Latest Insurance industry News

Payouts from insurance policies may fuel ransomware attacks

Sep. 20, 2019 11:36 AM EDT

CHICAGO (AP) — The call came on a Saturday in July delivering grim news: Many of the computer systems serving the government of LaPorte County, Indiana, had been taken hostage with ransomware. The hackers demanded $250,000. No way, thought County Commission President Vidya Kora. But less than a week later,...

The Latest: Victims' attorney: PG&E $11B settlement positive

Sep. 13, 2019 7:14 PM EDT

SAN FRANCISCO (AP) — The Latest on PG&E agreeing to pay $11 billion as part of settlement with insurers (all times local): 11:30 a.m. An attorney representing hundreds of California wildfire victims says Pacific Gas & Electric agreeing to pay $11 billion in a settlement with a group of insurance...

PG&E reaches $11B deal with California wildfire insurers

Sep. 13, 2019 4:53 PM EDT

SAN FRANCISCO (AP) — Pacific Gas & Electric has agreed to pay $11 billion to a group of insurance companies representing claimants from deadly Northern California wildfires in 2017 and 2018 as the company tries to emerge from bankruptcy, the utility announced Friday. The utility said in a statement the...

Broadcom and Apple slip while PG&E and Tyson Foods advance

Sep. 13, 2019 4:44 PM EDT

NEW YORK (AP) — Stocks that moved substantially or traded heavily on Friday. Broadcom Inc., down $10.26 to $290.32 The chipmaker maintained a weak revenue forecast for the year and warned that demand remains low. PG&E Corp., up $1.08 to $11.18 The utility and a group of insurers reached an $11 billion...

PG&E plan offers billions to victims, others after wildfires

Sep. 9, 2019 9:49 PM EDT

SAN FRANCISCO (AP) — PG&E Corp. proposed Monday to resolve its bankruptcy case by offering nearly $18 billion to settle claims from devastating wildfires started by its equipment in recent years — an amount immediately criticized by victims who said less than half of that is intended for them....

The Latest: Victims disappointed with PG&E bankruptcy plan

Sep. 9, 2019 8:25 PM EDT

SAN FRANCISCO (AP) — The Latest on PG&E's bankruptcy proceeding (all times local): 5:25 p.m. A lawyer representing wildfire victims says she's disappointed by Pacific Gas & Electric's plan to offer nearly $18 billion to settle fire-related claims and exit bankruptcy. The company unveiled the plan...

The Latest: Vigil held to remember dive boat victims

Sep. 6, 2019 11:47 PM EDT

LOS ANGELES (AP) — The Latest on the deadly California dive boat fire investigation (all times local): 8 p.m. Hundreds have gathered to remember the 34 scuba divers killed when their boat caught fire and sank off Southern California. Clergy and others offered words of solace Friday evening in a vigil at a...

CVS Health stock rises as judge completes Aetna deal review

Sep. 5, 2019 9:15 AM EDT

Shares of CVS Health started climbing early Thursday, a day after a federal judge finally completed his review of the company's roughly $69 billion acquisition of the health insurer Aetna. U.S. District Judge Richard J. Leon said Wednesday in federal court filings that a plan requiring CVS to unload Aetna's...

Expert: Knights of Columbus inflates membership numbers

Sep. 4, 2019 9:36 PM EDT

DENVER (AP) — The Knights of Columbus has inflated its membership by more than a quarter, which could imperil the Catholic fraternal group's life insurance business, according to testimony Wednesday in a federal lawsuit. The Knights say they have 1.9 million members globally who belong to more than 10,000...

How homeowners can begin to recover from hurricane damage

Sep. 2, 2019 12:07 AM EDT

NEW YORK (AP) — With the National Hurricane Center warning that Dorian could inflict destructive storm surges and dangerous winds along the coasts of Florida, Georgia and the Carolinas, billions of dollars in damage could be caused to homes and other property in its path. Insurance industry experts say...