risk management News

Boy Scouts Victims’ Fund Unfair to Insurers, Companies Argue in Court

The Boy Scouts of America’s sexual abuse compensation fund may force insurers to make payments they can’t negotiate over, even if the claims are fraudulent, a group of the companies argued in court. Insurers, including American International Group, Liberty Mutual …

Swiss Re Cuts Fossil Fuel Cover for Oil, Gas to Protect Climate

LONDON –– Swiss Re SRENH.S, the world’s second biggest reinsurer said it would no longer insure most new oil and gas projects following mounting pressure on big business to do more to help the world cap global warming. Last year, …

Viewpoint: Satisfying Policy Retentions or Deductibles with Other People’s Money

Simply stated, insurance policy deductibles or retentions are a dollar threshold that must be satisfied before an insurer will pay any defense or indemnity costs on a claim.[1] Many insureds seek to contain their insurance premium costs by purchasing policies …

NTSB: Poor Planning Led to Deadly Texas Pipeline Blast

CORPUS CHRISTI, Texas (AP)–Inadequate communication, planning, and risk management by a dredge operator likely led to the cutting of a liquefied propane pipeline and an explosion that killed five people at a Texas port last year, the National Transportation Safety …

Fukushima Nuclear Plant Operator: Seismometers Were Broken

TOKYO (AP) — The operator of the wrecked Fukushima nuclear power plant said Monday that two seismometers at one of its three melted reactors have been out of order since last year and did not collect data when a powerful …

Why Some Organizations Are Managing Coronavirus Risk Better Than Others

While few, if any, organizations saw the coronavirus pandemic and all of its death and disruption coming, some were better positioned to deal with it than others. According to risk expert Jim Wetekamp, some organizations were better prepared to respond …

Business News: Hi Marley, Cambridge Mobile Telematics, Triple-I and The Institutes

Hi Marley Raises $8M in Funding Round Hi Marley, a messaging platform designed for the insurance industry, announced that it raised $8 million from investors, bringing total financing for the company to $18.6 million. The Boston based insurtech said the …

Report Highlights Risks For Container Ships in Wadden Sea

THE HAGUE, Netherlands — A Dutch safety watchdog said Thursday that it is “undesirable” for large container ships to use a shipping route through an environmentally sensitive, shallow sea off the coast of the Netherlands, Germany and Denmark in heavy …

RIMS Speakers Offer Guidance on Preparing for Disaster

BOSTON — Preparing for the unthinkable requires a lot thought. Risk management professionals on Monday cautioned audiences of the myriad pitfalls in planning for catastrophes during the Risk & Insurance Management Society’s annual conference at the Boston Convention and Exhibition …

3-D Images, Surveillance Cameras Touted as Truth-Tellers for Claims Adjusters

The physician couldn’t tell what was causing the smudge on a CT scan of his wife’s lungs, so he referred her to a pulmonologist. That would likely have meant a two-week delay. Instead of waiting, Jorey Chernett, chief executive officer …