantis has preventively extended a recall of vehicles with potentially faulty airbags to more Citroen and DS models, as well as the Opel brand, spokespeople for the carmaker told Reuters on Friday. Citroen C4, DS4 and DS5 models …
Marsh McLennan’s Carpenter Launches Capital & Advisory Group, Led by Schnieders
Insurance Journal | June 10, 2024
Marsh McLennan’s Carpenter Launches Capital & Advisory Group, Led by Schnieders
Guy Carpenter, the reinsurance business unit of Marsh McLennan, announced the formation of the Capital & Advisory group as part of its Global Capital Solutions unit. The business also announced the appointment of Alexander Schnieders as global head of Capital …
US Military Confirms Houthi Missile Strikes on Two Ships in Gulf of Aden
Insurance Journal | June 10, 2024
US Military Confirms Houthi Missile Strikes on Two Ships in Gulf of Aden
Yemen’s Houthi damaged two commercial vessels in missile attacks in the Gulf of Aden in the last 24 hours as part of the militia group’s ongoing campaign against international ocean shipping, U.S. Central Command (CENTCOM) said on Sunday. The Iran-backed …