Ken Tolson // May 7, 2024 (Image credit: Cash Macanaya/Unsplash.) The question on every organizational leader’s mind these days seems to be how their business can best leverage the power of Generative AI (GenAI). As companies across industries are implementing GenAI solutions to improve operational efficiency and stay ahead of...
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Published on: 2024-05-07
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Insurance Journal
Anthony R. O’Donnell // May 7, 2024 (Itai Ben-Zakan, co-founder and CEO of Honeycomb, Nimrod Sadot, Co-Founder & CTO of Honeycomb. Photo credit-Yossi Zeliger. Image source: Honeycomb.) Honeycomb (Denver/Tel Aviv), an InsurTech with the mission of providing simple, fair, and affordable multi-family property insurance, announced that it has raised $36 million...
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Published on: 2024-05-07
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Insurance Journal
Anthony R. O’Donnell // May 7, 2024 (Image source: EZLynx.) Citizens Property Insurance Corporation (Tallahassee, Fla.), a not-for-profit, tax-exempt, government entity to provide property insurance to eligible Florida property owners unable to find insurance coverage in the private market, has adopted EZLynx’s (Lewisville, Texas) Rating Engine for more than 7,000 Florida...
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Published on: 2024-05-07
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Insurance Journal
Article 0 Comments Cracked steel columns are not “property damage,” but are building products that are not covered by a contractor’s general liability policy, the U.S. 7th Circuit Court of Appeals decided in an opinion that lets St. Paul and other insurers off the hook in a botched construction project...
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Published on: 2024-05-07
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News – Claims Journal
Article 0 Comments A judge declared a mistrial Thursday after a jury said it was deadlocked and could not reach a verdict in the trial of a military contractor accused of contributing to the abuse of detainees at the Abu Ghraib Prison in Iraq two decades ago. The mistrial came...
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Published on: 2024-05-07
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News – Claims Journal
Article 0 Comments High waters flooded neighborhoods around Houston on Saturday following heavy rains that have already resulted in crews rescuing more than 400 people from homes, rooftops and roads engulfed in murky water. Others prepared to evacuate their property. A wide region was swamped from Houston to rural East...
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Published on: 2024-05-06
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News – Claims Journal
Article 0 Comments Heavy rains in the southern Brazilian state of Rio Grande do Sul killed 39 people, with another 68 still missing, the state civil defense agency said Friday, as record-breaking floods devastated cities and forced thousands to leave their homes. It was the fourth such environmental disaster in...
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Published on: 2024-05-06
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News – Claims Journal
Article 0 Comments Artsana, a maker of child car booster seats, last year agreed to settle claims that it had misled customers about how to use its products, offering $50 to people who had bought Chicco-brand seats. The company, which did not admit wrongdoing in the settlement, knew it sold...
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Published on: 2024-05-06
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News – Claims Journal
Article 0 Comments Geico has settled allegations by the US labor board that it illegally threatened and interrogated upstate New York employees about unionization efforts. The insurance company agreed to post a notice informing employees of their rights and vowing to comply with federal labor law, including a series of...
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Published on: 2024-05-06
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News – Claims Journal
Article 0 Comments A Houston plaintiffs’ attorney known as “Car Wreck Clyde” is awaiting court proceedings after being charged with skimming as much as $2.4 million in client settlement proceeds over the past decade, federal prosecutors said. Clyde J. Moore, 62, and his former office manager, Mark A. Broussard, 63,...
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Published on: 2024-05-06
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News – Claims Journal
Article 0 Comments MedRisk is acquiring the Casualty Claims Solutions business from Conduent for $240 million. This business encompasses workers’ compensation and auto casualty bill review services, which include the processing of medical bills and clinical services. The sale consists of Conduent’s workers’ comp and auto casualty bill review solutions...
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Published on: 2024-05-06
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News – Claims Journal
Article 0 Comments The number of wildfires per year is going down, but the increasing size and intensity of the fires is creating more property damage than ever before – in fact, the average fire size has tripled over the past 30 years, a new analysis shows. Wildfire activity is...
