Article 0 Comments A massive wildfire in Northern California has destroyed an undetermined number of buildings and is threatening thousands or properties, prompting thousands of evacuations orders, as it continued to rage on Friday morning. The Park fire, which became the state’s largest fire so far this year a day...
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Published on: 2024-07-26
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News – Claims Journal
Article 0 Comments In recent years, cities worldwide have faced an alarming increase in the frequency and severity of flood events. These catastrophes have left urban areas grappling with extensive damage to infrastructure, buildings and equipment. As communities strive to recover from flood disasters, it’s crucial to understand the far-reaching...
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Published on: 2024-07-26
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News – Claims Journal
Article 0 Comments A wildfire that started Wednesday near Chico, California grew quickly to 45,549 acres overnight to become the state’s largest active blaze. Evacuation orders and warnings were issued, but the number of residents affected or properties damaged or destroyed has yet to be determined. As of Wednesday afternoon,...
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Published on: 2024-07-25
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News – Claims Journal
Article 0 Comments SCA Claim Services named Ron Trozzo as a national director for its auto operations division. Trozzo has 15 years of experience in claims adjusting and collision management. Trozzo was most recently in claims with Tesla. SCA Claim Services is a national appraisal and adjusting company serving insurance...
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Published on: 2024-07-25
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News – Claims Journal
Article 0 Comments The Rev. John Parks was taking his first sabbatical in 40 years of ministry when he got a call from his church’s accountant with some bad news. Church Mutual, the church’s insurance company, had dropped them. “This does not make sense,” Parks, the pastor of Ashford Community...
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Published on: 2024-07-25
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News – Claims Journal
Article 0 Comments Just 27% of Gen Z adults could correctly identify the insurance terms “deductible” and 29% knew how to define “copay,” a new survey shows. The survey from the National Association of Insurance Commissioners also found 22% of Gen Z respondents have little or no awareness of the...
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Published on: 2024-07-25
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News – Claims Journal
Anthony R. O’Donnell // July 24, 2024 (Image source: Planck homepage.) Applied Systems (Chicago) today announced that it has acquired Planck, a provider of an AI-powered data and analytics platform to the insurance industry. Applied calls the deal a strategic acquisition that will significantly expand its AI capabilities, accelerating the company’s vision...
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Published on: 2024-07-24
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Insurance Journal
Article 0 Comments The highest court in Massachusetts has ruled that rainwater accumulation on roofs of buildings does not constitute “surface waters” within the meaning of “flood” in property insurance policies. The court found that the term “surface waters” in policies is ambiguous and the ambiguity must be resolved in...
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Published on: 2024-07-24
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News – Claims Journal
Article 0 Comments CrowdStrike Holdings Inc., the cybersecurity company at the center of massive global IT outages, said that a bug in a quality-assurance tool the company uses to check updates for mistakes allowed flawed data to go out to customers, causing last week’s meltdown. On Friday, the company pushed...
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Published on: 2024-07-24
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News – Claims Journal
Article 0 Comments Floyd County keeps flooding and the federal government keeps coming to the rescue. In July 2022, at least 40 people died and 300 homes were damaged when the eastern Kentucky county flooded. It was the 13th time in 12 years that the rural county was declared a...
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Published on: 2024-07-24
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News – Claims Journal
Anthony R. O’Donnell // July 23, 2024 (Image credit: gmail643/Pixabay.) SAISON Auto & Fire Insurance, a direct non-life (P&C) insurance company and part of the Sompo Group (Tokyo), and Guidewire (San Mateo, Calif.) have announced that SAISON Auto & Fire Insurance has adopted Guidewire ClaimCenter as its new management system for insurance claims operations....
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Published on: 2024-07-23
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Insurance Journal
Article 0 Comments Reinsurance in Florida’s long-stressed property insurance market was supposed to have stabilized this year – with moderate rate increases and more availability. But those calmer waters apparently have not reached the mobile home market, and Florida insurance agents are now reporting that higher reinsurance costs have forced...
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Published on: 2024-07-23
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News – Claims Journal
Article 0 Comments U.S. severe convective storms continued to drive global natural catastrophe losses during the first half of 2024. Of the estimated $61 billion in global H1 insured losses from natural disasters, SCS accounted for a minimum $37 billion – or 61% of the total, according to a Gallagher...
