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Updated: 33 min 37 sec ago

GE faces shareholder lawsuit over insurance shortfall, SEC probe

Fri, 02/16/2018 - 14:40
(Reuters) — General Electric Co. was sued on Friday by a shareholder who accused it of concealing mounting insurance liabilities and a U.S. Securities and Exchange Commission probe, costing shareholders tens of billions of dollars.

Insurer not obligated to provide cover in phony policy scheme

Fri, 02/16/2018 - 14:37
Evanston Insurance Co. is not obligated to provide professional liability coverage to an insurance agency, one of whose employees sold phony insurance policies and then absconded with the premium payments, says a federal appeals court, in affirming a lower court ruling.

Fire cleanup crews ordered to stop work over alleged comp violations

Fri, 02/16/2018 - 14:23
Five contractors working to help clean up a fire disaster area in California’s Ventura County were ordered to stop work after investigators alleged multiple workers compensation violations, the county’s district attorney announced.

OneBeacon unit wins dispute over coverage for sunken tug boat

Fri, 02/16/2018 - 13:49
A federal appellate court has overturned a lower court ruling and ruled in favor of a OneBeacon Insurance Group unit in a dispute with a protection and indemnity insurer over insurance coverage for a sunken tug boat.

From claims to cameras: Overweight insurance salesman becomes model

Fri, 02/16/2018 - 12:17
British model Gwilym Pugh used to be an insurance salesman, pudgy and shy, but today he is a svelte fashion model, the Daily Mail reports.

The BI Top 10

Fri, 02/16/2018 - 09:18

Franchisees file wage theft lawsuit against 7-Eleven

Fri, 02/16/2018 - 06:10
Several former and current Austrlian franchisees of U.S.-based 7-Eleven Inc. have filed a class action lawsuit against the corporation over the underpayment of thousands of workers.

Croatia takes cat hit due to insufficient coverage

Fri, 02/16/2018 - 06:07
Data from Munich Reinsurance Co.'s NatCat Service showed that Croatia suffered the most economic losses from natural disasters among a list of 33 European countries but lagged behind in terms of property insurance coverage.

Clients seek to broaden war, terror policy wordings: Aon

Fri, 02/16/2018 - 06:07
U.K.-based insurance broker Aon P.L.C., said that several clients with operations in North and East Asia are seeking to broaden policy wording for war and terror insurance in case of conflict between the United States and North Korea.

Insurers vie for $68-million policy tender

Fri, 02/16/2018 - 06:06
Four Egyptian insurers are competing to win local internet service provider TE Data S.A.E.'s 1.2-billion Egyptian pounds ($68 million) insurance policy tender.

Tokyo's old town districts at high quake risk

Fri, 02/16/2018 - 06:05
An earthquake risk assessment by the Tokyo metropolitan government showed that 85 areas mainly in old town districts were at the highest risk from quakes.

Ukraine nuclear plant gets $250-million political risk cover

Fri, 02/16/2018 - 06:03
The U.S. Overseas Private Investment Corp. will provide investors a $250 million political risk insurance cover for the construction of the Central Spent Nuclear Fuel Storage Facility in Ukraine.

Indian bank underinsured for employee fraud

Fri, 02/16/2018 - 06:02
India-based Punjab National Bank has banker's indemnity insurance coverage for only 20 million Indian rupees ($312,245) – less than 1% of the estimated INR 113 billion in fraud perpetrated by its employees.

NN Group's insurance profits rises 22%

Fri, 02/16/2018 - 05:59
Dutch insurer NN Group N.V.'s property/casualty and health insurance business profit fell 52% in the fourth quarter of 2017, driven by high disability claims.

XL Catlin appoints Phil Xue as CEO of China

Fri, 02/16/2018 - 05:14
Bermuda-based insurer XL Catlin has appointed Phil Xue as chief executive of its XL Insurance (China) Co. Ltd. unit.

Thousands of FedEx customer records exposed by unsecured server

Thu, 02/15/2018 - 15:00
(Reuters) — FedEx Corp. on Thursday said it has secured some of the customer ID records that were visible earlier this month on an unsecured server and so far has found no evidence that private data was "misappropriated."