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Published on: 2024-05-06
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News – Claims Journal
Innovative personal auto insurers are winning the race – AM Best | Insurance Business America Motor & Fleet Innovative personal auto insurers are winning the race – AM Best Major advantages for those using automation in claims and underwriting ...
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Published on: 2024-05-03
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Insurance Business Magazine
Munich Re launches GenAI co-pilot for client solutions | Insurance Business America Reinsurance Munich Re launches GenAI co-pilot for client solutions It aims to support primary insurers in developing products Reinsurance By Kenneth Araullo ...
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Published on: 2024-05-03
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Insurance Business Magazine
“We’re proud to grow Mosaic’s physical presence in New York, and excited to join the Grand Central District’s corporate community,” added Mitch Blaser (pictured right), co-founder and co-CEO. “It is an exciting step that will manifest in greater opportunities for our people, a broader specialty product offering, and enhanced market...
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Published on: 2024-05-03
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Insurance Business Magazine
Article 0 Comments A sting operation in Manatee County, Florida, has led to the arrest of 16 men who were working without a contractor’s license and without securing workers’ compensation insurance on their employees. The sting was led by the Manatee Sheriff’s office in cooperation with the Florida Department of...
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Published on: 2024-05-03
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News – Claims Journal
Article 0 Comments RYZE Claim Solutions added Stuart Myers and Christopher Conti to its board of directors. Myers is the former president and chief operating officer for York Insurance Services, which was acquired by American International Group. At AIG, he was senior vice president of claims services. Recently, Myers was...
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Published on: 2024-05-03
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News – Claims Journal
Article 0 Comments Dozens of Google workers who were fired after internal protests surrounding a lucrative contract that the technology company has with the Israeli government have filed a complaint with labor regulators in an attempt to get their jobs back. The complaint filed late Monday with the National Labor...
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Published on: 2024-05-03
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News – Claims Journal
Anthony R. O’Donnell // May 2, 2024 (Image credit: David Guenther/Unsplash.) Origami Risk (Chicago), a provider of risk, safety and insurance SaaS solutions, has announced the launch of its new package of Generative AI (GenAI) solutions for risk managers at the RIMS RISK WORLD conference in San Diego next week, as it...
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Published on: 2024-05-02
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Insurance Journal
Article 0 Comments Chubb, the insurer of Baltimore’s Francis Scott Key Bridge that collapsed in March, is preparing to make a $350 million payout to the state of Maryland, the Wall Street Journal reported on Thursday. The payment is expected to be authorized within weeks, the report said, citing a...
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Published on: 2024-05-02
Source:
News – Claims Journal
Claims has ‘structural disadvantage’ in insurance talent challenge – Crawford CEO | Insurance Business America Claims Claims has ‘structural disadvantage’ in insurance talent challenge – Crawford CEO How is the sector tackling the shortage of skilled workers? Claims ...
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Published on: 2024-05-02
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Insurance Business Magazine
Sedgwick takes off with new global aviation claims solutions | Insurance Business America Insurance News Sedgwick takes off with new global aviation claims solutions Team highlights rising demand for comprehensive claims management in the sector Insurance News ...
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Published on: 2024-05-02
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Insurance Business Magazine
Preparing employees for what's inside a claim | Insurance Business America Insurance News Preparing employees for what's inside a claim Claim files don't always come with a warning Insurance News By Nicole Panteloucos May...
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Published on: 2024-05-02
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Insurance Business Magazine
“Erin’s appointment further underscores Ascot’s continued commitment to – and strength in – the excess casualty market, a segment for which we’ve added five talented and experienced underwriters year-to-date,” Canfield said. “Since joining Ascot, Erin has proven herself both a shrewd underwriter and a trusted leader to our underwriters stationed...
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Published on: 2024-05-02
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Insurance Business Magazine
Social inflation to drive higher losses for US P&C re/insurers – Moody’s | Insurance Business America Reinsurance Social inflation to drive higher losses for US P&C re/insurers – Moody’s Favorable reserve developments not enough to counterbalance good results Reinsurance...
