A Manitoba court decision ordering the province’s public auto insurer to pay a bad faith award of $350,000 serves as a cautionary tale to the industry that bad faith awards for mishandling a claim can be made even after a settlement is reached, according to legal experts from Clark Wilson LLP.
A pandemic, civil unrest, and weather-related catastrophes impacted the U.S. property/casualty (P/C) insurance industry in 2020, but not to the extent that was originally feared.
Amid problems in Florida’s property-insurance market, a Senate committee Tuesday backed a controversial proposal that could lead to many policyholders picking up more of the tab for roof damage, and limit attorney fees in insurance disputes.
Live Nation is suing its insurance company for refusing to cover hundreds of millions in losses caused by the coronavirus pandemic. In a new lawsuit filed in California federal court on Jan. 29, Live Nation claims that Factory Mutual is refusing to honor the premium policy it sold the promoter despite language that communicable diseases like COVID-19 were covered.
After hundreds of complaints about insurance providers to the Louisiana Department of Insurance mostly related to hurricane season damages, the state recovered more than $22 million for policy holders in 2020.
In 2021, the increasing effects of climate change and the response from U.S. insurance regulators will create both challenges and opportunities for insurers.
Catastrophe losses covered by insurance and reinsurance reached $78 billion in 2020 according to Willis Re, which the broker sees as 17% above the 10-year average.
There’s a fairly significant gap between what government agencies have to say about distracted driving and what data companies are able to capture, and that is playing a role in the ineffective portrayal and messaging around the seriousness of people using their phones while operating vehicles, according to a recent webinar panel.
2020 was a year like no other, so it should come as no surprise that we aren’t just going to be able to pick up where we left off as the pandemic eases. That is even truer with regard to the high-risk, high-reward world of investing in insurtechs.
Effective claims management is all about balance. Adjusters today must walk the fine line of implementing technology and digital tools to expedite and enhance the claim process, while always keeping the human elements of compassion, reassurance and education at the core.
As claims professionals, we start the dispute-resolution process by adjusting losses. We consider the insurance policy contract as well as state and federal laws when making decisions on what is owed and all factors that influence settlement. The claims process can end by settlement in negotiations, ADR, or trial.
Before COVID-19, few organizations would have considered prioritizing the remote risk of a pandemic over more common events. However, as the past year has demonstrated, dismissing such scenarios entirely is no longer a viable strategy.
The monthly count of COVID-19 job injury claims reported to the California Division of Workers’ Compensation (DWC) soared to a record 32,549 cases in December, bringing the total number of COVID-19 claims for accident year (AY) 2020 to 103,712, or more than one out of every six workers’ comp claims with a 2020 injury date according to a new analysis by the California Workers’ Compensation Institute (CWCI).
The owner of a Chicago hotel has filed a lawsuit against Zurich American Insurance Company, accusing the insurer of wrongful and bad faith denial of insurance coverage.
Online cannabis advertising platform Weedmaps and a Southern California vape shop have been targeted with a wrongful death lawsuit in civil court by a mother who claims both are to blame in the shooting death of her son.
