Article 0 Comments AccuWeather meteorologists on Sunday forecasted the “relentless wet pattern” will continue for residents along the West Coast at least the middle of the week, as stormy conditions move onshore with rounds of locally heavy rainfall and a renewed risk for flooding. “While this storm is not expected... Read more
Published on: 2024-02-19
Stan Smith // February 19, 2024 (Image credit: Dollar Photo Club.) 2024 promises to be an exciting year for artificial intelligence (AI) within the insurance sector, offering new avenues for insurers to implement and capitalize on technological advancements. Last year saw a notable upswing in AI adoption within the insurance... Read more
Published on: 2024-02-19
By Anthony O'Donnell
Article 0 Comments Australia will be struck by a third tropical cyclone in around two months after a system formed off the country’s north on Friday, with the storm expected to cross the coast in a sparsely populated area. Tropical Cyclone Lincoln is expected to make landfall between the Northern... Read more
Published on: 2024-02-16
By Admin
What's happening with casualty reinsurance renewals? | Insurance Business America Reinsurance What's happening with casualty reinsurance renewals? AM Best points to pricing shifts Reinsurance By Kenneth Araullo Feb 16, 2024 Share ... Read more
Published on: 2024-02-16
By Insurance Business America
Allstate takes big catastrophe hit | Insurance Business America Catastrophe & Flood Allstate takes big catastrophe hit Two events make up approximately 80% of losses Catastrophe & Flood By Terry Gangcuangco Feb 16, 2024... Read more
Published on: 2024-02-16
By Insurance Business America
Fairfax calls 2023 "best year in our history" following short attack | Insurance Business America Insurance News Fairfax calls 2023 "best year in our history" following short attack Quarterly, annual results released Insurance News By Terry... Read more
Published on: 2024-02-16
By Insurance Business America
Article 0 Comments Los Angeles and Orange County are number one of the top 20 list for a second consecutive quarter for 2023 and stay at the top in theft claims handled by population. Wheelnet, a provider for wheel and tire replacement for insurance theft and vandalism claims, reports its... Read more
Published on: 2024-02-16
Article 0 Comments JPMorgan Chase & Co. defeated for now a bid by Charlie Javice, who the bank claims defrauded it in a $175 million acquisition, to get it to pay for her countersuit. Delaware Chancery Court Judge Kathaleen St. J. McCormick on Wednesday ruled that JPMorgan’s obligation to cover... Read more
Published on: 2024-02-16
By Admin
Anthony R. O’Donnell // February 15, 2024 (Image credit: Jan Kopřiva/Unsplash.) West Bend (West Bend, Wisc.) and Guidewire (San Mateo, Calif.) announced that West Bend selected Guidewire ClaimCenter on Guidewire Cloud to power its claims business, simplify IT operations, adapt quickly to changing market demands, and enhance the value delivered to its agents and policyholders, according to a... Read more
Published on: 2024-02-15
By Anthony O'Donnell
Global leader on why he thinks, “the insurance industry is approaching AI with the wrong mindset” | Insurance Business America Technology Global leader on why he thinks, “the insurance industry is approaching AI with the wrong mindset” There is a great collision taking place – where are... Read more
Published on: 2024-02-15
By Insurance Business America
The population problem driving one insurer's US expansion | Insurance Business America Insurance News The population problem driving one insurer's US expansion Why a demographic shift at home is driving this insurer to markets like the US Insurance News... Read more
Published on: 2024-02-15
By Insurance Business America
Article 0 Comments Match Group MTCH.O was sued on Wednesday in a proposed class action claiming that its dating apps Tinder, Hinge and The League are designed to addict users, generating more profit for the company, rather than help them establish relationships. The plaintiffs said Match’s “predatory” business model defrauds... Read more
Published on: 2024-02-15
By Admin
Reinsurance profits surge at Arch Capital | Insurance Business America Reinsurance Reinsurance profits surge at Arch Capital Net premiums earned for the segment post a double-digit rise Reinsurance By Kenneth Araullo Feb 15, 2024... Read more
Published on: 2024-02-15
By Insurance Business America
