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Category: Insurance Journal

Russian Oil Tanker Does Secret Cargo Switch Near Singapore to Dodge US Sanctions
Insurance Journal | June 10, 2024
Russian Oil Tanker Does Secret Cargo Switch Near Singapore to Dodge US Sanctions
The first Russian oil tanker attempting to deliver crude while under US sanctions made a secret cargo transfer onto another ship, a sign of the lengths to which Moscow is going to undermine the effectiveness of American restrictions on its …
Global Reinsurance Sector Outlook Revised to Positive on Robust Profits, Tighter T&Cs
Insurance Journal | June 10, 2024
Global Reinsurance Sector Outlook Revised to Positive on Robust Profits, Tighter T&Cs
The market segment outlook for the global reinsurance segment has been revised to positive from stable after the sector saw robust profit margins in 2023, according to AM Best, which attributed the sector’s improved performance to higher attachment points and …
Former Allianz Employee Pleads Guilty to Fraud Over $7-Billion Funds Collapse
Insurance Journal | June 10, 2024
Former Allianz Employee Pleads Guilty to Fraud Over $7-Billion Funds Collapse
A former Allianz fund manager pleaded guilty on Friday over his role in a meltdown of private investment funds sparked by the pandemic that caused an estimated $7 billion of investor losses. Gregoire Tournant, 57, of Basalt, Colorado, admitted to …
Person With Bird Flu Dies in Mexico: WHO
Insurance Journal | June 10, 2024
Person With Bird Flu Dies in Mexico: WHO
A person with prior health complications who had contracted bird flu died in Mexico in April and the source of exposure to the virus was unknown, the World Health Organization said on Wednesday. WHO said the current risk of bird …
Top Law Firms in US Opioid Lawsuits to Get Hundreds of Millions in Fees
Insurance Journal | June 10, 2024
Top Law Firms in US Opioid Lawsuits to Get Hundreds of Millions in Fees
A court-appointed panel on Friday recommended how to divvy up a pool of $2.13 billion in legal fees from nationwide drug industry settlements over the U.S. opioid crisis, with top firms set to receive hundreds of millions of dollars. The …
Catastrophe Bond Sales Soar as Markets Brace for Unusually Active Hurricane Season
Insurance Journal | June 10, 2024
Catastrophe Bond Sales Soar as Markets Brace for Unusually Active Hurricane Season
Issuance of catastrophe bonds just hit a record high, as the market braces for a rough hurricane season with the potential to do substantial damage. Sales of so-called cat bonds are 38% higher this year through May than over the …
South Carolina DOI Sets Another Data Call on Liability Market Issues in the State
Insurance Journal | June 10, 2024
South Carolina DOI Sets Another Data Call on Liability Market Issues in the State
The South Carolina Department of Insurance is again requesting carrier data on the health of liability insurance markets in the state. “As you are aware, South Carolina and other states have seen liability markets harden significantly over the past several …
Disney to Invest $17B in Florida Parks Now That Fight with DeSantis Has Cooled
Insurance Journal | June 10, 2024
Disney to Invest $17B in Florida Parks Now That Fight with DeSantis Has Cooled
ORLANDO, Fla. (AP) — Months after Disney and Gov. Ron DeSantis’ appointees agreed to end a protracted legal fight, the two sides are set to approve an agreement that could result in the company investing up to $17 billion into …
Colorado Woman Handcuffed in Police Car Hit by Train Receives $8.5M Settlement
Insurance Journal | June 7, 2024
Colorado Woman Handcuffed in Police Car Hit by Train Receives $8.5M Settlement
A Colorado woman who was seriously injured when a freight train hit the parked police vehicle in which she sat handcuffed has reached an $8.5 million settlement, a lawyer representing two of the involved police officers said. The city of …
US Auto Insurance Market on the Mend; Homeowners Line Volatile: Fitch
Insurance Journal | June 7, 2024
US Auto Insurance Market on the Mend; Homeowners Line Volatile: Fitch
The U.S. personal insurance sector is positioned for improving underwriting performance in 2024. According to Fitch’s latest U.S. Personal Lines Market Update, the change is predicted amid signs that the previous surge in claims severity from higher inflation and supply …