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Category: Insurance Journal

Massachusetts Restores 911 Emergency System After Outage of Several Hours
Insurance Journal | June 20, 2024
Massachusetts Restores 911 Emergency System After Outage of Several Hours
The 911 system across Massachusetts was restored Tuesday after going down for several hours, which made it impossible for anyone to reach emergency services through the call number. The Massachusetts State Police announced around 3:45 p.m. that the system had …
Allstate Reports May Pretax Catastrophe Losses of $1.4B
Insurance Journal | June 20, 2024
Allstate Reports May Pretax Catastrophe Losses of $1.4B
Allstate Corp. on Thursday reported May pretax catastrophe losses of about $1.4 billion. The Northbrook, Illinois-based insurer said 14 events contributed to nearly $1.5 billion in catastrophe losses for May, with 70% attributable to five wind and hail events mostly …
Southern Germany Floods to Cost Insurers $2.6 Billion-$3.9 Billion: Verisk
Insurance Journal | June 20, 2024
Southern Germany Floods to Cost Insurers $2.6 Billion-$3.9 Billion: Verisk
Estimated insured losses from flooding, which hit Southern Germany on May 15-June 5, will range from €2.4 billion (US$2.6 billion) to €3.6 billion (US$3.9 billion), according to Verisk, the data analytics and technology firm. Moody’s RMS recently estimated insured losses …
Drone-Sinking of Coal Ship Boosts Red Sea Perils, Drives Surge in Insurance Costs
Insurance Journal | June 20, 2024
Drone-Sinking of Coal Ship Boosts Red Sea Perils, Drives Surge in Insurance Costs
The sinking of a coal-carrier by a sea drone has boosted the risk of navigating the vital Bab el-Mandeb chokepoint to a new level and is driving a fresh surge in insurance costs. The British navy said Tuesday that the …
Number of Companies Setting Climate Transition Plans Jumps 44% in 2023: Research
Insurance Journal | June 20, 2024
Number of Companies Setting Climate Transition Plans Jumps 44% in 2023: Research
The number of companies saying they have a climate transition plan in line with the world’s most ambitious goal has jumped by nearly half, but many do not give investors enough information to check the claims, according to non-profit data …
Tropical Storm Alberto Strengthens as System Approaches Mexico
Insurance Journal | June 20, 2024
Tropical Storm Alberto Strengthens as System Approaches Mexico
Tropical Storm Alberto is strengthening as the system neared the Gulf coast of Mexico, and is expected to dump heavy rain across the northeast of the country and into southern Texas. The center of Alberto is expected to reach the …
Singapore Highlights Banks as Posing Highest Money Laundering Risk
Insurance Journal | June 20, 2024
Singapore Highlights Banks as Posing Highest Money Laundering Risk
Singapore’s banking sector, including wealth management, poses the highest money laundering risk in the city-state, the government said in a money laundering risk assessment report published on Thursday. Banks had higher exposure to money laundering threats and could be more …
Shipping Industry Urges Red Sea Action as Houthis Sink Second Vessel
Insurance Journal | June 20, 2024
Shipping Industry Urges Red Sea Action as Houthis Sink Second Vessel
Urgent action must be taken in the Red Sea to stop attacks on merchant shipping by Yemen’s Houthis, leading industry groups said on Wednesday, after the sinking of a second ship. Iran-aligned Houthi militants first launched drone and missile strikes …
City Firms Don’t Have an Answer for UK Regulators on Workplace Sexual Harassment
Insurance Journal | June 20, 2024
City Firms Don’t Have an Answer for UK Regulators on Workplace Sexual Harassment
Hundreds of UK banks, brokers and insurers missed a deadline to respond to the financial watchdog’s survey on sexual harassment and bullying in the City, suggesting that firms are struggling to grasp the scale of the problem. In February, the …
Excessive Heat An Increasing Concern in Workers Comp: WCRI
Insurance Journal | June 20, 2024
Excessive Heat An Increasing Concern in Workers Comp: WCRI
With temperatures pushing above 90 degrees in parts of the Midwest and Northeast United States this week, many American workers are clocking in during what AccuWeather described as an “intense heat wave that is impacting more than 135 million people.” …