Article 0 Comments DETROIT (AP) – Hyundai and Kia are telling the owners of more than 571,000 SUVs and minivans in the U.S. to park them outdoors because the tow hitch harnesses can catch fire while they are parked or being driven. The affiliated Korean automakers are recalling the...
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Published on: 2023-03-24
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News – Claims Journal
Article 0 Comments COLUMBIA, S.C. (AP) — A South Carolina barbecue chain known for its pro- segregation stance in a landmark 1960s case and its embrace of the Confederate flag in 2000 is facing allegations of racism and sexual harassment by the fired general manager of one of its...
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Published on: 2023-03-24
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News – Claims Journal
Article 0 Comments The Florida Senate approved a take-no-prisoners tort-reform bill Thursday and it could be signed into law as soon as Friday. The bill, which extends limits on one-way attorney fees, assignments of benefits, and other provisions to most types of insurance claims, would take effect as soon...
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Published on: 2023-03-24
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News – Claims Journal
Article 0 Comments High inflation alone led to an increase in property/casualty claims of 5-7.5%, across five key markets in 2022, according to Swiss Re research. “In 2023, we expect that inflation should lead to an additional increase of 3.5-6.5%,” said Swiss Re Institute’s Economic Insights report, titled “Inflation...
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Published on: 2023-03-24
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News – Claims Journal
Article 0 Comments Wisconsin law allows insurers to deduct from their liability any amounts paid for the same injury by a worker’s compensation carrier, but does that include amounts that are paid and later reimbursed? Secura Supreme Insurance Co. argued that repayment makes no difference; it could deduct from...
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Published on: 2023-03-24
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News – Claims Journal
Anthony R. O’Donnell // March 23, 2023 (Image source: Sollers Consulting homepage.) Send Technology Solutions Ltd (London) and Sollers Consulting (Warsaw/Richmond, Va.) have announced a new partnership to deliver Send’s underwriting platform to commercial and specialty insurers. Sollers has recently supported the U.K.-based InsurTech in the successful implementation of...
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Published on: 2023-03-23
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Insurance Journal
Article 0 Comments SANTA CRUZ, Calif. (AP) – A strong late-season Pacific storm that brought damaging winds and more rain and snow to saturated California was blamed for two deaths and forecasters said additional flooding was possible Wednesday in parts of the state. Locally heavy rain and snowmelt may...
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Published on: 2023-03-23
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News – Claims Journal
Article 0 Comments MONTREAL (AP) — Family and friends of the presumed victims of a deadly fire in Old Montreal faced an agonizing wait Tuesday as a recovery team worked to enter the charred shell of the building where two bodies have been found and five people remain missing....
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Published on: 2023-03-23
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News – Claims Journal
Article 0 Comments Residents of a Louisiana parish located in the heart of a cluster of polluting petrochemical factories filed a federal lawsuit Tuesday raising allegations of civil rights, environmental justice and religious liberty violations. The lawsuit names St. James Parish as the defendant and says the parish council...
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Published on: 2023-03-23
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News – Claims Journal
It also unveiled new underwriting criteria that requires clients to slash methane emissions. The global insurer is the first in the US to adopt such policies. But the move has still fallen short from the standards set by insurers in Europe and Australia, and from the demands of climate science,...
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Published on: 2023-03-23
Source:
Insurance Business Magazine
Anthony R. O’Donnell // March 23, 2023 (Image source: CoreLogic DASH promotional video.) CoreLogic (Irvine, Calif.), a global provider of property information, analytics and data-enabled solutions provider, has announced new artificial intelligence-driven capabilities in its restoration job management platform. The image analytics and property data features enable contractors to...
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Published on: 2023-03-23
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Insurance Journal
The industry took significant hits from personal lines losses and the impact of Hurricane Ian, as combined ratio deteriorated from 99.7% in 2021 to 102.7% in 2022. Despite an 8.4% growth in net earned premiums and a 21.4% decline in policyholder dividends, the industry saw a 13.9% increase in incurred...
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Published on: 2023-03-23
Source:
Insurance Business Magazine
“The magnitude of insured losses in 2022 is not a story of exceptional natural hazards, but rather a picture of growing property exposure, accentuated by exceptional inflation,” said Martin Bertogg, head of catastrophe perils at Swiss Re. “While inflation may subside, increasing value concentration in areas vulnerable to natural catastrophes...