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Published on: 2024-07-23
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News – Claims Journal
Article 0 Comments Boeing-owned Wisk Aero expects its pilotless air-taxi to begin carrying passengers “later in the decade” as it works with the U.S. regulator to secure approvals, its CEO said on Monday, amid skepticism among industry analysts about certification timelines. Wisk is one of several electric vertical take-off and...
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Published on: 2024-07-23
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News – Claims Journal
Article 0 Comments Four insurance companies, unable to escape a duty to defend a New York hotel where a young woman was secretly videotaped in the shower in 2015, have reached a settlement in the case that made headlines around the world. Citizens Insurance Co. of America, Massachusetts Bay Insurance...
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Published on: 2024-07-22
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News – Claims Journal
Article 0 Comments A half-dozen Maui wildfire victims sued a group of insurers, including State Farm and Allstate, accusing them of throwing a wrench into a tentative $4 billion deal to settle their claims. The lawsuit filed Friday in state court in Maui targets insurers who wrote homeowners’ policies for...
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Published on: 2024-07-22
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News – Claims Journal
Article 0 Comments Insurers could face a raft of business interruption claims after a worldwide tech outage crippled industries from travel to finance on Friday, insurance industry experts said. A software update by global cybersecurity firm CrowdStrike appeared to have triggered systems problems that grounded flights, forced some broadcasters off...
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Published on: 2024-07-22
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News – Claims Journal
Article 0 Comments Elements of Friday’s global IT outage, which grounded planes and hit services from banking to healthcare, have occurred before and until more contingencies are built into networks, and organizations put better back-up plans in place, it will happen again. Friday’s outage was caused by an update that...
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Published on: 2024-07-22
Source:
News – Claims Journal
Anthony R. O’Donnell // July 19, 2024 (Vinay Kurup, CIO, QBE North America. Source: QBE.) Much of insurers’ interaction with GenAI remains investigative or experimental, but more innovative carriers have aggressively moved toward implementation. One such example is QBE North America’s (New York) Cyber Submissions AI assistant, an application available...
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Published on: 2024-07-19
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Insurance Journal
Article 0 Comments The law firms leading class-action litigation against PacifiCorp over the 2020 Labor Day weekend wildfires in Oregon want to examine whether the utility owned by Warren Buffett’s Berkshire Hathaway is colluding with other law firms to reach lowball settlements with fire victims. In a court filing, Edelson...
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Published on: 2024-07-19
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News – Claims Journal
The "Chevron deference" ruling – what are its implications for insurers and employers? | Insurance Business America Professional Risks The "Chevron deference" ruling – what are its implications for insurers and employers? Operating in new environment will be a "tough job" ...
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Published on: 2024-07-19
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Insurance Business Magazine
Anthony R. O’Donnell // July 19, 2024 (Stokes State Forest, near Branchville, N.J. Image source: New Jersey State Park Service.) Selective Insurance, a Branchville, N.J.-based super-regional property/casualty carrier providing business, home, and auto insurance, has selected One Inc’s (Folsom, Calif.) ClaimsPay digital payment solution. Ian Drysdale, CEO, One Inc. One...
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Published on: 2024-07-19
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Insurance Journal
Honeycomb unveils tech to quickly identify property insurance eligibility | Insurance Business America Risk Management News Honeycomb unveils tech to quickly identify property insurance eligibility Program delivers results to external partners within an hour Risk Management News ...
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Published on: 2024-07-19
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Insurance Business Magazine
Article 0 Comments WASHINGTON – Stellantis on Thursday recalled about 24,000 ChryslerPacifica plug-in hybrid minivans worldwide because of fire risks, and urged owners to park outside, away from structures. and not to recharge the vehicles pending a software update. Stellantis said the recall of 2017 through 2021 model year Chrysler...
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Published on: 2024-07-19
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News – Claims Journal
Article 0 Comments Hawaiian Electric Industries Inc. is among the companies that have tentatively agreed to pay more than $4 billion to resolve hundreds of lawsuits over the wildfires that ripped through Maui last year, according to people familiar with the deal. The proposed accord, which still awaits final approval,...
