Frank Romero hasn’t faced a major flood in years but he nearly lost his home all the same - a victim of substantial insurance premiums for living in a designated risk area.
The insurance industry is full of metaphorical dinosaurs. Despite overseeing a whopping $3 trillion in claims payments per year, it overwhelmingly relies upon outmoded payment methods like checks, which are slow, lack transparency, vulnerable to fraud, and therefore prove ten times more expensive for insurers to manage than digitized payments.
The U.S. insurance industry’s top compliance shortcomings relate to claims handling noncompliance, including timeliness, required disclosures, payments and grievance and appeal processes—as well as underwriting, rating and insurance producer and sales issues.
Santa Barbara County Fire officials are continuing to fight the Alisal Fire in Santa Barbara County. The Alisal Fire is now 41% contained, fire officials reported Friday morning.<br /><br /><br /><br />Officials attribute the jump in containment to cooperative winds and the hard work of fire crews.<br /><br />Three homes and two outbuildings have been destroyed by the fire. In total, 439 buildings have been threatened by the Alisal Fire.<br /><br />1,731 personnel continue to fight the fire’s spread.
As insurers let enabling technologies such as artificial intelligence handle an increasing share of claims, companies should enhance the capabilities and broaden the roles of claims professionals to reap the benefits of advanced tools while maintaining personal engagement at moments that matter.
Amid rising losses and increasing claims on cyber insurance, companies that provide insurance against online hackers are facing growing risks, says Fitch Ratings.
A significant increase in vehicle theft and vandalism in California has led to a surge in comprehensive auto insurance claims in the state, a new report from Mercury Insurance says.
What does it mean for economies, governments and communities when ‘once in a lifetime’ weather events begin to occur on an annual basis? We are witnessing an entirely new scale of natural disasters across the world.
Spectacularly costly disasters are our new normal. Major hurricanes are devastating coastal communities and bringing flooding thousands of miles inland. Wildfires are burning for months. Heatwaves are scorching places where people don’t have air conditioning.
The National Workers’ Compensation and Disability Conference (National Comp) presented by Risk & Insurance® will return to Las Vegas in-person after last year’s virtual event.
Participating in ITC2021 was a blast! It was great to see so many people in person for the first time in a couple of years. But aside from the joy everyone was experiencing in just being together, there was a serious undercurrent to the event
In the continuing saga of what can and cannot be appraised in a property insurance appraisal, the Tenth Circuit, in contrast to many other courts, has ruled appraisers can determine coverage issues.
