Insurers Boost Use of RICO Lawsuits to Combat Staged Personal Injury Claims
Insurers and defense attorneys are increasingly turning to RICO lawsuits to fight fraudulent personal injury claims, with recent cases in Florida and New York highlighting the growing trend of staged accident schemes.
September 11, 2024
Auto
Fraud
Liability
Litigation
Florida
New York
U.S. Commercial Insurance Prices Climb 5.9% in Second Quarter of 2024
U.S. commercial insurance rates rose by 5.9% in Q2 2024, with notable hikes in excess liability and commercial auto, while workers’ comp, cyber, and D&O liability saw price decreases.
September 11, 2024
Auto
Liability
Property
Workers' Compensation
Financial Crisis Looms Over NYC’s Largest Taxi Insurer, American Transit
American Transit Insurance Co., a key insurer for NYC taxis and rideshare vehicles, faces insolvency, risking disruption for tens of thousands of drivers as regulators consider intervention.
September 4, 2024
Auto
Legislation & Regulation
Litigation
Risk Management
New York
San Francisco Tow Company Owner Faces New Federal Insurance Fraud Charges
The owner of multiple towing companies in San Francisco has been charged again with federal insurance fraud, involving staged crashes and fraudulent claims, just weeks after a similar case was filed.
August 29, 2024
Auto
Fraud
Insurance Industry
Litigation
California
Car Insurance Rates Surge 26% in 2024, Costing Drivers Over $2,500 Annually
Car insurance premiums have soared by an average of 26% in 2024, driven by inflation, costly car repairs, and rising accident rates. States like New Jersey and Missouri saw the highest hikes, with more increases expected.
August 21, 2024
Auto
Legislation & Regulation
Property
Risk Management
Toronto Man Faces Over 100 Charges in Major Auto Fraud and ReVINing Investigation
A Toronto resident has been arrested and faces more than 100 charges in connection with an extensive auto fraud and reVINing scheme. Police warn potential buyers to check vehicle history reports carefully.
August 19, 2024
Auto
Fraud
Insurance Industry
Legislation & Regulation
Electric Vehicle Claims Spike Amid Market Shift in Q2 2024
In Q2 2024, U.S. and Canadian collision claims for electric vehicles saw significant increases, despite a downturn in EV sales. Hybrid vehicles also experienced rising claims frequency, highlighting shifting market dynamics.
August 15, 2024
Auto
Insurance Industry
Risk Management
Technology
California
Taco Truck Owner Arrested After Staging Robbery and Arson for Insurance Payout
A Visalia taco truck owner has been arrested for staging a robbery and arson in an attempt to defraud insurance companies. Surveillance footage and a linked accomplice led authorities to uncover the plot, resulting in charges of conspiracy, arson, and insurance fraud.
August 14, 2024
Auto
Fraud
Litigation
Property
California
GM Recalls 21,469 Cadillac Lyriq Models Due to Unexpected ABS Activation
General Motors recalls certain 2023-2024 Cadillac Lyriq models due to a potential defect in the ABS, which may activate unexpectedly and lead to a loss of brake pressure, increasing the risk of accidents.
August 14, 2024
Auto
Litigation
Risk Management
Technology
Michigan
Federal Authorities Probe Fatal Tesla Cybertruck Crash and Fire in Texas
The National Highway Traffic Safety Administration is gathering information on a fatal crash involving a Tesla Cybertruck in Texas but has not launched a formal investigation.
August 14, 2024
Auto
Legislation & Regulation
Litigation
Technology
Texas
Georgia’s Auto Insurance Costs Surge, Now Among the Least Affordable in the U.S.
Georgia has become one of the least affordable states for auto insurance, with rising costs driven by factors such as legal system abuse, uninsured motorists, and increased litigation, according to a recent IRC study.
August 12, 2024
Auto
Legislation & Regulation
Litigation
Risk Management
Florida
Georgia
Louisiana
Mississippi
New York
Insurtech’s Quiet Revolution: Real Successes Behind the Headlines
Despite recent reports of its demise, insurtech is thriving within large carriers, driving innovation and competitive advantage through technologies like telematics, IoT, and data analytics.
August 12, 2024
Auto
Insurance Industry
Risk Management
Technology
Multimillion-Dollar Insurance Fraud Ringleader Admits Guilt in Spokane
William Oldham Mize, the mastermind behind a multimillion-dollar insurance fraud scheme involving staged accidents, pled guilty in Spokane Federal Court. The scheme spanned multiple states and involved numerous conspirators, resulting in over $6 million in fraudulent insurance claims.
August 8, 2024
Auto
Fraud
Insurance Industry
Litigation
California
Florida
Idaho
Nevada
Washington
Simplifying Insurance with IoT: A Streamlined Future
IoT technology is poised to simplify insurance by enhancing data integration, improving risk analysis, and overcoming workforce challenges, ultimately protecting people and businesses more effectively.
July 30, 2024
Auto
Insurance Industry
Risk Management
Technology
Former Adjuster Admits to $268K Auto Insurance Fraud Scheme
A former claims adjuster from Aurora has confessed to stealing over $268,000 from her employer by filing fraudulent auto insurance claims, resulting in felony theft charges for her and two accomplices.
July 29, 2024
Auto
Fraud
Insurance Industry
Litigation
Colorado
Florida
