Berkshire Hathaway Insurance Group braces for Brexit with new Dublin unit

Berkshire Hathaway Insurance Group - Brexit - UK and EU flags

The insurer has received approval for the new unit to service clients in Ireland and across the E.U. Berkshire Hathaway Insurance Group Inc. announced that it has received the Central Bank of Ireland’s approval to establish a Dublin unit. The goal is to be prepared for any form of Brexit, to be able to service clients in Ireland as well as throughout the European Union. The new Berkshire Hathaway European Insurance will act separately while remaining fully owned. According to the Berkshire Hathaway Insurance Group, the new unit will be…

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New crypto insurance products find area of need amid regulator uncertainty

Crypto insurance - Blockchain - Cryptocurrency - Bitcoin

Coverage against rising cryptocurrency theft is needed, but regulators aren’t certain how to manage it. A rising crypto insurance industry has insurers moving quickly to create models and products to offer. At the same time, regulators are left uncertain as to how to handle this very new form of coverage. In 2018, hackers stole $1.7 billion in cryptocurrency in a quickly increasing digital coin theft trend. Cryptocurrency thieves are becoming increasingly successful. With the massive theft rate, the technology is facing considerable harm to its reputation and further barriers to…

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Ethisphere Institute names Allstate as one of the 2019 World’s Most Ethical Companies

World’s Most Ethical Companies - Ethics - Business

This is the fifth time the insurer has been honored with this coveted title by the ethics standards firm. Ethisphere Institute has recognized Allstate as one of the 2019 World’s Most Ethical Companies for the fifth time. The firm is a global leader in the definition and advancement of ethical business practice standards. Allstate is one of seven companies to have received the title from Ethisphere for 2019. The insurer has been named as one of the World’s Most Ethical companies for five consecutive years. The designation underscores the insurance…

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PG&E admits its equipment was the “probable” Camp Fire cause

Camp Fire Cause - California Camp Fire

The largest Californian wildfire in history was likely the result of the bankrupt utility’s equipment. Bankrupt Californian utility company, PG&E, said in its earnings statement that its equipment was the “probable” Camp Fire cause. That same statement reported the highest losses the company had ever recorded. PG&E’s statement said that investigators will likely find its equipment was the fire’s ignition point. As the Camp Fire cause, this would make PG&E’s equipment responsible for the largest wildfire in Californian history. The blaze ripped through Northern California for half of November 2018,…

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FBI investigating country-wide workers compensation fraud scheme

Workers compensation fraud

The Bureau is looking into an alleged nationwide scam involving insurance and pensions. The F.B.I. has launched an investigation into an alleged nationwide workers compensation fraud, health insurance scam and pension plan scheme. The scheme involves policies and plans sold by American Labor Alliance or its U.S. subsidiaries. The F.B.I. has requested that any businesses that have purchased policies or plans from American Labor Alliance (A.L.A.) or any of its subsidiaries across the country should contact their state insurance regulator. The state regulator will be able to tell if health…

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Climate change impact greater than insurance industry’s capacity to offset financial risk

Climate change impact - World in water

The affects of a warming planet will prove to be too expensive for coverage alone to keep up, say analysts. The financial risks associated with the climate change impact may become greater than what the insurance industry can cover, according to a new report. Analysts say that the financial risks are growing, from investing into coal-powered plants to the climbing premiums for flood insurance, the expenses are already rising and will continue to do so. That said, the difference that firms can make to control both the risks and the…

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Despite dismissal of fraud insurance charges, Indiana school superintendant resigns

fraud insurance charges - Elwood Superintendent Casey Smitherman Resigns - Casey Smiterhman - RTV6 YouTube

Casey Smitherman’s “lapse in judgment” didn’t land her in prison but she has resigned nonetheless. Casey Smitherman, the Indiana school superintendant who recently made headlines when she faced insurance fraud charges for helping a student by pretending he was her son, has resigned. Live Insurance News brought you the original health insurance fraud story last week. Smitherman has resigned in the hopes of reducing negative attention to herself and her community. The board of Elwood Community Schools accepted Casey Smitherman’s resignation. The board has been standing behind Smitherman and did…

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