Magnitude-5.5 quake hits Mexico
The U.S. Geological Survey has said that an earthquake of magnitude 5.5 hit Puerto Madero in Mexico on April 24.
Judge issues order halting COVID comp expansions
An Illinois judge issued a temporary restraining order that halts workers compensation expansions for employees who acquire COVID-19 from taking effect in the state.
Former Swiss Re CEO Stefan Lippe dies
Stefan Lippe, CEO of Swiss Re Ltd. from 2009 to 2012 and a veteran executive who worked at the reinsurer for more than 30 years, has died of complications from COVID-19, according to Swiss press reports. He was 65.
Everest Re hit with $150M in losses from pandemic
Everest Re Group Ltd. estimated its first-quarter earnings will be hit by $150 million in pretax losses from the COVID-19 pandemic, mainly from its reinsurance business.
Everest Re makes coronavirus claims provision of $150 million
Bermuda-based reinsurer Everest Re Group Ltd. has made a provision of $150 million for potential COVID-19-related claims in the first quarter.
Singapore’s energy insurance capacity declines
George Nassaouati, head of natural resources Asia at U.K.-based insurance broker Willis Towers Watson PLC, said that upstream energy insurance capacity in Singapore has fallen significantly since last year.
UK cruise industry could lose $3 billion due to pandemic
The U.K.’s cruise industry is expected to lose nearly £2.4 billion ($3 billion) as a result of a 90-day suspension of services due to the COVID-19 pandemic.
Latin America’s tourism sector reeling
The COVID-19 pandemic has hit Latin America’s tourism and hospitality sector hard, with most countries imposing strict curfews, travel restrictions and mandatory lockdowns.
Floods to cause $1.7 trillion of property damage per year by 2050
The World Resources Institute predicted that floods are likely to cause $1.7 trillion worth of damage per year to urban property across the world by 2050, compared with $174 billion currently.
Terrorism insurance market stable, loss could create friction
Past changes to the federal terrorism insurance backstop have reduced the governments exposure to the program and the market for coverage remains stable, but there is potential for confusion over coverage issues should a loss occur, according to reports released this week by the congressional watchdog.
EEOC’s COVID-19 testing guidance raises questions: Expert
The U.S. Equal Employment Opportunity Commission has officially sanctioned employer use of COVID-19 testing, but its updated guidance on the issue raises several unanswered questions, an expert says.
AIG unit wins coverage dispute with chemical firm
Liability cannot be allocated across multiple insurers and policy periods when damage occurred at a discernible time, said the Ohio Supreme Court Thursday, in ruling in favor of an American International Group Inc. unit in a dispute with a chemical company.
Governor asked to tread lightly on comp for COVID-19
Several business groups this week are calling on California Gov. Gary Newsom to be cautious in issuing an executive order that would clear red tape for worker compensation benefits to essential workers suffering from COVID-19, as other states have done.
Employers plot strategies for bringing workers back onsite
Fifty-four percent of employers intend to reduce the number of onsite employees when planning return-to-work strategies amid the ongoing coronavirus pandemic, according to survey results released by Mercer Human Resource Consulting.
The BI Top 10: Week of April 20, 2020
Interest in COVID-19 litigation is running high, as businesses across a range of industries sue insurers seeking payment of business interruption claims. Topping this weeks Top 10 is a report on Travelers striking back with a claims denial suit.
When the (former?) royal court must tele-court
Englands Duke and Duchess of Sussex, now known as Harry and Meghan and living in Los Angeles, dialed into a London high court hearing on Friday to prepare for Meghan Markel’s lawsuit against Associated Newspapers, which she claims violated her rights when they published a letter she had written to her father.
Apple says no evidence iPhone mail flaw used against customers
Apple Inc. said on Thursday it has found “no evidence” a flaw in its email app for iPhones and iPads has been used against customers, and that it believes the flaw does “not pose an immediate risk to our users.”
Floods to cause $1.7 trillion of property damage per year by 2050
The World Resources Institute predicted that floods are likely to cause $1.7 trillion worth of damage per year to urban property across the world by 2050, compared with $174 billion currently.
Everest Re makes coronavirus claims provision of $150 million
Bermuda-based reinsurer Everest Re Group Ltd. has made a provision of $150 million for potential COVID-19-related claims in the first quarter.
NYC comptroller urges insurers to sever ties with coal
New York City Comptroller Scott Stringer on Friday urged the executives of three large insurance companies to end their ties with the coal industry.