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Published on: 2024-07-19
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News – Claims Journal
Article 0 Comments The MEMIC Group promoted Stacey Foote to vice president of claims. Foote will oversee MEMIC’s Eastern Region claims handling operation, including the Northeast, Mid-Atlantic and Southeast territories. She has been part of MEMIC since 2004, starting as a compensation specialist and steadily progressing through various leadership roles....
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Published on: 2024-07-19
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News – Claims Journal
Article 0 Comments First, a North Carolina man filed a claim with Farm Bureau Insurance. Then he threatened three insurance agents with violence when he wasn’t paid as much as he expected, according to state authorities and one of the insurance agents. Brody Alan Hankinson, 48, of Marion, North Carolina,...
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Published on: 2024-07-18
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News – Claims Journal
Article 0 Comments Hard market conditions in the global non-life insurance sector will continue this year, but will begin to ease in 2025, as general inflation and claims inflation conditions soften, according to Swiss Re in a report, which discusses the macroeconomic factors that are driving growth in the non-life...
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Published on: 2024-07-18
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News – Claims Journal
Article 0 Comments Hyundai Motor America is recalling nearly 67,000 vehicles in the U.S., the U.S. National Highway Traffic Safety Administration said on Thursday. The company is recalling about 54,647 vehicles over loss of drive power from a fuel pump failure and about 12,349 Santa Fe Vehicles over a software...
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Published on: 2024-07-18
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News – Claims Journal
Article 0 Comments Read the first part in this series, The Problem(s) With Hail Claims, Part 1: A Cautionary Tale for Insureds and Insurers, and the second part in this series, The Problem(s) With Hail Claims – Part 2. My previous two columns (May and June 2024) addressed issues with...
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Published on: 2024-07-18
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News – Claims Journal
Article 0 Comments DES MOINES, Iowa (AP) — Record flooding and powerful tornadoes ravaged parts of Iowa for weeks this spring, destroying or damaging thousands of homes, closing roads and bridges and costing over $130 million in infrastructure damage, officials said. The disasters touched two-thirds of Iowa’s 99 counties, starting...
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Published on: 2024-07-18
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News – Claims Journal
Article 0 Comments Before Hurricane Idalia smashed into a small fishing village in northwestern Florida, Charles Long, 68, was fixing up a two-bedroom house for him and his wife. After the August storm, he found remnants of it in a nearby canal and on a neighbor’s property. To rebuild a...
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Published on: 2024-07-18
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News – Claims Journal
Article 0 Comments BMW is recalling 1,145 vehicles in the United States over a potential issue that may cause the driver’s airbag to explode during deployment, the U.S. National Highway Traffic Safety Administration said on Wednesday. The recall includes the 2015 6 Series Gran Coupe, 2014 5 Series Gran Turismo...
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Published on: 2024-07-17
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News – Claims Journal
Article 0 Comments A once in 200-years storm dumped 11 inches of rain over four hours on the central Massachusetts town of Leominster in September, washing away culverts, creating a sinkhole that swallowed cars at a dealership and flooding the city council chambers with sewage. Damages to public infrastructure in...
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Published on: 2024-07-17
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News – Claims Journal
Article 0 Comments Vermont is seeking an assessment to determine whether last week’s flooding, which damaged homes, knocked down bridges and washed out roads, qualifies for a federal disaster declaration and aid. The flooding from the remnants of Hurricane Beryl happened a year after the state experienced catastrophic flooding that...
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Published on: 2024-07-17
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News – Claims Journal
Article 0 Comments The federal government announced a $241.5 million settlement with Marathon Oil last week for alleged air quality violations at the company’s oil and gas operations on the Fort Berthold Indian Reservation in North Dakota. The Environmental Protection Agency and Department of Justice said the settlement requires Marathon...
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Published on: 2024-07-17
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News – Claims Journal
Article 0 Comments A group of Houston restaurants that lost power for days after Hurricane Beryl sued the city’s main utility, accusing CenterPoint Energy Inc. of failing to adequately invest in infrastructure and respond to widespread power outages. The lawsuit, filed by various eateries and restaurant groups in state court...
