Insurance Journal – Page 16 – Ben Few & Company, Inc.

Insurance Journal | November 8, 2024

Multiple Climate Disasters Trigger First-Ever Red Cross Disaster Insurance Pay-Out

The world was hit by so many floods and landslides in 2024 that it triggered the aid sector’s first multi-disaster insurance pay-out, the Red Cross told Reuters, signaling both the scale of the problem and the need for new financing …

Insurance Journal | November 8, 2024

Spain’s Devastating Floods Will Cost Insurers Over $3.8 Billion

The floods that devastated the Spanish region of Valencia at the end of last month are expected to trigger total insurance losses in excess of €3.5 billion ($3.8 billion), Moody’s estimates. The projection is based on the first 72,000 insurance …

Insurance Journal | November 1, 2024

Delta-8 Hemp and Texas Medical Marijuana Industries to Face Off in Upcoming Legislative Session

Jack Stinnett got life-changing news in 2020 when he learned the lump that appeared on the side of his neck was tongue and mouth cancer. He and his wife Karen quickly enrolled him at MD Anderson Cancer Center in Houston, …

Insurance Journal | November 1, 2024

Data Centers Will Have to Make Minimum Power Payments in Ohio

Big data centers in Ohio will have to pay a minimum of 85% of the energy they need to cover the costs of grid improvements under a settlement submitted Wednesday by one of the state’s largest utilities. The pact was …

Insurance Journal | November 1, 2024

Judge Dismisses Lawsuit Against Minnesota Trooper in Fatal Shooting of Black Man

A federal judge has dismissed a civil rights lawsuit against a white Minnesota state trooper who shot and killed a Black man during a traffic stop last year, ruling that the trooper’s actions did not violate the law. On Wednesday, …

Insurance Journal | November 1, 2024

Texas Pecan Farmers Fight to Save Water Suply

FORT STOCKTON — Zachary Swick plucked a pecan from one of the 78,000 trees at a sprawling West Texas farm — a rare sight in the desert known for oil rigs and pump jacks. He peeled away the pecan’s layers, …

Insurance Journal | November 1, 2024

Regional Banks With Florida Operations Brace for Loan Defaults After Hurricanes

Several regional lenders allocated loan-loss provisions in the third quarter to cover potential defaults by borrowers grappling with recent hurricanes, primarily in Florida, highlighting the risks extreme weather and climate change pose to banks. Two devastating hurricanes struck the Sunshine …

Insurance Journal | November 1, 2024

KBRA Says Florida Insurers Will Weather the Storms; Cat Fund Can Handle Payouts

Florida’s Hurricane Catastrophe Fund, a state-created layer of reinsurance, expects to pay out about $4.6 billion to help cover insurers’ losses in Hurricanes Helene and Milton. But that won’t trigger a surcharge on premiums. And a number of Florida property …

Insurance Journal | November 1, 2024

Allstate Says It’s Ready to Grow Homeowners Line With All 3 Distribution Channels

Allstate said it sees opportunity where others may not — in homeowners insurance. And the insurer plans to use all three distribution channels to do it. Due to rising trends in the frequency and severity of weather-related losses and in …

Insurance Journal | November 1, 2024

Retrial Begins in Civil Suit Against Contractor Accused in Abu Ghraib Prison Scandal

A military contractor accused of contributing to the abuse of detainees at Iraq’s Abu Ghraib prison two decades ago is again on trial in a federal courtroom after a long-awaited civil case earlier this year ended with a hung jury. …