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Published on: 2023-03-23
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Insurance Business Magazine
Article 0 Comments Natural disasters in 2022 brought global economic losses of US$275 billion, of which insurance covered 45%, or US$125 billion, according to Swiss Re’s latest sigma report. Claims from Hurricane Ian in Florida, record breaking losses from hailstorms in France, floods in Australia and South Africa, winter...
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Published on: 2023-03-22
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News – Claims Journal
Article 0 Comments An analysis released on Wednesday shows 2,933 properties were impacted by the early March flooding across California, with an average inundation depth at building level of just over 1 foot. ICEYE’s Flood Insights, a data utility for insurers and emergency management organizations, uses radar imagery from...
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Published on: 2023-03-22
Source:
News – Claims Journal
Anthony R. O’Donnell // March 22, 2023 (Image credit: Braden Egli/Unsplash.) Indiana Farmers Insurance (Indianapolis) has selected CCC Intelligent Solutions’ (Chicago) Estimate – STP solution. Estimate-STP uses advanced AI and insurer-driven rules to automatically initiate and populate detailed and actionable estimates in seconds, the vendor says. CCC reports that,...
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Published on: 2023-03-22
Source:
Insurance Journal
FloodFlash opened its US division at the start of this year, initially launching for commercial property in Florida, Virginia, Texas, Louisiana, and California. It aims to expand to 48 continental states, excluding Alaska and Hawaii. “The things that led to the Florida insurance market’s collapse make parametric insurance an even more powerful value proposition because...
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Published on: 2023-03-22
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Insurance Business Magazine
Anthony R. O’Donnell // March 22, 2023 (Image credit: Shutterstock.) Allied Insurance Brokers Ltd. (AIB; Kingston, Jamaica) has chosen Novidea’s (Netanya, Israel/London) cloud-based insurance management platform for Managing General Agents (MGAs). The platform will fully automate AIB’s end-to-end coverholder processes from Jamaica to the London Market while satisfying all data...
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Published on: 2023-03-22
Source:
Insurance Journal
Legitimate estimates provided by adjusters were “significantly reduced” by 70% to 90%, according to Douglas Quinn, the group’s executive director. “A lack of arrests and prosecution against those in the insurance industry has created a moral hazard in which ethically compromised claims personnel can cheat Florida consumers and be virtually...
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Published on: 2023-03-22
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Insurance Business Magazine
“Brian Duperreault is without question one of the biggest names and most experienced leaders in the entire insurance industry, and we are proud that he will be bringing his expertise to our board of directors,” said Seraina Macia, CEO of Joyn. “Brian has long believed in and supported Joyn’s mission...
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Published on: 2023-03-22
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Insurance Business Magazine
Unless car manufacturers produce more easily repairable battery packs and provide third-party access to battery cell data, insurers and industry experts argued that premiums will continue to increase as EVs become more popular and a growing number of low-mileage cars get scrapped after collisions. “The number of cases is going...
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Published on: 2023-03-22
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Insurance Business Magazine
QBE Re, which houses all of QBE Insurance Group’s global reinsurance capabilities, has appointed Debbi Wood as head of claims effective April. Based in the UK, Wood currently serves as claims manager for financial and specialty markets (FSM) under QBE Europe’s complex claims. She has been with QBE for...
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Published on: 2023-03-22
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Insurance Business Magazine
Article 0 Comments Coalition Inc., a cyber-insurance provider that tries to curb digital risk, has designed technology that simulates large-scale attacks to help insurers identify potential weaknesses in their portfolios and prevent widespread losses. The San Francisco-based company’s model measures cyber risks in the event of cataclysmic losses, such...
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Published on: 2023-03-22
Source:
News – Claims Journal
Article 0 Comments NEW ORLEANS (AP) – A jury’s decision that a Louisiana State University fraternity pledge’s family is entitled to $6.1 million for his hazing-related alcohol death in 2017 sends a powerful message, the family’s attorney said Monday. Max Gruver, from the Atlanta suburb of Roswell, Georgia, had...
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Published on: 2023-03-22
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News – Claims Journal
Article 0 Comments Photos of damaged vehicles are relevant to the likelihood and degree of personal injury in a car accident case and they are admissible at trial, even when no expert witnesses are around to testify about them, the Massachusetts high court has ruled. The Supreme Judicial Court...