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Published on: 2024-07-17
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News – Claims Journal
Article 0 Comments U.S. insured losses from Hurricane Beryl will likely fall between $2.5 billion to $4.5 billion, according to estimates by Moody’s RMS Event Response. Insured losses associated with the storm include wind, storm surge, and precipitation-induced flooding. Moody’s estimates total non-U.S. insured losses from Hurricane Beryl will not...
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Published on: 2024-07-16
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News – Claims Journal
Article 0 Comments A Connecticut-based manufacturer has been denied another opportunity to seek $100 million in insurance coverage for business losses it claims it sustained because of the COVID-19 virus. Amphenol Corp.– a manufacturer of connectors, antennas, sensors, and high-speed specialty cable – appealed from a federal district court judgment...
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Published on: 2024-07-16
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News – Claims Journal
Article 0 Comments American International Group and a group of its companies have filed a new, amended complaint against Dellwood Insurance Group, started earlier this year by a group of former AIG executives. The lawsuit filed July 10 in U.S. District Court for the District of New Jersey is the...
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Published on: 2024-07-16
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News – Claims Journal
Article 0 Comments Here’s a troubling phrase hurricane forecasters hate but often hear: “It’s just a Category 1. Nothing to worry about.” Or even worse: “Tropical storm? Just some wind and rain.” But look at Hurricane Beryl, which hit Texas this week as a “mere” Category 1 storm — far...
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Published on: 2024-07-15
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News – Claims Journal
Article 0 Comments A hacker who claims to have stolen sensitive call and text logs from AT&T Inc. said they were paid about $400,000 to erase the data trove. An analysis of a Bitcoin wallet address provided by the hacker shows a transaction in mid-May that analysts say aligns with...
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Published on: 2024-07-15
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News – Claims Journal
Article 0 Comments Insurers’ losses from Hurricane Beryl will be “low and readily absorbed” and the storm is not expected to change pricing conditions in the P&C and reinsurance sectors, Moody’s Ratings said. Beryl made landfall along the Texas coast as a category 1 hurricane, bringing strong winds and storm...
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Published on: 2024-07-12
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News – Claims Journal
Anthony R. O’Donnell // July 12, 2024 (Image source: OMNI AI promotional video.) USI Insurance Services (Valhalla, N.Y.), a global provider of risk management, employee benefit and retirement consulting, has announced the launch of Ask V, which the company describes as a proprietary platform, powered by USI’s OMNI AI technology,...
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Published on: 2024-07-12
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Insurance Journal
Article 0 Comments A ring of wildfires has erupted around Canada’s unofficial oil-sands capital of Fort McMurray, adding new threats to crude production from the world’s third-largest petroleum reserves. Eight out-of-control blazes have been discovered just south and southwest of the city since Wednesday, Alberta Wildfire data show. Those add...
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Published on: 2024-07-12
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News – Claims Journal
Article 0 Comments Citigroup Inc. will pay almost $136 million in fines to US bank regulators over issues related to data-quality management and risk controls. The Federal Reserve said Wednesday that its penalty was for Citi violating an enforcement action from 2020. The bank will pay $61 million to the...
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Published on: 2024-07-12
Source:
News – Claims Journal
Anthony R. O’Donnell // July 11, 2024 (Image source: Charlee.ai homepage.) Charlee.ai (Pleasanton, Calif.), a provider of AI-based predictive analytic solutions, and Duck Creek Technologies(Boston), a prominent provider of SaaS core systems for the insurance industry, have joined forces in a solution partnership to enhance claims management processes through cutting-edge...
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Published on: 2024-07-11
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Insurance Journal
Article 0 Comments The US Federal Emergency Management Agency (FEMA) has finalized a rule mandating that projects built using its funds not only take into account previous and current levels of local flood risk, but for the first time consider the future risk of flooding, which is being exacerbated by...
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Published on: 2024-07-11
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News – Claims Journal
Article 0 Comments Insurers in the United States may take a hit of about $2.7 billion from damage caused by Hurricane Beryl, catastrophe modeling company Karen Clark & Co. said on Thursday. About 1.5 million customers remained without power in Texas on Wednesday, two days after Beryl raked the state...
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Published on: 2024-07-11
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News – Claims Journal
Article 0 Comments Microsoft has clinched a 20-million-euro ($21.7 million) deal to settle an antitrust complaint about its cloud computing licensing practices, averting an EU antitrust investigation and potential hefty fine. Cloud services organization CISPE, whose members include Amazon and a score of small EU cloud providers, complained to the...
