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Category: Insurance Journal

People Moves: Dorn Named to Maryland Insurance Administration Post
Insurance Journal | April 30, 2025
People Moves: Dorn Named to Maryland Insurance Administration Post
Maryland Insurance Commissioner Marie Grant appointed Patricia Dorn as associate commissioner for consumer education and advocacy at the Maryland Insurance Administration. Dorn, who has served at the Maryland Insurance Administration since 2012, will lead the Consumer Education and Advocacy Unit …
With LA Wildfire Suits Looming, Edison Beats Estimates on Lower Expenses and Rate Hikes
Insurance Journal | April 30, 2025
With LA Wildfire Suits Looming, Edison Beats Estimates on Lower Expenses and Rate Hikes
Edison International beat Wall Street estimates for first-quarter profit on Tuesday, as the utility benefited from lower operating and interest expenses and higher rates for its services. Lower interest rates reduce borrowing costs for power companies, which usually need more …
Co-op Is Latest British Retailer to Be Hit by Cyber Attack
Insurance Journal | April 30, 2025
Co-op Is Latest British Retailer to Be Hit by Cyber Attack
Britain’s Co-op Group said on Wednesday hackers had attempted to break into its systems, the second high-profile cyber attack on a major UK retailer in as many weeks, following an ongoing incident at Marks & Spencer. The Co-op, which is …
Aspen Specialty Settles With Condo in $11M Nashville Bombing Coverage Dispute
Insurance Journal | April 30, 2025
Aspen Specialty Settles With Condo in $11M Nashville Bombing Coverage Dispute
Aspen Specialty Insurance Co. has reached a settlement with the owners of a Nashville condominium building that was badly damaged in the Christmas Day bombing in 2020. The terms of the settlement were not disclosed. Both sides have agreed to …
Insured Losses Could Hit $145B in 2025, Driven by Rising Claims From Secondary Perils
Insurance Journal | April 30, 2025
Insured Losses Could Hit $145B in 2025, Driven by Rising Claims From Secondary Perils
Global insured losses from natural catastrophes hit US$137 billion in 2024, following the 5%-7% annual growth rate that has been the norm in recent years, according to Swiss Re analysis. If this trend continues, global insured losses will approach US$145 …
Three Rhode Island Men Charged in Theft of Thousands of Catalytic Converters
Insurance Journal | April 30, 2025
Three Rhode Island Men Charged in Theft of Thousands of Catalytic Converters
Three Rhode Island men have been charged in federal court in Providence for their alleged roles in a conspiracy to steal and sell hundreds of thousands of dollars’ worth of catalytic converters, announced Acting U.S. Attorney Sara Miron Bloom. According …
Tech Update: WTW Launches AI Monitoring Tool ‘Radar Vision’ for Insurers
Insurance Journal | April 30, 2025
Tech Update: WTW Launches AI Monitoring Tool ‘Radar Vision’ for Insurers
WTW has announced the North American launch of Radar Vision, an AI-driven performance monitoring tool custom-built for insurers. The global insurance industry has been turbulent for a few years, with significant inflation and demographic changes compounded by increasingly competitive and …
Companies Count the Costs After Blackout in Spain and Portugal
Insurance Journal | April 30, 2025
Companies Count the Costs After Blackout in Spain and Portugal
As factories, stores and hotels across Spain and Portugal gradually returned to normal on Tuesday after a huge blackout the day before, business associations and companies began counting the cost. Spain’s main business lobby CEOE estimated the outage would shave …
Zombie Ships Are Fast Becoming a Feature of Venezuelan Oil Trade
Insurance Journal | April 30, 2025
Zombie Ships Are Fast Becoming a Feature of Venezuelan Oil Trade
On Good Friday, an aging supertanker fully laden with oil and calling itself Varada arrived in the waters to the east of Malaysia after a two-month voyage from Venezuela. The vessel raised some red flags: it was 32 years old, …
UK Warned Cuts to Flood Defense Are Too Dangerous to Consider
Insurance Journal | April 30, 2025
UK Warned Cuts to Flood Defense Are Too Dangerous to Consider
The UK should spare flood defense programs from budget cuts to be announced in June, as the country is already woefully unprepared for worsening disasters linked to climate change, a government adviser has said. “We are seriously concerned that resilience …