Data fraud, questionable accounting practices and intensified catastrophes are just some of the issues that have battered the voluntary carbon market. Those misfortunes have helped spur a new line of business: Insurance policies designed to de-risk credits that polluters buy to neutralize their climate impact. Whether insurance can help stabilize an industry under heavy scrutiny remains to be seen, though.
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NOAA Issues Aggressive Outlook for Upcoming Hurricane Season
Government meteorologists predicted 17 to 25 tropical storms and said eight to 13 of them are likely to become hurricanes, including four to seven “major” hurricanes. The forecast underscores how record-hot ocean temperatures have increased the risk of destructive weather.
NCAA Agrees to Share Revenue With Athletes in Landmark $2.8 Billion Settlement
The National Collegiate Athletic Association and the five most prominent athletic conferences agreed to a $2.77 billion settlement of a class-action lawsuit on Thursday, ushering in a new era of college sports in which schools can pay athletes directly.
Declining Rates, Citizens Enrollment Signs of Improving Florida Market, OIR Says
At least 18 property insurers are reducing rates or keeping them flat this year, one sign pointing to an improving market, according to the Florida Office of Insurance Regulation.
How Deadly Derecho Could Impact Homeowners Insurance
Last week’s devastating storm in Houston is costing many homeowners big bucks in damages.
Maritime Losses Decline But Industry Faces Unprecedented Challenges, Allianz Report Warns
The global shipping industry has seen a significant reduction in the number of vessel losses, but faces increasing volatility from geopolitical events, climate change, and the trend towards larger vessels, according to marine insurer Allianz Commercial.
Homeowners Insurers’ Net Combined Ratio Surges Past 110%
The US homeowners insurance industry posted its worst underwriting results in over a decade in 2023 as its net combined ratio surpassed 110.0%.
Biden Overtime Pay Rule Challenged by U.S. Business Groups
A coalition of U.S. business groups has filed a lawsuit seeking to block a Biden administration rule that would extend mandatory overtime pay to 4 million workers, saying it goes too far.
Host of Florida Property Insurance Regulatory Changes Kicking In
Surplus lines carriers can start taking out secondary home policies from Citizens Property Insurance Corp. on July 1, under a bill signed by Florida Gov. Ron DeSantis.
DOJ Sues to Break Up Live Nation-Ticketmaster
The Justice Department and more than two dozen states sued Live Nation on Thursday, alleging the entertainment giant has a monopoly in ticketing and concert promotion and should be broken up.