UK Supreme Court issues ruling on controversial asbestos liability case

The United Kingdom Supreme Court has issued a ruling on a controversial case concerning asbestos in workplaces. The issue arose in 2008, when a number of people came forward to seek reparations after being diagnosed with mesothelioma, a type of lung cancer connected with inhaling asbestos and other fibrous materials. The country’s appeals courts struggled to determine whether liability lied with employers for exposing workers to dangerous conditions or if liability began when a victim started exhibiting symptoms of illness. Despite the conflict, the High Court ruled in 2008 that…

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Total SA natural gas leak births insurance nightmare as the industry tackles yet another man-made environmental disaster

Trouble is brewing in the North Sea where a major natural gas leak is causing problems for Total SA, a multinational oil company. The leak began at one of the companies abandoned platforms, dubbed the “well of hell” by environmentalists. Total is claiming that it will take at least six months to shut off the flow of natural gas due to high pressures within the reservoir beneath the platform. The company now faces serious backlash from the insurance industry for being at the heart of yet another man-made environmental disaster.…

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Insurance brokers benefit from recovering economy and rising prices

The economic recovery and the increases in prices have helped to boost the largest publicly traded insurance brokers as a whole throughout 2011 when compared to the year before. According to the director at Stifel, Nicolaus & Co. Inc., Meyer Shields, these two factors were very helpful to the collective fortune of these insurance brokers. He stated that “It’s not the strongest recovery we’ve ever seen. It’s not the strongest rate cycle we’ve ever seen. But it’s helping.” The industry has discovered that as there is not as much income…

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California insurance regulators clash with insurers over coverage for small businesses

California insurance regulators are pushing for new legislation that would institute limitations on a controversial form of health insurance that is targeting small businesses. This coverage is a type of self-insurance that is designed for businesses with 25 or fewer employees. Regulators claim that these policies are being used by health insurers to find companies with the healthiest workers, lowering their risk of costly payouts. Insurance Commissioner Dave Jones is concerned that these policies undermine one of the key principles of the Affordable Care Act: Lowering premiums by allowing insurers…

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EU permits some Iran oil insurance until July 1

The European Union has announced that it will allow some insurance for Iranian oil shipments to be exempt from Europe’s trade embargo on crude, when they are headed to destinations other than Europe, and that it will have made its decision as to whether or not coverage will be permitted after that time, by mid May. The EU foreign ministers formed the exemption and the planned review for it at a Brussels meeting that added it to a set of rules about the implementation of the oil ban from the…

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