Nevada’s insurance commissioner has ‘grave concerns’ about insurers leaving the state because of recent legislation that prohibits them from issuing policies that reduce liability limits by defense costs.
According to Citizens Property Insurance Corporation, the state’s insurer of last resort, it is projected to hit a record 1.7 million home insurance policies by the end of the year.
The economic toll of fires is growing as climate change fuels larger and more intense wildfires in the Western U.S. and Canada. Eight of the top ten most destructive wildfires in U.S. history, in terms of insured property losses, have occurred since 2017.
Cigna is facing a class-action lawsuit that accuses the company of employing an algorithm to review and reject hundreds of thousands of patient health insurance claims, with minimal individual doctor oversight.
The Golden Fire burning in Klamath County has destroyed 43 homes and another 43 "outbuildings," according to the Oregon State Fire Marshal (OSFM). However, that number could change as conditions improve and task forces finish making damage assessments, OSFM said.
A crane, located atop a high-rise building in Manhattan, experienced a partial collapse and caught fire over 40 stories above the ground Wednesday morning. Emergency crews were alerted to the situation when they received a call about a fire in the crane’s engine compartment at around 7:30 a.m.
Travelers, considered a bellwether for the insurance industry due to its size, said catastrophe losses doubled in its most recent quarter and the company swung to a loss as severe wind and hailstorms in a number of regions led to rising coverage claims.
After many long years of stability, the 125-year-old, $300 billion U.S. auto insurance industry is caught between runaway inflationary cost pressures on one side and consumer wallets, many of which are no longer able to afford the spiraling auto insurance premium increases, on the other.​
The insurance claims sector is tapping into technologies such as machine learning and artificial intelligence to increase efficiency, improve outcomes and detect fraud.
After tennis ball-sized hail fell from the sky as a part of a series of strong storms that charged through southeast Michigan late Thursday afternoon, communities most affected by the damage switched into cleanup and repair mode Friday.
Insurance advocacy groups in Washington state are pushing back against a new study released by the Office of the Insurance Commissioner highlighting the recent increase in insurance claim complaints.
Sports have long captivated the human spirit, bringing people together in moments of exhilaration, triumph and heartbreak. Beyond the actual athletic competition, the world of sports holds valuable lessons for leadership.
The average claim payment per insured personal vehicle rose between 2002 and 2022, with higher payments by insurers more than offsetting declines in frequency, according to new research by the Insurance Research Council (IRC) -- like Triple-I, an affiliate of The Institutes.
The Florida Office of Insurance Regulation (OIR) has announced measures to ensure Florida insurers are well-equipped to handle claims in the wake of catastrophic events. As part of their compliance efforts, each authorized residential property insurer must possess a claims-handling manual that adheres to the provisions set forth by Florida law.
