The Bank of England, Institute and Faculty of Actuaries and the Financial Conduct Authority are all calling for greater resilience… Source link
A Franklin County judge blocked last week a state law that eliminated Ohioans’ special legal powers to sue polluting neighbors like steel or other industrial plants that spit smoke, ash or other fumes into the sky. This marks the second time in a short few years that environmental interests have managed to squash, at least …
Severe storms and flooding dominate loss picture in third-worst summer on record Source link
AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) for the members of Ohio Mutual Insurance Group (OMIG) based in Bucyrus. The outlook of the FSR is stable. The …
Group will study ways to better map novel or pressing risks in the casualty sector, such as social inflation, PFAS… Source link
Zurich American does not get to reclassify a loss as one with a much higher deductible after it had already paid part of the claim, a federal appeals court said in a case involving rain damage to a massive solar farm in Georgia. “Golfers get mulligans. But in this case, the insurance company does not,” …
German reinsurance giant lifts full-year guidance as third-quarter result beats analyst concensus Source link
Gas prices in two Midwestern battleground states saw further hikes on Thursday as the region’s market grapples with a refinery issue in Illinois. In Michigan, prices rose to $4.74 a gallon on Thursday, up from $4.59 a gallon on Wednesday, according to GasBuddy, a fuel savings app that tracks prices in live time. In Ohio, …
Firms will no longer require authorisation for hiring a wide range of senior executives, including chief actuaries and the chairs… Source link
The Justice Department announced that the owners of a residential rental property in Oklahoma City have agreed to pay $52,500 to resolve a lawsuit alleging that they refused to rent a one-bedroom apartment to a single mother upon learning that she would be living with her child, in violation of the Fair Housing Act. Under …
Vulnerabilities could expose insurers to delayed claims from compromised systems, potentially complicating loss attribution across policy periods Source link
A class-action lawsuit has been filed in an Australian court against Meta Platforms’ Facebook and Instagram that alleges the social media platforms exposed children to harmful content and kept them addicted through algorithms. The lawsuit, filed in the Federal Court, Australia’s second-highest, by law firm MinterEllison this month could be the first in Australia to …