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Published on: 2023-03-22
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News – Claims Journal
Article 0 Comments PHOENIX — Low back pain is one of the most common workplace injuries. Most cases can be resolved through physical medicine. Treatment guidelines call for two to three visits a week for four to six weeks and then an evaluation to determine if more therapy is...
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Published on: 2023-03-22
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News – Claims Journal
Article 0 Comments A new lawsuit accuses Mark Zuckerberg and other Meta Platforms Inc. executives and directors of failing to do enough to stop sex trafficking and child sexual exploitation on Facebook and Instagram. The complaint made public late Monday by several pension and investment funds that own Meta...
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Published on: 2023-03-22
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News – Claims Journal
Article 0 Comments A group of 22 U.S. state attorneys general on Monday blasted Hyundai Motor and Kia Corp. and said they need do more to address problems with millions of U.S. vehicles that are prone to theft. Last month, the Korean automakers said they would offer software upgrades...
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Published on: 2023-03-21
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News – Claims Journal
Anthony R. O’Donnell // March 21, 2023 (Image source: CompScience.) CompScience Insurance Services (San Francisco) has announced a managing general agent agreement with Nationwide (Columbus, Ohio) and Swiss Re (Zurich) to underwrite, bind and service workers’ compensation policies. Josh Butler, Founder and CEO, CompScience Insurance. CompScience’s technology detects workplace...
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Published on: 2023-03-21
Source:
Insurance Journal
Risk Strategies, a national insurance brokerage and risk management consulting firm, has announced the acquisition of Florida-based Parady Financial Group. The acquisition included Parady Financial Group’s affiliates, Parady Tax Solutions and Blueprint Wealth Management. Founded in 2001, Parady Financial Group is a financial services firm that focuses on helping...
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Published on: 2023-03-21
Source:
Insurance Business Magazine
The delegation will visit Miami, Washington and New York. In addition to Flood Re, the delegation includes representatives from the insurance and broking sector. “The Business of Resilience mission will provide Flood Re with a timely opportunity to share our internationally regarded approach to developing a resilient flood insurance market...
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Published on: 2023-03-21
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Insurance Business Magazine
Article 0 Comments The Louisiana Supreme Court has joined state high courts across the nation in rejecting a policyholder’s business-interruption claim for income lost because of government restrictions imposed to slow the spread of COVID-19. The high court on Friday reversed the Louisiana Court of Appeals and reinstated a...
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Published on: 2023-03-21
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News – Claims Journal
Article 0 Comments Norfolk Southern Corp. shareholders have accused the railroad of defrauding them by prioritizing profit over safety prior to last month’s derailment of a train carrying hazardous chemicals in East Palestine, Ohio. In a lawsuit filed on Thursday in Columbus, Ohio, federal court, shareholders said Norfolk Southern...
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Published on: 2023-03-20
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News – Claims Journal
Article 0 Comments LONDON/DETROIT — For many electric vehicles, there is no way to repair or assess even slightly damaged battery packs after accidents, forcing insurance companies to write off cars with few miles – leading to higher premiums and undercutting gains from going electric. And now those battery...
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Published on: 2023-03-20
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News – Claims Journal
Article 0 Comments LITTLE ROCK, Ark. (AP) — During last month’s deadly crash of a small plane near Little Rock, there were “changing/deteriorating weather conditions from the time of taxi, takeoff, and the accident,” according to a preliminary report Friday from the National Transportation Safety Board. “A video surveillance...
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Published on: 2023-03-20
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News – Claims Journal
Article 0 Comments ANACORTES, Wash. (AP) — Two BNSF trains derailed in separate incidents in Arizona and Washington state on Thursday, with the latter spilling diesel fuel on tribal land along Puget Sound. No injuries were reported. It wasn’t clear what caused either derailment. The derailment in Washington occurred...
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Published on: 2023-03-20
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News – Claims Journal
Article 0 Comments MADRID (AP) — Spain has officially entered a period of long-term drought, owing to high temperatures and low rainfall over the past three years, and likely faces another year of heatwaves and forest fires. The country’s Aemet weather agency said Friday that statistics showed Spain entered...