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Published on: 2024-07-11
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News – Claims Journal
Article 0 Comments Hurricane Beryl ripped through the Caribbean last week, leaving small island governments rushing to find funds for the billions of dollars in damages. It was the type of situation that Stefano Capodagli is trying to prepare for at the Caribbean Development Bank, one of the biggest lenders...
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Published on: 2024-07-11
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News – Claims Journal
Article 0 Comments The US Federal Trade Commission is preparing a lawsuit against the three largest drug middlemen over their use of rebates for insulin and other drugs, according to a person familiar with the probe. The agency has been investigating whether the rebate practices of insulin manufacturers and the...
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Published on: 2024-07-11
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News – Claims Journal
Article 0 Comments German carmaker BMW is recalling more than 390,000 vehicles in the United States due to faulty airbag inflators that could potentially explode, the U.S. National Highway Traffic Safety Administration said on Wednesday. An explosion of the inflator could cause sharp metal fragments to strike the driver or...
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Published on: 2024-07-11
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News – Claims Journal
Article 0 Comments Imagine a world where insurance claims are processed instantly with accuracy and minimal manual intervention. Yes, that is the promise current artificial intelligence revolution has made in claims processing. But as with any modern technology revolution, there are challenges, and the reality is subtle. AI is a...
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Published on: 2024-07-11
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News – Claims Journal
Article 0 Comments Elon Musk won dismissal of a lawsuit claiming he refused to pay at least $500 million of severance to thousands of Twitter employees he fired in mass layoffs after buying the social media company now known as X. U.S. District Judge Trina Thompson in San Francisco ruled...
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Published on: 2024-07-10
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News – Claims Journal
Article 0 Comments At the same time it is settling a New York class action about underpaying totaled loss claims for $48 million, Progressive Insurance, in a separate case, has agreed to an $18.3 million settlement over allegations that its carriers failed to pay claimants the state sales tax on...
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Published on: 2024-07-10
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News – Claims Journal
Article 0 Comments Hurricane Beryl got the respected team of researchers at Colorado State University to rethink its forecast for the Atlantic hurricane season, which has already seen three named storms. CSU’s Department of Atmospheric Science now calls for an “extremely active” total of 25 named storms, 12 hurricanes and...
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Published on: 2024-07-10
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News – Claims Journal
Article 0 Comments Cargo claims are an inevitable part of the shipping industry, but the challenges associated with these claims are getting both more complex and frequent this year. From increasing technological advancements to the complexity of global trade, the freight insurance industry is facing several significant hurdles that must...
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Published on: 2024-07-10
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News – Claims Journal
Article 0 Comments Purdue Pharma on Tuesday received U.S. court approval for a 60-day freeze on lawsuits against its owners, members of the wealthy Sackler family, in its first court appearance since a landmark Supreme Court ruling upended its bankruptcy settlement. U.S. Bankruptcy Judge Sean Lane granted an injunction at...
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Published on: 2024-07-10
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News – Claims Journal
Anthony R. O’Donnell // July 10, 2024 (Image credit: Mike Goad/Pixabay.) Eastern Alliance Insurance Group (Lancaster, Pa.), a wholly-owned subsidiary of ProAssurance Corporation(Birmingham, Ala.), has selected the CLARAty.ai platform developed by CLARA Analytics (Sunnyvale, Calif.), a provider of artificial intelligence (AI) technology for insurance claims optimization, to enhance medical outcomes for injured workers, improve...
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Published on: 2024-07-09
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Insurance Journal
Article 0 Comments Similac baby formula maker Abbott is expected to face a trial on Monday over claims that its formula for preterm infants used in neonatal intensive care units causes a potentially deadly bowel disease, the second trial out of hundreds of similar lawsuits in the United States. Lawyers...
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Published on: 2024-07-09
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News – Claims Journal
Article 0 Comments Heat emanating from basements, train tunnels, sewers and other underground systems in major metropolises in the U.S. and Europe is heating the ground between city surfaces and the bedrock. The temperature increase reaches as high as 27° Fahrenheit in some parts of Chicago, according to a recent...
