Industry News

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China’s Pension Funds Face Shortfalls as Country Struggles with Aging Population
December 11, 2017
Thirteen pension funds in regions and administrative units around China only have enough money to pay less than one year’s worth of pensions, media reported on Monday, as the country struggles with an aging population and shortfalls in the nation’s … …

Tribe in New Mexico Requesting Federal Disaster Declaration for Flooding
December 11, 2017
New Mexico’s congressional delegation is asking the federal government for help as a Native American community in the state is recovering from the effects of severe weather and flooding. The delegation says a storm in early October damaged roads, bri …

California Governor Says Firefighting at Christmas May Become Normal
December 11, 2017
A week of destructive fires in Southern California is ending but danger still looms. Well into what’s considered the wet season, there’s been nary a drop of rain. That’s good for sun-seeking tourists, but could spell more disaster for a …

Commercial Insurance Prices in U.S. Stayed Flat in Q3: Willis Towers Watson
December 11, 2017
Commercial insurance prices in the U.S. were again nearly flat during the third quarter of 2017. Price changes reported by carriers averaged less than one percent for the ninth consecutive quarter, following a moderating trend in price increases that …

Drug Industry Files Suit to Halt California’s Drug Price Law
December 11, 2017
The trade group representing U.S. drugmakers said it has a filed a lawsuit to stop California from implementing a law aimed at reining in prescription drug prices. The Pharmaceutical Research and Manufacturers of America, in a statement, said it file …

Insured Losses for Germany-Austria’s Storm Herwart Estimated at $337.3M: PERILS
December 11, 2017
The initial insured property loss estimate for Extratropical Cyclone Herwart, which hit Austria and Germany on Oct. 29, 2017, is €252 million ($337.3 million), according to PERILS, the independent Zurich-based organization that provides industry-wide …

Vermont Man Whose Relatives Died Mysteriously Must Give Gun Info
December 11, 2017
A Vermont man whose mother and grandfather died in mysterious circumstances must turn over information related to a missing gun, as well as phone and other records, in a Rhode Island lawsuit over insurance on his sunken boat. Nathan Carman …

McKesson Board Minutes Indicate Little Oversight by Directors of Opioid Operations, Lawsuit Says
December 11, 2017
McKesson Corp.’s board failed to audit the company’s system to spot suspicious shipments of opioid-based painkillers even after agreeing to do so as part of a settlement, according to a summary of board minutes unsealed Friday in a shareholder lawsui …

Pennsylvania’s Erie Insurance Promotes Wallace Oakley
December 11, 2017
Erie Insurance has promoted Dionne Wallace Oakley to executive vice president of Human Resources and Strategy. The appointment is effective Jan. 1, 2018. In this role, she will expand her oversight to include several strategic functions. Wallace Oakl …

Maine’s BroGue Insurance & Financial Services Hires Guerin
December 11, 2017
BroGue Insurance & Financial Services, a Bangor, Maine-based independent insurance agency, has hired Timothy Guerin as an insurance agent. Guerin’s insurance sales career began with Liberty Mutual Insurance. BroGue offers personal, business, life …

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