When pressed by members of Congress, the Federal Emergency Management Agency (FEMA) stated that its new update to the nation’s flood insurance program will encourage more people to sign up for coverage, despite the fact that many will pay more for it. However, according to a FEMA report obtained by The Associated Press under the… Continue reading FEMA Report: Flood Insurance Hikes Will Drive 1M from Market
Author: Farkas Laura
State of the Florida Property Insurance Market
The state’s property and casualty insurance markets are in crisis. Insurers struggle to cope with rising litigation costs and billions of dollars in damages from hurricanes. Most insurance companies are cutting back on their services, limiting their coverage, and increasing rates. Other insurance companies have left Florida altogether or collapsed, leaving property owners scrambling for… Continue reading State of the Florida Property Insurance Market
Change to New York’s Wrongful Death Statute Awaits Its Fate
With the passage of the Grieving Families Act by the New York State Senate and Assembly on June 7, 2022, the proposed legislation now goes before Gov. Kathy Hochul for consideration. If signed into law, this legislation would amend the state’s 175-year-old wrongful death statute to allow families of wrongful death victims to recover compensation… Continue reading Change to New York’s Wrongful Death Statute Awaits Its Fate
Investors Increasingly Voting Against Directors Seen as Behind the Climate Change Curve
Investors are increasingly voting against corporate director elections in order to persuade companies that they perceive to be climate change laggards to raise their ambitions. According to shareholder disclosures, investors have cited climate change as a reason for opposing the election of a management-backed director at 225 U.S. companies so far this year, up from… Continue reading Investors Increasingly Voting Against Directors Seen as Behind the Climate Change Curve
Judge Stymies NHL Pursuit of Billions for Covid Damages
The National Hockey League can sue its insurance provider for losses caused by the Covid pandemic, but not for the billions of dollars in damages sought by the league’s 19 teams. In a tentative ruling issued Wednesday, California Superior Court Judge Sunil Kulkarni stated that the clubs could proceed with their claim that Factory Mutual… Continue reading Judge Stymies NHL Pursuit of Billions for Covid Damages
Amazon to Purchase One Medical for $3.49 Billion in All-Cash Deal
Amazon.com Inc. announced the acquisition of primary-care company One Medical for $18 per share, the e-commerce giant’s latest foray into the healthcare market. The all-cash transaction has a $3.49 billion equity value. One Medical, a subsidiary of 1Life Healthcare Inc., operates 182 medical offices in 25 markets across the United States. Customers pay a monthly… Continue reading Amazon to Purchase One Medical for $3.49 Billion in All-Cash Deal
Marsh & McLennan Tops Q2 Earnings and Revenue Estimates
Marsh & McLennan (MMC) came out with quarterly earnings of $1.89 per share, beating the Zacks Consensus Estimate of $1.86 per share. This compares to earnings of $1.75 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 1.61%. A quarter ago, it was expected… Continue reading Marsh & McLennan Tops Q2 Earnings and Revenue Estimates
Midyear 2022 Surplus Lines Premium Continues Upward Trend
Surplus lines premium exceeded $31 billion, and premium bearing transactions were almost 2.8 million, through the first six months of 2022 according to the 2022 Midyear Report of the U.S. Surplus Lines Service and Stamping Offices. Premium increased 32.4% and transactions 9.4% over numbers reported through the same period in 2021. Year to year premium… Continue reading Midyear 2022 Surplus Lines Premium Continues Upward Trend
Twitter-Musk Trial Set for October in Lawsuit Over Stalled $44 Billion Takeover
Twitter Inc. won its first legal battle against Elon Musk on Tuesday, when a Delaware judge granted the company’s request to expedite its lawsuit seeking to compel Musk to complete his $44 billion purchase of the social-media site. Over Mr. Musk’s objections, Chancellor Kathaleen St. Jude McCormick, the chief judge of the Delaware Chancery Court,… Continue reading Twitter-Musk Trial Set for October in Lawsuit Over Stalled $44 Billion Takeover
Increasing Cyberthreats Raise Cyber Insurance Premiums While Reducing Availability
Cyber insurance has been around for about 20 years. These insurance policies cover common cyber-related losses, such as those associated with data breaches and ransomware attacks that result in loss of business or disruptions. But while more companies may be looking for insurance against attacks, stability in premium rates and access to policies are changing.… Continue reading Increasing Cyberthreats Raise Cyber Insurance Premiums While Reducing Availability