Truck engine maker Cummins agreed to settle a lawsuit filed Wednesday by the Justice Department and California and pay a record-setting fine of about $1.65 billion for installing defeat devices on hundreds of thousands of engines. In December, the Justice …
The U.S. Department of Labor on Jan. 9 issued a final rule, more than a year in the making, on the definition of an independent contractor. First proposed in October 2022, the rule provides guidance to employers in determining if …
The hack of the U.S. Securities and Exchange Commission’s official account on X on Tuesday renewed concerns about the social media platform’s security since its takeover by billionaire Elon Musk in 2022. The hackers posted false news about a widely …
Risk specialists see extreme weather and misinformation as most likely to trigger a global crisis in the next couple of years, a World Economic Forum (WEF) survey released on Wednesday said. While extreme weather was identified as the bigger risk …
The cockpit voice recorder data on the Alaska Airlines Boeing 737 MAX 9 jet which lost a panel mid-flight on Jan. 5 was overwritten, U.S. authorities said, renewing attention on long-standing safety calls for longer in-flight recordings. National Transportation Safety …
According to the MarketScout Market Barometer, U.S. commercial property/casualty insurance rates rose 5.6% in the fourth quarter of 2023, resulting in a total composite rate increase of 4.56% for the whole of 2023. “Calendar year 2023 settled down a bit …
A new survey finds ratings data, changes in the workplace and workforce, medical inflation and economic uncertainty are top of mind concerns for workers’ compensation insurance executives. The National Council on Compensation Insurance (NCCI) released the results of its annual …
The administration of U.S. President Joe Biden will release a final rule as soon as this week that will make it more difficult for companies to treat workers as independent contractors rather than employees that typically cost a company more, …
A new Chubb report has found that 76% of wealthy Americans and Canadians believe exposure to extreme weather due to climate change is among the biggest threats to their homes. Sixty-three percent of respondents to the property and casualty insurance …
Natural catastrophes in 2023 caused global economic losses of US$250 billion, with insurers and reinsurers paying US$95 billion of that amount, according to Munich Re. Last year’s insured losses of US$95 billion are close to the five-year average of US$105 …
