Article 0 Comments Wildfires that have ravaged swaths of Los Angeles could result in losses of as much as $30 billion for the insurance industry as the blazes rage on almost a week after they ignited. The new estimates from Wells Fargo & Co. and Goldman Sachs Group Inc. analysts...
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Published on: 2025-01-14
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News – Claims Journal
Article 0 Comments Edison International Inc.’s southern California utility was hit with a lawsuit blaming the energy provider’s equipment for igniting one of the wildfires still raging in the second-largest US metropolis. The lawsuit is on behalf of a group of homeowners, renters, business owners and others with properties destroyed...
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Published on: 2025-01-13
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News – Claims Journal
Anthony R. O’Donnell // January 13, 2025 (Image source: Microsoft Azure Marketplace homepage.) Sapiens International Corporation (Holon, Israel), a global provider of intelligent insurance software solutions and a premium member of the Microsoft Top 100 Partner program, today announced the availability of Sapiens SaaS solutions in the Microsoft Azure Marketplace, an online store providing...
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Published on: 2025-01-13
Source:
Insurance Journal
Article 0 Comments At least two rounds of vicious, dry Santa Ana winds are expected to blast through Southern California early this week, bringing powerful gusts that will challenge fire crews struggling to contain two destructive blazes and likely force thousands more residents to evacuate. After a brief respite from...
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Published on: 2025-01-13
Source:
News – Claims Journal
Article 0 Comments Apple has abused its dominant position by charging app developers an unfair 30% commission through its App Store, costing British consumers up to 1.5 billion pounds ($1.8 billion), a London tribunal heard on Monday. The U.S. tech company is facing a mass lawsuit brought on behalf of...
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Published on: 2025-01-13
Source:
News – Claims Journal
Article 0 Comments Mercury General Corporation said it expects losses from wildfires burning in California since Jan. 7 to exceed its $150 million reinsurance retention, without providing a specific dollar estimate of losses the company expects to incur. The first publicly traded U.S. insurer to provide any wildfire updates on...
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Published on: 2025-01-13
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News – Claims Journal
Article 0 Comments The U.S. government sued Airbnb Friday, alleging housing discrimination after a host refused to rent an apartment to a mother with three school-age children. In a complaint filed in San Francisco federal court, the Department of Justice said the home rental company violated the Fair Housing Act...
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Published on: 2025-01-13
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News – Claims Journal
Article 0 Comments As firefighters gain more control over what have become the most destructive wildfires in U.S. history in a matter of days, the scale of the destruction and losses is becoming clearer. Despite the cacophony of a world stage that includes two wars and political turmoil abroad, and...
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Published on: 2025-01-10
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News – Claims Journal
Article 0 Comments Three days after the fire began raging in the Pacific Palisades of Los Angeles, only 8% of it has been contained and residents are still required to stay away from the wealthy enclave. But some are ignoring the mandatory evacuation orders, slipping past roadblocks and witnessing the...
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Published on: 2025-01-10
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News – Claims Journal
Article 0 Comments A residual property insurer and regulators in two Southeastern states are emphasizing roof integrity, more signs that mitigation and prevention are increasingly recognized as ways to reduce insured losses as storms escalate in frequency and severity. “The goal is to make the risk a better risk, so...
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Published on: 2025-01-10
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News – Claims Journal
Article 0 Comments Southern California Edison said it had received notices from insurance companies to preserve evidence related to the Eaton Fire that is still burning in Los Angeles, but said no fire agencies have pointed the utility’s connection to the fire. The group, a unit of U.S. utility Edison...
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Published on: 2025-01-10
Source:
News – Claims Journal
Anthony R. O’Donnell // January 9, 2025 (Photo by author.) Deep Vector (New York), an AI platform for analyzing underwriting documents, has announced the closing of its seed round of $1.5M, co-led by Aperture Venture Capital (Radnor, Pa.) and InsurTech NY (New York). Scott Knowles, Co-Founder and CEO, Deep Vector. Deep...
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Published on: 2025-01-09
Source:
Insurance Journal
Article 0 Comments With aerial firefighting returning as strong Southern California winds died down for a bit, damage assessments from a handful of destructive Los Angeles area blazes are sure to become clearer—likely pushing up billion-dollar-plus insured loss estimates put forth from fires that are only three days old. What...
