Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Merck Settles Coverage Dispute With Insurers Over War Exclusion in NotPetya Attack
Jan 5 2024 // Merck & Co. Inc. has reportedly reached a deal with insurers over a closely-watched coverage dispute related to a massive cyberattack in 2017. The New Jersey Supreme Court in July 2023 agreed to hear the case after a...
AM Best: Japan Quake’s Effect on Insurers ‘Manageable; KCC Says Losses to Hit $6.4B
Jan 5 2024 // The earnings impact on the major domestic non-life insurers of claims from the Jan. 1, 2024 earthquake in Japan is expected to be manageable relative to the sector’s net profit, according to AM Best in a market...
Insurer AIG Leads Policy for Japan Airlines Plane Involved in Runway Collision: Sources
Jan 3 2024 // U.S. insurer AIG was the lead insurer on a $130 million “all-risks” policy for the Japan Airlines airplane which collided with another plane at Tokyo’s Haneda airport, two insurance industry sources said...
P/C Insurers Responsible for Nearly 7,000 Layoffs in 2023
Jan 3 2024 // U.S. property/casualty insurance carriers led layoffs in the insurance industry last year, according to S&P Global Market Intelligence analysis. Nearly 20 companies reduced staff in 2023, cutting at least 6,800 jobs,...
McKinsey to Pay $78 Million to Settle Opioid Claims by Insurers
Jan 3 2024 // McKinsey & Co. is poised to pay $78 million to health insurers and company benefit plans, in its latest settlement of lawsuits over its role advising opioid makers in their sales of the painkillers. The proposed...
Extreme Weather in Germany Costs Insurers US$5.4 Billion in 2023: GDV
Dec 29 2023 // Extreme weather in Germany again caused high insurance claims this year, with an estimated price tag of €4.9 billion (US$5.4 billion) during 2023, according to the German Insurance Association (GDV). This extreme weather...
Appraisal Isn’t Arbitration, Alabama High Court Says in Dismissing Insurer Appeal
Dec 29 2023 // A petition to invoke appraisal is not the same thing as a motion to compel arbitration, the Alabama Supreme Court ruled Friday. The high court dismissed an appeal by Great American Insurance Co. that sought to overturn a...
Title Insurer Reports Another Cybersecurity Event; Fitch Monitoring Ratings
Dec 29 2023 // Less than a month after New York insurance regulators said a title insurer would pay $1 million for violations of a cybersecurity regulation stemming from a 2019 breach, the holding company for the insurer revealed a more...
Colombia to Pay $215 Million in Liabilities to Health Insurers
Dec 28 2023 // The Colombian government will pay private health insurers 820 billion pesos ($215 million) of funds owed since last year for high-cost treatments and medicines, according to a letter by the health ministry. In the letter...
Bulk Carrier Hits Mine in Black Sea, 2 People Injured, Ukraine Says
Dec 28 2023 // A Panama-flagged bulk carrier that was headed to a River Danube port to load grain hit a Russian mine in the Black Sea on Wednesday, injuring two crew members, Ukrainian officials said on Thursday. It was the latest...
Japan Orders 4 Non-Life Insurers to End Anti-Competitive Business Practices
Dec 27 2023 // Japan ordered four major non-life insurance companies to improve business practices in connection with anti-competitive activity that aimed to keep premiums high, Finance Minister Shunichi Suzuki said on Tuesday. The order...
UK Signs Swiss Financial Services Deal, Easing Post-Brexit Access for Insurers, Brokers
Dec 22 2023 // The UK and Switzerland signed an agreement to recognize each other’s laws and regulations in financial services, easing post-Brexit market access for firms including banks, insurers and asset managers. Chancellor of...
California Commissioner Warns Insurers About Auto Insurance Consumer Complaints
Dec 22 2023 // California Insurance Commissioner Ricardo Lara issued an official notice to insurers regarding consumers who have been reporting issues obtaining auto insurance coverage. The California Department of Insurance continues to...
HDI Global Acquires Indiana Lubermens Insurance Company
Dec 21 2023 // HDI Global Insurance Company (HDI) has acquired Indiana Lumbermens Insurance Company (ILIC), a subsidiary of Pennsylvania Lumbermens Mutual Insurance Company (PLM). HDI has purchased one hundred percent (100%) of the...
Citgo Wins $54M from Lloyd’s Insurers After Oil Seized by Venezuela Government
Dec 21 2023 // (Bloomberg) — Citgo Petroleum Corp. was awarded an insurance payment of more than $54 million for almost 1 million barrels of crude seized by the Venezuelan government. A jury in federal court in Manhattan decided...
Parametric Re/Insurer NormanMax Gets ‘in Principle’ Nod to Launch Lloyd’s Syndicate
Dec 21 2023 // NormanMax Insurance Holdings, the Miami, Florida-based parametric re/insurance group, has received “in principle” approval from Lloyd’s to launch a syndicate, which will be managed by Apollo Syndicate...
Banks, Insurers Temporarily Dodge Full Impact of EU’s Harshest ESG Law to Date
Dec 19 2023 // The finance industry will be shielded from the full scope of the European Union’s most consequential piece of ESG legislation to date, as the bloc settles on a compromise to help it get the bill over the finish...
Shadow-Fleet Oil Tanker Insurer Gets Shut Down by Marshall Islands
Dec 19 2023 // A company that offers insurance to the burgeoning shadow fleet of oil tankers — including one that ran aground off the coast of Indonesia — was shut down by the Marshall Islands, the firm’s only published...
Florida Court Rulings, Legislation Could Impact Insurers’ Claims Practices
Dec 19 2023 // Recent Florida legislation that has limited plaintiffs’ attorney fees and has raised the bar for bringing bad-faith claims against insurers appears to have already had an impact on the level of claims litigation in...
Update: London Marine Insurers Widen High Risk Zone in Red Sea as Attacks Surge
Dec 18 2023 // London’s marine insurance market has widened the area in the Red Sea it deems as high risk after a surge in attacks on commercial ships, according to a statement issued on Monday. Guidance from the Joint War...
