Posts tagged "property insurance"

Gas Line Explosion in California Desert Destroys Equipment

Southern California authorities say nobody was hurt when a natural gas line caught fire and exploded, destroying heavy construction equipment in the western Mojave Desert between Los Angeles and Las Vegas.

The San Bernardino Sun reported blast was reported Sunday just south of Interstate 40, about 25 miles east of Barstow.

Ryan Vaccaro, spokesman for the San Bernardino County Fire Department, says a crew of about 16 workers was evacuated before the explosion when somebody smelled a gas odor.

The newspaper says the blast destroyed equipment, created a crater in the ground and sparked a small brush fire.

The line belongs to Southern California Gas Co., according to spokeswoman Christine Detz. She tells the newspaper a drop in pressure within the transmission line preceded the explosion.

The cause is under investigation.

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Posted by Insurance - 05/14/2018 at 19:41

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California Transit Agency Fined $220K in Worker Deaths

A Northern California judge has fined the Bay Area Rapid Transit agency $220,000 for the deaths of two workers accidentally hit by a commuter train.

The two workers were killed in 2013 while inspecting a track east of San Francisco. The California Public Utilities Commission sought the fine and three years of probation after determining the transit agency’s safety rules and procedure were inadequate. The agency will have to pay an additional $440,000 if it violates terms of its probation, which include tightening its safety rules and submitting more detailed safety reports.

BART spokespeople didn’t return phone and email inquiries.

The two workers had their backs to the train when struck in violation of agency safety rules. One member of inspection crews is always supposed to be watching for trains.

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Posted by Insurance - 05/14/2018 at 19:40

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California Governor Jerry Brown Signs Surplus Lines Association Backed Bill

Assembly Bill 1641, legislation offered and lobbied by the Surplus Line Association of California that is designed to give the California Department of Insurance more flexibility in deciding which coverages to add to the Export List, was signed into law by Gov. Jerry Brown.

The bill unanimously passed both chambers of the California legislature.

The new law will be crucial in ensuring coverage for commercial consumers and also for emerging new technologies, including high-speed rail and autonomous vehicles, as well as other large commercial projects, and new risks such as legal, recreational cannabis and cybersecurity risks, according to the SLA.

AB 1641 was introduced and sponsored by Assembly Insurance Chair Tom Daly, D-Anaheim.

Surplus Lines Association of California Executive Director Benjamin McKay.

“We commend Governor Brown for signing this important bill,” Benjamin McKay, the SLA’s executive director, said in a statement. “The governor has demonstrated a forward-thinking vision and an embrace of innovation, and we are grateful to him for enacting this law.”

The Export List is a list of coverages, maintained by the CDI, which are eligible for placement in the surplus line market without the necessity of a broker obtaining three declinations from the admitted market. Coverages are placed on the Export List after the CDI holds a public hearing and determines that the coverages are not readily available in the admitted market.

The SLA operates as a self-governed private organization that serves as the statutory surplus line advisory organization to the CDI and facilitates the state’s capacity to monitor and direct surplus line brokers’ placements of insurance with eligible non-admitted insurers.

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Posted by Insurance - 05/05/2018 at 19:40

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San Francisco Airport Experiences Another Air Canada Jet Safety Issue

Another Air Canada safety issue at San Francisco Airport is under investigation.

The Federal Aviation Administration said this week it is investigating the second serious safety issue in three months involving an Air Canada passenger jet landing at San Francisco airport.

Six times the control tower at San Francisco International Airport ordered an incoming Air Canada plane to abort its landing, fearing another plane might be on the runway. Each time, the order went unanswered.

Finally, air traffic controllers Sunday night took out an emergency red light and aimed it outside their window toward the jet to try to get the pilots’ attention. That didn’t work either, the plane landed and one of the pilots then radioed that he was having problems with the radio.

“That’s pretty evident,” the controller responded.

In July, an Air Canada jet with 140 people on board nearly landed on a taxiway where four planes were waiting before takeoff, prompting the FAA to issue new rules for nighttime landings and control tower staffing at the airport.

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Posted by Insurance - 05/05/2018 at 19:40

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Worker Safety, Regulation Overload Among Highlights of Drone Expo In California

Drones may already be impacting the world of workers’ compensation.

