Posts by Y@DminG

Progressive said it will stop offering dwelling fire insurance, with nonrenewal notices going out as early as Nov. 19. The Mayfield, Ohio-based insurer late last week said the decision to discontinue writing the coverage, often dubbed “landlord insurance,” for non-primary … Source: Claims Journal

Firefighters battled strong driving a fast-moving Southern California wildfire that forced the evacuations of thousands of people and destroyed at least 168 structures. Containment of the Mountain Fire in Ventura County increased to 48%. The fire has now burned 20,630 … Source: Claims Journal

Chipotle Mexican Grill was sued on Monday by shareholders for concealing how many of its restaurants were skimping on portions, forcing the chain to spend more on ingredients and hurting its stock price. In a proposed class action filed in … Source: Claims Journal

FTX filed a lawsuit against Binance Holdings Ltd. and its former Chief Executive Officer Changpeng Zhao, seeking to claw back almost $1.8 billion it alleges was fraudulently transferred by Sam Bankman-Fried. Binance, Zhao and other Binance executives received the funds … Source: Claims Journal

The floods that devastated the Spanish region of Valencia at the end of last month are expected to trigger total insurance losses in excess of €3.5 billion ($3.8 billion), Moody’s estimates. The projection is based on the first 72,000 insurance … Source: Claims Journal

Hawaiian Electric reported a third-quarter loss after the utility removed a warning about its ability to remain in business, saying that a recent capital raise helped mitigate the concerns. The utility had raised going concern doubts after disclosing that it … Source: Claims Journal

Toyota Motor Corp.’s North American chief operating officer criticized the U.S.’s policies promoting speedy adoption of electric vehicles, calling them “de facto mandates” out of sync with consumer demand. Noting government support for EVs has been a hotly debated issue … Source: Claims Journal

A federal judge said Meta Platforms CEO Mark Zuckerberg is not personally liable in 25 lawsuits accusing his company of addicting children to social media. U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California rejected accusations on Thursday that Zuckerberg … Source: Claims Journal

Battery Energy Storage Systems (BESS) development has been looming in U.S. energy markets for several years. Now, as capacity has begun expanding rapidly, the insurance claims are beginning to materialize in both construction and operational policies. For underwriters and claims … Source: Claims Journal

A U.S. judge on Thursday dismissed some claims in a lawsuit accusing Rio Tinto and its former CEO Jean-Sebastien Jacques of defrauding investors by concealing problems developing the $5.3 billion Oyu Tolgoi copper and gold mine in Mongolia. U.S. District … Source: Claims Journal