Comp insurer issues early dividends for 2020
Accident Fund Insurance Company of America, a member of AF Group, announced Tuesday that it has granted $3.5 million in early dividend payments to chambers of commerce, associations, hospitality and other groups who achieved targeted safety results in 2020.
D&O insurance premiums rise 100%
A survey by U.S.-based Marsh LLC found that rates for directors and officers liability insurance surged rose more than 100% in the United Kingdom in the second quarter of the year as insurers fear that the coronavirus pandemic will lead to hefty litigation claims.
Only 30% of Beirut blast damage insured
The Association of Insurance Companies in Lebanon said that only 30% of the damage caused by the Aug. 4 explosion at the Port of Beirut is insured.
Axa mulls sale of Singapore unit
French insurer Axa SA is considering the sale of its Singapore unit.
Typhoon hits South Korea, causes widespread damage
Typhoon Jangmi made landfall in South Korea’s Gyeongsang province on Aug. 10, and killed 42 people and damaged more than 14,000 facilities.
Ship carrying 4,000 tons of fuel at risk of splitting
Japanese shipping company Mitsui OSK Lines-operated bulk carrier MV Wakashio, carrying thousands of tons of fuel, is at risk of splitting apart off the coast of Mauritius.
Brazil proposes ILS regulatory framework
Brazil has proposed regulations to allow for the issuance of insurance-linked securities to help grow its insurance and reinsurance sector.
Attempt to shut damaged gas well fails again
Oil India Ltd.’s second attempt to close the damaged well, which has been spewing gas for 76 days, at Baghjan oil field in the state of Assam failed when the iron cable to lift the well’s lid snapped.
Sydney Airport loses $37 million due to pandemic
Australia’s Sydney Airport booked a loss of nearly $52 million Australia ($37 million) for the first six months of the year, due to the COVID-19 pandemic.
Alera acquires middle-market brokerage
Alera Group Inc. has acquired Chicago-based brokerage Alper Services LLC, Alera said in a statement Tuesday.
Origami Risk, AI firm partner
Origami Risk LLC and Gradient A.I. Corp. have formed a partnership allowing Gradients claims and policy modeling capabilities and predictive analytics resources to be used on Origamis digital platform, the companies said in a joint release Tuesday.
Tennessee Senate introduces COVID-19 presumption bill
The Tennessee Senate introduced a bill Monday that would make COVID-19 an occupational disease for essential workers under certain conditions.
Secondary perils drive global insured cat losses in H1
Global insured property losses from disasters totaled $31 billion in the first half of 2020, up 34.8% from $23 billion in the first half of 2019, Swiss Re Ltd. said in a report Tuesday.
2020 Innovation Award winners announced
Business Insurance on Tuesday announced the winners of the 2020 Innovation Awards.
No Zoom for babies in the background
The pitter-patter of little kids in the background is a work-from-home video conferencing etiquette no-no, according to a survey of 1,000 telecommuting workers in July.
Judge blocks Uber, Lyft from classifying drivers as contractors in Calif.
A California judge on Monday granted the states request for a preliminary injunction blocking Uber Technologies Inc. and Lyft Inc. from classifying their drivers as independent contractors rather than employees.
Ruling overturning provisions of family virus act murky
Last weeks ruling by a federal district court judge in New York that overturns provisions of the Families First Coronavirus Response Act leaves employers in New York and elsewhere with questions as to how to proceed.
Ralph Lauren sues FM Global for COVID-19 cover
Ralph Lauren Corp. has filed suit against Factory Mutual Insurance Co. charging the insurer has tried to wrongfully shoehorn its claim for COVID-19 coverage into a narrow and limited grant of coverage under its all risks policy, when its policy should provide much broader coverage.
Wholesale broker buys Toronto-based MGA
One80 Intermediaries Inc. has acquired Strategic Underwriting Managers Inc., a Toronto-based managing general agent for property, casualty and other specialty insurance products.
China issues yellow alert ahead of typhoon
China’s National Meteorological Center issued a yellow alert for typhoon Mekkhala, which is expected to bring gales and heavy rains to the country’s eastern and southern coastal regions.