Banking industry news and updates
Marsh LLC has unveiled a new D&O insurance facility for European organizations, offering coverage up to €15 million.
Christian Dunleavy will become CEO of Conduit Holdings on March 1, 2027, replacing Neil Eckert, who founded the company in 2020.
Argo Group aims to block coverage for over 500 lawsuits linked to silica dust exposure from stone countertops, citing policy exclusions.
An Illinois appeals court has reversed a $165K workers' compensation award, ruling reimbursement must reflect negotiated medical costs rather than billed amounts.
The recent floods in Nepal could push commercial insurance losses past $132 million, primarily impacting hydropower projects, with further risks anticipated.
Marine insurers are facing nearly $2 billion in claims from vessel damage due to the ongoing conflict in Iran, potentially affecting market stability.
A significant decline in underwriting profitability is needed to counteract the current softening within the reinsurance market, highlights Howden Re.
FSB Chair Andrew Bailey emphasizes the pressing issue of AI-driven cyber risks as critical to financial stability amid evolving market dynamics.
Sony and Warner Music are suing Anthropic, alleging unauthorized use of copyrighted song lyrics to train its AI models, seeking damages up to $150,000 per infringement.
Ohio's Bureau of Workers' Compensation has approved a $1 billion dividend for employers, marking the first such distribution since 2020.
The Hartford appoints John Russo as CUO of its global specialty unit, succeeding Carrie Brodzinski, who recently moved to MSIG USA.
Severe storms across Europe from August 19 to 26 are estimated to cost insurers hundreds of millions, predominantly impacting France.
Increased extreme weather events in the U.K. are amplifying underinsurance issues as rebuilding costs surge amid rising repair needs.
A Tennessee panel upheld a ruling that denied a mental injury claim from an Allstate employee, citing a lack of unusual workplace stimulus.
A Glassdoor report reveals insurance claims adjusters largely view AI negatively, reflecting broader industry skepticism amid rising implementation concerns.
Hub International has appointed Chris Tassone as managing director to enhance its tax liability insurance offerings in North America.
A Florida appeals court rules that employers must reimburse guardianship costs incurred for incapacitated workers pursuing compensation benefits.
Severe flooding in Nepal has damaged numerous hydropower projects, posing significant insurance claim risks for the industry as reinsurers prepare for potential losses.
Comorbidities are extending disability durations and inflating medical expenses in workers' compensation, highlighting the need for improved patient-provider communication.
KPMG Australia announces a workforce reduction of nearly 400 jobs due to ongoing conduct issues and declining demand for consulting services.