Among the themes running through Triple-I’s 2022 Joint Industry Forum (JIF), a dominant one was the growing importance of predicting and preventing losses, versus the property/casualty insurance industry’s traditional emphasis on transferring risk from policyholders to insurers and assessing and paying claims when they arise.
According to a report from the Government Accountability Office, in 2021, American businesses and individuals were the targets of 26,074 cyber incidents, which resulted in almost $2.6 billion in economic loss.
One of the key advantages of mediation is the ability to be heard by a neutral party genuinely interested in the facts and arguments giving rise to the dispute. Allowing the parties to tell their story to someone who is listening and empathetic to their problem is central to successful mediation.
It’s the first victory of its kind against an insurance company that refused to pay a COVID claim in California. John’s Grill, one of San Francisco’s oldest restaurants, has settled its lawsuit against the Hartford group. The payout is said to be in the millions.
A magnitude 6.4 earthquake shook parts of Northern California early Tuesday, jolting people awake, the U.S. Geological Survey said, causing widespread damage and leaving thousands without power.
Insurance Commissioner Jim Donelon’s request to fast-track funding for an incentive program was rebuffed by state lawmakers this week, leaving the effort in limbo until the next legislative session starts in April.
The Maryland Supreme Court joined several other state supreme courts Thursday in ruling unanimously that COVID-19 business interruption claims are not entitled to coverage.
Florida Gov. Ron DeSantis on Friday signed legislation providing hurricane relief assistance and moving to shore up the state’s property insurance market in the wake of Hurricanes Ian and Nicole this year.
While the ‘25% rule’ has been in the Florida Building Code (FBC) for many years, recent legislative changes, specifically within Senate Bill 4-D (2022), have clarified and/or changed the way this specific code section on existing roofing is to be applied.
Florida’s insurance commissioner submitted his letter of resignation Thursday, a day after the Legislature made major changes to the state’s troubled property insurance market.
The insurance industry may turn its back on the renewable energy sector if it endures another year of unprecedented natural catastrophe losses like 2022.