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Published on: 2024-05-02
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Insurance Business Magazine
Oman Re highlights surge in profit in Q1 results | Insurance Business America Reinsurance Oman Re highlights surge in profit in Q1 results Growth fueled by strong underwriting and investment portfolio Reinsurance By Kenneth Araullo ...
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Published on: 2024-05-02
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Insurance Business Magazine
AIG sees surge in attributable net income | Insurance Business America Insurance News AIG sees surge in attributable net income Quarterly cash dividend up 11% Insurance News By Terry Gangcuangco May 02, 2024 Share...
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Published on: 2024-05-02
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Insurance Business Magazine
Article 0 Comments ClaimsPro added Jeffrey Stenberg to its Specialty Risk Division as an executive general adjuster in the U.S. Stenberg began his insurance career in 1987 performing boiler and machinery loss prevention surveys and jurisdictional inspections at large commercial properties. He has also previously worked as a claim consultant....
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Published on: 2024-05-02
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News – Claims Journal
Article 0 Comments Months after a catastrophic fire burned more than 2,200 homes in Hawaii, some property owners are getting more bad news — their property insurance won’t be renewed because their insurance company has deemed the risk too high. It’s a problem that has played out in states across...
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Published on: 2024-05-02
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News – Claims Journal
Article 0 Comments Auto insurance price rises are expected to decelerate from current heights as claims inflation eases, according to a new economic analysis from Swiss Re. With more adequate pricing returning, competition in auto insurance is beginning to intensify, leading to expectations that underwriting profits will remain challenging in...
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Published on: 2024-05-02
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News – Claims Journal
Article 0 Comments Florida and federal health officials have determined that 15 infections from a drug-resistant bacteria have been linked to a south Florida clinic that performed Brazilian “butt lift” surgeries in 2022 and 2023. “Multiple lapses in infection control and prevention were found at an outpatient cosmetic surgery clinic...
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Published on: 2024-05-02
Source:
News – Claims Journal
Are reciprocal insurance exchanges an answer for hard Florida market? | Insurance Business America Catastrophe & Flood Are reciprocal insurance exchanges an answer for hard Florida market? "It's a practical solution," says market analyst Catastrophe & Flood ...
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Published on: 2024-05-01
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Insurance Business Magazine
Claims inflation – will things get worse before they get better? | Insurance Business America Claims Claims inflation – will things get worse before they get better? Amwins head breaks down the current landscape Claims By...
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Published on: 2024-05-01
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Insurance Business Magazine
State Farm claims reach more than 4,700 following tornado outbreak | Insurance Business America Catastrophe & Flood State Farm claims reach more than 4,700 following tornado outbreak Most of the claims filed across four states Catastrophe & Flood ...
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Published on: 2024-05-01
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Insurance Business Magazine
RenaissanceRe publishes Q1 2024 results | Insurance Business America Reinsurance RenaissanceRe publishes Q1 2024 results What has driven the uptick? Reinsurance By Kenneth Araullo May 01, 2024 Share ...
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Published on: 2024-05-01
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Insurance Business Magazine
Delos boosts wildfire insurance offering | Insurance Business America Property Delos boosts wildfire insurance offering Expansion made possible by new partnership with Lloyd's underwriters Property By Terry Gangcuangco May 01, 2024 Share ...
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Published on: 2024-05-01
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Insurance Business Magazine
Article 0 Comments Generative artificial intelligence (AI) has sparked a lot of interest from insurers and reinsurers because of its potential to revolutionize innovation, cut costs and improve the customer experience. Generative AI (or “Gen AI”) is the term used for technology that is able to generate completely new text,...
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Published on: 2024-05-01
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News – Claims Journal
Article 0 Comments The first quarter of the year saw the sixth straight quarterly increase (.7%) in overall registrations in California in the first quarter from the same period last year, while the state’s love affair with Tesla’s may be getting old, the California New Car Dealers Association reported today....
