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
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News – Claims Journal
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
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News – Claims Journal
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
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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
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Insurance Journal
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
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News – Claims Journal
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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
Anthony R. O’Donnell // April 17, 2024 (Image source: Mphasis website.) Mphasis, (Bangalore), a global IT solutions provider specializing in cloud and cognitive services, has announced a multi-year global agreement with Amazon Web Services (AWS, Seattle). Mphasis characterizes the collaboration as a significant milestone as it establishes the Gen AI Foundry, led by Mphasis.AI,...
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Published on: 2024-04-17
Source:
Insurance Journal
Florida Commissioner Yaworsky sees ‘recovery, stabilization’ | Insurance Business America Catastrophe & Flood Florida Commissioner Yaworsky sees ‘recovery, stabilization’ "We're moving in the right direction" Catastrophe & Flood By Mark Schoeff Jr. Apr 17,...
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Published on: 2024-04-17
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Insurance Business Magazine
How a deep-fake experiment inspired Coalition's new AI offering | Insurance Business America Cyber How a deep-fake experiment inspired Coalition's new AI offering “I cloned a journalist’s voice in 20 minutes” Cyber By Gia Snape ...
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Published on: 2024-04-17
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Insurance Business Magazine
Article 0 Comments When the Texas Panhandle went up in flames this winter, the news spread fast on Wall Street. An electric utility by the name of Xcel Energy Inc. was getting blamed for the massive blaze — a lawsuit pointed the finger at its dilapidated equipment — and this...
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Published on: 2024-04-17
Source:
News – Claims Journal
Navigating Florida's turbulent property insurance market | Insurance Business America Property Navigating Florida's turbulent property insurance market One division head can find reasons for optimism Property By Emily Douglas Apr 17, 2024 Share ...
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Published on: 2024-04-17
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Insurance Business Magazine
'Confident' employees still want training on gen AI tools: survey | Insurance Business America Business strategy 'Confident' employees still want training on gen AI tools: survey Employees looking for training on AI ethics, compliance and security Business strategy ...
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Published on: 2024-04-17
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Insurance Business Magazine
Article 0 Comments Hawaiian Electric stock hit a 40-year low in the wake of a local news report that a probe of the devastating Maui fires does not find fault with first responders. Shares fell as much as 18% to $8.74, the lowest since October 1984. The utility has come...
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Published on: 2024-04-17
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News – Claims Journal
Article 0 Comments A study by researchers from Harvard and Columbia universities and at the Federal Reserve has reopened the debate about the financial fortitude and the financial rating system for dozens of Florida property insurance companies. The president of Demotech, the firm that rates the vast majority of Florida-domiciled...
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Published on: 2024-04-17
Source:
News – Claims Journal
Article 0 Comments Verita CSG Inc. named William Barry as chief claim manager and Chris Adolph head of property claims. In previous roles, Barry managed global teams of claim account managers and Adolph spearheaded teams in property claims, estimate review, multiline best practices audit, and vendor management. Verita is licensed...
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Published on: 2024-04-17
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News – Claims Journal
Article 0 Comments An employer cannot use an ergonomics report, showing that a work injury is statistically unlikely, to deny a workers’ compensation claim, the South Carolina Supreme Court said in an opinion that sharply questioned an appellate panel’s decision making. “Individual cases must be decided by the facts of...
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Published on: 2024-04-16
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News – Claims Journal
Article 0 Comments The lawyers who negotiated a $600 million settlement with Norfolk Southern over that railroad’s disastrous 2023 derailment in Ohio want residents to talk with them before deciding the historic deal isn’t enough. They said Wednesday that the settlement for everyone within 20 miles (32 kilometers) of the...
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Published on: 2024-04-16
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News – Claims Journal
Article 0 Comments More than 2.5 million people in the US face critical fire weather conditions on Monday as dry winds sweep parts of New Mexico, Colorado, Kansas, Oklahoma and Texas, which had the largest fire in the state’s history earlier this year. Strong downslope winds spurred on by a...
