Archive for June 2024

A U.S. appeals court on Monday rejected a bid by Uber and subsidiary Postmates to revive a challenge to a California law that could force the companies to treat drivers as employees rather than independent contractors who are typically less … Source: Claims Journal

Underwriting losses for U.S. medical professional liability insurance rose significantly in 2023, underscoring the increased loss-cost volatility tied to litigation risk, a report out this week from Fitch Ratings shows. The MPLI segment posted an underwriting loss for the eighth … Source: Claims Journal

Issuance of catastrophe bonds just hit a record high, as the market braces for a rough hurricane season with the potential to do substantial damage. Sales of so-called cat bonds are 38% higher this year through May than over the … Source: Claims Journal

“There could be a liability crisis in reinsurance in a couple of years,” a reinsurance executive predicted this week. Ken Brandt, chair, president and chief executive officer of TransRe, offered the assessment during a 30-minute chat with S&P Global Ratings … Source: Claims Journal

The U.S. Supreme Court on Monday asked President Joe Biden’s administration to offer its views on a bid by Sunoco and other oil companies to scuttle a lawsuit by Honolulu accusing them of deceiving the public about climate change. The … Source: Claims Journal

A court-appointed panel on Friday recommended how to divvy up a pool of $2.13 billion in legal fees from nationwide drug industry settlements over the U.S. opioid crisis, with top firms set to receive hundreds of millions of dollars. The … Source: Claims Journal

The US Supreme Court agreed to consider killing a multibillion-dollar shareholder lawsuit that accuses Meta Platforms Inc. of misleading investors about the data-harvesting scandal involving political consulting firm Cambridge Analytica. The justices said Monday they will decide whether a federal … Source: Claims Journal

Kia America is recalling nearly 463,000 Telluride SUVs — and urging owners to park their cars outside and away from other structures until an issue posing a fire hazard is fixed. The front power seat motor on the affected Tellurides … Source: Claims Journal

Massive jury awards of $10 million or more continue to increase in size and frequency, according to a study by the U.S. Chamber of Commerce Institute for Legal Reform. Between 2013 and 2022, the median nuclear verdict was $21 million, … Source: Claims Journal

The U.S. Geological Survey and its partners have come out with a new capability designed to characterize large earthquakes quickly in hopes of helping warn the public about potentially damaging shaking headed their way. The ShakeAlert System, currently available in … Source: Claims Journal