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In 2024, U.S. insurers paid out about $1 billion in claims for damage caused by lightning, marking a noticeable drop from the previous year. According to the Insurance Information Institute (Triple-I), the total payout was $1.04 billion, down 16.5% from the $1.24 billion paid in 2023. Lightning-related claims also fell sharply in number. There were … Read more

A long-running search for the wreckage of Northwest Orient Flight 2501 has come to an end after more than 20 years. The plane crashed into Lake Michigan in 1950 during a fierce storm, killing all 58 people on board. Despite extensive efforts using sonar technology and covering 700 square miles of the lake, the wreckage … Read more

Nineteen former top executives and directors of Credit Suisse have agreed to pay $115 million to settle claims from shareholders. The shareholders said these leaders’ poor risk management led to big losses for the bank, particularly linked to the fallout from Archegos Capital Management in 2020 and 2021. This massive financial hit was one of … Read more

European leaders and the aviation industry are raising concerns after a plane carrying the European Commission president, Ursula von der Leyen, was forced to land in Bulgaria without GPS assistance due to suspected Russian interference. The incident happened as the jet approached Plovdiv on a recent Sunday, with electronic guidance systems failing and the crew … Read more

Climate change is no longer just an environmental issue; it’s a growing challenge for businesses around the world. Extreme weather events like wildfires, hurricanes, and floods are causing disruptions in industries and supply chains. At the same time, new regulations are pushing companies to understand and manage climate-related risks that could impact their finances and … Read more

An Illinois chiropractor was sentenced to nearly two years in prison for defrauding Medicare and a dozen other insurance companies out of millions of dollars. Carrie Musselman, 48, from Eureka, received a 20-month prison term on June 24 after a jury found her guilty of healthcare fraud and multiple counts of wire fraud. Authorities revealed … Read more

Insurance companies covering marine, aviation, cyber, and terrorism risks are facing immediate challenges due to the rising conflict between Iran and Israel. According to a recent report by Morningstar DBRS, these sectors could see heightened underwriting pressures and potential large losses if the tensions continue. The report highlights that marine insurers are the first to … Read more

Michigan Attorney General Dana Nessel has reached a settlement with Domtar Industries, LLC and E.B. Eddy Paper, Inc. over contamination at a composting site near Port Huron. The case involves the release of harmful chemicals called PFAS, which can have long-lasting impacts on the environment and public health. Nessel had filed a lawsuit against the … Read more

Steadfast Group is making a big move to grow its presence in the US by buying a majority stake in Novum Underwriting Partners, a specialty underwriting agency and wholesale brokerage based in Ohio. This step is part of Steadfast’s plan to expand globally and offer more to its broker network and clients. Novum, founded in … Read more

Two insurance companies have made important leadership changes this week to boost their growth and sharpen their skills in a competitive market. CAC Group, known for brokerage and risk advisory services, has promoted Bruce Denson Jr. to chief strategy officer. Denson has been with CAC and its predecessor, Cobbs Allen, for over 20 years. He … Read more