Fewer workers on communications towers are falling to their deaths, according to Todd Schlekeway, executive director of the National Association of Tower Erectors.

Schlekeway, who was speaking at a panel on Tuesday at the Drone World Expo in San Jose, Calif., which runs through Thursday, was citing an OSHA study of 135 deaths on communications towers recorded since 2003.

Schlekeway was moderating a panel to talk about how drones, or unmanned aerial systems, are transforming the communications industry, along with Thomas Camp, in business and product development with Verizon’s innovation program, Christopher Moccia, executive vice president of telecommunications for Measure, and Art Pregler, UAS program director for AT&T.

Todd Schlekeway (left), with the National Association of Tower Erectors, moderated a panel to talk about how drones are transforming the communications industry, along with Art Pregler, with AT&T, Christopher Moccia, with Measure, and Thomas Camp, with Verizon.

The OSHA study shows that after a spike in deaths in 2013 and 2014, when a massive amount of communication tower building took place to keep up with an explosion in cellular demand, the number of deaths have been falling.

There were four deaths in 2015, seven deaths in 2016 and two deaths so far this year, although the year isn’t over and there were some recent deaths that have yet to be reported, according to Schlekeway.

He noted that there are now 1.2 smartphone devices per person in the U.S., and there are more than 308,000 cell sites and towers. With demand continuing for more towers, and maintenance required of all of those towers, Schlekeway and his fellow panelists said drones are increasingly important in helping to keep workers safer.

Drones are being used often to check out towers for natural hazards like bee hives and raptor nests, to look for infrastructure defects that could injure or kill someone ascending a tower, and to determine what tools will be needed when workers get to their destination high in the air to save trips up, the panelists said.

Rules and Regulations

Despite some consensus followed by some decision making from Congress and the FAA on drone regulations over the past few years, just who is calling the shots when it comes to making drone laws and regulations is far from decided.

It was a difficult question members of one panel tried to tackle, including Charles Raley, unmanned aircraft systems team lead for enforcement, policy and outreach for Federal Aviation Administration.

He and fellow panelists attempted to give a picture of the state of laws and regulations concerning drones, which are being hammered out from federal down to local levels.

“The current state is there’s a lot of tension in this area, and there’s a lack of clarity as well,” Raley said. “Unfortunately, there’s not exactly a clear answer as to who controls what.”

Speaking for the FAA and what it controls, he offered that “we think it’s a lot.”

He said many laws already on the books of state and local governments, such as nuisance ordinances and laws governing acts of voyeurism, that will cover most issues that are being created by drone operators.

Drone Insurance

The lone insurance presence with a booth at the expo was BWI Aviation Insurance, a Corona, Calif.-based broker specializing in drone and other aerospace coverage.

Wesley Ellish, who was working the booth with a few fellow brokers, said they decided to take a spot at the expo in hopes of selling polices and educating drone users on the need for insurance.

“It kind of seems like insurance is on the backburner for some of these guys,” Ellish said.

She said that while several attendees who stopped at the booth felt insurance was the last of their worries, they were able to give dozens of quotes for basic liability policies to offer drone operators coverage.

Quotes were given to a mix of operators, ranging from startup companies to companies that were already considered mid-sized with growing fleets of drones, but by far the class of business that showed the biggest interest in buying drone insurance were instructors, she said.

“I’ve noticed we’ve had quite a few instructors coming up,” she said.

She said they were interested in a training policy that covers the drone and property damage incurred while they or their students were operating the drone.

Panels on Wednesday include “Drones in the Insurance Industry,” “Follow the Money: Exploring the Drone Investment Climate,” and “Drone Response to Hurricanes Harvey and Irma.”

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Posted by Insurance - 04/29/2018 at 19:41

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Liberty Taps XL Catlin’s McKay for brand spanking new Distribution & Client Mgmt Role

Liberty Specialty Markets (LSM), a part of Liberty Mutual Insurance Group, has appointed Kerry McKay to the brand newly created role of head of Distribution and Client controlfor Continental Europe. he’s going to report on to LSM’s head of Europe, Kadidja Sinz.

