Archive for September 2023

The Catholic Diocese of Camden, New Jersey must rework its bankruptcy plan to better protect insurers from invalid and inflated sexual abuse claims and unreasonable attorneys’ fees. Citing some concerns raised by insurers, U.S. Bankruptcy Judge Jerrold Poslusny Jr. declined … Source: Claims Journal

Moody’s RMS and Verisk on Monday each released insured loss estimates for Hurricane Idalia. RMS estimated total private market insured losses from Idalia to be between $3 billion and $5 billion, with a best estimate of $3.5 billion. Verisk meanwhile … Source: Claims Journal

A nighttime fire ripped through a rundown five-story building in Johannesburg that was occupied by homeless people and squatters, leaving at least 73 people dead early Thursday, emergency services in South Africa`s biggest city said. Some of the people living … Source: Claims Journal

Toyota Motor was ramping back production at its Japan-based factories on Wednesday after a computer system processing orders for vehicle parts broke down on Tuesday, forcing the closure of 14 assembly plants. The disruption shut down a system that is … Source: Claims Journal

The world’s corporations produce so much climate change pollution, it could eat up about 44% of their profits if they had to pay damages for it, according to a study by economists of nearly 15,000 public companies. The “corporate carbon … Source: Claims Journal

U.S. officials said Tuesday that the FBI and its European partners infiltrated and seized control of a major global malware network used for more than 15 years to commit a gamut of online crimes including crippling ransomware attacks. They then … Source: Claims Journal

More cyber reinsurance rate increases can be expected as reinsurers seek to regain underwriting profits in their cyber portfolios, according to a report published by S&P Global Ratings. “Reinsurers had a difficult 2022 due to low profitability and even underwriting … Source: Claims Journal

Tesla Inc. is set to defend itself for the first time at trial against allegations that failure of its Autopilot driver assistant feature led to death, in what will likely be a major test of Chief Executive Elon Musk’s assertions … Source: Claims Journal

Doctors at some of the largest US teaching hospitals are blowing the whistle on a lucrative practice they say endangers patients: Surgeons scheduling two or even three operations at virtually the same time, leaving during critical portions, then billing Medicare … Source: Claims Journal