National News

AIR Worldwide Updates Wildfire Model with Event-Based Risk Management Approach

Catastrophe risk modeling firm AIR Worldwide (AIR) has released an updated Wildfire Model for the United States designed to provide a comprehensive view of the risk of wildfire to property within the 13 westernmost conterminous states. The event-based modeling approach …

President Trump Urges U.S. Suit Against Opioid Manufacturers

President Donald Trump said Thursday he wants the U.S. government to sue pharmaceutical companies that manufacture opioids as part of his efforts to halt an epidemic of drug addiction. Trump said he’d like to bring a federal lawsuit, rather than …

Aon Names Wanat U.S. Commercial Lines Broking Chief

Global broker has appointed Brian Wanat as chief broking officer of U.S. Commercial Risk Solutions. In his new role, Wanat will have direct management responsibility for Financial Services Group, National Property, National Casualty, Aviation, Crisis Management, Marine and Aon’s Global …

Insurer Downgrades Jumped in 2018 But Were Still Outnumbered by Upgrades: A.M. Best

Catastrophic weather events in 2017 helped spur an increase in rating downgrades for the U.S. property/casualty (P/C) industry during the first half of 2018, according to an A.M. Best report. But the report also notes that overall ratings activity in …

Why Not Just Retrain Pedestrians to Make Self-Driving Vehicles Safer?

You’re crossing the street wrong. That is essentially the argument some self-driving car boosters have fallen back on in the months after the first pedestrian death attributed to an autonomous vehicle and amid growing concerns that artificial intelligence capable of …

States with Best, Worst Home Flood Damage Disclosure Laws

In 21 states, home sellers are not required by law to disclose to buyers whether their home has ever flooded or whether they will be required to purchase flood insurance, according to an analysis by the Natural Resources Defense Council …

Why Insurers Should Love, Not Fear, Amazon: Viewpoint

Whenever Amazon.com Inc. eyes expansion into a new industry, the stalwarts of that space shudder. A Reuters report on Thursday that the e-commerce giant has been talking to insurers about introducing a price comparison website in the U.K. was no …

New Specialty Offering from HUB Targets Cannabis Producers, Distributors, Retailers

Global insurance brokerage Hub International Limited (HUB) has formed a comprehensive cannabis insurance and risk services offering under its Agribusiness & Farm Specialty Practice. The new offering is designed to reduce risks in all aspects of operations for medical and …

Banks on Alert After FBI Warning of Cyber Attacks on ATMs

Banks are on alert for new attacks targeting cash in ATMs after the Federal Bureau of Investigation warned U.S. lenders last week of a potential threat. “The FBI routinely advises private industry of various cyber-threat indicators observed during the course …

Global Insured Catastrophe Losses Decline to $20 Billion in H1: Swiss Re

Global insured losses from natural catastrophes and man-made disasters during the first half of 2018 were US$20 billion, down from US$30 billion in H1 2017, according to Swiss Re Institute’s latest sigma study. On the other hand, during the first …

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