Industry News
How Climate Change Drives Heatwaves and Wildfires
Brutal heatwaves gripped both Europe and the United States last week and are forecast to dump searing heat on much of China into late August. In addition to temperatures spiking above 40 Celsius (104 ...
Allergan Poised to Pay More Than $2B in Opioid Settlement
AbbVie Inc.'s Allergan unit has reached an agreement to pay more than $2 billion to resolve thousands of lawsuits filed by state and local governments over the marketing of its Kadian opioid ...
Chubb Increases Loss Cost Trends ‘Rather Than Be Lagging and Get Caught’: Greenberg
Chubb CEO Evan Greenberg said the insurer is seeing favorable returns, but additional rate is needed to "keep pace with loss costs, which are hardly benign." Greenberg said during the July 27 call to ...
Lemonade Closes Deal for Metromile
Digital insurer Lemonade said it has closed the acquisition of pay-per-mile car insurance provider Metromile in an all-stock transaction. Metromile shareholders received 7.3 million Lemonade shares, ...
Reinsurer SCOR Reports H1 Loss of $242M Blamed on Ukraine War, Natural Disasters
Reinsurer SCOR reported a first-half loss attributed to the war in Ukraine, natural catastrophes and the severe drought in Brazil. The H1 loss of €239 million (US$242.6 million), compares with net ...
Teva Reaches Proposed $4.35B Opioid Settlement
Teva Pharmaceutical Industries on Tuesday announced a $4.35 billion proposed nationwide settlement that could resolve thousands of lawsuits over the drugmaker's alleged role in the U.S. opioid ...
Global Natural Disasters Cost Insurers $34B in H1 2022: Munich Re
Global natural disasters during the first half of 2022 cost insurers about $34 billion, which covered a little more than half of the overall $65 billion in losses from floods, earthquakes and storms ...
Florida Regulators Unveil Ratings Crisis Solution: Let Citizens Reinsure Carriers
Florida's insurance commissioner announced Wednesday that his office has found an "unprecedented solution" to the looming property insurer rating crisis — let Citizens Property Insurance Corp. ...