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Published on: 2024-07-09
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News – Claims Journal
Article 0 Comments Insurers are nervous that militant attacks or AI-generated fake images could derail the Paris Olympics, risking event cancellations and millions of dollars in claims. Insurers faced losses after the 2020 Tokyo Olympics were postponed for a year due to the COVID-19 pandemic. Since then, wars in Ukraine...
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Published on: 2024-07-09
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News – Claims Journal
Patrick Kehoe // July 9, 2024 (Image credit: AbsolutVision/Pixabay.) Over time, the insurance landscape has evolved to accommodate a diverse array of consumers, each with unique needs and preferences. Today, 67.8 million people living in the United States speak a language other than English at home; and over 25 million are...
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Published on: 2024-07-08
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Insurance Journal
Article 0 Comments More than 1.5 million homes and businesses in Texas lost power after Hurricane Beryl made landfall in the state, bringing howling winds and driving rain that knocked out electric lines. The storm made landfall shortly before 4 a.m. local time Monday near Matagorda, between Houston and Corpus...
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Published on: 2024-07-08
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News – Claims Journal
Article 0 Comments Insurer GEICO has agreed to pay $6 million to settle claims by auto damage claims adjusters who allege the insurer failed to pay them for all hours they worked “off-the-clock.” The settlement affects 806 adjusters countrywide who worked for GEICO from 2020 to 2023. Each will receive...
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Published on: 2024-07-08
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News – Claims Journal
Report: Insured Losses from Beryl in Jamaica and Caymans $400M-$700M; Mexico’s Yucatan Less Than $1B
Article 0 Comments Insurable losses from Hurricane Beryl across Jamaica and the Cayman Islands will be between $400 million and $700 million, while estimated insurable losses in Mexico’s Yucatan Peninsula are also less than $1 billion, according to catastrophe modeler CoreLogic. CoreLogic’s estimated losses include wind-only damage to residential, commercial,...
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Published on: 2024-07-05
Source:
News – Claims Journal
Navigating the world of property and inland marine | Insurance Business America Insurance News Navigating the world of property and inland marine Industry vet attributes success to the strength of his team Insurance News By Chris...
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Published on: 2024-07-05
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Insurance Business Magazine
Article 0 Comments Progressive Insurance has agreed to a $48 million settlement with a class of 93,000 New York policyholders who claim the insurer underpaid their total loss claims on their vehicles. The $48 million represents approximately 54% of the compensatory damages alleged by the plaintiffs plus pre-judgment interest. The...
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Published on: 2024-07-05
Source:
News – Claims Journal
Gallagher Re head on the adoption curve for AI | Insurance Business America Reinsurance Gallagher Re head on the adoption curve for AI "AI isn't new but people are sure making a big song and dance about it" Reinsurance...
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Published on: 2024-07-05
Source:
Insurance Business Magazine
It said: “Northwestern Mutual Group, which retained the top spot on the list, saw its individual life premium drop by 4.1% to $16.99 billion, according to the data. No. 2-ranked Prudential of America Group, which moved up from fifth place a year prior, posted a 65.8% increase to $10.65 billion...
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Published on: 2024-07-05
Source:
Insurance Business Magazine
Anthony R. O’Donnell // July 5, 2024 (Image source: Pixabay.) Sapiens International Corporation (Holon, Israel), a global provider of software solutions for the insurance industry, has announced a strategic investment in Sapiens CoreSuite for Medical Professional Liability (MPL), to foster growth and innovation for the MPL industry. By expanding and...
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Published on: 2024-07-04
Source:
Insurance Journal
Chuck Johnston // July 4, 2024 (Image credit: Lucas Dudek/Unsplash.) Robotic process automation (RPA) has been used in the insurance industry since the 1990s and has incrementally improved over the years but still suffers from issues related to the underlying systems it must depend upon. Currently, the rigid and fragile...
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Published on: 2024-07-04
Source:
Insurance Journal
Global food and beverage industry needs innovative insurance solutions amid uncertainties | Insurance Business America Hospitality Global food and beverage industry needs innovative insurance solutions amid uncertainties The industry is doubling down on resilience Hospitality By...