Warwick Re closes second transaction with US life insurer | Insurance Business America Reinsurance Warwick Re closes second transaction with US life insurer CEO indicates there will be more deals to follow Reinsurance By Kenneth Araullo... Read more
Published on: 2024-02-15
By Insurance Business America
NAIC announces strategic priorities for 2024 | Insurance Business America Insurance News NAIC announces strategic priorities for 2024 NAIC announces strategic priorities for 2024 Insurance News By Terry Gangcuangco Feb 15, 2024 Share ... Read more
Published on: 2024-02-15
By Insurance Business America
Article 0 Comments Nation-state hackers are using artificial intelligence to refine their cyberattacks, according to a report published by Microsoft Corp. on Wednesday. Russian, North Korean, Iranian and Chinese-backed adversaries were detected adding large-language models, like OpenAI’s ChatGPT, to their toolkit, often in the preliminary stages of their hacking operations,... Read more
Published on: 2024-02-15
By Admin
Article 0 Comments SAIF in Oregon, which reported receiving 400-plus claims after January’s winter weather, said more Oregon workers were injured from slips, trips, and falls due to snow or ice than during any other storm since January 2017. SAIF, Oregon’s not-for-profit workers’ compensation company, received 414 claims in January... Read more
Published on: 2024-02-15
Article 0 Comments Florida’s southwestern coast — long one of America’s fastest-growing regions — is losing some of its boomtown swagger as a home-insurance crisis and other soaring costs make homes unaffordable. Homeowners from Sarasota south to Naples, known for its eight-figure waterfront mansions, are having a tougher time selling... Read more
Published on: 2024-02-15
By Admin
Article 0 Comments Britain’s markets watchdog has ordered more than 1,000 banks, insurers and brokerages to report how many sexual harassment, discrimination and other non-financial misconduct cases they have recorded since 2021 and how they have dealt with them. The Financial Conduct Authority (FCA) promised lawmakers in January it would... Read more
Published on: 2024-02-15
By Admin
What's driving an E&S property boom? | Insurance Business America Property What's driving an E&S property boom? Clue: It's not just the weather… Property By Jen Frost Feb 14, 2024 Share ... Read more
Published on: 2024-02-14
By Insurance Business America
WTW secures new coral reef policy for coverage around Hawaii | Insurance Business America Environmental WTW secures new coral reef policy for coverage around Hawaii Major deal marks first update since 2022 Environmental By Kenneth Araullo... Read more
Published on: 2024-02-14
By Insurance Business America
DOXA establishes new property MGA | Insurance Business America Property DOXA establishes new property MGA It will offer coverage in critical catastrophe zones Property By Kenneth Araullo Feb 14, 2024 Share ... Read more
Published on: 2024-02-14
By Insurance Business America
How much risk will insurers take on in 2024? | Insurance Business America Insurance News How much risk will insurers take on in 2024? Find out if it's more or less than last year… Insurance News ... Read more
Published on: 2024-02-14
By Insurance Business America
Article 0 Comments Utility firm Hawaiian Electric HE.Nrestored power on Hawaii Island after it had begun rolling outages on Tuesday due to the unavailability and reduced output from several large generators. “No more rolling outages tonight, power has been restored to all customers on Hawaii Island,” the Honolulu-based power company... Read more
Published on: 2024-02-14
Anthony R. O’Donnell // February 14, 2024 (Image source: New Mexico Mutual Group website.) New Mexico Mutual Group (Albuquerque), the top workers’ compensation insurance company in New Mexico, and Guidewire (San Mateo, Calif.) have announced that New Mexico Mutual has successfully migrated Guidewire InsuranceSuite to Guidewire Cloud to power its core business and simplify IT operations.... Read more
Published on: 2024-02-13
By Anthony O'Donnell
Article 0 Comments A powerful winter storm descended on the US Northeast on Tuesday, dropping snow across the region while snarling commutes, shutting schools and canceling hundreds of flights. Parts of Pennsylvania could see more than a foot (30 centimeters) of snow, while New York City is forecast to have... Read more
Published on: 2024-02-13
By Admin
