I have been asked a number of times to provide my perspective on the insurance industry in the time of the Industrial Revolution 4.0. In this piece I’ll do so, but first, how did we get to 4.0? What preceded and led to this brave new world of what’s now called “IR4”?
A potent winter storm that hammered the West Coast over the weekend triggered mudslides in Southern California in areas scorched by wildfires, trapping drivers and shutting down a major thoroughfare.
With the number of claims continuing to increase, estimated insured losses from October’s Hurricane Michael have topped $4.65 billion, according to information posted on the state Office of Insurance Regulation website.
More potential victims are joining a class-action lawsuit against a New Jersey surgery center that may have exposed more than 3,000 patients to HIV, hepatitis B and hepatitis C.
Several insurance companies have filed lawsuits blaming Pacific Gas & Electric Co. for a deadly California wildfire that destroyed 14,000 homes and triggered billions of dollars in insurance claims.
Freezing rain and snow from Winter Storm Fisher has caused hundreds of accidents in the Southwest and Southern Plains, including a 21-vehicle pileup in Oklahoma and crashes that killed two in New Mexico.
Fifty people died in crashes involving drivers under the influence of drugs or alcohol over the extended New Year’s weekend, a jump from 40 deaths reported the same time the previous year, authorities said Wednesday.
Governor Phil Bryant has declared a state of emergency after storms roll through several counties in Mississippi. On December 27 flash floods and heavy winds ripped through 16 counties resulting in damage, and forcing eight to be placed under the state of emergency proclamation.
Last March, a 103-year-old resident of a Sunrise Senior Living facility in Willowbrook, Illinois, went on a field trip to the movies. Ruth Smith, who used a walker, fell down two concrete steps in the theater and died about six weeks later. Now Smith’s estate is suing Sunrise, saying that aides did not properly watch her.
While most property/casualty insurance claims are legitimate, the National Insurance Crime Bureau says studies indicate that 10 percent or more of all claims are fraudulent. Workers compensation insurance fraud is not only illegal, but the Coalition Against Insurance Fraud says it also costs businesses billions of dollars each year and can lead to higher insurance premiums for policyholders.