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Published on: 2025-01-09
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News – Claims Journal
Article 0 Comments Once again, settlements from class-action litigation topped $40 billion in 2024, according to an extensive analysis of more than 1,400 cases by law firm Duane Morris. Gerald L. Maatman, partner at the firm and co-author of its 650-page report, said class-action settlements in 2024 were “like a...
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Published on: 2025-01-09
Source:
News – Claims Journal
Anthony R. O’Donnell // January 8, 2025 (Photo by author.) Sollers Consulting (Warsaw) and mea Platform (London) have announced that they are joining forces to help insurance companies improve their digital capabilities in underwriting and claims. The partnership has a strong focus on Lloyd’s and the London market, which is...
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Published on: 2025-01-08
Source:
Insurance Journal
Article 0 Comments Active wind-driven wildfires in Southern California that are estimated to have burned more than 1,000 properties and prompted evacuation orders for more than 80,000 residents will likely lead to what industry watchers say will be sizable insured losses. With the number of burned properties, including in one...
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Published on: 2025-01-08
Source:
News – Claims Journal
Article 0 Comments Flight cancellations are already piling up as a winter storm bears down on Texas and the U.S. South, bringing snow and ice that could coat power lines and trigger blackouts. As of 7:30 a.m. in New York, at least 169 flights from Dallas-Fort Worth International Airport had...
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Published on: 2025-01-08
Source:
News – Claims Journal
“The property market, both in California and nationwide, is experiencing a mass exodus of standard and admitted carriers. Places like Malibu, Lake Tahoe, and other luxury regions are being abandoned by carriers unwilling to shoulder the risks. We’ve had to pivot significantly. The resulting policies, however, come with steep price...
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Published on: 2025-01-08
Source:
Insurance Business Magazine
Court disagrees Florida law broadly defines assignment agreements as any instrument transferring post-loss benefits under a property insurance policy to a person or entity providing services to protect, repair, or restore the property. HICA argued that it was not a contractor providing such services and therefore did not fall under...
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Published on: 2025-01-08
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Insurance Business Magazine
Article 0 Comments The sister of Sam Altman accused the OpenAI chief executive officer of sexually abusing her for almost a decade, in a lawsuit filed in federal court. Ann Altman, 30, alleged that Sam Altman abused and manipulated her while they were growing up in Missouri in the late...
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Published on: 2025-01-08
Source:
News – Claims Journal
Article 0 Comments Millions of people in California face at least two more days of dry, hot winds that have fanned fires across Los Angeles County and sent residents fleeing for their lives. Hurricane-force wind gusts of as much as 86 miles (138 kilometers) per hour have torn through the...
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Published on: 2025-01-08
Source:
News – Claims Journal
Article 0 Comments Almost five years after Florida lawmakers clamped restrictions on assignment-of-benefits agreements and two years after they effectively outlawed AOBs altogether, state appeals courts may have finally put an end to one creative way that had been used in attempts to get around the law. Florida insurance industry...
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Published on: 2025-01-07
Source:
News – Claims Journal
Anthony R. O’Donnell // January 7, 2025 (Image source: Evolution Risk Partners homepage.) Evolution Risk Partners (Evanston, Ill.), a Managing General Underwriter providing a variety of stop loss offerings, including captives, pooled risk programs, and level-funded products, has adopted Gradient AI’s (Boston) SAIL underwriting solution to drive more accurate and informed decision-making for its...
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Published on: 2025-01-07
Source:
Insurance Journal
Article 0 Comments A winter storm is poised to pummel Texas and the U.S. South later this week, putting the region at risk of blackouts and travel mayhem. About 4 to 6 inches (10 to 15 centimeters) of snow and ice will fall across southern Oklahoma and Texas, including Dallas,...
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Published on: 2025-01-07
Source:
News – Claims Journal
Article 0 Comments A woman who worked as a hairstylist for Fox Sports alleges in a lawsuit that former host Skip Bayless made repeated, unwanted advances toward her — including an offer of $1.5 million to have sex with him. Attorneys for Noushin Faraji, who was a hair stylist at...