Article 0 Comments Ryze Claim Solutions entered a definitive agreement to be recapitalized by Bain Capital Insurance, the dedicated insurance investing unit of Bain Capital. Following the transaction, Ryze will be majority-owned by Bain Capital Insurance with members of the management team and select individuals, including VJ Dowling, Dave Delaney,... Read more
Published on: 2024-02-13
Article 0 Comments Apple Inc. said it’s reached an agreement that potentially settles its 2022 lawsuit accusing startup Rivos Inc. of poaching engineers to steal trade secrets. In a joint court filing Friday, the companies told a judge they’re aiming to finalize an accord that resolves their claims against each... Read more
Published on: 2024-02-13
By Admin
Article 0 Comments Only a few U.S. states are taking significant steps to reduce hurricane risks, as a study this week showed the most damaging storms are now three times as frequent as a century ago and have become the costliest type of disaster, scientists said. Using a new method,... Read more
Published on: 2024-02-12
By Admin
Article 0 Comments The economic losses from the latest round of California storms will be significant, with many of these losses may not be insured because only 2% of California residents have purchased flood insurance, David Blades, associate director, industry research and analytics, AM Best, wrote in a report out... Read more
Published on: 2024-02-12
Article 0 Comments Multiple UK insurance companies have agreed to stop selling policies that cover declining car values after the Financial Conduct Authority raised concerns about customer fairness. Insurers that account for 80% of the guaranteed asset protection market have agreed to halt sales, the FCA said in a statement... Read more
Published on: 2024-02-12
By Admin
Article 0 Comments A Texas public adjuster committed willful infringement when he formed a corporation and a limited liability company with the names “Certain Underwriters at Lloyds London, Inc.” and “Certain Underwriters of Lloyds London,” a U.S. district court ruled on Feb. 7. The Southern District of Texas granted Lloyd’s... Read more
Published on: 2024-02-12
By Ezra Amacher
Article 0 Comments RENFROE named Roy Stubbs chief technology officer. Stubbs previously served as the director of engineering. He has more than 25 years of experience in complex solutions implementation and software architecture with fintech and insurance clients. Before joining RENFROE, he was the CTO of two Atlanta-based technology firms.... Read more
Published on: 2024-02-12
Deborah Seidman // February 9, 2024 (Image credit: Dylan Gillis/Unsplash.) Insurers are no strangers to acquisition activity, especially in today’s age of consolidation. Companies may choose to pursue inorganic growth for any number of reasons—whether to expand their market or geographic reach, grow their product and policy portfolio, or better... Read more
Published on: 2024-02-09
By Anthony O'Donnell
Article 0 Comments Amazon.com AMZN.O was sued in a proposed U.S. class action accusing the online retailer of violating a consumer protection law by steering hundreds of millions of shoppers to higher-priced items in order to earn extra fees. According to a complaint filed on Thursday in federal court in... Read more
Published on: 2024-02-09
Article 0 Comments The Windstorm Insurance Network, known as WIND, a continuing education organization for adjusters, appraisers and other claims professionals, has installed new officers and board members after its annual conference in Orlando. Taylor Wayne Taylor, a plaintiffs’ attorney with Mozley, Finlayson & Loggins in Atlanta, was named president... Read more
Published on: 2024-02-09
Anthony R. O’Donnell // February 8, 2024 (Image source: handdii promotional video.) Handdii Holdings Inc. (handdii, Los Angeles), a digital repair program, has announce an integration with Verisk (Jersey City, N.J.), a global data analytics and technology provider. This collaboration, which connects through Verisk’s XactAnalysis, aims to automate the exchange of... Read more
Published on: 2024-02-08
By Anthony O'Donnell
Casualty comes back to bite | Insurance Business America Insurance News Casualty comes back to bite Analysts expect full year results reserving hits to keep on coming Insurance News By Jen Frost Feb 08,... Read more
Published on: 2024-02-08
By Insurance Business America
