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Category: Insurance Journal

AM Best: Louisiana Insurance Incentive Program a “Short-Term Stopgap”
Insurance Journal | January 30, 2023
AM Best: Louisiana Insurance Incentive Program a “Short-Term Stopgap”
As Louisiana lawmakers adjourn Monday for a special session to address the state’s property insurance crisis, a commentary from AM Best says Louisiana’s plan to appropriate $45 million in funds to incentivize insurance companies to take on more property risk …
Dow Chemical to Pay $5.4M Settlement Over Michigan Chemical Spill
Insurance Journal | January 30, 2023
Dow Chemical to Pay $5.4M Settlement Over Michigan Chemical Spill
The U.S. Environmental Protection Agency announced a proposed $5.4 million settlement with The Dow Chemical Co. to recover costs for EPA’s cleanup work at the Tittabawassee River, Saginaw River & Bay Superfund site in Midland, Michigan. EPA began a 30-day …
North La. Families Evacuated After Train Derails
Insurance Journal | January 30, 2023
North La. Families Evacuated After Train Derails
KEATCHIE, La. (AP) – About 130 people in north Louisiana are under a mandatory evacuation Saturday after a train derailed and at least two of the cars involved began leaking hazardous products, state police said. The Union Pacific Railroad train …
S&P Predicts Reinsurers Will Continue Pricing Momentum During 2023
Insurance Journal | January 30, 2023
S&P Predicts Reinsurers Will Continue Pricing Momentum During 2023
A hard market in short-tail lines – such as property and property catastrophe – across global geographies is likely to continue throughout 2023, after beginning the year with multi-decade-high pricing increases during the January 2023 reinsurance renewals, according to a …
W.R. Berkley: Waiting for Discipline in Property; Overall Marketplace ‘Splintered’
Insurance Journal | January 30, 2023
W.R. Berkley: Waiting for Discipline in Property; Overall Marketplace ‘Splintered’
There is no one answer to the overall insurance industry’s place within its cyclical path. Each product line needs to be looked at individually, according to Robert Berkley, CEO of W.R. Berkley Corp. “Once upon a time, most P/C product …
SC Supreme Court: Missed Deadline Not Reason to Dismiss Workers’ Comp Fee Appeal
Insurance Journal | January 30, 2023
SC Supreme Court: Missed Deadline Not Reason to Dismiss Workers’ Comp Fee Appeal
Judges are often sticklers for court deadlines, but they have to at least give a reason for dismissing a case when a lawyer fails to file a brief on time, the South Carolina Supreme Court said this month in a …
U.S. and EU to Launch First-of-its-Kind AI Agreement
Insurance Journal | January 30, 2023
U.S. and EU to Launch First-of-its-Kind AI Agreement
The United States and European Union on Friday announced an agreement to speed up and enhance the use of artificial intelligence to improve agriculture, healthcare, emergency response, climate forecasting and the electric grid. A senior U.S. administration official, discussing the …
Freight Truck, Express Bus Crash in Upstate New York Kills 6, Injures 3: Officials
Insurance Journal | January 30, 2023
Freight Truck, Express Bus Crash in Upstate New York Kills 6, Injures 3: Officials
LOUISVILLE, N.Y. (AP) — Six people died in upstate New York when a freight truck and an express bus carrying more than a dozen people collided Saturday near the U.S.-Canada border, state police said. Three others were injured, including one …
National Traffic Safety Board Issues Report on Las Vegas Crash That Killed 9
Insurance Journal | January 30, 2023
National Traffic Safety Board Issues Report on Las Vegas Crash That Killed 9
Federal crash investigators have released reports and investigative material about a multi-vehicle wreck a year ago in North Las Vegas that killed a driver and his passenger in a speeding sports car and seven members of a family in a …
Southern California’s Santa Ana Winds Toppled Trees, Big Rigs
Insurance Journal | January 30, 2023
Southern California’s Santa Ana Winds Toppled Trees, Big Rigs
Powerful Santa Ana winds tore across Southern California on last week – topping 100 mph, in parts – blowing over multiple big rigs on several highways and toppling massive 80-to-100 foot-tall trees, including in San Diego’s iconic Balboa Park where …