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Published on: 2024-07-04
Source:
Insurance Business Magazine
Swiss Re on the wild hurricane season and extreme heat's impact | Insurance Business America Reinsurance Swiss Re on the wild hurricane season and extreme heat's impact Severe weather events on both ends of the spectrum Reinsurance ...
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Published on: 2024-07-04
Source:
Insurance Business Magazine
AM Best assigns credit ratings to Dominican Republic reinsurer | Insurance Business America Reinsurance AM Best assigns credit ratings to Dominican Republic reinsurer Credit agency outlines possibilities for either positive or negative actions Reinsurance By Kenneth...
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Published on: 2024-07-04
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Insurance Business Magazine
Article 0 Comments State Farm has applied for large rate increases in California, months after the carrier got rate approvals of 7% and 20% earlier this year—adding fuel to a burning homeowners crisis in a state that’s seen an increasing number of carriers pullback or raise rates in the last...
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Published on: 2024-07-03
Source:
News – Claims Journal
Transactional liability insurance – an M&A mainstay | Insurance Business America Insurance News Transactional liability insurance – an M&A mainstay Coverage has become a mainstay in M&A transactions in recent years Insurance News By Chris Davis...
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Published on: 2024-07-03
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Insurance Business Magazine
Article 0 Comments Hurricane Beryl churned toward Jamaica with violent winds, heavy rains and a life-threatening storm surge that could cause more than $1 billion in damage. Beryl’s winds roared at 145 miles (230 kilometers) per hour early Wednesday, making it a Category 4 storm, the National Hurricane Center said...
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Published on: 2024-07-03
Source:
News – Claims Journal
Is re/insurance ready for the Gen AI transformation? | Insurance Business America Reinsurance Is re/insurance ready for the Gen AI transformation? Many are anticipating its long-term potential for the industry Reinsurance By Kenneth Araullo ...
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Published on: 2024-07-03
Source:
Insurance Business Magazine
Anthony R. O’Donnell // July 3, 2024 (Image source: NASA.) Shift Technology (Paris), a provider of AI-powered decision optimization solutions for the global insurance industry, reported that customers using the company’s generative artificial intelligence (GenAI) solutions are achieving significant accuracy and efficiency improvements in claims processes. Shift relates that it...
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Published on: 2024-07-03
Source:
Insurance Journal
Ryan Baillargeon // July 3, 2024 (Image credit: Shutterstock.) Independent agents play an increasingly important role in carriers’ business. In fact, nearly two-thirds of insurance carriers’ P&C insurance business is placed by independent agents—and for commercial lines it’s as high as 87 percent. While competitive pricing remains a key consideration,...
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Published on: 2024-07-03
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Insurance Journal
Article 0 Comments Gallagher Bassett acquired NetClaim from NAVEX. NetClaim provides first notice of loss and first report of injury services for risk management clients, insurance carriers and third-party administrators throughout the U.S. NetClaim will join Gallagher Bassett’s incident management team under the direction of Niel Simon, executive vice president...
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Published on: 2024-07-03
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News – Claims Journal
Article 0 Comments The auto insurance and repair industry must “adapt to new patterns and prepare for an unpredictable future,” according to the Crash Course Q2 2024 report released by CCC Intelligent Solutions Inc., a property/casualty insurance cloud platform provider. The latest report focuses on how severe weather events —...
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Published on: 2024-07-03
Source:
News – Claims Journal
California FAIR Plan clearinghouse now covers commercial policies | Insurance Business America Property California FAIR Plan clearinghouse now covers commercial policies The goal is to transfer policies into the voluntary market Property By Kenneth Araullo ...
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Published on: 2024-07-02
Source:
Insurance Business Magazine
“The emergence of new types of liability is a challenge for commercial casualty insurers, particularly in light of evolving legal and societal attitudes toward dietary supplements and nutraceuticals; for example, the advent of new chemical and materials technologies, genetic engineering research, and other trends,” said Christopher Graham, senior industry analyst,...
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Published on: 2024-07-02
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Insurance Business Magazine
Article 0 Comments This has been a year of insurance sticker shock in the US. But the man who provides insurance to insurers thinks maybe the shock still isn’t enough to steer people away from risk in a changing climate. “There is not a lot of action yet, not enough,”...