Challenges ahead for US re/insurers amid spike in downgrades – Gallagher Re | Insurance Business America Reinsurance Challenges ahead for US re/insurers amid spike in downgrades – Gallagher Re More than 100 entities experienced lower ratings and negative outlooks in the past year ... Read more
Published on: 2024-02-08
By Insurance Business America
Can insurers keep pace with consumer expectations? | Insurance Business America Technology Can insurers keep pace with consumer expectations? Refining a customer-first model to thwart carrier hopping Technology By David Saric Feb 08, 2024... Read more
Published on: 2024-02-08
By Insurance Business America
Article 0 Comments The National Basketball Association was hit with a lawsuit over its marketing links to failed crypto exchange Voyager Digital Holdings Inc., which investors claim led to $4.2 billion in losses. The NBA was “grossly negligent” in agreeing to a marketing deal between Voyager and Mark Cuban, the... Read more
Published on: 2024-02-08
By Admin
NCOIL adopts new public adjuster standards for P&C committee | Insurance Business America Property NCOIL adopts new public adjuster standards for P&C committee It also stipulates fiduciary responsibilities for adjusters handling claim settlement funds Property By... Read more
Published on: 2024-02-08
By Insurance Business America
Former Biden advisor Chris Inglis to join AIG board | Insurance Business America Cyber Former Biden advisor Chris Inglis to join AIG board Credentials include 43 years of federal service Cyber By Terry Gangcuangco ... Read more
Published on: 2024-02-08
By Insurance Business America
Article 0 Comments A dramatic accident on an Alaska Airlines flight last month was apparently triggered by a door plug that hadn’t been properly attached before the plane was delivered by Boeing Co., US investigators said Tuesday. Four bolts that acted as a fail-safe mechanism to hold a panel in... Read more
Published on: 2024-02-08
By Admin
Article 0 Comments Carole Baskin, who became a pop culture sensation due to Netflix’s docuseries “Tiger King,” has asked the Florida Supreme Court to review an appellate court’s ruling that said she isn’t protected from a defamation lawsuit brought by a former assistant. Baskin last week asked the high court... Read more
Published on: 2024-02-08
Article 0 Comments Texas topped the list of U.S. states with fatal car crashes involving unlicensed drivers with 24.16% of drivers in fatal crashes found not to have a valid license, a new study of National Highway Traffic Safety Administration data shows. Hawaii and California followed with 23.14% and 22.31%.... Read more
Published on: 2024-02-08
Anthony R. O’Donnell // February 8, 2024 (Image source: NeuralMetrics homepage.) NeuralMetrics (Denver), a provider of AI-generated commercial underwriting data, announced the availability of its underwriting data workbench, powered by generative AI and enriched large language model (LLM) support. The NeuralMetrics workbench allows underwriting teams of insurers, MGAs, brokers, and agents to access... Read more
Published on: 2024-02-07
By Anthony O'Donnell
Anthony R. O’Donnell // February 7, 2024 (Image source: Shepherd homepage.) Shepherd (San Francisco), an insurance tech platform for commercial construction, announced today it raised a $13.5 million Series A funding round led by Costanoa Ventures (Palo Alto, Calif.) with participation from Intact Ventures, Era Ventures, Greenlight Re and Spark... Read more
Published on: 2024-02-07
By Anthony O'Donnell
Merger failed, top talent bailed – how this broker thrived through adversity | Insurance Business America Insurance News Merger failed, top talent bailed – how this broker thrived through adversity And why specialization (and slashing costs) has helped Insurance... Read more
Published on: 2024-02-07
By Insurance Business America
Why Hurricane Otis holds the most CAT modeling lessons since 1992's Andrew | Insurance Business America Catastrophe & Flood Why Hurricane Otis holds the most CAT modeling lessons since 1992's Andrew Major hurricane pummeled Acapulco with shock intensity Catastrophe... Read more
Published on: 2024-02-07
By Insurance Business America
Article 0 Comments California’s flood threat isn’t over even as the storm currently battering the state whirls its way across the US West. The US Climate Prediction Center said there is the potential for more heavy rain and snow across Southern California and Arizona from Feb. 17 to 20. There... Read more
Published on: 2024-02-07
By Admin
