State of calamity declared in Philippine region due to Taal unrest
The Philippines has declared a state of calamity in Calabarzon region following the eruption of Taal volcano.
Opioid companies say lawyers’ fee demand threatens settlement talks
(Reuters) Johnson & Johnson and other drug companies facing thousands of lawsuits over their role in the opioid epidemic have warned that settlement talks will be severely jeopardized if plaintiffs’ lawyers are allowed to assess a fee payment worth billions of dollars.
Tokio Marine to offer terrorism, political violence insurance
Japan-based Tokio Marine & Nichido Fire Insurance Co. Ltd. plans to launch terrorism and political violence insurance ahead of the 2020 Olympics, which is scheduled to be held in Tokyo.
Outbreak could cost aviation industry more than $30 billion
The International Air Transport Association expects the coronavirus outbreak to cost the global aviation industry 30 billion ($33 billion).
Mexico seeks to raise up to $525 million from cat bond
Mexico is seeking to raise up to $525 million from its catastrophe bond issuance to provide parametric earthquake and hurricane protection.
Australian banks receive DDoS threats
Banks and other financial organizations in Australia have been receiving emails with threats to carry out distributed denial of service attacks unless they pay ransom in cryptocurrency.
Liability insurance sales surge
Indian insurers enjoyed an average 50% increase in the sale of liability insurance policies due to rising strife in the country.
Change in law could unlock alternative capital sources
A report by U.S.-based credit rating agency A.M. Best Co. Inc. said that a change in South Korea’s Insurance Business Act permitting co-insurance to be used as a type of reinsurance arrangement may unlock opportunities and alternative capital sources for insurers.
India allows 100% FDI for insurance intermediaries
The Indian government has changed its investment rules to allow 100% foreign direct investment for insurance intermediaries, which include insurance brokers and third party administrators.
Insurers could lose billions if Tokyo Olympics canceled
(Reuters) Global insurers face a hefty bill if the coronavirus forces the cancellation of the Summer Olympics in Tokyo, with estimates of the cost of insuring the sporting showpiece running into billions of dollars.
Facebook axes meeting as virus spreads; insurance events still on
Facebook Inc.s annual developer conference scheduled for May 5 and 6 in California is the latest international conference to be canceled amid rising fears over the coronavirus outbreak.
Comp pays more than group health for comparable injuries: NCCI
Workers compensation pays more than group health to treat comparable injuries, according to a new study comparing costs for treating various injuries in 27 states.
The BI Top 10: Week of Feb. 24, 2020
As the coronavirus outbreak spreads, interest in its implications for insurers and policyholders grows. A major shake-up in the upper ranks of Aon has also drawn considerable interest.
SEC orders Wells Fargo pay $35M to settle products charges
(Reuters) The U.S. Securities and Exchange Commission said on Thursday it ordered Wells Fargo & Co. to pay $35 million to settle charges it failed to adequately supervise investment advisers who were recommending high-risk products.
Volkswagen reaches $900M deal with consumers over diesel scandal
(Reuters) Volkswagen and a major German consumer group said on Friday that they had reached an 830 million euro ($902.04 million) agreement in a class action lawsuit over the carmaker’s rigging of diesel emissions tests.
Outbreak could cost aviation industry more than $30 billion
The International Air Transport Association expects the coronavirus outbreak to cost the global aviation industry 30 billion ($33 billion).
Outbreak meets another cat bond trigger condition
The coronavirus outbreak has met another condition within the trigger mechanism of the World Bank Group’s $320 million pandemic catastrophe bond.
AIG unit has no duty to defend lumber company: Appeals court
A federal appeals court has affirmed an American International Group Inc. unit has no duty to defend a lumber company in a case in which it had sold fire-retardant lumber that was not properly certified.
Berkley unit not obligated to defend in fracking case
A W.R. Berkley unit is not obligated to pay defense and indemnity costs in connection with an explosion caused by a flicked cigarette lighter at a fracking site under its commercial auto coverage, says a federal appeals court, in partially reversing a lower court ruling.
Bill to study repetitive motion injuries passes Va. Senate
The Virginia Senate narrowly passed legislation to direct the states Workers Compensation Commission to examine the implications of covering repetitive motion injuries in the states comp system.