The Motor Carrier Insurance Education Foundation (MCIEF), a nonprofit foundation that educates insurance professionals serving the transportation industry, is pleased to announce the appointment of Dave Heller as their newest Thomas Ruke Fellow.
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Florida Official Accuses Farmers Insurance of ‘Playing Politics’ with Exit, Threatens Retaliation
Farmers’ decision to leave the state of Florida immediately triggered a round of political squabbling. The state’s chief financial officer accused the company of “playing politics” and threatened some sort of unspecified retaliation while Florida Democrats called a press conference to blame Republicans for pushing a “$3 billion handout” to select insurers instead of demanding accountability measures for the industry.
Insurer’s Retreat in Florida Signals Crisis with No Easy Fix
Insurers are trapped in a riddle: In a world where the risk of costly disasters is rising but high premiums are squeezing policyholders and angering state regulators, how can they continue to make money?
FTC Opens Investigation into OpenAI Over Misleading Statements
The U.S. Federal Trade Commission has opened an investigation into OpenAI on claims it has run afoul of consumer protection laws by putting personal reputations and data at risk, the strongest regulatory threat to the Microsoft-backed startup yet.
Twitter Sued for $500M in Severance After Massive Layoffs
A class-action lawsuit filed in San Francisco claims Twitter owes a half-billion dollars to employees cut loose after Elon Musk acquired the platform last fall.
Progressive Swings to 2Q Profit
Progressive swung to a second-quarter profit, but earnings came in lighter than Wall Street analysts had expected.
Kraft Heinz Sues Aetna, Says Insurer Breached ERISA Fiduciary Duties
The Kraft Heinz Company sued insurer Aetna on June 30 in a Texas federal court, alleging that Aetna “breached its fiduciary duties and engaged in prohibited transactions” while administering Kraft Heinz’s self-funded medical and dental plans.
AXA Weighs Offloading $2 Billion Reinsurance Arm to Cut Disaster Risk
One of the world’s top insurers, AXA SA, is mulling offloading its property reinsurance business in a bid to cut its exposure to natural disasters like hurricanes, according to three people familiar with the matter.
Insurers Are in the Hot Seat on Climate Change
Insurers are raising premiums and are cutting back coverage because of more damaging storms and wildfires, made worse by climate change. They insure the fossil-fuel producers whose products are blamed for causing climate change. And, as big investors, they fund these same companies. Most try to promote their climate bona fides.
Identity Theft Resource Center Sees Record-Setting Number of Data Compromises in Q2
According to the H1 2023 Data Breach Report, there were 951 publicly-reported data compromises in the quarter, a 114 percent increase compared to the previous quarter (445 compromises).