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Category: Insurance Journal

Biden Approves Disaster Declaration for Vermont for Late July Flooding
Insurance Journal | September 30, 2024
Biden Approves Disaster Declaration for Vermont for Late July Flooding
President Joe Biden has approved a major disaster declaration for the severe flooding that hit northeastern Vermont in late July. The declaration makes federal funding available to help communities and individuals in Caledonia, Essex, and Orleans counties recover from damages …
Insured Losses Top $5B With Heavy Flooding But Few Covered by Flood Insurance
Insurance Journal | September 30, 2024
Insured Losses Top $5B With Heavy Flooding But Few Covered by Flood Insurance
Estimates of insured losses from Hurricane Helene continue to range around $5 billion, not including flood insurance losses, as the death toll in the Southeast continued to rise, approaching 100 by Monday morning. In Florida, the state Office of Insurance …
4.2 Magnitude Earthquake Hit California South of San Francisco
Insurance Journal | September 30, 2024
4.2 Magnitude Earthquake Hit California South of San Francisco
An earthquake registering magnitude 4.2 shook part of central California early Sunday, the United States Geological Survey confirmed. The earthquake was detected at 2:47 a.m. local time about 2 miles (3.2 kilometers) northwest of Aromas with a depth of 7.4 …
What Testimony on Titan Submersible Disaster Revealed
Insurance Journal | September 30, 2024
What Testimony on Titan Submersible Disaster Revealed
Last year, five people hoping to view the Titanic wreckage died when their submersible imploded in the Atlantic Ocean. A Coast Guard panel that’s investigating the Titan submersible disaster heard two weeks of testimony that ended Friday. Previous witnesses provided …
Hurricane Helene Halts Poultry Plants, Damages Pecan Trees
Insurance Journal | September 30, 2024
Hurricane Helene Halts Poultry Plants, Damages Pecan Trees
Hurricane Helene has halted chicken processing plant operations and caused severe damage to some flocks, while also downing pecan trees and flattening cotton crops, as floodwaters swamped the southern US. Wayne-Sanderson Farms said its Moultrie, Georgia, processing facility will not …
Marsh McLennan to Buy TIH’s McGriff Insurance for $7.75B
Insurance Journal | September 30, 2024
Marsh McLennan to Buy TIH’s McGriff Insurance for $7.75B
Marsh McLennan says it has a deal in place to acquire McGriff Insurance Services for $7.75 billion, funded by cash and debt financing. U.S. retail broker McGriff, an affiliate of private-equity backed TIH (formerly Truist Insurance Holdings), had $1.3 billion …
EU Privacy Regulator Fines Meta €91M Over Password Storage, Adding to GDPR Violations
Insurance Journal | September 30, 2024
EU Privacy Regulator Fines Meta €91M Over Password Storage, Adding to GDPR Violations
The lead European Union privacy regulator fined social media giant Meta 91 million euros ($101.5 million) on Friday for inadvertently storing some users’ passwords without protection or encryption. The inquiry was opened five years ago after Meta notified Ireland’s Data …
Tata iPhone Component Plant in India Halts Production Indefinitely After Fire
Insurance Journal | September 30, 2024
Tata iPhone Component Plant in India Halts Production Indefinitely After Fire
Production will remain suspended indefinitely at a Tata Electronics plant in southern India that makes Apple iPhone components after a fire at the weekend, officials said on Monday as they acted to prevent further damage from the blaze. “We have …
Acquisition of UK’s Specialist Risk Group Completed by Warburg Pincus and Temasek
Insurance Journal | September 30, 2024
Acquisition of UK’s Specialist Risk Group Completed by Warburg Pincus and Temasek
Specialist Risk Group (SRG), the London-based specialist insurance intermediary, announced that its acquisition by Warburg Pincus, a global growth investor, and Temasek, the Singapore-based investment company, has been completed. With the necessary regulatory approvals now received, the partnership marks a …
Climate Change, Extreme Weather Bring Challenges to Chablis Wine Country in France
Insurance Journal | September 30, 2024
Climate Change, Extreme Weather Bring Challenges to Chablis Wine Country in France
On a brisk late September morning in the heart of Chablis wine country, grape pickers haul large and heavy buckets over their shoulders, drenched in sweat as they climb the very steep slope of the Vau de Vey vineyard. It’s …