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Published on: 2023-03-20
Source:
News – Claims Journal
Tyler Jones // March 20, 2023 (Image credit: Shutterstock.) Claims adjusters make decisions every day—million-dollar decisions that have the potential to change a claimant’s life. If anyone needs a second set of eyes—that helpful colleague with tons of experience and sharp attention to detail—it’s claims adjusters. Here’s the thing:...
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Published on: 2023-03-20
Source:
Insurance Journal
Manish Shah // March 20, 2023 (Image credit: Marek Piwnicki.) In today’s fast-paced insurance industry, innovation and speed to market are critical for carriers seeking to stay competitive. Operational efficiency is key, as companies strive to balance managing operational costs, meeting customer expectations, and growing their business. For P&C insurers,...
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Published on: 2023-03-20
Source:
Insurance Journal
As AM Best noted, the number of upgrades for P/C insurers declined from 54 in 2021 to 36 in 2022, representing 5.1% of total rating actions. In contrast, the number of downgrades increased from 3.4% in the previous year to 4.2%, or 30, in 2022. The report additionally stated that...
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Published on: 2023-03-20
Source:
Insurance Business Magazine
Relay Platform, a multi-carrier placement platform for commercial insurance, has announced the launch of new functionality that simplifies complex cyber insurance terms for insurance agents and brokers. The AI-powered feature will enable brokers and agents to explain cyber insurance terms to their clients in a clear and concise way,...
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Published on: 2023-03-20
Source:
Insurance Business Magazine
Lloyd’s and WTW have released a joint a report on the risks facing the semiconductor supply chain, revealing a multitude of challenges that threaten the $600 billion industry. Semiconductors are a critical component of the $2.2 trillion electronics industry and are used in various technologies such as medical devices,...
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Published on: 2023-03-20
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Insurance Business Magazine
Article 0 Comments A licensed insurance agent, and the insurer she represents, owe a duty of care to a customer to explain coverages but neither the agent nor the insurer has a fiduciary duty to an insured under Connecticut law. U.S. District Judge Kari Dooley in Bridgeport cited prior...
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Published on: 2023-03-17
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News – Claims Journal
Article 0 Comments As river water gushed through a broken levee, thousands of people in a California farming town were forced to evacuate as their homes were flooded and businesses destroyed. Yet another potential casualty of the powerful rainstorms that drenched coastal California: hundreds of acres of fresh strawberries...
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Published on: 2023-03-17
Source:
News – Claims Journal
Article 0 Comments TOPOCK, Ariz. (AP) — A freight train carrying corn syrup — not hazardous materials — derailed in western Arizona, near the state’s border with California and Nevada, BNSF Railway said. “BNSF Railway can confirm that a train carrying corn syrup derailed near Topock in western Arizona,...
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Published on: 2023-03-17
Source:
News – Claims Journal
Fairmatic uses an AI-driven underwriting approach to offer continuous savings for commercial fleets. The company provides a simple way to monitor driving events and offers actionable improvement tips, giving fleets more control over their risk management approach. The company incentivizes safer driving and does not penalize fleets for unavoidable incidents....
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Published on: 2023-03-17
Source:
Insurance Business Magazine
The board of reinsurance giant Swiss Re is proposing the re-election of current chair Sergio P. Ermotti at the company’s annual general meeting (AGM) of shareholders on April 12. According to the AGM agenda seen by Insurance Business, the board also wants Karen Gavan, Joachim Oechslin, Deanna Ong, Jay...
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Published on: 2023-03-17
Source:
Insurance Business Magazine
Anthony R. O’Donnell // March 17, 2023 (Image credit: Author.) Insurity (Hartford), a provider of cloud-based software for insurance carriers, brokers, and MGAs, has announced that its Sure Underwriting Workbench solution is the first of its cloud-based products now available in the Microsoft Azure Marketplace, an online store providing applications...
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Published on: 2023-03-16
Source:
Insurance Journal
Article 0 Comments Auto insurance and tort-reform groups are celebrating after a subcommittee of the Florida House Banking and Insurance Committee approved a bill that would ban assignment-of-benefits agreements for windshield repairs, a measure that proponents hope will stem a flood of litigation aimed at insurers. “Any attempt by...
