We have written before about the misaligned incentives often found in workers’ compensation. I have referred to it as ‘treating injured workers for fun and profit,’ reflecting situations where actions and processes are applied that may not be in the best interest of the worker, but financially benefit the people who are supposed to be helping them.
Already this year, three Florida insurers have been declared insolvent due to their failure to obtain full reinsurance as the 2022 hurricane season bears down. ‘We have the potential of a massive failure of Florida insurers, probably the worst on record,’ says Triple-I communications director Mark Friedlander.
A new Utah Court of Appeals decision recently came out that insurers may find helpful. The case involved an insurer, Truck Insurance Exchange (TIE), who declined to pay a UIM coverage claim after it was determined that the Plaintiff/Insured may have been at least 50% at fault for the accident.
After a record-setting Midwestern rainstorm that damaged thousands of homes and businesses, Stefanie Johnson’s farmhouse in Blandinsville, Illinois, didn’t have safe drinking water for nearly two months.
Motorcycle crashes are on their way up, including those leading to rider fatalities, placing them in far greater danger than any other vehicle operators on the road.
Aviva Canada is piloting an eco-friendly claims process, part of its plan to become a net-zero company by 2040. Notably, the company is mobilizing its efforts to respond to climate change by recycling and sorting materials during the claims process.
It’s hard to imagine that flying used to be glamorous, but for those who remember the Concorde, they know it was the epitome of glamour. The supersonic jet flew at 60,000 feet--high enough for you to see the Earth’s curvature--and could blast you from Paris to New York in three and a half hours.
The destruction caused by the largest wildfire burning in the U.S. has been devastating for thousands of residents and their lives have been forever disrupted and altered, New Mexico’s governor said Tuesday after touring the damage in one county.
The National Transportation Safety Board and Federal Aviation Administration are investigating a tour helicopter crash on a remote Hawaii Island lava field that sent the pilot and five passengers to the hospital on Wednesday.
In 2022, American drivers who prefer certain auto brands are more likely to get pulled over for speed. While everyone has their own unique taste and style, American drivers who get behind the wheel of certain models this year are more likely to get speeding tickets than other auto brands.
One of the baldest and easily disassembled misconceptions about the insurance industry is that it is staid and predictable. Active practitioners know that to remain relevant, insurance companies and their risk management partners need to be flexible, forward-looking, creative and resilient.
Multiple tornadoes hit throughout Ohio Wednesday, leading to several severe damage reports, mass power outages and harrowing sights in the state. The most serious threat took place early Wednesday evening in Tipp City, Ohio, just outside of Dayton and at a midway point between Cincinnati and Columbus.
For nearly 50 years, the state has purchased catastrophic wildfire insurance coverage from Lloyd’s of London. It’s the only state with such a policy, and the Oregon Department of Forestry says in the last decade alone, Oregon has filed twice as much in claims as the cost of the premiums.
A California company has entered into a consent order with the Texas Department of Insurance (TDI) after adjusting thousands of property and casualty insurance claims on Texas risks without a required state license.
Emerging tools such as artificial intelligence and natural language processing are being used in the insurance sector, but costs remain high and there are questions about bias being introduced into machine learning, according to a speaker at the Public Risk Management Association’s annual meeting Monday.