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Published on: 2024-07-02
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News – Claims Journal
Article 0 Comments While the official start to California’s wildfire season is still a ways off, the best forecast of what’s ahead may be to look back on the year so far, and so far it’s been far busier for firefighters than last year—and the state is heading into a...
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Published on: 2024-07-01
Source:
News – Claims Journal
Article 0 Comments Between $1 billion and $1.5 billion insurable losses may be see across the Windward Islands Hurricane Beryl, according to catastrophe modeler CoreLogic. The second named storm and first hurricane of the 2024 season made landfall over Carriacou Island of Grenada on Monday. The National Hurricane Center estimated...
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Published on: 2024-07-01
Source:
News – Claims Journal
Expect a "very active" 2024 North Atlantic hurricane season – Moody's | Insurance Business America Catastrophe & Flood Expect a "very active" 2024 North Atlantic hurricane season – Moody's More than 20 named storms forecasted Catastrophe & Flood ...
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Published on: 2024-07-01
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Insurance Business Magazine
Railway operator faces insurance lawsuit over 2023 Ohio train derailment | Insurance Business America Insurance News Railway operator faces insurance lawsuit over 2023 Ohio train derailment Erie and others claim Norfolk Southern broke state laws Insurance News ...
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Published on: 2024-07-01
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Insurance Business Magazine
Article 0 Comments Record-breaking Hurricane Beryl is intensifying as it churns through the Caribbean south of Grenada, where it’s forecast to unleash catastrophic winds, life-threatening storm surge and flooding rains. Beryl regained Category 4 strength after briefly weakening, the US National Hurricane Center said in an advisory at 8 a.m....
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Published on: 2024-07-01
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News – Claims Journal
Africa Specialty Risks opens Dubai office | Insurance Business America Reinsurance Africa Specialty Risks opens Dubai office New location marks reinsurance group’s first foothold in the Middle East Reinsurance By Kenneth Araullo Jul 01,...
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Published on: 2024-07-01
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Insurance Business Magazine
More welcoming market led to maintained balance at July 1 renewal – Gallagher Re | Insurance Business America Reinsurance More welcoming market led to maintained balance at July 1 renewal – Gallagher Re ILS and ILS providers moderate their appetites as more cat exposures loom ...
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Published on: 2024-07-01
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Insurance Business Magazine
State Farm General’s rate filings “raise serious questions” – Lara | Insurance Business America Property State Farm General’s rate filings “raise serious questions” – Lara Increase would be the biggest in seven years, if approved Property ...
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Published on: 2024-07-01
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Insurance Business Magazine
Article 0 Comments A Texas nonprofit health system who purchased a specialized commercial property insurance policy is not covered for business interruption losses caused by COVID-19, a 5th Circuit Court of Appeals panel ruled, relying on existing precedent that COVID-19 does not physically harm property. Baylor Scott & White Holdings...
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Published on: 2024-07-01
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News – Claims Journal
Anthony R. O’Donnell // June 29, 2024 (Image source: Engage PEO website.) Business has been booming for Engage PEO (Hollywood, Fla.), but to ensure that profitability marched along with growth, the professional employer organization adopted Gradient AI’s Underwriting Solution to enhance the accuracy and efficiency of its underwriting processes. The...
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Published on: 2024-06-29
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Insurance Journal
Healthcare firms face 'a perfect storm' of liability challenges post-pandemic | Insurance Business America Insurance News Healthcare firms face 'a perfect storm' of liability challenges post-pandemic How private equity and higher salaries are impacting the market Insurance News ...
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Published on: 2024-06-28
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Insurance Business Magazine
Article 0 Comments Read the first part in this series, The Problem(s) With Hail Claims, Part 1: A Cautionary Tale for Insureds and Insurers. In last month’s column, we began our examination of hail and windstorm claims issues by focusing on the pervasive problem of whether delayed discovery and reporting...
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Published on: 2024-06-28
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News – Claims Journal
Article 0 Comments Four insurance companies filed a subrogation lawsuit against Norfolk Southern in federal court last week, alleging the rail carrier’s negligence led to the 2023 East Palestine, Ohio train derailment and subsequent fire, explosion and release of toxic chemicals. Erie Insurance Company and Erie Insurance Exchange (collectively Erie)...
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Published on: 2024-06-28
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News – Claims Journal