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Daily NewsFlash : July 19, 2013

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Friday, July 19, 2013

City of Detroit Files Bankruptcy, Billions in Debt

Detroit bankruptcyDetroit, the cradle of America's automobile industry and once the nation's fourth-most-populous city, filed for bankruptcy on Thursday, the largest American city ever to take such a course.

The decision, confirmed by officials after it trickled out in late afternoon news reports, also amounts to the...

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Passengers Sue Asiana Airlines Over San Francisco Crash

ASIANA crash lawsuitTwo passengers aboard the Asiana Airlines  flight that crashed while landing in San Francisco have sued the carrier, claiming they suffered "extreme and catastrophic injuries and emotional distress" as a result of the accident.

The suit is believed to be the first following the July 6 crash...

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Insurers Peg Cat Losses from Major Second-Quarter Events

Cat lossesSome insurance companies are releasing estimated catastrophe loss figures on the heels of major events, such as floods in Europe and Canada, while others are releasing esti...

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Group of 20 Financial Stability Board Names Nine Insurers Systemically Important

InsurersNine insurers from around the globe have been deemed as posing risk to the global financial system by a panel of the Group of 20 leading economies.

In the U.S., American International Group Inc., MetLife Inc. and Prudential Financial Inc.  made the long-awaited list of the Financial Stability Bo...

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AIA President "Not Optimistic" Terrorism Risk Insurance Program Will Be Extended This Year

TRIAAmerican Insurance Association President and Chief Executive Officer Leigh Ann Pusey said she is "not optimistic" Congress will pass an extension to the federal Terrorism Risk Insurance Reauthorization Act before the end of 2013, which could force some insurers to add terrorism exclusions to prope...

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Penn State Trustees Approve $60 Million for Settlements in Sexual Abuse Claims

Penn State Sandusky settlementsSome of convicted child molester Jerry Sandusky's victims soon could start collecting part of as much as $60 million from Penn State University for the harm he caused, a

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Marsh Named Best Trade Insurance Broker in North America, Europe, the Middle East and Africa

MarshFor the second year in a row, Marsh has been named Best Trade Insurance Broker in North America in Trade Finance Magazine's 2013 Awards for Excellence. The firm was also named Best Insurance Broker in the Europe, Middle East, and North Africa region.

"Trade credit and structured trade credit insurance buyer...

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