Article 0 Comments Honda Motor Co said on Tuesday it was recalling 750,000 vehicles in the United States over a defect involving air bags which could deploy unintentionally during a crash. The front passenger seat weight sensor may crack and short circuit, failing to suppress the air bag as intended,... Read more
Published on: 2024-02-07
By Admin
Article 0 Comments CoreLogic estimated that across the greater Los Angeles area, nearly 543,000 single- and multifamily homes with a combined reconstruction cost value (RCV) of more than $258 billion are at risk of flash flood damage. Reconstruction cost value is the cost to rebuild a property back to 100%,... Read more
Published on: 2024-02-06
By Admin
Anthony R. O’Donnell // February 6, 2024 (Image source: Hi Marley website.) Guidewire (San Mateo, Calif.) and Hi Marley (Boston) have announced that Hi Marley’s new Ready for Guidewire validated accelerator is now available to users of ClaimCenter on Guidewire Cloud in the Guidewire Marketplace. This accelerator adds to Hi Marley’s Guidewire Marketplace offering, which... Read more
Published on: 2024-02-06
By Anthony O'Donnell
Article 0 Comments Hurricane Ian caused extensive damage in southwest Florida, with more than 37,000 National Flood Insurance Program claims, making it the fourth-most expensive flood disaster in U.S. history, says a new report from the Federal Emergency Management Agency. As other studies have found, newer and elevated homes in... Read more
Published on: 2024-02-06
Article 0 Comments The risk of flash flooding and landslides persists for 21 million people across California as rains from a deadly atmospheric river keep falling throughout the day. Flood watches continue across Southern California, where about an additional 0.5 to 0.75 inch (1.3 to 1.9 centimeters) is forecast in... Read more
Published on: 2024-02-06
By Admin
Article 0 Comments A New York university-connected research foundation has filed a lawsuit against Japan chip materials maker JSR 4185.T, court documents show, saying the company has commercialized its technology without permission. JSR is a top manufacturer of photoresists, which are chemicals used in chipmaking, with its U.S. subsidiary Inpria... Read more
Published on: 2024-02-06
By Admin
Article 0 Comments Johnson & Johnson was sued by an employee who said the company’s health plan wasted workers’ money by paying inflated prices for prescription drugs. In one instance, the health plan agreed to pay more than $10,000 for a drug to treat multiple sclerosis, a chronic nerve condition,... Read more
Published on: 2024-02-06
By Admin
Article 0 Comments The preliminary total damage and economic loss from the intense storms and record rainfall in California this week will be between $9 billion and $11 billion, according to AccuWeather estimates released on Monday. The atmospheric river hit California Saturday and continued Monday, causing record rainfall, heavy snow,... Read more
Published on: 2024-02-05
Anthony R. O’Donnell // February 5, 2024 (Image source: Binah.ai homepage.) Sapiens International Corporation, (Holon, Israel), a global provider of software solutions for the insurance industry, and Binah.ai (Boston/Tokyo), a health and wellness check software provider, have announced a partnership to help insurance companies worldwide to use client-provided health data for improved risk... Read more
Published on: 2024-02-05
By Anthony O'Donnell
Article 0 Comments The Hollywood Hills and Santa Monica Mountains face life-threatening landslides and flash flooding on Monday as an intense atmospheric river blankets Southern California. “We have an atmospheric firehose pointed right at Southern California,” said Ryan Truchelut, president of commercial forecaster WeatherTiger LLC. “Today is really the key... Read more
Published on: 2024-02-05
By Admin
The 'red flags' in INSURE Act natural catastrophe reinsurance program bill | Insurance Business America Catastrophe & Flood The 'red flags' in INSURE Act natural catastrophe reinsurance program bill Insurance policyholder advocates believe reinsurance program is needed amid insurer pullbacks ... Read more
Published on: 2024-02-05
By Insurance Business America
How Twain Insurance plans to deliver "the technology of tomorrow with the service of yesterday" | Insurance Business America Insurance News How Twain Insurance plans to deliver "the technology of tomorrow with the service of yesterday" President lifts lid on flat structure and private equity backing ... Read more
Published on: 2024-02-05