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Published on: 2024-05-01
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News – Claims Journal
Article 0 Comments Dave North is retiring from his role as Executive Chairman of Sedgwick, but plans to remain a member of the company’s board of directors. North’s retirement is effective June 30. North was Sedgwick’s president and CEO from 1995 to 2020. During North’s tenure, the company grew from...
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Published on: 2024-05-01
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News – Claims Journal
Article 0 Comments Global natural catastrophes cost insurers $17 billion during the first quarter of 2024 with economic losses rising above $45 billion, according to Aon’s Q1 Global Catastrophe Recap – April 2024. Q1 natural disaster losses were driven by severe convective and winter storms in the United States, as...
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Published on: 2024-05-01
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News – Claims Journal
Article 0 Comments When a cyberattack on Change Healthcare paralyzed much of the US health-care system, some lawmakers saw it as proof its parent company, UnitedHealth Group Inc., was too big. UnitedHealth Chief Executive Andrew Witty saw it differently. He has said that the company’s size kept the hack, which...
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Published on: 2024-04-30
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News – Claims Journal
Article 0 Comments Berkshire Hathaway Inc.’s PacifiCorp now faces a demand for $30 billion from victims of Oregon’s 2020 Labor Day wildfires, an escalation of a legal onslaught on the largest grid operator in the western US. While the amount sought in an amended complaint filed Monday is about two...
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Published on: 2024-04-30
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News – Claims Journal
Article 0 Comments Progressive Insurance aims to hire thousands to support several years of year-over-year growth, according to a media statement. At Progressive, the company is looking for qualified candidates within teams including: The claims organization is looking to fill positions ranging from entry-level claims trainee to in-the-field adjuster roles...
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Published on: 2024-04-30
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News – Claims Journal
Anthony R. O’Donnell // April 29, 2024 (Image source: Neoreasoning homepage.) Neoreasoning, a startup aiming to deliver innovative solutions that empower title insurers and provide a superior customer experience, has launched a new technology product designed to automate title insurance claims handling using the cutting edge of generative AI and...
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Published on: 2024-04-29
Source:
Insurance Journal
Article 0 Comments The Florida Supreme Court has given auto insurers more flexibility in reducing payments for medical services under the state’s no-fault auto insurance law and may have finally put to rest years of questions about the much-debated statute. In answering a certified question from a federal appeals court,...
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Published on: 2024-04-29
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News – Claims Journal
Article 0 Comments States across the Great Plains in the US are bracing for possible severe thunderstorms — which may include tornadoes and hail. The areas at risk include parts of Iowa, Nebraska, Kansas and Missouri Friday and that expands into Oklahoma and Texas on Saturday, the US Storm Prediction...
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Published on: 2024-04-29
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News – Claims Journal
Article 0 Comments A judge has declined to dismiss hundreds of lawsuits filed against rap star Travis Scott over his role in the deadly 2021 Astroworld festival in which 10 people were killed in a crowd surge. State District Judge Kristen Hawkins issued a one-page order denying Scott’s request that...
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Published on: 2024-04-29
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News – Claims Journal
Article 0 Comments HomeServices of America, a real estate brokerage owned by Berkshire Hathaway Inc., reached a settlement agreement in a lawsuit taking aim at agent commissions industrywide. The brokerage agreed to pay a total of $250 million over the course of four years in its settlement of the Missouri...
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Published on: 2024-04-29
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News – Claims Journal
Article 0 Comments Warren Buffett’s warning that wildfires have turned utilities across the western US into risky investments is mistaken — at least in California, according to the head of the state’s largest electricity provider. “Frankly, I think Buffett got it wrong in California,” said Patti Poppe, chief executive officer...
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Published on: 2024-04-29
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News – Claims Journal
Anthony R. O’Donnell // April 26, 2024 (Vertafore CEO Amy Zupon on stage at the New Orleans Ernest N. Morial Convention Center. Source: Vertafore.) At this year’s Vertafore Accelerate user conference/NetVu Community gathering earlier this month at the New Orleans Ernest N. Morial Convention Center, CEO Amy Zupon’s keynote address...
