Insurance News

News – Insurance Journal Insurance Journal delivers the latest business news for the Property/Casualty insurance industry

  • Trump Says U.S. Has Plan to Contain Coronavirus
    by Alexandra Alper on January 22, 2020 at 3:03 pm

    President Donald Trump said on Wednesday that the United States has a plan in place to contain the coronavirus outbreak. Speaking on the sidelines of the World Economic Forum (WEF) annual meeting in Davos, Switzerland, Trump said: “We do have …

  • Marsh Sees Hike in Demand for Political Violence Insurance in Gulf After Tanker Attacks
    by Davide Barbuscia on January 22, 2020 at 2:53 pm

    Marsh, one of the world’s largest insurance brokers and risk advisers, has seen a spike in clients’ inquiries for political violence cover in the Gulf after attacks on tankers and oil installations rattled the region last year, an executive said. …

  • Ransomware Exposure Driving Up Cyber Insurance Costs
    by Suzanne Barlyn on January 22, 2020 at 2:31 pm

    U.S. insurers are ramping up cyber-insurance rates by as much as 25% and trying to curb exposure to vulnerable customers after a surge of costly claims, industry sources said. The changes follow a challenging year of hackers using malicious programs, …

  • Philadelphia Teachers Union Suing District Over Asbestos in Schools
    on January 22, 2020 at 2:28 pm

    The union representing public school teachers in Philadelphia is suing the district over its handling of asbestos contamination in schools, the union said Monday. The Philadelphia Federation of Teachers suit comes after the city school district was forced to close …

  • PMA Companies Names Consiglio as Vice President of Northeast Region
    on January 22, 2020 at 2:23 pm

    PMA Companies has named Jeanne Consiglio as vice president of the Northeast region. In her new role, Consiglio will be responsible for leading the company’s strategic growth objectives in Connecticut, the New York City metropolitan area, Massachusetts, Rhode Island, Vermont …

  • Massachusetts’ Sayata Labs Hires King Flynn as Head of Insurance
    on January 22, 2020 at 2:15 pm

    King Flynn has joined Sayata Labs, a Boston, Mass.-based, Axa-backed insurtech startup, as head of Insurance. Sayata helps insurance carriers and brokers accelerate their mid-market cyber business while simultaneously providing insureds with knowledge about their cyber posture so they can …

  • Pennsylvania Insurance Commissioner Appointed as NAIC Committee Chair
    on January 22, 2020 at 2:07 pm

    Pennsylvania Insurance Commissioner Jessica Altman has been selected for the second consecutive year to serve as chair of the Health Insurance and Managed Care Committee of the National Association of Insurance Commissioners (NAIC), the organization reported in announcing its leadership …

  • Natural Disasters in Past Decade Broke Records for Economic, Insured Losses: Aon
    on January 22, 2020 at 1:56 pm

    The past decade broke new records in terms of economic damages and insured losses, according to Aon’s latest catastrophe report. The costs to global economies reached US$2.98 trillion between 2010 and 2019, which was US$1.19 trillion higher than 2000-2009, said …

  • Pandemic Fears Grow as China Steps Up Efforts to Control New Flu-Like Coronavirus
    by Cate Cadell and David Stanway on January 22, 2020 at 12:55 pm

    Deaths from China’s new flu-like virus rose to nine on Wednesday with more than 470 confirmed cases, heightening global fears of contagion from an infection suspected to have come from animals. The previously unknown and contagious coronavirus strain emerged from …

  • Former Iowa Agent Sentenced to Federal Prison for Fraud
    on January 22, 2020 at 6:42 am

    A Muscatine, Iowa, insurance agent has been sentenced to 18 months in federal prison for wire and mail fraud. Federal prosecutors for Iowa said that Ashley Erin Murphy Schneider, 37, was sentenced Thursday in Davenport’s federal courthouse after pleading guilty …

  • Ohio State Doctor Abuse Lawsuits, Investigation Have Cost $9.8M, So Far
    by Kantele Franko on January 22, 2020 at 6:39 am

    The investigation and related lawsuits about alleged sexual abuse decades ago by an Ohio State University team doctor have cost nearly $10 million so far, according to the school. The total was about $9.8 million as of December, school spokesman …

  • North Carolina Awarded $281M for Hurricane Damage by Army Corps
    on January 22, 2020 at 6:12 am

    The Army Corps of Engineers will award $281 million to a North Carolina city and county heavily impacted by Hurricanes Matthew and Florence. The Corps will release $237 million to Surf City/ North Topsail Beach and $44.5 million to Carteret …

  • Earthquake Felt in Eastern Tennessee, Kentucky
    on January 22, 2020 at 6:06 am

    A small earthquake hit East Tennessee on Monday, officials said. The U.S. Geological Survey said a magnitude 3.8 earthquake struck near Fincastle, Tennessee in Campbell County. A USGS map showed it was felt around East Tennessee and southern Kentucky. It …

  • Toyota to Recall 3.4 Million Vehicles Over Defect in Air Bags
    by David Shepardson on January 22, 2020 at 6:00 am

    Toyota Motor Corp. said on Tuesday it will recall 3.4 million vehicles worldwide because of an electronic defect that can result in air bags not deploying in crashes. The recall, which includes 2.9 million U.S. vehicles, covers 2011-2019 Corolla, 2011-2013 …

  • Iran Crash Victims May Need Political Backing in Fight for Damages
    by Tracy Rucinski and Tim Hepher on January 22, 2020 at 6:00 am

    Families of the 176 people killed when Iran shot down a Ukrainian airliner face a complicated legal battle where backing from the victims’ governments may be crucial as they seek damages, legal experts said. Lawyers say many relatives will automatically …