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Published on: 2023-03-16
Source:
News – Claims Journal
Article 0 Comments ANKARA, Turkey (AP) — Floods caused by torrential rains hit two Turkish provinces that were devastated by last month’s catastrophic earthquake, killing at least 14 people and increasing the misery for thousands who were left homeless, officials said Wednesday. Interior Minister Suleyman Soylu said rescue teams...
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Published on: 2023-03-16
Source:
News – Claims Journal
Article 0 Comments Ohio filed a lawsuit against railroad Norfolk Southern to make sure it pays for the cleanup and environmental damage caused by a fiery train derailment on the Ohio-Pennsylvania border last month, the state’s attorney general said Tuesday. The federal lawsuit also seeks to force the company...
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Published on: 2023-03-16
Source:
News – Claims Journal
Article 0 Comments CONCORD, N.H. (AP) — Parts of New England and New York were digging out of a nor’easter Wednesday that caused tens of thousands of power outages, numerous school cancellations and whiteout conditions on the roads. The storm began Monday night and lasted throughout Tuesday, dumping as...
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Published on: 2023-03-16
Source:
News – Claims Journal
A leading voice on data privacy protection is urging those who do business online, and those who insure them, to address the threats before they happen. Jeremy Barnett (pictured), chief commercial officer for LOKKER, knows that privacy threats are growing and that insurers can play a key role in helping...
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Published on: 2023-03-16
Source:
Insurance Business Magazine
“Insurers’ stable liability and funding profiles will generally enable them to hold bonds until maturity, reducing pressure to sell them at a loss,” Fitch said in its analysis. “However, financial system interconnectedness and second-order effects could present short-term challenges.” Analysis by AM Best corroborated that US insurers’ exposure to bonds...
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Published on: 2023-03-16
Source:
Insurance Business Magazine
Article 0 Comments US roadways are carrying heavier, more powerful vehicles operated by motorists who are older, driving faster and more often distracted, according to CCC Intelligent Solutions’ annual Crash Course report. Each of those factors has a bearing on the frequency and severity of personal auto claims. The...
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Published on: 2023-03-16
Source:
News – Claims Journal
Article 0 Comments WASHINGTON —U.S. Senate Majority Leader Chuck Schumer on Wednesday urged the National Transportation Safety Board to launch an investigation into safety practices of all seven major freight railroads, following the East Palestine, Ohio derailment. The companies, in addition to Norfolk Southern, are BNSF Railway, CSX, Union...
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Published on: 2023-03-15
Source:
News – Claims Journal
Article 0 Comments A class action lawsuit is being filed against the parent company of Silicon Valley Bank, its CEO and its chief financial officer, saying that company didn’t disclose the risks that future interest rate increases would have on its business. The lawsuit against SVB Financial Group, CEO...
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Published on: 2023-03-15
Source:
News – Claims Journal
Article 1 Comments Utility workers raced to restore power to parts of central California, after the latest atmospheric river struck the state with heavy rain and blasting winds, plunging parts of Silicon Valley into darkness. Falling trees took down power lines and blocked roads, leaving about 193,000 homes and...
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Published on: 2023-03-15
Source:
News – Claims Journal
Article 0 Comments RENO, Nev. (AP) — Most of Nevada was under an emergency declaration Monday in anticipation of more rain, from California to Utah, and more heavy snow in the Sierra where repeated storms already have made it one of the snowiest winters in decades. A winter storm...
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Published on: 2023-03-15
Source:
News – Claims Journal
Article 0 Comments The start of a winter storm with heavy, wet snow led to hundreds of school closings, canceled flights and thousands of power outages in parts of the Northeast on Tuesday. The storm’s path included parts of New England, upstate New York, northeastern Pennsylvania and northern New...
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Published on: 2023-03-15
Source:
News – Claims Journal
Article 0 Comments MCPHERSON, Kan. (AP) — Union Pacific officials believe that a broken wheel likely caused this weekend’s derailment that spilled denatured alcohol inside a Kansas refinery. Railroad spokeswoman Kristen South said crews continued to clean up the site of the derailment inside the CHS refinery in McPherson...
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Published on: 2023-03-15
Source:
News – Claims Journal
The driver shortage continues to be a major challenge for fleets across the country. That’s because the industry is short an estimated 80,000 drivers, a number estimated to climb to 160,000 by 2030. Exacerbating the issue is the aging demographic in the commercial truck driving industry. Currently, the average age...