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Published on: 2024-04-15
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News – Claims Journal
Article 0 Comments There were 141 days with large hail that fell on more than 10 million single and multifamily homes in the contiguous U.S. in 2023, making it the highest number of days in 20 years, according to Corelogic’s 2024 Severe Convective Storm Report This increase in severe convective...
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Published on: 2024-04-15
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News – Claims Journal
Leandro DalleMule // April 13, 2024 (Image credit: Dylan Gillis/Unsplash.) In the landscape of the insurance industry, the integration of artificial intelligence (AI) and machine learning technologies has become instrumental in enhancing operational efficiency and decision-making processes, from underwriting to claims and anywhere in between. According to a recent Conning...
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Published on: 2024-04-12
Source:
Insurance Journal
Specialty insurer goes into freefall as it announces loss | Insurance Business America Insurance News Specialty insurer goes into freefall as it announces loss Company starts selling businesses to counter profitability issues Insurance News By Ryan...
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Published on: 2024-04-12
Source:
Insurance Business Magazine
Do we rely too much on catastrophe modeling for insurance? | Insurance Business America Catastrophe & Flood Do we rely too much on catastrophe modeling for insurance? This big insurance brokerage head thinks so Catastrophe & Flood ...
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Published on: 2024-04-12
Source:
Insurance Business Magazine
P&C outpaces US GDP, with further momentum on the horizon – Triple-I | Insurance Business America Property P&C outpaces US GDP, with further momentum on the horizon – Triple-I Still, be wary of economic stress, analyst says Property ...
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Published on: 2024-04-12
Source:
Insurance Business Magazine
Other states with the highest home insurance rates include: Arkansas, Louisiana, Mississippi, and Texas, with all situated along the path of many destructive hurricanes. Kansas, Nebraska, Oklahoma, and Texas, meanwhile, are in the Tornado Alley. Nebraska and Texas, along with Colorado, also face growing wildfire risks. ...
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Published on: 2024-04-12
Source:
Insurance Business Magazine
Article 0 Comments The 2023 wildfire season in the Europe was among the worst this century, according to a European Commission report published on Wednesday. Last year, more than half a million (504,002) hectares, an area twice the size of Luxembourg, was scorched by wildfires, according to a report on...
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Published on: 2024-04-12
Source:
News – Claims Journal
Article 0 Comments The U.S. Cybersecurity and Infrastructure Security Agency said Russian government-backed hackers have used their access to Microsoft’s email system to steal correspondence between officials and the tech giant, an emergency directive by the U.S. watchdog released on Thursday showed. In the directive dated April 2, the agency...
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Published on: 2024-04-11
Source:
News – Claims Journal
Anthony R. O’Donnell // April 11, 2024 (Image source: Earnix.) Earnix (Tel Aviv/London), a provider cloud-based intelligent real-time, dynamic pricing and rating solutions for insurers and banks, has announced the appointment of Craig Campestre as its new Chief Revenue Officer (CRO), effective April 1. Campestre has extensive experience leading growth transformation and navigating...
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Published on: 2024-04-11
Source:
Insurance Journal
Article 0 Comments Almost half the world’s population will go to the polls before the end of 2024, which raises the threat of political violence and possible large insurance losses, according to Allianz Commercial in a new report. An unprecedented “super-cycle” of elections around the world this year “create the...
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Published on: 2024-04-11
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News – Claims Journal
Article 0 Comments It’s shaping up to be a long wildfire season, with Texas already seeing its largest blaze in recorded history and firefighters becoming overwhelmed with recent blazes in Virginia. Just in the first three months of the year, more than 2,669 square miles (6,912 square kilometers) were charred...
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Published on: 2024-04-11
Source:
News – Claims Journal
Anthony R. O’Donnell // April 11, 2024 (Image source: Previsico promotional video.) Previsico, a London-based InsurTech providing real-time, street-level surface water flood forecasts to mitigate flood impacts globally, has appointed Aleksander Surowiak as Head of Sales to drive growth and nurture pivotal partnerships within the insurance sector. Surowiak brings extensive startup...
