National News

Weather Co. Updates Atlantic Hurricane Season Forecast

In its second seasonal tropical forecast for the North Atlantic basin for the 2017 season, IBM’s The Weather Co. said it now expects a total of 14 named storms, seven hurricanes, and three major hurricanes, a slight increase in activity …

Private Equity Firm Carlyle Sues Insurers Over Oil Losses

Julia Payne U.S. private equity firm Carlyle Group is suing a group of its insurers over $400 million worth of oil it claims it lost when Morocco’s sole refinery went bankrupt two years ago, court documents show. Carlyle claims in …

RSG Underwriting Managers Forms Marine Consultancy, Claims Firm

RSG Underwriting Managers (RSGUM) has formed Smooth Waters, LLC, an independent marine insurance consultancy and claims adjusting company and part of RSGUM’s growing marine practice. Smooth Waters, LLC, serves as a consulting and claims adjusting company for the energy and …

States Getting More Active on Autonomous Vehicle Rules, Says PCI Director

Thinking about the rules of the road for a time when autonomous vehicles dominate the landscape is probably like envisioning a horseless carriage on the plains of the Old West. But that won’t stop Bob Passmore, senior director of personal …

U.S. Court Voids Recreational Drone User Registry

The government’s authority to oversee burgeoning recreational drone use was dealt a setback when a federal appeals court barred the Federal Aviation Administration from forcing hobbyists to register the millions of unmanned aircraft taking flight. While Friday’s decision by the …

Update: Insurers Sound Alarm Over Liability Law Restatement; Vote Delayed

Liability insurers, their lawyers and their regulators are holding their collective breath that a scheduled vote this week on a proposed restatement of law regarding liability insurance will not happen. If approved, the controversial restatement would give policyholders more clout …

Firms Turn to Kidnap Insurance Policies to Cover Ransomware Losses

Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world’s political hotspots to recoup losses caused by ransomware viruses such as “WannaCry,” insurers say. Cyber insurance can be expensive to buy and is not …

How Autonomous Vehicles Will Grow Auto Insurance Before Shrinking It

Insurance coverage for autonomous vehicles will bring $81 billion in new premiums to the insurance industry over the next eight years, according to a report from Accenture and Stevens Institute of Technology. These revenues will be derived from three new …

Democratic Attorneys General Move to Defend Obamacare Insurer Subsidies

More than a dozen Democratic attorneys general on Thursday sought to intervene to defend a key part of the Obamacare healthcare law — subsidy payments to insurance companies — which is under threat in a court case. The 16 attorneys …

Toyota, BMW, Mazda, Subaru Settle Takata Airbag Economic Loss Claims

Four automakers agreed to a $553 million settlement to address class-action economic loss claims covering owners of nearly 16 million recalled vehicles with potentially defective Takata airbag inflators, court documents filed on Thursday showed. Toyota Motor Corp.’s share of the …

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