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Published on: 2023-03-15
Source:
Insurance Business Magazine
"Along with several legislative proposals we will introduce to strengthen the market during Regular Session, these insurers will demonstrate to the wider industry that Louisiana is a viable destination to do business on a go-forward basis." House Insurance Committee Chairman, Mike Huval, has agreed to file a bill during the...
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Published on: 2023-03-15
Source:
Insurance Business Magazine
Farmers Insurance, meanwhile, came in second, as its subsidiaries stand to see additional premiums of more than $575 million across 42 states. Rate increases for Liberty Mutual, Farmers According to S&P Global, some of the largest increases to homeowners insurance rates were granted in Texas, where regulators approved hikes that...
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Published on: 2023-03-15
Source:
Insurance Business Magazine
Donelon said he hoped the move would “remove politics from the vitally important upcoming legislative session, where many significant issues that deal with the future of our state's property insurance market will be debated and hopefully decided to improve that market.” He was first named insurance commissioner in February 2006...
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Published on: 2023-03-15
Source:
Insurance Business Magazine
Article 0 Comments The poorly executed handoff of a claims file from a retiring claims adjuster to his replacement may have made USAA liable for a $5.2 million excess judgment. A panel of the 11th Circuit Court of Appeals on Tuesday reversed a trial court judgment, ruling that a...
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Published on: 2023-03-15
Source:
News – Claims Journal
Article 0 Comments MANILA — Philippine authorities have increased efforts to contain an oil spill from a sunken fuel tanker that has affected coastal towns and was still spreading, the environment ministry said on Tuesday, as the country grapples with cleanup challenges. Improvised spill booms made from cogon grass...
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Published on: 2023-03-14
Source:
News – Claims Journal
Article 0 Comments Parts of New England, upstate New York, northeastern Pennsylvania, and northern New Jersey were bracing Monday for a winter storm that could drop more than 12 inches (30 centimeters) of heavy, wet snow. The National Weather Service says the storm was supposed to begin late Monday...
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Published on: 2023-03-14
Source:
News – Claims Journal
Article 0 Comments The intensity of extreme drought and rainfall has “sharply” increased over the past 20 years, according to a study published Monday in the journal Nature Water. These aren’t merely tough weather events, they are leading to extremes such as crop failure, infrastructure damage, even humanitarian crises...
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Published on: 2023-03-14
Source:
News – Claims Journal
A worthwhile investment “We're here to help AAA members and policyholders protect themselves and recover from catastrophic events.” Hueber said, which, in the age of frequent environmental devastation, is more relevant than ever. The contribution also has various risk management benefits that are strategic on a business and ecological level....
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Published on: 2023-03-14
Source:
Insurance Business Magazine
“I’m honored to have the opportunity to serve Florida as insurance commissioner, and I was to thank Governor DeSantis and the Financial Services Commission for their support,” Yaworsky said. “Florida’s insurance market is one of the largest in the world and plays a vital role in our state. As insurance...
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Published on: 2023-03-14
Source:
Insurance Business Magazine
Louisiana Insurance Commissioner Jim Donelson has announced that Louisiana Citizens, the state’s insurer of last resort, will provide an additional 30 days of support after collapsed insurer United Property & Casualty Insurance Company’s (UPC) policies cancel on March 29 for policyholders and their insurance agents to secure coverage in...
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Published on: 2023-03-14
Source:
Insurance Business Magazine
Distinguished Programs, a national insurance program manager, has announced the appointment of Michelle Stegmann (pictured above) as vice president of claims for its fine art and collectibles program. Stegmann has more than 30 years of industry claims experience. In her new role, she will focus on building and leading...
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Published on: 2023-03-14
Source:
Insurance Business Magazine
Article 0 Comments Eleven property owners whose homes were flooded after a city of Brownsville official closed a flood gate may proceed with their claims against the city because of a statute that waives governmental immunity for damages caused by motor-driven equipment, the Texas Supreme Court ruled. The high...
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Published on: 2023-03-14
Source:
News – Claims Journal
Manish Shah // March 13, 2023 (Image credit: Tara Winstead/Pexels.) Historically, underwriters have struggled to keep up with the vast and rapidly changing data landscape when evaluating property risks. This has often resulted in missed critical data points and less-than-optimal underwriting decisions. But with today’s advancements in Artificial Intelligence...