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Published on: 2024-04-11
Source:
Insurance Journal
Rob McIsaac // April 10, 2024 (Image credit: Adobe Stock.) The twin challenges of talent and knowledge management are central to many of the conversations we have with insurance carrier CIOs now. The demographic realities are increasingly clear. By 2030, 75 percent of the U.S. Labor Force will be made...
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Published on: 2024-04-10
Source:
Insurance Journal
Article 0 Comments The Tennessee Supreme Court this week dealt a blow to businesses and insurance companies, finding that employers can no longer argue that direct negligence claims are barred when the business admits vicarious liability for a worker’s actions. “We hold that the preemption rule is incompatible with Tennessee’s...
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Published on: 2024-04-10
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News – Claims Journal
Article 0 Comments A poll to understand American consumers’ attitudes toward artificial intelligence in the property/casualty insurance sector shows the strongest support for AI’s use in fraud detection, delivering personalized products and promotions and AI in customer service. According to a poll conducted by Insurity, a provider of cloud software...
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Published on: 2024-04-10
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News – Claims Journal
Article 0 Comments Inflation is bringing rising loss costs for US commercial property/casualty insurers, according to Fitch Ratings, which reviewed reports from three US insurers — Cincinnati Financial Corp., HCC Insurance Holdings Inc., and Selective Insurance Group Inc. — to gauge trends for the sector. As financial performance is a...
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Published on: 2024-04-10
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News – Claims Journal
Article 0 Comments California representatives Mike Thompson (D-CA) and Doug LaMalfa (R-CA) introduced the Disaster Resiliency and Coverage Act of 2024. H.R. 7849 would provide homeowners in disaster-prone regions with incentives to harden their properties against wildfires and other risks. The legislation is intended to help address the ongoing insurance...
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Published on: 2024-04-10
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News – Claims Journal
Article 0 Comments It was another record-breaking year for vehicle thefts in 2023, with more than one million vehicles were reported stolen – an overall increase of 1% nationwide from 2022 to 1,020,729 last year. A report from the National Insurance Crime Bureau out on Tuesday shows vehicle theft rates...
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Published on: 2024-04-09
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News – Claims Journal
Article 0 Comments Intercontinental Terminals Company LLC agreed to pay more than $6.6 million to federal and state natural resource trustees to resolve claims for natural resource damages resulting from a 2019 fire at ITC’s Deer Park terminal facility near Houston that released hazardous chemicals, according to the Justice Department....
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Published on: 2024-04-09
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News – Claims Journal
Article 0 Comments A lawyer for a Credit Suisse trust seeking to overturn the $743 million in damages the bank owes to Georgian billionaire Bidzina Ivanishvili said the staff responsible did their “incompetent best.” In a surprise concession to the challenge the Swiss bank faces in its appeal over its...
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Published on: 2024-04-09
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News – Claims Journal
Article 0 Comments Dog-related injury claims payouts are now more than $1 billion. U.S. insurers paid out $1.12 billion in dog-related injury claims in 2023, according to a report from the Insurance Information Institute and State Farm. Dog bite and related injury claims hit 19,062 in 2023, an increase of...
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Published on: 2024-04-09
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News – Claims Journal
Article 0 Comments As generative AI transitions from an emerging innovation to a tried-and-true tool, this multi-use technology has given way to key use cases for the risk and insurance space. According to a recent study, by the end of 2023, half of insurers will have tested generative AI solutions,...
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Published on: 2024-04-09
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News – Claims Journal
Article 0 Comments New technologies and rising labor costs are putting pressure on auto insurance carriers and auto repairers by making repairs more costly and increasing repair times, trends that a new report asserts are “reshaping” the industries. The bottom-line message: Newer vehicles being produced may be safer from cashes,...
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Published on: 2024-04-08
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News – Claims Journal
Article 0 Comments Jatiek Smith, a Bloods gang member convicted on extortion and racketeering charges in New York, blamed ruthless competition and a culture of violence in the fire restoration industry for the accusations made against him by federal prosecutors. Smith was a fire chaser, one of many in the...