By Insurance Business America
“As we continue our mission to support the primary life insurance industry globally, we are pleased that this transaction allows Resolution Life to serve a new partner, expand our product offering and deepen our commitment to supporting the Asian life insurance industry,” said Rushabh Ranavat, CEO for Asia. ... Read more
Published on: 2024-02-05
By Insurance Business America
HUB division to offer HNW excess wildfire program | Insurance Business America Catastrophe & Flood HUB division to offer HNW excess wildfire program Move aimed at addressing underinsurance Catastrophe & Flood By Terry Gangcuangco ... Read more
Published on: 2024-02-05
By Insurance Business America
Article 0 Comments California will get more flooding rains starting late Saturday, unfolding into early next week, as another powerful atmospheric river rolls in off the Pacific Ocean. Los Angeles will likely get 5 to 6 inches (12.7 to 15.24 cm) of rain, while Santa Barbara is set to get... Read more
Published on: 2024-02-02
By Admin
Manoj Pant // February 2, 2024 (Image source: McLaren Automotive.) AI is transforming the way the insurance industry operates. Its ability to analyze, evaluate and generate new content has given insurers a significant opportunity to streamline and optimize processes, increase automation, and deliver personalized offerings and services to their customers.... Read more
Published on: 2024-02-02
By Anthony O'Donnell
Article 0 Comments Electric vehicles that typically weigh more than gasoline-powered cars can easily crash through steel highway guardrails that are not designed to withstand the extra force, raising concerns about the nation’s roadside safety system, according to crash test data released Wednesday by the University of Nebraska. Electric vehicles... Read more
Published on: 2024-02-02
By Admin
Article 0 Comments Lex Greensill’s fraud and “conspiracy” with commodities tycoon Sanjeev Gupta should prevent the financier’s collapsed bank from making a $400 million claim, Zurich Insurance Group said in a London lawsuit. Greensill Bank AG’s administrators sued Zurich to recoup losses of about $274 million incurred on debt the... Read more
Published on: 2024-02-02
By Admin
Article 0 Comments The Florida Supreme Court has resolved a conflict between differing appeals court decisions, deciding that property insurers can be compelled to submit to the appraisal process long before causation, coverage and misrepresentation issues are settled in claims disputes. “For the reasons explained below, we approve the Second... Read more
Published on: 2024-02-02
By William Rabb
Insurers brace for impact as sea-surface temperatures soar | Insurance Business America Reinsurance Insurers brace for impact as sea-surface temperatures soar Analyst compares data with last year's Reinsurance By Jonalyn Cueto Feb 02, 2024... Read more
Published on: 2024-02-02
By Insurance Business America
DARAG Group completes Hawaii captive acquisition | Insurance Business America Reinsurance DARAG Group completes Hawaii captive acquisition It eyes potential of a market in North America Reinsurance By Jonalyn Cueto Feb 02, 2024 Share... Read more
Published on: 2024-02-02
By Insurance Business America
Gallagher acquires Viriginia-based retail agency | Insurance Business America Insurance News Gallagher acquires Viriginia-based retail agency Acquired firm specializes in agricultural and crop insurance coverages Insurance News By Mika Pangilinan Feb 02, 2024 Share... Read more
Published on: 2024-02-02
By Insurance Business America
Article 0 Comments An opioid manufacturer and an advertising firm that aggressively marketed the painkillers for a decade struck separate deals with states on Thursday totaling $500 million, injecting fresh cash into the nationwide effort to tackle the fallout from the ongoing addiction epidemic. Publicis Health LLC agreed to pay... Read more
Published on: 2024-02-02
By Admin
Article 0 Comments The first of two large moisture streams are coming ashore in Northern California and will spread rain further south through Thursday. Northern California will likely receive 3 to 5 inches (7.6 to 12.7 cm) of rain, while central areas are due to get 2 to 4 inches... Read more
Published on: 2024-02-01
By Admin
In November 2023, the company completed its acquisition of Validus Holdings, Ltd, Validus Specialty, LLC, and certain business assets from Talbot Underwriting Limited, integrating their operations into its consolidated statements through the year-end. During this period, gross premiums written decreased by $27.5 million, driven by reductions in other property and... Read more
