damage News

Nord Stream Insurers Deny Policies Covered War Risks In UK Lawsuit

Nord Stream’s insurers have denied that their policies provide cover for gas pipelines damaged by blasts in 2022 because the damage was caused by war, in their written defense to a lawsuit filed at London’s High Court. Nord Stream is …

The Cars of The Future Are Arriving. How Can Auto Insurance Adapt? It’s Complicated.

When cars began to hit American roads in great numbers a little more than a century ago, they did more than create a sense of freedom (and, eventually, traffic jams). They created new markets in a wide range of industries, …

EVs Head for Junkyard as Mechanic Shortage Inflates Repair Costs

Electric car sales already are in a funk in key markets around the globe. Challenges finding enough repair technicians threatens to further stifle demand in the UK, where consumer uptake has stagnated for the better part of two years. A …

AccuWeather: Record Warm Winter Costs Businesses Billions in Losses

Unseasonably warm winter weather cost businesses and event planners in the northern Plains and upper Midwest billions of dollars in estimated losses, according to estimates from AccuWeather. Minnesota, North Dakota, Wisconsin, Michigan and Iowa experienced the warmest winter on record, …

Wildfires Are Upending Some of the Safest Bets on Wall Street

When the Texas Panhandle went up in flames this winter, the news spread fast on Wall Street. An electric utility by the name of Xcel Energy Inc. was getting blamed for the massive blaze — a lawsuit pointed the finger …

Hawaiian Electric Hits 40-Year Low Ahead of Maui Fire Report

Hawaiian Electric stock hit a 40-year low in the wake of a local news report that a probe of the devastating Maui fires does not find fault with first responders. Shares fell as much as 18% to $8.74, the lowest …

Europe’s Wildfires in 2023 Were Among Worst This Century: Report

The 2023 wildfire season in the Europe was among the worst this century, according to a European Commission report published on Wednesday. Last year, more than half a million (504,002) hectares, an area twice the size of Luxembourg, was scorched …

Global Election Super-Cycle Raises Risk of Political Violence, Large Insurance Losses

Almost half the world’s population will go to the polls before the end of 2024, which raises the threat of political violence and possible large insurance losses, according to Allianz Commercial in a new report. An unprecedented “super-cycle” of elections …

Viewpoint: Striking Risk-Reward Balance for Shipping Lithium-Ion Batteries

Executive Summary: While the advancement of technology in electric vehicles and other lithium-ion powered goods facilitates energy transition from fossil fuels, the fire risks associated with such products need proactive management, writes Dr. William Moore, global loss prevention director, The …

US Eyeing Ship’s Electrical System After Baltimore Bridge Crash

Federal investigators looking into what caused a ship to crash into a vital Baltimore bridge last month are honing in on the vessel’s electrical system, US National Transportation Safety Board Chair Jennifer Homendy said Wednesday. The safety board is examining …