Express Scripts buys specialty workers comp PBM
Pharmacy benefit manager Express Scripts is buying workers compensation PBM Matrix Healthcare Services Inc., which does business as myMatrixx, for an undisclosed sum.
Markel to establish German insurance unit due to Brexit
Specialty insurer Markel plans to establish an insurance subsidiary in Germany within the first half of 2018 in response to the Brexit negotiations.
Kenyan insurer launches cover for schools
Kenya Orient Insurance Ltd. has launched a new policy called Orient School Pack, which covers learning facilities, students, farms, vehicles, livestock and crops as well as personal and group accident for learners and non-teaching staff.
Floods cause widespread structural damage in Jamaica
Floods in Jamaica have affected utilities and communications services, damaged bridges and blocked roads, with Clarendon district worst hit.
Insurance sector’s growth to remain almost flat amid economic slowdown: Official
Jose Manuel Camposano, head of Chilean insurance association Asociacion de Aseguradores de Chile A.G., said that the insurance sector is likely to grow by only 1% this year due to economic slowdown.
Cat bond issuance rises to more than $7 billion, overtakes 2016 issuance
Catastrophe bond issuances totaled $7.14 billion this year, overtaking the 2016 issuance and helping the outstanding market reach a record $28 billion.
Spiking premiums spur business to go bare
Michael McGrath, finance spokesman of Irish political party Fianna Fail, said that hikes of 40% in insurance premiums have led to local businesses not buying policies.
Jamaica questions payment to Caribbean Catastrophe Risk Insurance Facility
Jamaican legislators have questioned the purpose of the country continuing to pay millions in insurance premiums into a regional risk pool even though it does not qualify for payouts for damage caused by recent heavy rainfall and hurricanes.
Yokohama suffers $50 million damage tab from warehouse fire
Yokohama Tire Philippines Inc. said that a fire that gutted its warehouse at Clark Freeport Zone in the Philippines on May 14 caused an estimated $50 million worth of damage.
New accounting standard could cost insurers billions of euros
Analysts have said that the introduction of a uniform international book-keeping standard by U.K.-based International Accounting Standards Board in January 2021 will lead to billions of euros in compliance costs for insurers.
Fitch cautions insurers about adding cyber exposures amid underwriting uncertainty
U.K.-based Fitch Ratings Ltd. said that while the current slew of ransomware attacks in more than 150 countries is likely to increase demand for insurance, it recommends that insurers cautiously add cyber exposure.
Germany probing Volkswagen brass
Matthias Muller, chief executive of Germany-based automaker Volkswagen A.G., and his predecessor Martin Winterkorn are facing an investigation by German authorities to check whether they misled investors by delaying information about the company’s cheating on diesel emissions tests.
OSHA delays electronic record-keeping rule compliance date
The Occupational Safety and Health Administration said it will delay the July 1 compliance date for the electronic submission of the 2016 Form 300A, with no new date set.
Zurich Insurance starts using robots to decide personal injury claims
(Reuters) Zurich Insurance Group is deploying artificial intelligence in deciding personal injury claims after trials cut the processing time from an hour to just seconds, its chairman said.
Roger Ailes, former Fox News chief, dies at 77
(Reuters) Roger Ailes, former chief executive of Fox News Channel, has died at age 77, Fox News said.
Ryan unit forms marine claims firm
RSG Underwriting Managers, a unit of Chicago-based Ryan Specialty Group L.L.C., said Thursday that it formed Smooth Waters, L.L.C., a marine insurance consultancy and claims adjusting firm. Smooth Waters will provide claims and consultancy services to RSGUM and its affiliates, according to a RSGUM statement. Smooth Waters will offer loss control services for clients, ranging […]
Cyber insurance takeup rises, though overall penetration remains low
The takeup rate for cyber insurance is increasing, although still less than one-third of firms are buying it, says a new Council of Insurance Agents & Brokers survey.
Former Bank of America worker wins appeal on defamation charge
A reasonable jury could conclude Bank of America N.A. acted with malice when, without a thorough investigation, it reported to a third-party data base monitoring fired bank employees that it had evidence of a former employee’s criminal wrongdoing, says a federal appeals court, in reversing a lower court ruling. Salma Aghmane, a former vice president […]
Fiat Chrysler shares drop on US diesel emissions probe
(Reuters) – The U.S. Justice Department is preparing to file a civil suit against Fiat Chrysler Automobiles for selling 104,000 vehicles that emit excess diesel emissions.