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Published on: 2023-03-13
Source:
Insurance Journal
Article 0 Comments LONDON –– AerCap, the world’s biggest aircraft lessor, said on Monday it was inconceivable that it would not recover some losses from insurers over jets stranded in Russia, as lessors took their battle for redress to London’s High Court. More than 400 aircraft, worth almost $10...
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Published on: 2023-03-13
Source:
News – Claims Journal
Article 0 Comments WATSONVILLE, Calif. (AP) — Authorities ordered more than 1,500 people to evacuate early Saturday from a Northern California agricultural community famous for its strawberry crop after the Pajaro River’s levee was breached by flooding from a new atmospheric river pummeling the state. Monterey County officials on...
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Published on: 2023-03-13
Source:
News – Claims Journal
Article 0 Comments CEDAR RAPIDS, Iowa (AP) — High inflation and construction cost spikes are prompting city officials to study the impact of growing expenses on its permanent flood control system. But City Manager Jeff Pomeranz recently said during a City Council session on the fiscal 2024 budget that...
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Published on: 2023-03-13
Source:
News – Claims Journal
Article 0 Comments EAST PALESTINE, Ohio (AP) — Heather Bable speaks rapidly, recalling the terror of the night when a train loaded with hazardous chemicals derailed less than a half-mile from her home in East Palestine, Ohio. She heard an earthshaking boom and, from her bathroom window, “all you...
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Published on: 2023-03-13
Source:
News – Claims Journal
Article 0 Comments CAMDEN, N.J. (AP) — A dilapidated house where Martin Luther King Jr. stayed in southern New Jersey was severely damaged in an early morning fire Saturday. Chief Michael Harper of the Camden Fire Department told the Courier-Post that the blaze at the three-story row home was...
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Published on: 2023-03-13
Source:
News – Claims Journal
Breath of fresh air “I think brokers are seeing this as a positive development” said Jeff Albright (pictured), chief executive officer of the Independent Insurance Agents & Brokers of Louisiana. “Our primary concern was to make sure that any insurers that come in under the incentive program are monitored for...
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Published on: 2023-03-13
Source:
Insurance Business Magazine
The National Insurance Crime Bureau (NICB) has applauded the Florida House Judiciary Committee and the Senate Committee on Banking & Insurance for passing two significant bills aimed at reducing insurance lawsuit abuse. House Bill 837 and Senate Bill 236, supported by Governor Ron DeSantis, Senate President Kathleen Passidomo, and...
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Published on: 2023-03-13
Source:
Insurance Business Magazine
She delivered this message during her a keynote address at the Insurtech Insights Europe 2023 summit in London last week. “Innovation is about meeting unmet needs,” she said, speaking to an audience of insurance and insurtech leaders. “However, what we notice is in our business, we are asked to do...
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Published on: 2023-03-10
Source:
Insurance Business Magazine
Article 0 Comments WASHINGTON (AP) — After three nasty years, the La Nina weather phenomenon that increases Atlantic hurricane activity and worsens western drought is gone, the National Oceanic and Atmospheric Administration said Thursday. That’s usually good news for the United States and other parts of the world, including...
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Published on: 2023-03-10
Source:
News – Claims Journal
Furthermore, according to Garrett, this could be a sign that the tools are “not meeting customer needs”. “In fact, this is the first year JD Power has ever seen declining use of digital claims reporting, digital use as a primary channel for status updates and for submitting photos that were...
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Published on: 2023-03-10
Source:
Insurance Business Magazine
The credit and political risk insurance (CPRI) market remains resilient amid global uncertainty, according to a new study from WTW. The CPRI market has access to more capacity than ever before, with notional maximum capacity increasing across the board, according to WTW’s Credit and Political Risk Insurance Capacity Survey...
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Published on: 2023-03-10
Source:
Insurance Business Magazine
“The entertainment industry had a very positive year in 2022 and a welcome recovery is definitely underway, but we are not out of the woods yet,” said Michael Furtschegger, global head of entertainment at AGCS. “In the three years since the coronavirus first hit the headlines, the world has changed....