The move comes as LSM seeks to expand that its operations as a professionalinsurer duringEurope, providing a broad diversityof professionalducts and facilitiesthrough its six continental ecubranch offices, the corporate said in a press release.

With a 27-year career within the insurance sector, McKay has significant distribution experience, having successfully developed and enhanced broker relationships across Europe, Latin America and Asia Pacific. He most up-to-dately held an international role as head of Central Broker controlfor insurer XL Catlin, where he worked for the past five years. previous to this, McKay worked for brokers Jardine Lloyd Thompson Specialty and Marsh in London, with roles encompassing risk consulting, multi-national client management, placement and project management.

“Kerry joins us at a excitingtime as we expand across Europe and grow our capabilities through investment in people and that infrastructure,” commented Sinz. “His think aboutable experience in building wonderfulpartnerships with brokers in addition to knowing the wishes of clients in an evolving market shall be of real benefit to us.”

McKay is predicted to absorb his new role this summer.

Posted by Insurance - 02/24/2018 at 12:26

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Swiss Re Economists Win Award for Research on Nat Cat Protection Gap

The Geneva Association and the International Insurance Society (IIS) announced the two017 winner in their collaborative insurance research program, the Shin Research Excellence Awards.

Thomas Holzheu and Ginger Turner of Swiss Re received the award for his or her paper on “The organicCatastrophe Protection Gap.” (See underfor his or her biographies).

The research shall be presented through the IIS Global Insurance Forum in London on July 17-20 to greater than 500 senior insurance leaders from around the globe. it is going to even be published in The Geneva Papers on Risk and that insurance and distributed by the IIS and The Geneva Association.

“The Shin Research Excellence Awards program was established to advertise practically oriented, applied research within the field of insurance and risk management, addressing topics which directly influence business operations,” said a press release issued by the 2 organizations.

“The increasing severity and frequency of weather-related catastrophes has ended in enormous economic losses and human suffering. Societal resilience and loss mitigation requires the involvement and cooperation of multiple actors,” said Anna Maria D’Hulster, secretary general of The Geneva Association.

She added thon the work of Holzheu and switcher advances the significance of cooperation among governments, the insurance sector, companiesand that individuals.

“The steadily widening protection gap is a space where the insurance induscheck outis poised to have significant impact,” said Michael J. Morrissey, IIS president and CEO.

“Working collaboratively as an induscheck outat the side of our public sector partners, there’s think aboutable momentum and large potential to improve communities’ resilience against weatherrisks, thereby protecting lives and livelihoods. Research is a critical underpinning of this effort,” he continued.

“The Swiss Re team of analysisers presented remarkablework in order to assist in our industry’s efforts to mitigate loss related to weatherrisks,” said Dr. Joan Lamm-Tennant, CEO of Blue Marble Microinsurance.

Shin Research Excellence Awards program is endowed by Kyobo Life Insurance Company and chaired by Lamm-Tennant at Blue Marble. It aims to foster original research, that is refereed by a panel of insurance experts and that induscheck outscholars.

Biographies of Award Winners

Thomas Holzheu is the Swiss Re Institute Chief Economist, Americas. he’s liable for Swiss Re’s American economic and that insurance market research, which come withs the “sigma” studies, that are Swiss Re’s research series at the insurance industry.

Holzheu is the writer of several sigma studies on trends on the earthwide insurance industries, covering a broad diversityof topics including non-conventionalre/insurance solutions, the worldwide underinsurance of professionalperty risks, economic and non-economic liskillclaims drivers and the impact of inflation on insurance.

Thomas Holzheu

He joined Swiss Re Group in 1990 and has worked in Germany, Switzerland and the united states Prior experiences include marketing services, treaty underwriting, corporate progressionand competitor analysis. He graduated from the University of Munich with a M.S. and a Ph.D. in economics.

Ginger Turner is manager Strategy progressionand chief of staff to Swiss Re’s group chief process officer. She’s also an accessory associate professor on the University of Sydney Business School. As an economist, her research has interested in catastrophe risk and that insurance, including the behavioral economics of risk-taking after organicdisasters, terrorism insurability, mobile distribution in emerging markets and the worldwide organicdisaster underinsurance gap.