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Published on: 2025-01-07
Source:
News – Claims Journal
Other members of the company’s management include: George Gorney, who is COO; Tony Urban, chief underwriting officer – personal lines and chief development officer; Scott Galiardo, chief underwriting officer – commercial and specialty lines and chief actuary; Allen Halbrook, chief legal officer, and Stephen Radomski, chief technology officer. ...
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Published on: 2025-01-07
Source:
Insurance Business Magazine
“So, being able to identify the markets that have the appetite, have the capacity, and are looking for ways to deploy it is probably one of my biggest tasks. And since joining Delos, we’ve had significant engagement with a number of partners already in the market but also possible future...
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Published on: 2025-01-07
Source:
Insurance Business Magazine
Additionally, there is drop-down cover of US$150 million, which reduces IAG’s retention on the first two events to US$236 million. This is equivalent to 67.5% of US$350 million, with an extra premium payable if the drop-down cover is activated for a first event. The program also provides specific drop-down cover...
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Published on: 2025-01-07
Source:
Insurance Business Magazine
The combined ratio for the industry is forecast to remain at 98.5% in 2025, increasing slightly to 99% in 2026. Through the first nine months of 2024, the net combined ratio was 98.2%, supported by favorable reserve developments and rate increases in personal lines. Swiss Re expects slower premium growth...
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Published on: 2025-01-07
Source:
Insurance Business Magazine
Article 0 Comments Sedgwick announced new leadership in Japan and Taiwan. In Japan, Shuji Tanaka has been appointed CEO for operations in the country, and Takeshi Nagao, who currently serves as managing director, will remain with Sedgwick and transition to the role of chairman. In Taiwan, Cameron Lee, who currently...
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Published on: 2025-01-07
Source:
News – Claims Journal
Article 0 Comments Exceptionally powerful, dry winds expected across Southern California this week are set to send wildfire risk skyrocketing in a region that’s endured more than eight months without significant rain. Forecasters predict the strongest Santa Ana wind event of the season will start Tuesday and extend late into...
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Published on: 2025-01-06
Source:
News – Claims Journal
One standout part of the event is CIWA’s State of the Marketplace Panel - a groundbreaking discussion on emerging market trends with speakers Brian Refici, vice president at MarshBerry, Jo Mueller, head of casualty at MunichRe, Ben Wright, principal US economist at The Hartford, and moderator Andrea House, CIWA education...
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Published on: 2025-01-06
Source:
Insurance Business Magazine
Article 0 Comments Airlines in the United States canceled more than 1,300 flights on Monday after a winter storm brought snow, ice and freezing temperatures to a broad swath of the country. A total of 1,306 flights were canceled and 414 flights were delayed, as of 5.13 a.m. ET, according...
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Published on: 2025-01-06
Source:
News – Claims Journal
Verisk highlighted its history in catastrophe modeling, noting that it “pioneered the catastrophe modeling business in 1987” and has decades of experience in assisting carriers to manage risks related to natural disasters. The company stated that it serves over 400 clients across the insurance industry, public sector, and other entities. ...
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Published on: 2025-01-06
Source:
Insurance Business Magazine
“Texas is an important market for our US and global insurance clients seeking coverage and defense services, and we are pleased to strengthen our team and southwest presence to better serve them. As our clients’ needs become more complex, this merger further reinforces our position as the leader in insurance...
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Published on: 2025-01-06
Source:
Insurance Business Magazine
“With Hong Kong’s mature capital market, comprehensive financial system and robust regulatory framework, as well as support from Hong Kong Insurance Authority (HKIA), professional service providers and global investors, the issuance has achieved effective diversification for the company’s catastrophic risk management,” Yu said. ...
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Published on: 2025-01-06
Source:
Insurance Business Magazine
This trend of severe weather does not appear to be slowing, as NOAA predicts a major winter storm to impact the Plains, Midwest, and Mid-Atlantic in early 2025, likely leading to power outages and hazardous conditions. Furthermore, an Arctic polar vortex is expected to cause a temperature drop across the...
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Published on: 2025-01-06
Source:
Insurance Business Magazine
Article 0 Comments PayPal has been sued by an Asian American businesswoman who accused the digital payments company of racial bias for restricting part of a $535 million investment program to Black and Hispanic applicants, costing her millions of dollars. The complaint by Nisha Desai and her New York-based venture...
