2023 Reflects a New Norm in Natural Catastrophe Insurance Losses
In 2023, natural disasters led to over $108 billion in insured losses, marking the fourth consecutive year above $100 billion, with severe convective storms hitting a record high.
March 26, 2024
Catastrophe
Property
Risk Management
Technology
California
Florida
Louisiana
Tribunal Denies Benefits to Motorcyclist for Insurance Fraud Involvement
A motorcyclist’s accident benefits claim was denied by the Ontario LAT, ruling he should have known his insurance obtained through dubious means was not valid.
March 26, 2024
Auto
Fraud
Insurance Industry
Legislation & Regulation
Insurance Sector Adapts to Cyber Risks Amid Rising Systemic Threats
Industry experts emphasize the importance of individual security measures and strategic risk management to mitigate systemic cyber threats impacting the insurance market.
March 26, 2024
Insurance Industry
Risk Management
Technology
North Carolina Supreme Court Reverses Decision on Weight-Loss Surgery Compensation
In a landmark decision, the North Carolina Supreme Court rules against covering weight-loss surgery under workers’ compensation for a preschool employee.
March 26, 2024
Insurance Industry
Legislation & Regulation
Life & Health
Workers' Compensation
North Carolina
Louisiana Proposes Two Bills to Amend Workers’ Compensation Laws
Representatives Taylor introduces two bills in Louisiana aiming to modify the landscape of workers’ compensation claims and presumptions.
March 26, 2024
Insurance Industry
Legislation & Regulation
Life & Health
Workers' Compensation
Louisiana
Former Georgia Insurance Commissioner Pleads Guilty to Healthcare Fraud Scheme
John W. Oxendine, former Georgia Insurance Commissioner, admits to conspiracy in a fraudulent medical testing scheme, facing sentencing in July.
March 26, 2024
Fraud
Insurance Industry
Legislation & Regulation
Life & Health
Georgia
LoanDepot to Revise Appraisal Complaint Policies Following Settlement with Baltimore Couple
In a legal settlement with a Black couple, mortgage lender loanDepot commits to policy changes after accusations of racially biased appraisal practices.
March 26, 2024
Insurance Industry
Legislation & Regulation
Litigation
Property
Maryland
AI Revolutionizes Insurance: From On-Demand Coverage to Fighting Fraud
AI is transforming insurance through on-demand policies, embedded coverage, personalized underwriting, and enhanced fraud detection, setting new standards for efficiency and security.
March 26, 2024
Fraud
Technology
Underwriting
Washington Supreme Court Rules in Favor of Condo Association in Insurance Dispute Over Water Damage
The Washington Supreme Court’s recent decision clarifies that all-risk policies cover damages caused by a covered peril, even if initiated by an excluded peril like faulty workmanship.
March 26, 2024
Insurance Industry
Legislation & Regulation
Litigation
Property
Washington
Major East Coast Bridge Collapses After Collision with Cargo Ship, Triggers Extensive Search and Rescue Operation
The collapse of the Francis Scott Key Bridge, after being struck by a cargo ship, has led to a significant emergency operation and concerns over East Coast shipping logistics.
March 26, 2024
Catastrophe
Marine
Risk Management
Technology
Maryland
Property/Casualty Insurers Embrace AI Amid Bias Challenges, Survey Reveals
A new survey shows a significant shift towards AI in the P/C insurance sector, despite ongoing challenges with algorithmic bias.
March 25, 2024
Insurance Industry
Technology
Underwriting
Colorado
Alabama Medical Fraud Scheme Leads to Prison Sentences for Four Individuals
A compounding pharmacy fraud scheme in Alabama involving kickbacks for unnecessary medical services results in prison sentences and hefty restitution orders.
March 25, 2024
Fraud
Legislation & Regulation
Life & Health
Workers' Compensation
Alabama
Change Healthcare to Process $14 Billion in Claims After Cyberattack Recovery
Following a significant cyberattack, Change Healthcare resumes services, aiming to process over $14 billion in claims, with UnitedHealth Group supporting impacted healthcare providers.
March 25, 2024
Insurance Industry
Risk Management
Technology
EU Targets Big Tech with Compliance Investigations Under Digital Markets Act
The European Commission investigates Alphabet, Apple, and Meta for insufficient compliance measures under the Digital Markets Act, signaling a major regulatory crackdown.
March 25, 2024
Insurance Industry
Legislation & Regulation
Risk Management
Technology
Professional Employer Organizations Revolutionize Small Business Compliance and HR
Amid challenges, Professional Employer Organizations (PEOs) emerge as a critical ally for small to medium businesses, blending compliance, HR, and workers’ comp solutions.
March 25, 2024
Legislation & Regulation
Risk Management
Technology
Workers' Compensation
California
Florida
