Droughts, storms, and torrential rain in some of the world’s largest economies could cost the global economy $5.6 trillion by 2050, according to a report released on Monday. Heavy rains have caused floods in China and South Korea, as well as disruptions in water and electricity supply in India, while drought has threatened farmers’ harvests… Continue reading Floods, Other Water-Related Disasters Could Cost Global Economy $5.6 Trillion by 2050: Report
Author: Farkas Laura
Small Businesses Worry About Meeting Ransomware Demands, Survey Says
A recent survey shows businesses are increasingly concerned about their ability to meet ransomware demands, with many hoping for government assistance in the case of state-sponsored cyber attacks. According to the BlackBerry cyber insurance coverage study, only 19 percent of businesses surveyed have ransomware coverage limits greater than $600,000, while 59 percent hoped the government… Continue reading Small Businesses Worry About Meeting Ransomware Demands, Survey Says
Maury, Donnelly & Parr, Inc. Welcomes Jeff Dietrich as Vice President, Carrier Relations
Maury, Donnelly & Parr, Inc. is pleased to announce Jeff Dietrich as our Vice President of Carrier Relations. Jeff was the Branch Manager of the Baltimore office of Chubb and brings over 20 years of Insurance Carrier experience to MDP. “This is the hardest insurance market we have experienced in a very long time. I… Continue reading Maury, Donnelly & Parr, Inc. Welcomes Jeff Dietrich as Vice President, Carrier Relations
United P&C Announces Plans to Exit Homeowners Insurance Market in FL, LA, TX & NY
United Property & Casualty Insurance (United P&C) of St. Petersburg has filed plans to withdraw from operations in Florida, Louisiana, and Texas, and plans to file a withdrawal plan in New York, according to its parent company, United Insurance Holdings Corp. (UPC). Demotech downgraded United P&C’s financial stability rating from “A” exceptional to “M” moderate… Continue reading United P&C Announces Plans to Exit Homeowners Insurance Market in FL, LA, TX & NY
Swiss Re Loses Sex Discrimination Employment Tribunal
In the latest sexism case to hit the male-dominated insurance industry, Swiss Re has lost an employment tribunal brought by a female underwriter. At a central London hearing, a three-person panel ruled that a senior manager’s comments about Julia Sommer were “sexist, demeaning, and derogatory.” At a work drinks, the manager made a joke about… Continue reading Swiss Re Loses Sex Discrimination Employment Tribunal
Court Rules Insurers Can’t Hold Utility’s Tree Service Liable for Tennessee Wildfire Damages
A state appeals court has ruled that insurers cannot hold an electric company’s vegetation-management contractor liable for an estimated $45 million in claims by homeowners and businesses resulting from two wildfires in Tennessee’s Great Smoky Mountains. A three-judge panel of the Tennessee Court of Appeals upheld Wolf Tree Inc’s failure to inspect or remove allegedly… Continue reading Court Rules Insurers Can’t Hold Utility’s Tree Service Liable for Tennessee Wildfire Damages
EPA Proposes Classifying Two “Forever Chemicals” Hazardous
The Environmental Protection Agency proposed classifying two chemicals used in everything from carpets to cookware for more than 50 years as hazardous substances, the latest effort to clean up compounds linked to cancer and other health problems. Because of their nonstick and water-repellent properties, the two man-made substances, commonly known as PFOA and PFOS, were… Continue reading EPA Proposes Classifying Two “Forever Chemicals” Hazardous
University of South Florida Muma College of Business Receives $5 Million Gift from BRP
The University of South Florida’s Muma College of Business and BRP Group, Inc., a Tampa-based independent insurance distribution firm delivering tailored insurance solutions, today announced a $5.2 million commitment from the company and the Baldwin family to the university’s School of Risk Management and Insurance in the Muma College of Business. The gift, which is… Continue reading University of South Florida Muma College of Business Receives $5 Million Gift from BRP
Uvalde Families, Survivors Suing for $27 Billion in Class-Action Lawsuit
According to KSAT in San Antonio, a group of families of victims and survivors of the May 24 shooting at Robb Elementary in Uvalde, Texas, have filed a class-action lawsuit seeking $27 billion in damages against multiple law enforcement agencies at the federal, state, and local levels. According to the lawsuit, the agencies violated the… Continue reading Uvalde Families, Survivors Suing for $27 Billion in Class-Action Lawsuit
Hurricane Andrew Unleashed Its Fury 30 Years Ago
Andrew had the ferocity of a tornado but was nearly twice the size of Delaware. It clawed roofs off houses, ground neighborhoods to sticks, split palm trees with plywood, and threw boats into Biscayne Bay, but only 15 people were killed in the initial mauling. The storm passed through South Florida in less than four… Continue reading Hurricane Andrew Unleashed Its Fury 30 Years Ago