Published on: 2024-02-01
By Insurance Business America
How AI is set to change insurance in 2024 | Insurance Business America Technology How AI is set to change insurance in 2024 Report underscores the challenges and opportunities facing the industry Technology By Mika Pangilinan... Read more
Published on: 2024-02-01
By Insurance Business America
Article 0 Comments Insurers are prepared for artificial intelligence to move beyond task automation and machine learning to advanced uses in 2024, a new report examining the industry and how it’s using AI shows. The report from Xceedance, a provider of operations support, technology, and data services for insurance organizations,... Read more
Published on: 2024-02-01
Article 0 Comments Sotheby’s was cleared by a New York jury of allegations that it helped a dealer defraud a Russian billionaire, likely ending a nearly decade-old battle over the often murky relationships that surround high-end art deals. Jurors on Tuesday rejected Dmitry Rybolovlev’s claims that Sotheby’s aided and abetted... Read more
Published on: 2024-02-01
By Admin
Article 0 Comments Shannon Ninio, 60, of North Hills was arraigned for insurance fraud after a California Department of Insurance investigation found she and her husband, Moshe Ninio, allegedly stole customers’ personal information and used that information to file more than 40 fraudulent auto insurance claims and collect nearly $200,000.... Read more
Published on: 2024-02-01
Swiss Re CUO praises orderly renewal amid good underwriting discipline | Insurance Business America Reinsurance Swiss Re CUO praises orderly renewal amid good underwriting discipline 2024 presented fewer surprises Reinsurance By Kenneth Araullo Jan... Read more
Published on: 2024-01-31
By Insurance Business America
Article 0 Comments The role drug distributor McKesson Corp. had in the opioid crisis was no accident, meaning the company is not entitled to defense costs related to litigation against it. McKesson Corp. appealed a district court’s ruling that subsidiaries of AIG and Chubb were not obligated to provide defense... Read more
Published on: 2024-01-31
By Admin
Florida's beleaguered property insurance market gains new entrants | Insurance Business America Insurance News Florida's beleaguered property insurance market gains new entrants Companies have been vetted by state regulators, says Triple-I Insurance News By Mika Pangilinan... Read more
Published on: 2024-01-31
By Insurance Business America
Article 0 Comments The Southern California regions of Los Angeles and Orange County are again the top spots for catalytic converter theft claims. The regions topped the list for the eighth consecutive quarter in a new report of markets for the most frequent insurance-related catalytic converter theft that examines data... Read more
Published on: 2024-01-31
Article 0 Comments West Virginia, Louisiana, Pennsylvania, Kansas and New Jersey were the U.S. states most affected by medical malpractice cases, a new report shows. Forbes Legal gathered state data on the number of malpractice payments, the number of adverse action reports and cost-of-living adjusted payments per capita and ranked... Read more
Published on: 2024-01-31
Anthony R. O’Donnell // January 31, 2024 (Image credit: NordWood Themes/Unsplash.) WTW (London), a global advisory, broking, and solutions company, has announced the availability of suitable and affordable cyber coverage for small and medium-sized enterprises (SMEs) to address the significant threats that such companies face today. WTW says its newest cyber... Read more
Published on: 2024-01-30
By Anthony O'Donnell
Anthony R. O’Donnell // January 30, 2024 (Image credit: Miti/Unsplash.) Authentic (Dayton, Ohio/New York), the creator of a platform that lets SaaS platforms, associations, and other communities to create their own captive insurance programs, will integrate Carpe Data’s (Santa Barbara, Calif.) Minerva suite. Max Drucker, CEO, Carpe Data. Authentic is... Read more
Published on: 2024-01-30
By Anthony O'Donnell
Anthony R. O’Donnell // January 30, 2024 (Image credit: Diliara Garifullina/Unsplash.) Pie Insurance (Washington, D.C.), an InsurTech specializing in commercial insurance for small businesses, has selected Origami Risk (Chicago) to bring the company’s workers’ compensation insurance claims function in-house through the implementation of the vendor’s multi-tenant core solutions, according to a joint... Read more
