According to Verisk’s CargoNet system, cargo thefts in the United States and Canada fell 15% year over year in 2021, with an estimated $58 million in cargo stolen last year. The cargo theft database and information-sharing system recorded 1,285 supply chain risk events in both countries. Of those, 55 percent involved theft of at least… Continue reading Cargo Thefts Down 15% in 2021: Verisk
Author: Farkas Laura
Tornadoes Rip through Parts of Texas, Oklahoma
One person was killed and more than two dozen were injured when tornadoes tore through parts of Texas and Oklahoma damaging a school, homes and businesses, before the storm system continued its destructive path Tuesday into Louisiana and Mississippi. High winds uprooted trees in Ridgeland, Miss., as a possible tornado passed the Jackson-area city Tuesday… Continue reading Tornadoes Rip through Parts of Texas, Oklahoma
Can Firms Exiting Russia Recoup Losses through Insurance?
Hundreds of companies have said they are withdrawing or suspending operations in Russia after its invasion of Ukraine, from energy producer Shell Plc to carmaker Hyundai Motor Co to PwC, a global professional services firm. The following is a look at how insurance and international arbitration might soften the blow to those companies, which stand… Continue reading Can Firms Exiting Russia Recoup Losses through Insurance?
RAA Commends Proposed Bill to Improve Climate and Natural Hazard Resilience of Vulnerable Communities
Bipartisan legislation was introduced in the Senate to improve the climate and natural hazard resilience in vulnerable communities. “The Community Disaster Resilience Zones (CDRZ) Act of 2022” would effectively amend the Stafford Act to establish a statutory structure to identify and designate CDRZ communities that are the most in need and most at risk to… Continue reading RAA Commends Proposed Bill to Improve Climate and Natural Hazard Resilience of Vulnerable Communities
AM Best: Cat Loss Experience Remained Significant in 2021
Despite another year of record catastrophe bond issuance, the global insurance-linked securities (ILS) market remains burdened with prior catastrophe losses, a decline in assets under management for some prominent ILS funds, and a drop in overall performance of ILS funds, according to AM Best analysts. that 2021 saw significant catastrophe loss experiences, while secondary peril… Continue reading AM Best: Cat Loss Experience Remained Significant in 2021
Lawsuit Accuses Google of Bias Against Black Employees
A former Google employee jas filed a lawsuit against the company, alleging that it systematically discriminated against Black workers by placing them in lower-level jobs, underpaying them, and denying them opportunities to advance. The lawsuit, filed in the United States District Court for the Northern District of California in San Jose, asks for class-action status.… Continue reading Lawsuit Accuses Google of Bias Against Black Employees
European Health Insurance Startup Raising Funds at $2.7 Billion Valuation
Digital health-insurance startup Alan is in talks to raise new funding with a valuation about 2.5 billion euros ($2.7 billion), according to people familiar with the matter. The round isn’t finalized yet and the details could change, the people said, who asked not to be named discussing private information. A spokesperson from Alan declined to… Continue reading European Health Insurance Startup Raising Funds at $2.7 Billion Valuation
Aviation Insurers Could Face Up to $10B in Losses from Grounded Planes
Citing a “worst-case scenario,” analysts at Fitch Ratings said the more than 500 planes currently stranded in Russia leave the insurance and reinsurance market open to up to $10 billion in potential losses. In response to economic sanctions from several Western countries over the invasion of Ukraine, the Russian government passed a law allowing for… Continue reading Aviation Insurers Could Face Up to $10B in Losses from Grounded Planes
Biden Warns Private Sector Over Russian Cyberattacks
President Biden warned on Monday that Russia is exploring the possibility of waging potential cyberattacks against the United States in retaliation for economic penalties imposed on Moscow for the invasion of Ukraine. In a statement issued days before he is set to travel to Brussels for a NATO summit, Mr. Biden encouraged private sector companies… Continue reading Biden Warns Private Sector Over Russian Cyberattacks
IICF to Host Annual Horizon Award Gala in Los Angeles April 7
IICF will host its annual Horizon Award Gala in Los Angeles to celebrate the insurance industry’s legacy of collaboration and philanthropic commitment. Industry and nonprofit leaders will gather to recognize the industry’s dedication to giving back to those in need and honoring philanthropic impact by insurance industry leaders, while raising funds for local nonprofit… Continue reading IICF to Host Annual Horizon Award Gala in Los Angeles April 7