The message appears to be getting through to consumers: Excessive insurance litigation is not good for insurance costs. According to a new survey from the Independent Insurance Agents & Brokers of America (the Big I), 64.3% of those surveyed are …
Category: East
UK Insolvencies Surge as Higher Business Costs Deepen Strain
UK insolvencies are rising sharply, with a leading trade credit insurer saying any new government policies that stand to raise business costs risk further pressuring vulnerable sectors. The increase reflects the impact of measures announced in last year’s budget, including …
Three Swiss Insurers Added to G20 Watchdog Resolution Plan List
Zurich Insurance, Swiss Re, and Swiss Life have been added to a list of insurance firms that must develop resolution plans in case of insolvency, the G20’s financial watchdog said on Tuesday. The Financial Stability Board published an updated global …
Trucordia Expands in New England With Acquisition of Charles River Insurance
Utah-based Trucordia announced it has acquired Charles River Insurance, an independent insurance agency based in Framingham, Massachusetts that serves the greater Boston and central Massachusetts regions. Charles River Insurance provides personal, commercial, life and health insurance. It has a second …
Royal Bank of Canada Denies Claims of ‘Boys Club’ Culture, Bias Against Women
Royal Bank of Canada denies claims that it fostered a “boys’ club” environment at its US capital-markets business, disputing allegations that the firm engaged in sex-based discrimination against female bankers and offered unequal pay and promotions to women. In a …
Massive Wildfire Liabilities Push Utilities to Use AI to Stop Blazes
On the hunt for cheap and fast strategies to prevent deadly wildfires, utilities across the US and Europeare contracting with a handful of artificial intelligence startups to map wildfire risk along thousands of miles of power lines, picking out individual …
Deadly Floods Hit Southeast Asia as More Rain Forecast
Heavy rainfall has unleashed deadly floods across Southeast Asia, damaging crops and stranding tourists, with more downpours expected into early next week. Flooding in southern Thailand has killed at least 13 people and swamped around 800,000 households and rubber- and …
Insurers’ Investment in Synthetic Risk Transfers Face Fresh Scrutiny Under EU Proposals
Insurers putting money into one of private credit’s hottest trends will face fresh oversight from the EU’s financial stability watchdog, under new proposals to bridge the gap between member states on a deal to revamp Europe’s securitization market. Denmark, which …
Credit Suisse Fails to Topple $600 Million Rogue-Banker Bill
A Credit Suisse unit in Bermuda lost its UK court fight to topple a $600 million damages award to sanctioned Georgian tycoon Bidzina Ivanishvili. The Privy Council — the top tribunal for cases brought in many British territories — dismissed …
Thanksgiving No. 1 Day of the Year for Cooking Fires in US
Thanksgiving is the No. 1 day of the year for home cooking fires in the U.S., and leaving food unattended is the leading cause, the Red Cross reported. According to the National Fire Protection Association, cooking accounts for 80% of …