The Role of Forensic Accountants in Employee Loss Claims

Insurance carriers often retain a forensic accountant to measure employee losses such as asset misappropriation, bribery and corruption, or financial statement fraud. Should a forensic accountant detect the possibility of fraud in a claim, that may prompt further investigation. A recent example of both asset misappropriation and bribery/corruption occurred at Apple Inc. A former Apple … Read more

COVID Virus, Like Cat Urine, Can Cause Physical Loss

Citing decisions that found insurance coverage was owed for contamination caused by cat urine and gasoline vapors, the Vermont Supreme Court broke from courts across the nation and found that SARS-CoV-2 can cause a direct physical loss to property. The 3-2 decision released Friday revived a lawsuit filed by Huntington Ingalls Industries — which the … Read more

70 buses damaged in violence, corporation suffered Rs 45 lakh loss: KSRTC

The Kerala government and the KSRTC on Friday informed the Kerala High Court that 70 KSRTC buses were damaged in the hartal called by the Popular Front of India (PFI) and subsequent violence in the state. The state-run public transport corporation submitted before the High Court that it suffered a loss of … Read more

CFPB seeks to further streamline refinancing, broaden loss mitigation

The Consumer Financial Protection Bureau on Thursday issued a request for information that could pave the way for more equitable access to mortgage refinancing and distressed borrower assistance. Potential outcomes could include extending pandemic loss mitigation options like forbearance for permanent use. “The bureau is requesting comment on the actions it or others can take … Read more

Auto Loss Costs Not Coming Down; Bigger Rate Hikes Ahead: Allstate CEO

New You can now listen to Insurance Journal articles! Higher auto loss costs are here to stay, according to the leader of Allstate, who also said that his company will be pushing up auto insurance prices higher, and at a faster pace, for the balance of the year. Speaking at the Barclays Global Financial Services … Read more

Tamil Nadu power loom weavers’ strike enters 4th day, Rs 35 cr daily loss

Chennai, Sep 19 ( IANS) The power loom weavers’ strike against tariff hike entered the fourth day on Monday with an estimated per day loss of Rs 35 crore. The workers have been demanding a roll back of the increased power tariffs. The strike has affected Tiruppur and … Read more

US stocks record biggest weekly loss in months as Fed meeting looms

Wall Street stocks recorded the biggest weekly drop in months after a profit warning from economic bellwether FedEx jolted investors who are already on edge over a looming interest rate rise by the US Federal Reserve at its upcoming meeting. The blue-chip S&P 500 index fell 0.7 per cent on Friday, bringing weekly losses to … Read more

Haryana CM expresses grief over loss of lives during Ganesh idol immersions

Haryana Chief Minister Manohar Lal Khattar expressed grief over the tragic deaths of youths during the Ganesh idol immersion at Mahendragarh and Sonipat on Friday. Taking note of the situation, the state chief also prayed for a speedy recovery. “The news of the untimely death of many people due to drowning … Read more

Pakistan floods caused nearly $30 bn economic loss: UN Chief Guterres

: United Nations (UN) Secretary-General Antonio Guterres said on Friday that floods are estimated to have caused about USD 30 billion in economic losses to Pakistan, which is facing its worst floods situation in the last 30 years. Guterres, who is visiting Pakistan on a two-day solidarity visit, asked the international community … Read more