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Published on: 2025-01-06
Source:
News – Claims Journal
Article 0 Comments Professional meteorology, as it relates to insurance claims handling and the litigation process, is becoming increasingly recognized, and the employment of meteorologists within the insurance industry is growing. But what does meteorology have to do with storm damage insurance claims? A simple Venn diagram (below) can explain...
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Published on: 2025-01-06
Source:
News – Claims Journal
Article 0 Comments U.S. new-car sales in 2024 continued to rise from their pandemic lows, bolstered by replenished inventories, higher incentives and surging demand for hybrid vehicles, automakers reported. Sales are expected to near 16 million vehicles, the highest level since 2019, with General Motors defending its 2023 sales crown....
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Published on: 2025-01-03
Source:
News – Claims Journal
Article 0 Comments A Florida man may have been an occasional driver for Uber, the ride-hailing company, but he was not working at the time that he struck and killed his former girlfriend, and Uber is not liable for the wrongful death, a Florida appeals court said Thursday. “Castillo was...
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Published on: 2025-01-03
Source:
News – Claims Journal
Article 0 Comments TikTok has long known that its popular video livestreams encourage sexual content, including streams exploiting and “grooming” minors, according to a lawsuit from the state of Utah that was unredacted on Friday. TikTok also discovered through an internal investigation that the feature, called TikTok Live, facilitated money...
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Published on: 2025-01-03
Source:
News – Claims Journal
According to its report, non-loss-impacted property catastrophe renewals also saw notable reductions in the risk-adjusted reinsurance rate at January 1, with the rate reductions ranging from 5% to 15%. The reductions in rates, as well as additional capacity, reflected strong reinsurer appetite, which was driven by several factors, such as...
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Published on: 2025-01-03
Source:
Insurance Business Magazine
According to the airline, the plane, which was a Boeing 737-800 aircraft, made a fuselage landing when its landing gear apparently failed to deploy after the pilot reported a bird strike to air traffic control. The plane allegedly deviated from the end of the runway and crashed into the outer...
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Published on: 2025-01-03
Source:
Insurance Business Magazine
The report highlighted that flooding accounted for an unprecedented 78% of the year’s total losses, earning 2024 the designation of “the year of the floods.” This marked a departure from 2023, when severe convective storms drove losses. Experts attributed the shift to warming climate conditions, which increase atmospheric energy and...
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Published on: 2025-01-03
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Insurance Business Magazine
Article 0 Comments A gruesome attack on revelers celebrating New Year’s in New Orleans thrust U.S. domestic security back into the spotlight just weeks before Donald Trump is sworn in as president. The tragedy, which killed at least 15 people and injured dozens more, set off panic in the historic...
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Published on: 2025-01-02
Source:
News – Claims Journal
Article 0 Comments A U.S. judge said Hain Celestial Group must face a proposed class action claiming its labels failed to disclose the alleged presence of arsenic in some of its baby food. U.S. District Judge Nina Morrison in Brooklyn said parents plausibly alleged that some of Hain’s Earth’s Best...
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Published on: 2025-01-02
Source:
News – Claims Journal
Article 0 Comments A federal judge in Connecticut refused to dismiss a long-running lawsuit accusing the former Nestle Waters North America of defrauding consumers by labeling its Poland Spring bottled water as “spring water.” While rejecting some claims in the proposed class action, U.S. District Judge Jeffrey Alker Meyer in...
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Published on: 2025-01-02
Source:
News – Claims Journal
Article 0 Comments U.S.-based utility Duke Energy said it filed a plan with the Florida Public Service Commission (FPSC) to recover about $1.1 billion in direct costs associated with the company’s emergency activation and response to hurricanes Debby, Helene and Milton. Severe storms this year forced major U.S. utilities to...
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Published on: 2025-01-02
Source:
News – Claims Journal
Article 0 Comments South Korean authorities are investigating airport infrastructure at the site of the country’s worst civil air accident as questions grow over the role played in the disaster by a concrete wall at the end of the runway. Transport officials said at a briefing Tuesday they would assess...