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Published on: 2024-04-08
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News – Claims Journal
Article 0 Comments The 7.2 magnitude earthquake that struck Taiwan’s east coast on April 3 caused substantial damage, particularly in Hualien with collapsed buildings and infrastructure disruptions. However, insurers are expected to weather the financial impact well, according to GlobalData, the London-based data and analytics company. Government-backed schemes are anticipated...
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Published on: 2024-04-08
Source:
News – Claims Journal
Anthony R. O’Donnell // April 8, 2024 (Image source: The Black Car Fund homepage.) The Black Car Fund (Long Island City, N.Y.), a New York not-for-profit organization created by New York state to protect New York’s for-hire drivers with workers’ compensation insurance coverage, has chosen CLARA Optics and CLARA Triage, AI-driven technology on...
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Published on: 2024-04-07
Source:
Insurance Journal
The legal advancements hitting insurers (and Americans) where it hurts | Insurance Business America Legal Insights The legal advancements hitting insurers (and Americans) where it hurts Without intervention, it's feared the financial sting may only get worse Legal Insights...
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Published on: 2024-04-05
Source:
Insurance Business Magazine
Florida gets a new home insurer | Insurance Business America Property Florida gets a new home insurer It's a new offering from insurer's parent firm… Property By Jonalyn Cueto Apr 05, 2024 Share ...
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Published on: 2024-04-05
Source:
Insurance Business Magazine
USQRisk names new head of casualty | Insurance Business America Insurance News USQRisk names new head of casualty CEO says appointment marks "newest chapter" in company's expansion Insurance News By Mika Pangilinan Apr 05,...
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Published on: 2024-04-05
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Insurance Business Magazine
Article 0 Comments A 2024 Atlantic hurricane season forecast calls for 23 named storms, 11 hurricanes and five major hurricanes, This is the 41st year Colorado State University’s tropical meteorology project has made forecasts of the upcoming season’s Atlantic basin hurricane activity. Accuweather meteorologists in March also forecast an above-average...
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Published on: 2024-04-05
Source:
News – Claims Journal
Article 0 Comments In recent years, we’ve seen worsening climate catastrophes, escalating civil unrest, rising interest rates and the introduction of game-changing technological advancement. While these big-picture changes require critical planning, many professionals in the property and casualty field are frequently working in reactive mode, consumed by a constant stream...
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Published on: 2024-04-05
Source:
News – Claims Journal
Article 0 Comments Carriers risked more potential exposure on residential and commercial HVAC claims in 2023 than t the previous year. The average accuracy increased by more than $2,000 for each claim, according to the new HVACi 2023 Annual Claims Report. Increased parts and labor costs, inaccurately reported perils, and...
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Published on: 2024-04-05
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News – Claims Journal
Article 0 Comments Systemic cyber risk is being discussed as a growing concern for insurers as technology advances and interconnectivity increases, but how is this risk defined? That may be one of its gray areas. “As you go through different owners of risk in the ecosystem, the word systemic means...
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Published on: 2024-04-05
Source:
News – Claims Journal
UK court to rule on aircraft lessors’ claims against reinsurers | Insurance Business America Reinsurance UK court to rule on aircraft lessors’ claims against reinsurers The dispute over aircraft grounded in Russia will be heard by the UK High Court ...
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Published on: 2024-04-04
Source:
Insurance Business Magazine
Article 0 Comments A late-season storm rolling out of the US Midwest threatens to dump more than a foot of wet, heavy snow on northern New York and New England starting Wednesday night, with parts of New Hampshire and Maine at risk of getting as much as 18 inches, according...
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Published on: 2024-04-04
Source:
News – Claims Journal
At RIMS, this underwriting head will urge insurers to back solar energy | Insurance Business America Risk Management News At RIMS, this underwriting head will urge insurers to back solar energy "It is cheaper to build a solar asset" ...
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Published on: 2024-04-04
Source:
Insurance Business Magazine
AIG sues former execs, new E&S insurer | Insurance Business America Insurance News AIG sues former execs, new E&S insurer The insurance giant says former execs engaged in "unlawful misappropriation" Insurance News By Ryan Smith ...
