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U.S. P/C Industry Records $26.5 Billion Underwriting Loss in 2022
The U.S. property/casualty (P/C) industry recorded a $26.5 billion net underwriting loss in 2022, down $21.5 billion from the prior year’s underwriting loss of $5 billion, according to a report published by AM Best. The underwriting loss came despite an …
POSTED MARCH 23, 2023 1:07 PM |
Florida Insurance Agent Who Used $5M in Premiums for Safari, Condos Gets 14 Years
More than 18 months after he pleaded guilty to absconding with almost $5 million in premiums, a Florida insurance agent has been sentenced to 14 years in prison. John M. Thomas, 52, the former owner of Thomas Insurance agency in …
POSTED MARCH 23, 2023 1:01 PM |
These Southwestern Counties Were Ranked Safest from Natural Disasters
A city in New Mexico and five counties in Colorado ranked in the top 10 for lowest-risk areas for natural catastrophes. A study by global property information provider CoreLogic detailed the least risky places to live in the U.S. from …
POSTED MARCH 23, 2023 12:00 PM |
Long-Term Drought in Spain Expected to Bring More Heatwaves, Wildfires
MADRID (AP) – Spain has officially entered a period of long-term drought, owing to high temperatures and low rainfall over the past three years, and likely faces another year of heatwaves and forest fires. The country’s Aemet weather agency said …
POSTED MARCH 23, 2023 10:33 AM |
Lloyd’s of London Swings to 2022 Pre-Tax Loss on Investments but U/W Profits Up
Lloyd’s of London swung to a pre-tax loss in 2022 and took writedowns on its fixed-income investments, it said on Thursday. The pre-tax loss was 800 million pounds ($982.56 million), compared with a profit of 2.3 billion pounds a year …
POSTED MARCH 23, 2023 7:47 AM |
Japanese Shipping Firm Seeks Government Support for Russia Insurance Risk
Major Japanese shipping company Nippon Yusen KK is seeking a government guarantee to insure vessels at risk from Russia’s war in Ukraine. Conditions for getting war insurance for ships entering Russian territorial water have gotten stricter, said Takaya Soga, the …
POSTED MARCH 23, 2023 7:27 AM |
Oil Spills and Near Misses: Growing Numbers of Ghost Tankers Ship Sanctioned Fuel
An oil tanker runs aground off eastern China, leaking fuel into the water. Another is caught in a collision near Cuba. A third is seized in Spain for drifting out of control. These vessels were part of a “shadow” fleet …
POSTED MARCH 23, 2023 7:03 AM |
GM Must Face Class Actions Over Defective Transmissions
A federal judge in Detroit certified class actions for drivers in 26 U.S. states who accused General Motors Corp. of producing faulty transmissions for about 800,000 vehicles from the 2015 to 2019 model years. Monday’s decision by U.S. District Judge …
POSTED MARCH 23, 2023 6:00 AM |
Supreme Court Chews on Jack Daniel’s Fight Against Parody Dog Toy
U.S. Supreme Court justices on Wednesday sniffed around for a way to resolve a dispute over a dog toy parodying a Jack Daniel’s whiskey bottle, though they clearly did not consider the case – exploring the boundary between creative expression …
POSTED MARCH 23, 2023 5:03 AM |
Kentucky Governor Signs Bill: Guaranty Fund Won’t Pay Claims from Self-Insurers
Kentucky’s governor this week signed into law a bill that seeks to make one thing perfectly clear: The Kentucky Insurance Guaranty Association will not pay claims from defunct self-insurers that are not members of the association. “The new law basically …
POSTED MARCH 23, 2023 5:01 AM |
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