Reinsurance sector maintains balance in wobbly market
Overcapacity and limited losses continue to vex reinsurance markets, but rating agency S&P says it’s maintaining its stable outlook on the sector as reinsurers strive to remain competitive.
Bahamas fails to renew catastrophe risk policy, misses out on $32-million payout
Hubert Minnis, prime minister of Bahamas, said that the previous government failure to renew its insurance policy with Cayman Islands-based Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Co. cost the country more than $32 million in insurance payouts.
Barclays Africa to fight $86-million fine over acquisition benefits
South Africa-based banking firm Barclays Africa Group Ltd. said that it will appeal a court decision that it should pay an $86 million fine over its acquisition of Bankorp Ltd.
Lack of data sharing and poor collaboration hampers maritime supply chain
A report by U.S.-based Business Performance Innovation Network found that the maritime industry and ocean supply chain are suffering from major and costly inefficiencies due to ineffective data sharing and poor cross-industry collaboration.
Cybercrime, fraud cost UK nearly $14 billion
U.K.-based online security platform Get Safe Online Ltd. and the National Fraud Intelligence Bureau said that cybercrime and fraud cost U.K.’s economy nearly £11 billion ($14 billion) in the 12 months to October 2016.
Annual cost of natural disasters likely to surpass $17 billion by 2050: Official
Mal Cronstedt, executive director at Western Australia’s Office of Emergency Management, said that the forecast annual cost of natural disasters in the country is set to rise to about $23 billion Australia ($17.4 billion) by 2050 from AUD 6.3 billion.
Protectionism, fragmented regulation top emerging risks for insurers: Swiss Re
A report by Swiss Re Ltd. has found that reduced market access due to protectionism, regulatory fragmentation and cloud risk accumulation are the top emerging risks for the insurance industry.
Property damage from storm Bret likely to run into millions
Storm Bret is likely to have caused millions of dollars worth of property damage in Trinidad.
South Korea to promote cyber insurance market
South Korean Ministry of Science, ICT & Future Planning has signed a research agreement with the Consortium of Computer Emergency Response Team aimed at accelerating the growth of the domestic cyber insurance market.
Honda halts production following cyber attack
Japan-based automaker Honda Motor Co. Ltd. said that it temporarily halted production at its plant in Sayama, near Tokyo, after discovering WannaCry ransomware virus in its computer system.
Insurer likely to face $1 billion bill for Grenfell Tower fire
Norway-based insurer Protector Forsikring A.S.A. is likely to face a bill of $1 billion for the June 14 Grenfell Tower fire.
OSHA tackles workplace violence, temporary worker risks
A complaint and eventual settlement over workplace safety lapses at a Mississippi prison demonstrates how OSHA aims to encourage and require employers to take steps to mitigate workplace violence risk.
Marcell named president of Aon Benfield
Aon Benfield, the reinsurance and capital advisory unit of Aon P.L.C., has named Andy Marcell as its president, effective immediately.
Appeals court rules against EEOC in AutoZone discrimination case
The 7th Circuit has upheld dismissal of a case filed by the EEOC in which the agency contended that a black employee who was laterally transferred from a store with a largely Hispanic clientele had been discriminated against.
FM Global coverage dispute with DirecTV reinstated
It is up to a jury to decide whether FM Global is obligated to indemnify an AT&T unit under its business interruption policy for damage to a supplier’s facilities caused by monsoonal flooding in Thailand, says the 9th Circuit.
Alliant names CFO of new specialty group
Alliant Insurance Services Inc. said Thursday that Reshma Dalia has been promoted to chief financial officer of the brokers recently formed Alliant Specialty Group.
$5 million lawsuits: 4-by-4 lumber not 4 inches by 4 inches
Two popular home-improvement stores are accused of selling 4-by-4 lumber that dont measure up, according to parallel lawsuits filed this month.
National flood insurance legislation passes House committee
The House Financial Services Committee has adopted a series of measures to reform and reauthorize the National Flood Insurance Program for five years.
Human behavior at center of workplace safety debate
Two philosophies aimed at reducing workplace injuries and fatalities behavior-based safety and human and organization performance are somewhat at odds with each other, but they have the same goal.
Vote on Pennsylvania opioid bill delayed
The Pennsylvania House of Representatives has postponed a vote on a bill that would limit injured workers access to prescription drugs like opioids.