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Published on: 2024-04-26
Source:
Insurance Journal
Russia's state reinsurer backs three insurers for Indian marine approval | Insurance Business America Reinsurance Russia's state reinsurer backs three insurers for Indian marine approval "Due procedure has been followed," sources say Reinsurance By Kenneth Araullo...
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Published on: 2024-04-26
Source:
Insurance Business Magazine
Sedgwick executive chair stepping down | Insurance Business America Claims Sedgwick executive chair stepping down Former CEO looks back at nearly three decades of leadership Claims By Terry Gangcuangco Apr 26, 2024 Share ...
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Published on: 2024-04-26
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Insurance Business Magazine
Article 0 Comments Cyber claims frequency in the U.S. rose 13% last year, a new report shows. Coalition this week released its 2024 Cyber Claims Report, which includes data and case studies from organizations across the country. The report portrays cybercrime as “a thriving business that adversely impacts” the economy....
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Published on: 2024-04-26
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News – Claims Journal
How will the Baltimore bridge collapse affect US insurers' profits? | Insurance Business America Marine How will the Baltimore bridge collapse affect US insurers' profits? GlobalData breaks down the impact of the major marine event Marine ...
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Published on: 2024-04-25
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Insurance Business Magazine
Article 0 Comments A Connecticut employer lost its right to contest a workers’ compensation claim because although it mailed its notice to the workers compensation board within the 28 day statutory period, board did not receive the notice by the 28th day. The Connecticut Supreme Court has ruled that the...
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Published on: 2024-04-25
Source:
News – Claims Journal
Ariel Re, Hiscox Re & ILS launch new cyber catastrophe consortium | Insurance Business America Reinsurance Ariel Re, Hiscox Re & ILS launch new cyber catastrophe consortium Entity will aim to provide up to $50 million in per-program capacity ...
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Published on: 2024-04-25
Source:
Insurance Business Magazine
ICEYE, Juniper Re ink multi-year flood and wildfire data partnership | Insurance Business America Reinsurance ICEYE, Juniper Re ink multi-year flood and wildfire data partnership Move set to bolster reinsurer's client support capacities Reinsurance By Kenneth...
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Published on: 2024-04-25
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Insurance Business Magazine
Article 0 Comments Two south Florida lawsuits against property insurers argue that two major carriers employed a business strategy of hiring inexperienced or even unlicensed claims adjusters after storms, practices that have led to “lowball” damage estimates that fall below deductibles. In one of the suits, brought by a Miami...
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Published on: 2024-04-25
Source:
News – Claims Journal
Coalition publishes 2024 cyber claims report | Insurance Business America Insurance News Coalition publishes 2024 cyber claims report More than half of claims start from the email inbox Insurance News By Kenneth Araullo Apr...
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Published on: 2024-04-25
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Insurance Business Magazine
Article 0 Comments A new report on small business owners’ workers’ compensation insurance-buying habits and risk exposures found that 95% offer regular safety training to their employees, according to The Hanover Insurance Group. Training for employees was ranked as the top service used as part of the business owner’s insurance...
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Published on: 2024-04-25
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News – Claims Journal
Article 0 Comments What started out as festive time at the North Carolina Mountain State Fair in 2019 ended with 96 people hospitalized with Legionnaires’ disease. Four of them died. The tragedy in Fletcher, North Carolina, made national headlines. Multiple victims filed suit after state health authorities found that the...
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Published on: 2024-04-25
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News – Claims Journal
Article 0 Comments The approaching wildfire season may bring hazardous air quality from blazes burning across the U.S., but it’s expected to be below the historical average in terms of the number of fires and acres burned. AccuWeather’s forecast for the 2024 wildfire season predicts between 4 and 6 million...
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Published on: 2024-04-25
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News – Claims Journal
Article 0 Comments New legislation aimed at reducing workplace violence in California vastly increases employers’ responsibilities and hands workers’ compensation insurers an unprecedented oversight role that is likely to trigger lawsuits and affect rates and capacity. The Workplace Violence Prevention Bill SB 553, which comes into effect on July 1,...