Ginger Turner

previous to sign up foring Swiss Re, she worked on the earth Bank Office of the executive economist, The Wharton School and Goldman Sachs. Turner studied at Stanford University (B.A. Economics/MS Engineering) and the University of Oxford (MPhil/DPhil Econ) as a Rhodes Scholar.

She’s a Senior Fellow on the George Washington University Center for Cyber and residentialland Security.

Posted by Insurance - 02/24/2018 at 12:26

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Political Risk Tops List of Worries for Insurers Across Globe: GS Survey

Political risk is the largest fearthis year for insurers globally, following several shock outis available in 2016, a survey of insurers managing $10 trillion in assets showed on Thursday.

Political events have overtaken issues this type ofs worries a fewn economic slowdown within the U.S. or China to become the highest macro-economic risk for two017, in line with the survey by Goldman Sachs Asset control(GSAM) of greater than 300 insurers, which together manage about 40 %of worldwide insurance assets.

“Political risk has risen to the highest of the worrys of all insurers,” Etienne Comon, GSAM’s EMEA (Europe, Middle East and Africa) head of insurance asset management, told a media temporarying.

“That’s true globally and far truerin Europe.”

Britain’s vote to go away the ecu Union and the election of Donald Trump as U.S. President were both unexpected political events last year that have increased worries about protectionism and the reliskillof industrydeals.

Insurers this year are particularly fretting over ecuelections this type ofs France’s presidential vote, where favorite Emmanuel Macron is facing a run-off with anti-globalization candidate Marine Le Pen next month.

Elections later this year in Germany and a potential early Italian vote also are a priority, Comon said.

Increasing volatility in a fewecugovernment bond markets last year because of political upsets and unsurety encouraged insurers to shift allocations towards safe-haven bonds in Northern Europe, he added.

Insurers expect the largest returns in 2017 to return from private equity, the fourth straight year they have got known asthis asset elegancethe top-yielding bet.

U.S. equities and emerging market equities also are expected to sourcestrong returns, the survey showed.

However, fearover the capital costs of creating an investmentin a fewriskier asset lessonsmean those return expectations would possibly not turn out to be more investment, Comon said.

Insurers said they were in all probskillto extfinishasset allocatidirectly to corporate loans to mid-market firms, by infrastructure debt, after which private equity.

Posted by Insurance - 02/24/2018 at 12:26

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London Market Group Re-Appoints Aubert as Chairman

The London Market Group (LMG) announced the re-appointment of Nicolas Aubert, head of significant Britain for Willis Towers Watson, because its chair.

the los angelesst 365 days has seen progress across all LMG’s workstreams, including market modernization work, including the los angelesunch of PPL, the London market’s electronic strikingplatform. (PPL is an initiative of the London market’s Target Operating Model, or TOM, a professionalgram ims to trendyize the market and help you do business in and with the London market.).

“The curve ball of two016 was Brexit, but this has given us both possibilitiesand challenges,” he said, noting thon the LMG is figureing very closely with the federal government to “shieldour businesses and ensureadjustmentsin order to permit our unique marketplace to grow and thrive.”

Aubert has served because the pinnacle of significant Britain at Willis Towers Watson since Jan. 4, 2016 and he also serves because the CEO of Willis restricted, the legal entity covering UK based activities from legacy Willis. Previously, Aubert served as CEO of Willis GB, the operating segment of Willis Group Holdings, which come withd Willis’ London specialty businesses and facultative, and the retail insurance business in wonderfulBritain.

previous to sign up foring Willis, Aubert served because the executive operating officer of Ameriam i able tonternational Group (AIG) in Europe, the center East and Africa, and in addition as managing director of AIG within the united kingdom. After joining AIG in June 2002 to steer AIG France, Aubert held diversesenior controlpositions, including managing director of Southern Europe, where he oversaw operations in 12 countries, including Israel.

previous to AIG, Mr. Aubert worked in diverseleadership positions at ACE, CIGNA, GAN and began his career at Generali. He holds specialized Masters Degrees in Insurance Law (DESS Assurances) from Pantheon-Sorbonne University of Paris and from Institut des Assurances de Paris (Universite Paris-Dauphine) and an M.B.A. from the French topInsurance Studies Center (CHEA).