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Published on: 2024-12-31
Source:
News – Claims Journal
Article 0 Comments The conclusion of a criminal case against Alec Baldwin in the fatal shooting of a cinematographer clears the way for a related civil lawsuit by relatives of the deceased woman and efforts to depose the actor under oath, attorneys for plaintiffs in the civil suit said Tuesday....
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Published on: 2024-12-31
Source:
News – Claims Journal
Article 0 Comments Jerry and Sibrina Barrett never spent a day apart over 35 years. They worked long hours, never took vacations, and liked to relax with their son at home. They had no idea that a hurricane could reach them in the mountains of East Tennessee. Living in Johnson...
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Published on: 2024-12-31
Source:
News – Claims Journal
Article 0 Comments It was all about the storms this year. They were the big news surrounding the insurance industry, with several named storms hitting in a severe and costly Atlantic hurricane season, and a few massive natural catastrophes abroad driving up losses and wreaking havoc globally. Claims Journal put...
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Published on: 2024-12-30
Source:
News – Claims Journal
Article 0 Comments Battery power is set to gradually replace diesel-fueled generators on many U.K. train routes as the rail industry seeks to cut greenhouse gas emissions and reduce toxic pollutants. Some locomotive manufacturers are reportedly trialling lithium-ion batteries, but there are concerns that this technology could pose unique fire...
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Published on: 2024-12-30
Source:
News – Claims Journal
Article 0 Comments Three years ago, on Dec. 30, 2021, a wind-driven wildfire raced through two communities just outside Boulder, Colorado. In the span of about eight hours, more than 1,000 homes and businesses burned. The fire left entire blocks in ash, but among them, pockets of houses survived, seemingly...
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Published on: 2024-12-30
Source:
News – Claims Journal
Article 0 Comments The Federal Aviation Administration said Dec. 23 that it has launched an investigation into why several drones collided and fell from the sky during a holiday show over the weekend in downtown Orlando, Florida, injuring a 7-year-old boy who required surgery. The drones fell into a crowd...
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Published on: 2024-12-30
Source:
News – Claims Journal
Article 0 Comments Japan Airlines said it was hit by a cyberattack Thursday, causing delays to more than 20 domestic flights but the carrier said it was able to stop the onslaught and restore its systems hours later. There was no impact on flight safety, it said. JAL said the...
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Published on: 2024-12-27
Source:
News – Claims Journal
Article 0 Comments Last December, a farmer was burning dry grapevines in his vineyard in Deir Mar Moussa, a hill town a dozen miles east of Beirut known for its 18th century monastery and stands of pine forest. Usually this would be dangerous, given that Lebanon’s hot and dry climate...
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Published on: 2024-12-27
Source:
News – Claims Journal
Article 0 Comments Record-setting flooding over three days dumped more than a foot of rain on parts of northern California, a fire left thousands under evacuation orders and warnings in Los Angeles County, forecasters issued the first-ever tornado warning in San Francisco and rough seas tore down part of a...
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Published on: 2024-12-26
Source:
News – Claims Journal
Article 0 Comments Three Oregon lawmakers say they plan to introduce a bill that would bar utilities from raising rates if they have unresolved wildfire lawsuits for three or more years, describing it as an effort to hold PacifiCorp accountable as the utility faces a series of lawsuits stemming from...
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Published on: 2024-12-26
Source:
News – Claims Journal
Article 0 Comments Twisted equipment and snapped tree limbs still litter Chris Hopkins’ Georgia farm more than two months after Hurricane Helene made its deadly march across the South. An irrigation sprinkler system about 300 feet (92 meters) long lay overturned in a field, its steel pipes bent and welded...
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Published on: 2024-12-26
Source:
News – Claims Journal
Article 0 Comments Even though hurricane season 2024 has passed, claims professionals are still hard at work processing claims and damages in the aftermath of hurricanes Helene and Milton. Insurers expect to see an influx of activity in Appraisals Under Policy disputes this month following hurricane season. For example, policyholders...
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Published on: 2024-12-26
Source:
News – Claims Journal
Article 0 Comments Almost three dozen high-rise condos and luxury hotels along the beach in South Florida are sinking or settling in unexpected ways, in some cases because of nearby construction, according to a new study. The 35 buildings surveyed along an almost 12-mile (19 kilometer) stretch from Miami Beach...