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Published on: 2024-04-25
Source:
News – Claims Journal
Anthony R. O’Donnell // April 24, 2024 (Image source: SageSure homepage.) SageSure (Jersey City, N.J.), one of the largest managing general underwriters focused on catastrophe-exposed markets, and SureChoice Underwriters Reciprocal Exchange (SURE, Houston), a policyholder-owned reciprocal exchange, have announced the close of the Gateway Re 2024-2 second and subsequent event...
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Published on: 2024-04-24
Source:
Insurance Journal
How many hours are employees saving due to gen AI? | Insurance Business America Business strategy How many hours are employees saving due to gen AI? 'Most respondents view a potential employer's decision to provide access to gen AI tools favourably' ...
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Published on: 2024-04-24
Source:
Insurance Business Magazine
What should MGAs know about applying AI technology? | Insurance Business America Technology What should MGAs know about applying AI technology? "Speed-to-market is everything" Technology By Gia Snape Apr 24, 2024 Share ...
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Published on: 2024-04-24
Source:
Insurance Business Magazine
Article 0 Comments Seven property insurers in Florida went bankrupt in 2021 and 2022. The bankruptcies left thousands of homeowners scrambling to get new coverage, which often came with a big increase in cost. Worse, many had outstanding claims for hurricane damage that had not been addressed. Jacqueline Ravelo, a...
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Published on: 2024-04-24
Source:
News – Claims Journal
Lockton Re investigates resilience against hypothetical cyber threat | Insurance Business America Cyber Lockton Re investigates resilience against hypothetical cyber threat New report introduces 'Ivan Wiper' scenario to spotlight what could happen Cyber By Mika Pangilinan...
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Published on: 2024-04-24
Source:
Insurance Business Magazine
What does a best-in-class claims proposition look like today? | Insurance Business America Risk Management News What does a best-in-class claims proposition look like today? Why it's all about being willing to get your "hands dirty" Risk Management News...
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Published on: 2024-04-24
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Insurance Business Magazine
Article 0 Comments The heavy rains that flooded Dubai last week halted air traffic, damaged buildings and streets — and left climate experts and common citizens asking whether one of the world’s hottest and driest cities should be better prepared for extreme storms. Weather forecasters knew days in advance that...
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Published on: 2024-04-24
Source:
News – Claims Journal
Article 0 Comments A group of Tesco employees took the grocer to the UK’s highest court over the use of the controversial “fire and rehire” tactic that helps employers to cut costs. The distribution center workers allege they were either fired or forced to move 40 miles to a new...
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Published on: 2024-04-24
Source:
News – Claims Journal
Article 0 Comments In the wake of last week’s widespread hail storm that damaged homes and automobiles, the South Carolina director of insurance said that emergency rules allow out-of-state adjusters and appraisers to work claims, as long as they are licensed in other states. The April 20 storm brought record-tying,...
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Published on: 2024-04-23
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News – Claims Journal
Article 0 Comments A Delaware insurance agency has won another chance at proving a law firm was negligent in defending it in a non-compete dispute with another agency, a dispute it ended up settling for $1.2 million. The Delaware Supreme Court has reversed a Superior Court ruling of summary judgment...
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Published on: 2024-04-23
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News – Claims Journal
Article 0 Comments Polling of U.K. and U.S. insurance claims handlers shows 95% are confident technology will significantly impact claims processing in the next five years. The polling by insurtech Sprout.ai shows 55% of respondents say they struggle with reviewing and processing claims documents and evidence, and the same number...
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Published on: 2024-04-23
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News – Claims Journal
Article 0 Comments A federal appeals court has sided with three chiropractors in ruling that claims under New Jersey’s personal injury protection statute concerning insurance fraud are subject to arbitration. GEICO has lost its bid to pursue litigation alleging fraud against the chiropractors. The Third Circuit Court of Appeals reversed...
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Published on: 2024-04-23
Source:
News – Claims Journal
Anthony R. O’Donnell // April 22, 2024 (Image source: Swiss Re.) Swiss Re (Zurich) has launched an augmented version of its Life & Health underwriting manual Life Guide. The new version comes equipped with Swiss Re Life Guide Scout, a Generative AI-powered underwriting assistant, developed by Swiss Re, that integrates...
