The Senate Banking Committee will examine the federal government’s flood insurance program as officials seek congressional approval to do something unprecedented: drop coverage for frequently flooding properties and deny coverage for homes in the most flood-prone areas. The proposal is part of the Federal Emergency Management Agency’s plan to overhaul the National Flood Insurance Program,… Continue reading FEMA Urges Congress to Stop Writing Flood Insurance for Highest-Risk Areas
Author: Farkas Laura
U.K. Insurers Need to Look Closer at Climate Risks, Watchdog Says
The UK’s accounting watchdog is proposing new rules for insurance companies to ensure that actuaries take climate change risk into account. “As the importance of climate change risks grows, it is critical that actuaries consider these risks in their work,” said Mark Babington, executive director of regulatory standards for the Financial Reporting Council, in a… Continue reading U.K. Insurers Need to Look Closer at Climate Risks, Watchdog Says
Beazley Launches a D&O Solution for Crypto Companies
Beazley, a specialist insurer, has launched CryptoGuard, a new Directors’ & Officers’ liability (D&O) insurance product tailored specifically for crypto companies – the first of its kind in the London and US markets. The coverage is intended to address the risks encountered by all types of companies operating in this developing industry at all stages… Continue reading Beazley Launches a D&O Solution for Crypto Companies
Geopolitical Risk Spikes Leaving Business Leaders Fearing the Consequences of War and Inflation
Beazley’s latest Risk & Resilience research into geopolitical risk, published today, shows that events so far this year have significantly altered business leaders’ perceptions of the risks they face and their resilience to those risks, which has fallen dramatically since 2021. The impact of inflation is also causing deep concerns about domestic stability alongside the… Continue reading Geopolitical Risk Spikes Leaving Business Leaders Fearing the Consequences of War and Inflation
Ford Recalls Almost 3 Million Vehicles Over Rollaway Concern
Ford is recalling almost 3 million vehicles because of a damaged or missing part that could prevent the automobiles from shifting into the gear intended by the driver. That could cause the vehicle to roll away or move in an “unexpected direction,” according to federal regulators. The recall covers several models of Ford vehicles: 2013-2019… Continue reading Ford Recalls Almost 3 Million Vehicles Over Rollaway Concern
WTW Survey: 3 in 10 U.S. Workers Struggling Financially
According to the 2022 Global Benefits Attitudes Survey conducted by WTW, a leading global advisory, broking, and solutions company, three in ten U.S. workers (30%) are struggling financially, and more than two in five workers (43%) are having difficulty meeting basic needs. A significant number of employees postponed medical care last year due to time… Continue reading WTW Survey: 3 in 10 U.S. Workers Struggling Financially
Hundreds of Car Crashes Linked to Self-Driving and Other Tech
In the United States government’s first-ever survey of such incidents, Tesla Inc. reported the most vehicle crashes suspected of involving advanced driver-assistance technology. The auto industry’s top safety regulator announced on Wednesday that it had received reports of nearly 400 recent crashes in which advanced driver-assistance features were activated during or immediately preceding the incident.… Continue reading Hundreds of Car Crashes Linked to Self-Driving and Other Tech
The SEC Goes After Greenwashing by Fund Managers
The party may be over for all of the greenwashers on Wall Street. There is now little doubt that the U.S. Securities and Exchange Commission is serious about cracking down on misleading claims made by ESG fund managers. Last month, the Securities and Exchange Commission fined a Bank of New York Mellon Corp. investment unit… Continue reading The SEC Goes After Greenwashing by Fund Managers
U.S. Financial Firms Push Back on SEC Bid to Rein-In SPACs
Financial industry groups in the United States are attempting to weaken a draft Securities and Exchange Commission (SEC) rule aimed at reining in special purpose acquisition companies, or SPACs, claiming it will kill the industry. The American Securities Association (ASA), the SPAC Association, and the CFA Institute are among the organizations warning that the SEC’s… Continue reading U.S. Financial Firms Push Back on SEC Bid to Rein-In SPACs
Florida’s Citizens Faces Hurricane Season with Reinsurance Shortfall
Florida’s state-run property insurance corporation, like some private insurers, has been unable to obtain all of the reinsurance coverage required to cover the risks posed by hurricanes and other threats in the coming year. Citizens Property Insurance Corp., the state’s last-resort insurer, has obtained roughly one-third of the backup coverage it sought, according to spokesman… Continue reading Florida’s Citizens Faces Hurricane Season with Reinsurance Shortfall