Published on: 2024-01-30
By Anthony O'Donnell
Article 0 Comments The California Public Utilities Commission (CPUC) approved a $45 million settlement agreement between its Safety and Enforcement Division (SED) and Pacific Gas and Electric Company (PG&E), for the utility’s part in the destructive 2021 Dixie wildfire. The Dixie fire started on July 13, 2021, after a tree... Read more
Published on: 2024-01-30
By Admin
What's the biggest threat to insurers' portfolios? | Insurance Business America Reinsurance What's the biggest threat to insurers' portfolios? Around four in 10 believe they are "very well" protected against such threats Reinsurance By Kenneth Araullo... Read more
Published on: 2024-01-30
By Insurance Business America
Article 0 Comments U.S. liquefied natural gas (LNG) company Freeport LNG said on Friday it expects one of three liquefaction units at its Texas plant will be out of service for about a month after it faced a technical issue during last week’s Arctic freeze. This shutdown was the latest... Read more
Published on: 2024-01-30
By Admin
Article 0 Comments Microsoft Corp. said a Russian-linked hacking group attacked its corporate systems, getting into a “small number” of email accounts, including those of senior leadership and employees who work in cybersecurity and legal. The company said it’s acting immediately to fix older systems, which will probably cause some... Read more
Published on: 2024-01-30
By Admin
Article 0 Comments Texas Mutual saw nearly 6% more severe injuries reported in 2023 compared with the previous year. That’s from an incident trends report released by the insurer. The report shows the construction industry reported the most serious incidents by industry in Texas last year, accounting for 39% of... Read more
Published on: 2024-01-30
Article 0 Comments Climate change poses the most significant threat for South African insurance companies and risks raising premiums and the cost of reinsurance, a top official at its biggest insurer by assets said. After staying almost flat in the decade to 2020, the cost for reinsuring against catastrophic events... Read more
Published on: 2024-01-30
By Admin
Getting a Florida insurance agency license: what you need to know | Insurance Business America Guides Getting a Florida insurance agency license: what you need to know Getting a Florida insurance agency license is crucial if you want to start an insurance sales business in the state.... Read more
Published on: 2024-01-29
By Insurance Business America
Article 0 Comments Seattle has agreed to pay $10 million to 50 demonstrators who sued over the police department’s heavy-handed response to racial justice protests in 2020, in a settlement announced by attorneys from both sides. The protesters were among tens of thousands who rallied downtown and in the Capitol... Read more
Published on: 2024-01-29
By Admin
Florida's insurer of last resort to continue offloading policies in 2024 | Insurance Business America Insurance News Florida's insurer of last resort to continue offloading policies in 2024 CEO says Citizens will be shedding thousands of policies this month ... Read more
Published on: 2024-01-29
By Insurance Business America
Article 0 Comments When disaster hits in the US, the federal government gives aid to states and counties, but also to individuals. In 2022, the Federal Emergency Management Agency delivered $3.25 billion to nearly 1.4 million households recovering from damaging floods and fires. The aid money helps cover things as... Read more
Published on: 2024-01-29
By Admin
Anthony R. O’Donnell // January 26, 2024 (Image source: CFM Insurance homepage.) CFM Insurance, a Concordia, Mo.-based farm mutual, has implemented sureti  (Carlsbad, Calif.), a disbursement platform purpose-built for property claims. The insurer is now in a position to offer its policyholders a completely paperless and lenderless settlement experience, setting a news... Read more
Published on: 2024-01-26
By Anthony O'Donnell
Article 0 Comments An Oregon jury awarded $85 million to nine victims of wildfires that ravaged the state in 2020, the latest verdict in a series of legal proceedings that are expected to put the utility PacifiCorp on the hook for billions of dollars over its liability for the deadly... Read more
Published on: 2024-01-26