Economic Loss of $5-7B From Houston Windstorm

The strong windstorm blew out windows and left hundreds of thousands without power.

Greater Chance of 2024 Major Hurricane on East Coast

Some data calls for a 62% chance of an East Coast major hurricane in the next few months.

National News

• EPA Says Water Utilities Need to Do More to Stop More Frequent Cyberattacks
• People Moves: AIG Appoints Browne Global Head of Specialty
• Ex-Citi Banker Says She Was Fired for Rrefusing to Give False Data to Regulator
• New Talc-Related Class Action Lawsuit Goes After J&J for Fraudulent Conveyance
• Gallagher Updates Regulation for Artificial Intelligence
• US Regulator to Issue Carbon-Credits Rulebook Within Months
• US Government Urges Federal Contractors to Strengthen Encryption
• TransUnion: Auto Insurance Shopping Hit 5-Year High in Q1 2024

East News

• Doctor Was One of Biggest Prescribers of Opioids in Massachusetts
• Maryland Governor Signs Bills on Gun Safety Center, Minimum Firearms Standards
• People Moves: Strub, Bell Join Alliant Employee Benefits Team
• Teen Who Ate Spicy Tortilla Chip Died of High Chile Consumption; Also Had Heart Defect
• Dean Denied Workers’ Compensation for Injury From ‘Walking and Turning’ in Hallway
• Ship That Caused Deadly Baltimore Bridge Collapse Refloated, Escorted Back to Port
• People Moves: RT Specialty Promotes 6 in New Jersey Environmental/Construction Team

Midwest News

• Missouri Senators to Pay Potential Damages in Chiefs Rally Shooting Defamation Case
• Inszone Acquires Illinois’ ISU Coverall
• Central US States Brace for Possible Severe Storms: Weather Watch
• Risk Strategies Acquires Indiana’s Silveus
• Chicago Tribune Faces Suit Over Pay Disparities Among Women and Black Journalists
• Michigan Police Arrest 6 Men for Stealing $8M Worth of Vehicles

Farmers Resumes Some Lines of Business Insurance in California

The insurer said it will resume some new business commercial multi-peril policies.

Texas / South Central News

• Houston Storm Hit Most-Stressed US Grid With Power Outages at 140,000
• TWIA Prepares Biennial Report for Texas Legislature; Assoc. Sees Limited Claims From Houston Storm
• Texas to Face Extreme Heat in New Test for Its Power Grid: Weather Watch
• People Moves: BenefitMall Appoints Wong Benefits Sales Executive for Texas
• These Texans Aren’t Taking Buyouts Despite Repeated Floods
• Power Restored to Majority of Houston Residents Affected by Deadly Storms

Southeast News

• Florida Agents Will Soon Need Three Appointments Before Selling Citizens
• NC Captive Feud: Sherbrooke Says Managers Took Funds, Stole Risk-Gauging Software
• Drone Pilot Can’t Do Mapping Without North Carolina Surveyor’s License, Court Says
• NormanMax Launches 1st Nat Cat Parametric Lloyd’s Syndicate, Managed by Apollo
• Georgia Statute of Limitations Not Automatically Tolled in Negligent Security Cases
• Liberty Co. Adds Ayers Brackfield Insurance in Tennessee

Swiss Re to Scrap iptiQ; Reports Strong Q1 Income

Swiss Re announced plans to withdraw from its digital B2B2C insurance business, iptiQ.

West News

• Bristol Myers, Sanofi Liability in Hawaii Plavix Case Grows to $916 Million
• Los Angeles Jury Awards $58M to Injured Train Yard Worker
• U.S. Regulator Launches Probe of VinFast Crash in California in Which Four Died
• California Mushroom Farms That Were Sites of Fatal Shootings Fined $450K
• Containment on Arizona Wind-Driven Wildfire Grows
• California Court to Weigh Fate of Law Treating App-Based Drivers as Contractors

International & Reinsurance News

• Compensation for Injured Passengers on Singapore Airlines Could Vary Dramatically
• ‘It Felt Like We Had Crashed’: Singapore Air Passenger Describes Turbulence Terror
• Viewpoint: How Liberty Specialty Markets Uses Tech for Claims Risk Management
• Oil Shipments at Risk From Rising Sea Levels, Think Tank Warns
• Climate Change Made Recent UK and Ireland Storms Much Worse
• China Boosts Farmer Protection With Nationwide Insurance for Major Grains
• NormanMax Launches 1st Nat Cat Parametric Lloyd’s Syndicate, Managed by Apollo

Insurance Journal Blogs and Columns

• Insurance in the Headlines with Baltimore’s Francis Scott Key Bridge Collapse May 21
• Empowering InsurTech: The Rise of Low-Code Solutions May 20
• Insurance Companies Feeling the Pressure in Iowa and the Midwest May 15
• Implementation: The Final Frontier May 14
• All 50 States in Just 2 Minutes: How Service Insurance Companies Went National in No Time May 9
• Revolutionizing Insurance Distribution: Efficiency and Innovation through API Integration and Data Utilization May 8

Sponsored Newswire

• Axis Insurance acquires Magnes Group, expanding its Canadian presence.
• Smart Choice Signs a Record Number of Independent Insurance Agencies

Quote of Note

"Insurance carriers are paying more attention to underwriting and selecting accounts they want to do business with and being very competitive on those."

Brian F. Cooper, managing director, National Construction Practice, for Gallagher Construction Services in San Francisco.

More Quotes

Insurance Top Gainers/Losers

• Gainers
• Losers

Company	Symbol	Close	1 Day Chg
First Acceptance Corporation	FACO	$3.70	+6.32%
Kingstone Companies, Inc.	KINS	$5.04	+3.92%
Tiptree Inc.	TIPT	$17.98	+1.93%
CNA Financial Corporation	CNA	$44.93	+1.17%
The Progressive Corporation	PGR	$209.38	+1.16%

Company	Symbol	Close	1 Day Chg
Heritage Insurance Holdings, Inc.	HRTG	$8.67	-5.25%
American Coastal Insurance Corporation	ACIC	$13.47	-2.81%
Lemonade, Inc.	LMND	$17.03	-2.74%
NI Holdings, Inc.	NODK	$15.48	-2.58%
Root, Inc.	ROOT	$62.22	-2.45%

* As of May 21, 2024; Source: S&P Global Market Intelligence

Market Stat

73%

Percent of American drivers too afraid to ride in a fully self-driving vehicle, up from 63 percent in late 2017.