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Published on: 2024-12-26
Source:
News – Claims Journal
Article 0 Comments The auto insurance industry has weathered its share of storms in recent years. Despite fewer claims in early 2024, carriers still face headwinds when it comes to vehicle complexity and its effect on severity and cycle time. Following are the four most notable trends to watch in...
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Published on: 2024-12-23
Source:
News – Claims Journal
The TDI allows you to take the test at home with a personal computer, while an off-site Pearson proctor observes you via their webcam and microphone. These exams consist of two sections of multiple-choice questions: the first comprises basic insurance concepts, while the second covers insurance regulations, laws, and strategies. ...
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Published on: 2024-12-21
Source:
Insurance Business Magazine
“We’ve had clients with homes valued at $25 million who were paying $50,000 to $60,000 in premiums for years, and now they’re being quoted $800,000 annually,” Massie said. “One client in Utah, facing this new reality, simply decided, ‘No, I’m going to self-insure.’” ...
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Published on: 2024-12-20
Source:
Insurance Business Magazine
AI regulations Regulations are increasingly shaping the use of AI in insurance, particularly to address discrimination risks in underwriting. “At this point, I think it’s clear that regulation is essential for consumer acceptance and for guiding insurers to use AI effectively, efficiently, and ethically,” Voses said. ...
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Published on: 2024-12-20
Source:
Insurance Business Magazine
ATIC claims that over 180 defendants have exploited New York’s no-fault auto insurance laws, which mandate that insurers cover medical expenses up to $200,000 for injuries sustained in accidents involving taxis and for-hire vehicles. The company argues that this system creates an incentive for fraudulent practices, as providers may over-diagnose,...
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Published on: 2024-12-20
Source:
Insurance Business Magazine
Article 0 Comments Be on the lookout for Grinch-like characters hanging out at transportation hubs over the holidays. A CargoNet analysis of holiday-period theft data from the past five years shows a heightened risk during the Christmas and New Year periods. The days immediately following Christmas have historically been the...
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Published on: 2024-12-20
Source:
News – Claims Journal
Article 0 Comments A California man was sentenced to 16 years in prison for filing false claims on dozens of auto collisions. Jacob McNabb, 33, of Bakersfield, was sentenced following a jury’s guilty verdict on four felony counts including insurance fraud after a California Department of Insurance investigation found he...
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Published on: 2024-12-20
Source:
News – Claims Journal
Jérémy Jawish // December 19, 2024 (Image credit: geralt/Pixabay.) The numbers do not lie. According to the U.S. Bureau of Labor Statistics, over the next decade nearly 22,000 openings per year, on average, for claims professionals (adjusters, appraisers, examiners, and investigators) will need to be filled. These job openings primarily...
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Published on: 2024-12-19
Source:
Insurance Journal
Article 0 Comments American Airlines has agreed to settle a race discrimination lawsuit by three Black men who were temporarily removed from a flight at the insistence of white flight attendants, according to a court filing on Thursday. The terms of the agreement were not disclosed, but lawyers for the...
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Published on: 2024-12-19
Source:
News – Claims Journal
“When a carrier had $25 million in limits, they were more aggressive in defending a claim. But now, with only $5 million in limits, from a cost-benefit analysis, carriers might be more willing to settle rather than go through the cost of fighting it. So, market dynamics and regulatory factors...
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Published on: 2024-12-19
Source:
Insurance Business Magazine
Judge Michael M. Baylson upheld the earlier decision, ruling that the Eagles failed to demonstrate the physical alteration required under state law to trigger coverage. He noted that the team could not show physical disappearance, deterioration, or injury to the covered property, nor the absence of physical function. ...
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Published on: 2024-12-19
Source:
Insurance Business Magazine
As climate-related disasters increase in frequency and intensity, insurance is expected to become less affordable, potentially widening the existing protection gap. The paper highlights how national public-private insurance schemes in several countries have already helped reduce this gap by combining private and public funding sources. ...
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Published on: 2024-12-19
Source:
Insurance Business Magazine
Article 0 Comments U.S. auto safety regulators backed down from forcing a recall of about 50 million air bag inflators they have said could explode in a crash, de-escalating a fight that has dragged on for years. The National Highway Traffic Safety Administration said in a new filing that “further...
