Information reaching us says judges in Ireland have voted on Saturday to adopt new guidelines for personal injury claims that aim to reduce the size of awards for minor injuries and encourage early settlements as a way to reduce legal fees and in turn cut insurance costs.
The guidelines, approved by majority of the country’s 166-member Judicial Council, will replace the Book of Quantum, which currently gives guidance to judges on how much should be awarded in different personal injury claims.
Credit Suisse told investors the debt in its $7.3 billion finance fund was low risk because it was insured but the bank failed to ensure the policies would pay out, two sources told Reuters.
When Japan’s Tokio Marine, the company insuring the debt, declined to renew its coverage with Greensill Capital last month, Credit Suisse was forced to liquidate the fund and said this may have a material impact on its results and reputation.
The coronavirus pandemic pushed Lloyd’s of London to a 900 million pound ($1.24 billion) pre-tax loss in 2020, compared with a 2.5 billion pound profit in 2019, the commercial insurance market said on Wednesday.
The 330-year old market, home to around 100 syndicate members, expects to pay out 3.4 billion pounds in 2020 COVID-19 claims net of reinsurance, it said in a statement.
FBNInsurance Limited has said it has launched a health insurance product called SmartHealth International.
A statement titled ‘FBNInsurance hosts brokers, introduces SmartHealth International plan’ on Sunday said it was introduced recently when it held its second brokers’ forum.
Florida considers bill to control insurance litigation costs
Florida considers bill to control insurance litigation costs
A bill that addresses the drivers of litigation cost in the property insurance market has passed the Florida Senate Rules Committee and will now head to the Senate floor.
Fort Worth, Texas-based Higginbotham has partnered with First Louisiana Insurance, an independent agency located in Baton Rouge, Louisiana, to establish its second office in that state.
United States insurance regulators are close to creating a legal standard for pet insurance that would address long-standing consumer complaints that insurers rarely pay up when their furry friends are not well.
A National Association of Insurance Commissioners (NAIC) committee is scheduled to meet on Friday to discuss fine-print provisions about several controversial issues. Among them: determining whether a pet’s condition is “pre-existing” and how long customers must wait after buying coverage to file claims.
Insurance companies have spent $17 million to defeat proposals to weaken or abolish the for-profit bail industry in the United States, a system that brings insurers $15 billion in business a year, according to a Reuters analysis of campaign contributions, company financial statements and interviews with more than three dozens experts on criminal justice, campaign finance or bail.
The spending has jumped more than 10-fold since 2010 as insurers have led the industry’s lobbying effort, targeting laws in more than a dozen states, the analysis shows.
Fast-growing global insurance brokerage Acrisure announced it has closed on two transactions representing a significant capital raise of $3.45 billion.
BDT Capital Partners, a merchant bank, led a $3 billion investment through its affiliated investment funds into Acrisure’s senior preferred stock.
The owner and insurers of one of the world’s largest container ships stuck in the Suez Canal face claims totalling millions of dollars even if the ship is refloated quickly, industry sources said on Wednesday.
The 400-meter, 224,000-tonne Ever Given ran aground on Tuesday morning after losing the ability to steer amid high winds and a dust storm, the Suez Canal Authority (SCA) said in a statement, threatening to disrupt global shipments for days.