Russia’s global financial isolation intensified on Friday as the London Stock Exchange (LSE) suspended trading in its last Russian securities and some insurers withdrew cover from exporters over Moscow’s invasion of Ukraine. Banks, investors and insurers have in recent days ratcheted up that pressure by exiting investments in Russia and halting the provision of their… Continue reading Financial Screws Turned on Russia As Insurers Exit
Author: Farkas Laura
Russia Sanctions Put $41 Billion of Default Insurance at Risk
Contracts insuring $41 billion in Russian sovereign debt may become worthless, despite the fact that they indicate a record likelihood of default. According to strategists and investors at Citigroup Inc., CreditSights Inc., and Vanguard Asset Management, international sanctions imposed on the country in response to President Vladimir Putin’s invasion of Ukraine may both trigger credit-default… Continue reading Russia Sanctions Put $41 Billion of Default Insurance at Risk
Pandemic Cover Crop Program Offers Insurance Discounts
Agricultural producers covered by most crop insurance policies are eligible for a premium benefit from the United States Department of Agriculture if cover crops are planted in 2022. Producers must report acreage by March 15, 2022 in order to benefit from this year’s pandemic cover crop program. The program offers a $5 per acre discount… Continue reading Pandemic Cover Crop Program Offers Insurance Discounts
Sacklers and Purdue Pharma Reach New Deal with States Over Opioids
Members of the billionaire Sackler family and their company, Purdue Pharma, have reached a deal with a group of states that had long resisted the company’s bankruptcy plan — a crucial step toward funneling billions of dollars from the family’s fortune to addiction treatment programs nationwide, according to a court filing on Thursday. If Judge… Continue reading Sacklers and Purdue Pharma Reach New Deal with States Over Opioids
Another Florida Insurer, St. Johns, Headed into Insolvency
Florida’s insurance carrier challenges continue, with another company facing insolvency and analysts claiming that nearly half of the smaller Florida-focused homeowners carriers they have tracked have failed to make a profit. St. John’s Insurance is the most recent failure, with the Florida Department of Financial Services appointing a receiver and liquidating the company’s assets. Demotech… Continue reading Another Florida Insurer, St. Johns, Headed into Insolvency
Insurers Back Off Policies Tied to Russia
Some critical types of insurance for companies with operations or trading partners in Russia have been discontinued by insurers worldwide. The insurers are reacting to global sanctions imposed on Russia for its invasion of Ukraine, as well as risks to the Russian economy that could make it impossible for Russian businesses to meet contractual obligations.… Continue reading Insurers Back Off Policies Tied to Russia
War Plunges Auto Makers Into New Supply-Chain Crisis
Following a pandemic and a global chip shortage, Russia’s war in Ukraine has triggered the auto industry’s third supply-chain crisis in as many years. The fighting in Ukraine has forced the closure of small but important industry suppliers, as well as the closure of plants far from the conflict zone, while sanctions and severed trade… Continue reading War Plunges Auto Makers Into New Supply-Chain Crisis
New Cybersecurity Legislation Would Require Firms to Report Hacks
The Senate passed a cybersecurity package on Tuesday that would require companies to report damaging hacks and ransomware payments to the government, bringing rules that the Biden administration sees as critical to protecting the United States’ critical infrastructure closer to reality. The Strengthening American Cybersecurity Act is made up of three bills that aim to… Continue reading New Cybersecurity Legislation Would Require Firms to Report Hacks
NICB Testifies Before Senate Judiciary Committee on Unprecedented Rise in Auto Thefts, Carjackings
Cities across the United States have experienced an unprecedented rise in auto thefts and carjackings in recent years. David Glawe, president and CEO of the National Insurance Crime Bureau (NICB), provided comprehensive expert testimony today before the U.S. Senate Committee on the Judiciary regarding this complex issue. In his testimony, Glawe spoke on the staggering… Continue reading NICB Testifies Before Senate Judiciary Committee on Unprecedented Rise in Auto Thefts, Carjackings
U.K. Shuts Out Russian Companies from Aviation Insurance Market
Britain will ban Russian companies from the multi-billion dollar aviation and space insurance market in London, the world’s largest commercial and speciality insurance centre, the finance ministry said on Thursday. Russian companies in the aviation or space industry will be blocked from accessing British-based insurance or reinsurance services directly or indirectly, the ministry said. “The… Continue reading U.K. Shuts Out Russian Companies from Aviation Insurance Market