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Published on: 2024-12-19
Source:
News – Claims Journal
Anthony R. O’Donnell // December 18, 2024 (Image source: Stand Insurance website.) Startup distributor Stand Insurance (San Francisco) has launched its debut offering, a California homeowners insurance product that insures and fortifies properties to be resilient to wildfire. Founded earlier this year, Stand is emerging from stealth with what it...
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Published on: 2024-12-18
Source:
Insurance Journal
Article 0 Comments A U.S. House of Representatives task force on artificial intelligence on Tuesday released a report of more than 250 pages outlining the potential benefits and harms of the technology. The 24 members of the bipartisan House Task Force on Artificial Intelligence (AI) said it met with more...
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Published on: 2024-12-18
Source:
News – Claims Journal
Addressing misconceptions on non-renewals APCIA also addressed myths surrounding insurers’ non-renewals, including claims that these decisions are solely driven by climate change. According to the organization, non-renewals result from various factors, such as material changes to properties, litigation environments, capital reallocation, and regulatory constraints. ...
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Published on: 2024-12-18
Source:
Insurance Business Magazine
In the reinsurance division, the global firm also announced that Emily Davis has been appointed head of its global specialties business, including aviation, marine, cyber, engineering, and parametric solutions. She reports to Jill Beggs, reinsurance executive vice president and chief operating officer. ...
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Published on: 2024-12-18
Source:
Insurance Business Magazine
As head of sustainability, Brindle will oversee Canopius’ sustainability initiatives, both internally and externally, ensuring alignment within a cohesive strategy. Her role will focus on advancing Canopius’ efforts to drive environmental and social resilience. ...
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Published on: 2024-12-18
Source:
Insurance Business Magazine
Article 0 Comments A coalition of consumer, environmental, and fair housing groups have called upon the Treasury’s Federal Insurance Office to release homeowners insurance data before it may be too late. The nationwide data was collected by the National Association of Insurance Commissioners (NAIC). Early this year, at the urging...
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Published on: 2024-12-18
Source:
News – Claims Journal
Article 0 Comments Artificial intelligence is at the center of Experian’s annual breach forecast due to its enabling capabilities. Michael Bruemmer, vice president of global data breach resolution at information services company, said that while ransomware and breaches affecting the supply chain dominated 2024, he expects AI-related cyber incidents to...
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Published on: 2024-12-17
Source:
News – Claims Journal
Article 0 Comments A new report asserts that wearable technology may help reduce workers’ compensation claims. Devices worn by workers that monitor a worker’s physical condition and movements as well as measure and detect surrounding environmental hazards may guide workers away from dangerous situations or from engaging in activities that...
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Published on: 2024-12-17
Source:
News – Claims Journal
William Harnett // December 16, 2024 (Image credit: Shutterstock.) “Brokers are constantly evaluating underwriters,” insurance veteran Tony Tarquini said at a recent event. As a digital transformation expert, I’ve increasingly witnessed the broker-underwriter partnership being tested. In the market these days, underwriters are pressed for higher quote volumes while needing...
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Published on: 2024-12-16
Source:
Insurance Journal
Article 0 Comments The Philadelphia Eagles football team has lost its bid for federal court reconsideration of the dismissal of the team’s claim for insurance coverage for COVID-19 losses. The Eagles tossed a red flag in November after the federal district for Eastern Pennsylvania in October found its Covid-19 insurance...
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Published on: 2024-12-16
Source:
News – Claims Journal
Article 0 Comments International and domestic insurers are pushing into the U.S. market for hard-to-protect homes, charging high premiums and enjoying strong profits after some U.S. firms pulled out. Rising losses from storms, hurricanes and wildfires in recent years have caused some insurers, such as Allstate and State Farm, to...
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Published on: 2024-12-16
Source:
News – Claims Journal
Article 0 Comments The Ohio Supreme Court ruled that the state’s product liability law prohibits counties from bringing public nuisance claims against national pharmaceutical chains as they did as part of national opioid litigation, a decision that could overturn a against the pharmacies. An attorney for the counties called the...
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Published on: 2024-12-16
Source:
News – Claims Journal
Anthony R. O’Donnell // December 13, 2024 In this special year-end wrap up episode of Life Accelerated, we’re looking at the conversations I had with industry leaders throughout 2024. Two undeniable truths have surfaced again and again: first, the pace of technology change continues to rapidly change how we work—and...