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Published on: 2024-04-22
Source:
Insurance Journal
Article 0 Comments NRYZE Claim Solutions named Robert Genkin chief financial officer. Genkin was most recently senior vice president of finance and M&A at Crawford & Co. Robert Genkin Previously, Genkin held a variety of investment roles at Cook & Bynum Capital Management, Caravel Management and other investment management firms....
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Published on: 2024-04-22
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News – Claims Journal
Article 0 Comments A report looking at 1.2 million homes in Colorado shows risks in the one of the top states for hail-related insurance claims are made worse by the state of some properties. The Arturo used artificial intelligence models with aerial imagery, weather data, public records, and post-disaster imagery...
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Published on: 2024-04-22
Source:
News – Claims Journal
Article 0 Comments A Wells Fargo & Co. bond saleswoman sued the bank for sex discrimination, claiming she was denied the same promotions and pay as men and forced to endure a “boys’ club” environment. Michal Leavitt, a onetime Bear Stearns managing director, filed a lawsuit Friday in Chicago. She...
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Published on: 2024-04-22
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News – Claims Journal
Article 0 Comments In today’s digital era, insurers are leveraging social media to gather insights and evidence that could potentially support or jeopardize a person’s claim. Recently, in the Irish town of Ennis, Kamila Grabska won a Christmas Tree Throwing competition. A photo of her was published in the Irish...
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Published on: 2024-04-22
Source:
News – Claims Journal
Anthony R. O’Donnell // April 19, 2024 (Image source: Drixit, created of Spotter, which provides collision avoidance alerts.) Underwriting a risk requires understanding it, and that understanding potentially increases along with an increase in availability of relevant data. Such an increase provided an opportunity to auto insurers during the last...
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Published on: 2024-04-19
Source:
Insurance Journal
Allstate reveals catastrophe losses | Insurance Business America Catastrophe & Flood Allstate reveals catastrophe losses Company also shares impact of rate increases Catastrophe & Flood By Kenneth Araullo Apr 19, 2024 Share ...
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Published on: 2024-04-19
Source:
Insurance Business Magazine
Applied Underwriters sells off Sarasota subsidiary to coastal risk insurer | Insurance Business America Insurance News Applied Underwriters sells off Sarasota subsidiary to coastal risk insurer Buyer will address admitted insurance needs of homeowners and property investors Insurance News...
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Published on: 2024-04-19
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Insurance Business Magazine
Article 0 Comments Global insured losses from natural catastrophes in the first quarter were estimated at $20 billion, with U.S. claims accounting for more than $15 billion, or 75%, of the Q1 total, according to a Gallagher Re in a report. Despite a quarter defined by major events such as...
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Published on: 2024-04-19
Source:
News – Claims Journal
Article 0 Comments Nord Stream’s insurers have denied that their policies provide cover for gas pipelines damaged by blasts in 2022 because the damage was caused by war, in their written defense to a lawsuit filed at London’s High Court. Nord Stream is seeking more than 400 million euros ($427...
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Published on: 2024-04-19
Source:
News – Claims Journal
EIOPA's expectations on the oversight of reinsurance with third-country reinsurers | Insurance Business America Reinsurance EIOPA's expectations on the oversight of reinsurance with third-country reinsurers Regulatory body calls for evaluation of actual risk mitigation Reinsurance By...
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Published on: 2024-04-19
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Insurance Business Magazine
Article 0 Comments Coverys named Brian J. Farrell Jr. senior vice president of claims. Farrell was most recently vice president of claims at Chubb, where he was responsible for differentiating the claims experience and solution management for large and complex clients. Coverys is a provider of medical professional liability insurance....
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Published on: 2024-04-19
Source:
News – Claims Journal
Article 0 Comments Few people in Florida and California will be surprises to hear that the majority of homeowners in those states have been affected by rising property insurance costs. A survey by Redfin, a U.S. real estate broker, found that just over 70% of Florida homeowners said that they...