The LMG represents specialist commercial re/insurance broking and underwriting communities in London.

Posted by Insurance - 02/24/2018 at 12:26

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Disruptive Tech Dominates 2nd Annual Efma-Accenture Innovation Awards

Emerging technologies this type ofs syntheticintelligence, the netof skinnygs (IoT) and blockchain were prominently featured some of the winners of the second one annual Efma-Accenture Innovation in Insurance awards.

aimed toward showcasing the most productive examples of insurance technology innovations in multiple categories, the awards this year attracted almost220 entries from almost150 institutions in 38 countries.

“This year’s entries truly set a brand new benchmark for innovation in insurance. It was transparentfrom the diversediversityof submissions that duringsurers around the globe are acting with urgency to innovate for his or her customers and capitalize on emerging new technologies like syntheticintelligence, the netof skinnygs and blockchain,” said Piercarlo Gera, senior managing director, monetaryServices, Accenture Distribution & Marketing.

Assicurazioni Generali S.p.A. / Generali Italy received the two017 Global Innovator of the Year award. the corporate was recognized by a panel of independent judges for its strong deal with innovation in all submissions, including its work on crowd sourcing, incubation initiatives, collaboration with startups and dadrtnerships with global organizations.

Moshe Tamir, global head of Digital Transformation, Generali, said, “We’re delighted that our commitment to innovation around the globe has been recognized. The insurance landscape is changing rapidand digital transformation is on the middle of this alteration. At Generali, we see new technology as instrumental in making a smartstronger relationship with our clients and distributors, and additionalshaping our business for the longer term.”

Second place within the Global Innovator of the Year category went to Tokio Marine & Nichido fireplace(Japan), at the same time asAXa gaggle (Italy) completed the highest three.

4other category winners were announced on the awards displayin London:

attachedInsurance & Ecosystems.Tokio Marine & Nichido fireplace(Japan) won on this category for its “Sharing Medical dataon Blockchain” offering. By sharing patients’ medical databetween relevant parties employinga blockchain platform, the submission noted thon the choice of unnecessary medical examinations fell, administrative costs declined and the popularof service improved. Europ Assistance Group in Italy and Belgium-based Qover were runners-up.
Customer Experience & Engagement.“AXA Sure” from AXa gaggle (France) win this category with an app that every oneows dataon household contents to be digitized and stored. Users have the benefit of policy transparency and faster processing within the event of a claim. Second place went to “MyAngel” from Italy-based Groupama Assicurazioni, and third place went to “Consultation through Telemedicine” from Bradesco Seguros in Brazil.
Intelligent Automation.The winning submission on this category was “Allianz AI Sales Smart Mentoring” from Allianz (France) – a practicalmentoring solution that supplys real-time researchand diagnosis on the marketsforces to harness the whole potential in their commercial relationship skills. “syntheticIntelligence-Assisted Claim Document Recognition System” from Tokio Marine & Nichido fireplace(Japan) came in second place, with U.S.-based Safeco, a Liberty Mutual company, strikingthird.
most efficientDisruptive services or products.This category went to Médis (Portugal) for its “Enhancing Omni Channel by Adding Interactive televisionCommerce” initiative, which was chosen on the evening awards ceremony, with Slice (USA) and that insureApp (Netherlands) completing the highest three.

Vincent Bastid, CEO of Efma, said, “not only are these awards the very most efficientmethod to turncase the industry’s spirit of innovation, they supply a possibilityfor insurers to return together and know about new most efficientpractices.”

Additional details concerning the second one annual Efma-Accenture awards can also be viewed at the Efman onlinesite.

Efma & Accenture Invite Entries for twond Annual Innovation in Insurance Awards
Winners of onest Innovation in Insurance Awards Are ‘amendmentLeaders’
Nominations Announced for 1st Efma-Accenture Innovation in Insurance Awards
Efma & Accenture Launch Global ‘Innovation in Insurance’ Award Program

Posted by Insurance - 02/24/2018 at 12:26

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