How do businesses/defendants and carriers combat the effects of social inflation? It is definitely not a simple challenge, but here are three key considerations.

In December of 2019, The Institutes, a nonprofit insurance industry thought leadership and education organization, closed on its acquisition of Risk & Insurance.

It is no secret that Florida's residential property insurance market has experienced a tumultuous past couple of years. Within the past two years alone, a myriad of Florida's residential property insurance carriers have stopped writing or renewing policies within the state, have cancelled existing policies, or have requested steep rate increases in order to deal with the soaring litigation costs related to roof and wind damage claims.

The largest home and vehicle insurer in the United States, State Farm, has announced that it is expanding the insurance claim payouts options available through Digital Pay so that they can be instantly received in a policyholder's PayPal account.

Insurance claims for businesses in North America have become more severe over the past five years due to factors like higher property and asset values, more complex supply chains, and the growing concentration of exposures in natural catastrophe-prone locations.

Weston Property & Casualty Insurance Co., a Miami-based insurer that was on the verge of financial collapse for weeks, has been taken over by Florida's government.
The firm had 10,300 Louisiana policyholders who will now be directed to the state's industry bailout program.

Once again, I assembled the brain trust at Mid-America Catastrophe Services to discuss a topic of vital interest to the independent property claims adjuster. The question I posed was this: As far as intangibles or personal traits go, what do you see as absolutely essential to the successful adjuster?

According to a new Accenture report, up to $170bn of insurance premiums could be at risk in the next five years due to poor claims experiences, with process inefficiencies in underwriting potentially costing the industry another $160bn over the same period.

One of the trends in insurance company advertising has been the increased use of mascots in advertising. This trend started in 1999 when GEICO insurance decided to break away from traditionally boring insurance ads and introduced the Gecko.

Claims are frequently cited as 'the moment of truth,' and FNOL (First Notice of Loss) is where all claims begin. Now, new technology through an innovative industry collaboration on a blockchain platform is being leveraged to enable FNOL data exchange between insurers -- and eventually other claim ecosystem partners.

All carriers and brokers encourage their insureds to read and understand their policies. Claims resolution relies on all the work after that. At best, when a claim occurs it is swiftly paid and insureds understand their policy language and feel protected by it.

As home insurers abandon California due to devastating wildfires, some worry Colorado could be next. "It's something we need to be prepared for what the future could look like if we don't help the market stabilize and keep insurance companies here," said Colorado Insurance Commissioner Mike Conway.

Profound shifts brought by the COVID-19 pandemic and the Great Resignation have uncovered new directions for the future of the workforce. One of them is that emotional intelligence (EI) -- the ability to recognize, understand and manage emotions in oneself and others -- is taking on greater importance as younger people enter the workforce.

While the "heat apocalypse" that is baking much of Europe may seem like just more of the same extreme weather we've been experiencing globally for years now, it seems to me that we've now reached a new level of disruption, with significant implications for insurers.

A fire at a busy warehouse leaves a company struggling to replace its buffer stock; a ransomware attack paralyzes a company's IT systems; the use of industrial adhesives in manufacturing results in a costly product recall: every day companies around the globe, together with their insurers, experience losses, in multiple forms, in the millions of dollars. Over the past five years, fire and explosion, natural catastrophes and faulty workmanship or maintenance have been the major causes of loss by value of insurance claims, according to the Global Claims Review 2022 from Allianz Global Corporate & Specialty (AGCS).