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Published on: 2024-04-19
Source:
News – Claims Journal
Article 0 Comments California’s already strained property insurance market is facing a new challenge as two more insurers, Tokio Marine America Insurance Co. and Trans Pacific Insurance Co., plan to withdraw from the wildfire-prone state entirely starting in July. The two companies, units of Japan-based Tokio Marine Holdings Inc., disclosed...
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Published on: 2024-04-18
Source:
News – Claims Journal
Getting the balance right with GenAI and insurance | Insurance Business America Technology Getting the balance right with GenAI and insurance It brings plenty of benefits – but you need to learn how to capitalize on them Technology ...
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Published on: 2024-04-18
Source:
Insurance Business Magazine
What is Takaful Insurance? Takaful represents a cooperative insurance model that aligns with Islamic principles, where participants pool their resources to safeguard against potential losses or damages. This system operates under strict adherence to Sharia, the Islamic religious law, which mandates mutual assistance and protection among members. The scope of...
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Published on: 2024-04-18
Source:
Insurance Business Magazine
Anthony R. O’Donnell // April 18, 2024 (Image source: Protective Life homepage.) Hexure (Colorado Springs, Colo.), a provider of sales and regulatory automation solutions for the life and annuity industry, has announced that Protective Life Insurance Company (Birmingham, Ala.), a subsidiary of Dai-ichi Life Holdings, Inc. (Tokyo), has selected FireLight to...
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Published on: 2024-04-18
Source:
Insurance Journal
How AI is changing the claims industry – for the better | Insurance Business America Insurance News How AI is changing the claims industry – for the better Yet there is one factor to fear… Insurance News ...
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Published on: 2024-04-18
Source:
Insurance Business Magazine
Northwestern Mutual reaffirms sustainable commitment in new social impact report | Insurance Business America Insurance News Northwestern Mutual reaffirms sustainable commitment in new social impact report Company looks forward to "a better tomorrow" Insurance News By...
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Published on: 2024-04-18
Source:
Insurance Business Magazine
Anthony R. O’Donnell // April 18, 2024 (Image source: Sapiens.) Sapiens International Corporation, (Holon, Israel), a global provider of software solutions for the insurance industry, has announced the launch of IntegrateAI, the newest capability from Sapiens Decision, integrating machine learning models into what the vendor calls its business-friendly decision model...
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Published on: 2024-04-18
Source:
Insurance Journal
Article 0 Comments United Airlines will receive compensation from planemaker Boeing for financial damages incurred in the first quarter due to the grounding of 737 MAX 9 aircraft, the carrier said on Wednesday. U.S. regulators had in January grounded some Boeing 737 MAX 9 aircraft for about three weeks for...
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Published on: 2024-04-18
Source:
News – Claims Journal
Article 0 Comments Stung by paying billions of dollars for settlements and trials, chemical giant Bayer has been lobbying lawmakers in three states to pass bills providing it a legal shield from lawsuits that claim its popular weedkiller Roundup causes cancer. Nearly identical bills introduced in Iowa, Missouri and Idaho...
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Published on: 2024-04-18
Source:
News – Claims Journal
Article 0 Comments Electric car sales already are in a funk in key markets around the globe. Challenges finding enough repair technicians threatens to further stifle demand in the UK, where consumer uptake has stagnated for the better part of two years. A dearth of mechanics trained to handle the...
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Published on: 2024-04-18
Source:
News – Claims Journal
Article 0 Comments A federal appeals court has, at least for now, put an end to lingering questions about some property insurance claims litigation: The insured does not need to submit a competing damage estimate when filing a supplemental claim if the policy does not require it. But one of...
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Published on: 2024-04-18
Source:
News – Claims Journal
Anthony R. O’Donnell // April 18, 2024 (Image credit: Adobe Stock.) Cytora (New York), a digital risk processing platform, has partnered with cybersecurity firm DynaRisk. The partnership will enable insurers to use DynaRisk’s suite of cyber risk assessment data on Cytora’s platform. As a result, underwriters will immediately be able...
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Published on: 2024-04-17
Source:
Insurance Journal