This could be the year telematics driving data actually provides meaningful information — and change — to insurers and drivers alike, allowing risk to be underwritten more accurately, experts predict. To pull that off, smartphones will be a critical tool despite their drawbacks.
Flood risk insurtech company FloodFlash, which offers an innovative sensor-based approach to support parametric flood insurance triggers, has beaten its own record on rapid claims payment, paying out to one policyholder within ten hours for the impacts of flooding during UK storm Christoph.
As the Fifth Circuit reminded us in a December 21 decision, primary insurers can find themselves in excess insurers’ shoes if they reject settlement demands within their policy limits.
There’s an old saying that ‘#$%^ runs downhill.’ So, if you want to find the source of the #$%^ , you go to the top of the hill. A similar saying, more to the point, is ‘Garbage in, garbage out’ (GIGO). We hear and use that phrase an awful lot in claims, far too often…
The Travelers Companies, Inc. has today reported record net income of $1.3 billion for the fourth-quarter of 2020, driven by an improved underwriting gain, higher favourable reserve development and investment income, and a reduction in catastrophe losses.
The past year has been unprecedented—and unpredictable—but through all of the uncertainty, a few patterns have emerged in the auto casualty insurance industry.
After months of job hunting, you finally landed your dream job! Congratulations! Now just kick back, relax, and collect that sweet paycheck. Kidding, of course, now the hard part begins! There is so much to learn at your new company.
Claims and lawsuits involving slip and falls on snow and ice are big business, especially in heavily populated cities in the northeast like New York; Philadelphia; Washington, D.C.; and Baltimore. Significant resources are spent investigating, defending, and resolving these claims.
For workers’ comp, lower back pain is a common workers’ injury. It can occur among industrial workers who are lifting heavy workers and office workers who may not have the ergonomic resources they need.
In the state of Ohio, a light-duty job offer is a strategic way to either bring an injured worker back to the workforce or bar temporary total compensation, should the injured worker reject a valid offer. Either way, it can aid employers in eliminating, minimizing, and/or stopping temporary total disability compensation from being paid in a claim.
Catastrophe modeling firm AIR Worldwide, in partnership with experts from the Brookings Institution and AXIS Capital Holdings Limited, has released a report exploring how climate change may affect hurricane risk in the US by 2050. The report specifically focuses on financial losses to residential and commercial properties.
The U.S. auto safety regulator said on Tuesday it would require Ford Motor Co to recall 3 million vehicles with potentially defective Takata air bags, rejecting a bid by the second-largest U.S. automaker to avoid calling them back.