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Published on: 2024-12-13
Source:
Insurance Journal
Anthony R. O’Donnell // December 13, 2024 (Madison, Wisc. Image credit: Josh Sorenson/Unsplash.) TruStage (Madison, Wisc.), an insurance, investment and technology provider, has announced the appointment of Jon Winderman as the company’s next Chief Financial Officer. Winderman replaces Laurie Winger, who is retiring at the end of 2024 after more...
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Published on: 2024-12-13
Source:
Insurance Journal
Article 0 Comments Texas Attorney General Ken Paxton has filed a notice of violation against Allstate-owned Arity, a mobile data company that collects drivers’ information, for breaching the Texas Data Privacy and Security Act (TDPSA). The Nov. 29 notice alleges Arity fails to provide customers with a clear notice of...
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Published on: 2024-12-13
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News – Claims Journal
Article 0 Comments New York is considering asking propert/ casualty insurers to cover the claims of insolvent taxi insurer American Transit Insurance Co., according to people familiar with the plans. That measure is one of several options under discussion as the state’s Department of Financial Services — which regulates insurers...
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Published on: 2024-12-13
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News – Claims Journal
Article 0 Comments A former top executive with Sony Group Corp.’s Bungie video-game studio sued his former employers, claiming they destroyed his reputation by insinuating he had engaged in sexual misconduct and fired him to avoid paying him the nearly $50 million he was contractually owed. In a lawsuit filed...
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Published on: 2024-12-13
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News – Claims Journal
Article 0 Comments Mega claims in workers’ compensation represent far less than 1% of total workers’ comp claims yet account for more than 2% of total loss dollars, and total in excess of $1 billion each year, a new study from 10 state workers’ comp bureaus shows. The Workers’ Compensation...
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Published on: 2024-12-13
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News – Claims Journal
Article 0 Comments Texas Attorney General Ken Paxton filed a lawsuit on Dec. 11 against manufacturers 3M and DuPont for misrepresenting the health risks of products made with forever chemicals The lawsuit alleges the companies for decades manufactured, marketed, and sold an array of consumer products containing per- and polyfluoroalkyl...
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Published on: 2024-12-13
Source:
News – Claims Journal
Anthony R. O’Donnell // December 12, 2024 (Image source: GoAuto Insurance homepage.) GoAuto Insurance has selected One Inc’s ClaimsPay and PremiumPay products for a fully integrated and digitized policyholder payment experience, according to a statement from the vendor. This integration enables GoAuto’s workflow by leveraging One Inc’s comprehensive inbound and outbound payment capability, consolidating...
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Published on: 2024-12-12
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Insurance Journal
Article 0 Comments A federal court on Wednesday affirmed a federal judge’s 2021 ruling imposing a $14.25 million penalty on Exxon Mobil for thousands of violations of the federal Clean Air Act at the company’s refinery and chemical plant complex in Baytown. The decision by a majority of the Fifth...
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Published on: 2024-12-12
Source:
News – Claims Journal
Anthony R. O’Donnell // December 12, 2024 (Image source: Whisker Labs Ting app promotional video at website.) Nationwide (Columbus, Ohio) has announced the expansion of its Ting fire prevention program. Additional new and current policyholders are eligible to receive a free Ting sensor, along with five years of complimentary fire...
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Published on: 2024-12-12
Source:
Insurance Journal
Anthony R. O’Donnell // December 12, 2024 (Image source: insured.io homepage.) insured.io (Sacramento, Calif.), the provider of a modern omnichannel customer engagement platform, has announced that Dave Stair has been appointed as Director of Sales. In his new role, Stair will lead the company’s nationwide sales operations. His leadership and...
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Published on: 2024-12-12
Source:
Insurance Journal
Article 0 Comments Sdii Global LLC, a forensic engineering and consulting firm primarily supporting claim resolution for the property/casualty insurance industry, completed the acquisition of Roar Engineering Inc. in Mississauga, Ontario. Roar and Sdii will continue to operate independently while sharing cross-platform resources. Moving forward, the business plans to continue...
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Published on: 2024-12-12
Source:
News – Claims Journal