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Published on: 2023-03-10
Source:
Insurance Business Magazine
Article 0 Comments The collection and use of biometric information as a means for verifying security and transactions is now commonplace. The result is a recent wave of legislation aimed at protecting individuals from the unauthorized collection, use and disclosure of biometric data, which can involve everything from unlocking...
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Published on: 2023-03-10
Source:
News – Claims Journal
Article 0 Comments A public adjuster that has been vilified by insurers for disrupting and delaying property inspections could soon be suspended for two years following a recommended order by an administrative law judge. But state regulators’ recommendations in the case have raised new and potentially far-reaching questions about...
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Published on: 2023-03-09
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News – Claims Journal
Article 0 Comments DETROIT (AP) — A Tesla that crashed into a firetruck in California last month was operating on one of the company’s automated driving systems, U.S. safety regulators said Wednesday. The National Highway Traffic Safety Administration said Wednesday it has dispatched a special crash investigation team to...
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Published on: 2023-03-09
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News – Claims Journal
Article 0 Comments NANGAN, Taiwan (AP) — In the past month, bed and breakfast owner Chen Yu-lin had to tell his guests he couldn’t provide them with the internet. Others living on Matsu, one of Taiwan’s outlying islands closer to neighboring China, had to struggle with paying electricity bills,...
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Published on: 2023-03-09
Source:
News – Claims Journal
Sedgwick’s Neil Wright (pictured above), who moved from the UK to Australia six years ago, is again on the move – this time to take on the responsibility of supporting the growth of the company’s unit in the US that looks after complex professional and product liability claims. Replacing...
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Published on: 2023-03-09
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Insurance Business Magazine
Article 0 Comments OMAHA, Neb. (AP) — Federal investigators are opening a wide-ranging investigation into one of the nation’s biggest railroads following a fiery derailment on the Ohio-Pennsylvania border last month and several other accidents involving Norfolk Southern, including the The Safety agency opens probe of Norfolk Southern rail...
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Published on: 2023-03-09
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News – Claims Journal
Article 0 Comments WINTER HAVEN, Fla. (AP) — A pilot and and a 19-year-old student pilot were among four people killed when two small planes collided in midair over a central Florida lake, sheriff’s officials said. A Piper J-3 Cub seaplane and a Cherokee Piper 161 fixed-wing plane collided...
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Published on: 2023-03-09
Source:
News – Claims Journal
The occupants in Fannie Mae’s property later started a fire in November 2021, causing damage to the home of a woman living two doors down. State Farm paid out more than $75,000 for the homeowner's claim as a result of the fire, and it sought to recover these funds through...
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Published on: 2023-03-09
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Insurance Business Magazine
Metric 2022 2021 Gross written premium (GWP) $4.4 billion $4.3 billion Underwriting profit $269.5 million $215.6 million Profit before tax $44.7 million $190.8 million Broken down per segment, the bulk of the company’s pre-tax profit came from Hiscox London Market, which posted a 23% increase in underwriting profit for...
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Published on: 2023-03-09
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Insurance Business Magazine
Article 0 Comments Rite Aid is not liable for a mass shooting that killed three workers at a warehouse in Maryland; not because it was protected by workers’ compensation immunity, but because the plaintiffs did not show the tragedy could have been foreseen or that inadequate security was provided,...
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Published on: 2023-03-09
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News – Claims Journal
Article 0 Comments Norfolk Southern announced plans on Monday to improve the use of detectors placed along railroad tracks to spot overheating bearings and other problems in response to a fiery derailment on the Ohio-Pennsylvania border a month ago. The announcement came the same day Pennsylvania’s governor announced that...
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Published on: 2023-03-08
Source:
News – Claims Journal
The deal is set to complete in early Q2 2023. The acquirer’s president, Danny Kaufman, said that “today’s announcement signals to the marketplace that Burns & Wilcox is pursuing an aggressive acquisition strategy.” “McIntyre has a thriving commercial business that aligns well with our significant presence in Louisiana and throughout...
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Published on: 2023-03-08
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Insurance Business Magazine
Article 0 Comments A New York federal judge has refused to lower the curtain on a COVID-19 business loss claim by the owner of five Broadway theaters because the entertainment insurance policy language is ambiguous as to whether the theater suffered one loss or multiple losses. Jujamcyn Theaters brought...
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Published on: 2023-03-08
Source:
News – Claims Journal