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Published on: 2024-04-04
Source:
Insurance Business Magazine
Swiss Re expert on the outlook for P&C | Insurance Business America Insurance News Swiss Re expert on the outlook for P&C "We really expect underwriting performance to improve pretty rapidly in 2024" Insurance News By...
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Published on: 2024-04-04
Source:
Insurance Business Magazine
Farmers Mutual Hail acquires AXA XL-owned crop insurance provider | Insurance Business America Insurance News Farmers Mutual Hail acquires AXA XL-owned crop insurance provider Partnership "couldn't come at a better time," CEO says Insurance News By...
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Published on: 2024-04-04
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Insurance Business Magazine
Article 0 Comments Axa SA is planning a campaign to help prevent cyberattacks targeting France in the run-up to the Paris Olympics next summer. The insurer will share key measures with French corporate clients to improve the protection of their information systems, the head of Axa’s French unit, Guillaume Borie,...
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Published on: 2024-04-04
Source:
News – Claims Journal
AXA establishes climate change training program for shareholders | Insurance Business America Environmental AXA establishes climate change training program for shareholders New initiative aims to reinforce awareness of environmental issues Environmental By Kenneth Araullo ...
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Published on: 2024-04-04
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Insurance Business Magazine
Article 0 Comments Sanofi SA said it has agreed to settle approximately 4,000 lawsuits accusing the French drugmaker of selling its Zantac heartburn medicine without warning patients that it could cause cancer. The pact, the first major resolution of cases related to the product, will apply to litigation pending in...
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Published on: 2024-04-04
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News – Claims Journal
SWBC celebrates ratings achievements for P&C, reinsurance arms | Insurance Business America Insurance News SWBC celebrates ratings achievements for P&C, reinsurance arms Co-founder reiterates commitment to "excellence and resilience" Insurance News By Kenneth Araullo ...
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Published on: 2024-04-04
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Insurance Business Magazine
Anthony R. O’Donnell // April 4, 2024 (Image source: Hercules AI website.) Hercules AI (Campbell, Calif.), initially known as Zero Systems, has introduced an assembly line approach to building generative AI applications, paired with the large language model “RosettaStoneLLM” to target highly regulated sectors such as finance, insurance, and legal...
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Published on: 2024-04-04
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Insurance Journal
Hub acquires Florida-based insurance agency | Insurance Business America Insurance News Hub acquires Florida-based insurance agency Acquired firm offers both commercial and high-net-worth coverage Insurance News By Abigail Adriatico Apr 04, 2024 Share ...
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Published on: 2024-04-04
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Insurance Business Magazine
Article 0 Comments American International Group and a group of its excess and surplus lines subsidiaries have filed suit against Dellwood Insurance Group and three former AIG executives who launched the nationwide E&S lines insurance holding company about a month ago. According to the lawsuit filed in U.S. District Court...
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Published on: 2024-04-04
Source:
News – Claims Journal
“Special reserves, treated as a capital buffer to support large losses, have also been reduced materially by reserve releases that offset pandemic insurance claims,” Lee said. “The diminished special reserve buffer resulted in an increase in catastrophe reinsurance purchase at the upper layers in past renewals.“However, some insurers increased the...
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Published on: 2024-04-03
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Insurance Business Magazine
The incident, however, will influence various business lines including marine liability and hull, property, cargo, and business interruption. In the long term, unexpected events with multi-billion dollar repercussions, whether natural or man-made, may shape insurers’ risk appetites and underwriting capacities. This, in turn, could lead to positive pricing trends and...
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Published on: 2024-04-03
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Insurance Business Magazine
Article 0 Comments The United States and Britain announced a new partnership on the science of artificial intelligence safety, amid growing concerns about upcoming next-generation versions. Commerce Secretary Gina Raimondo and British Technology Secretary Michelle Donelan signed a memorandum of understanding in Washington to work jointly to develop advanced AI...
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Published on: 2024-04-03
Source:
News – Claims Journal