Severe Weather Events in Nova Scotia Lead to $490 Million in Insured Losses
The wildfires and flooding in Nova Scotia last year resulted in $490 million in insured losses, according to a recent report by the Insurance Bureau of Canada.
July 25, 2024
Catastrophe
Insurance Industry
Property
Risk Management
Premium Renewal Rates Increase Across Major Commercial Lines Except Workers’ Compensation
The Q2 2024 Ivans Index reveals an overall increase in premium renewal rates for major commercial insurance lines, with Workers’ Compensation as the exception, showing a year-over-year decrease.
July 25, 2024
Auto
Insurance Industry
Property
Workers' Compensation
Mississippi
Nebraska
New York
Texas
Wisconsin
Wienermobile Rolls Over on Tri-State Tollway, No Injuries Reported
The Oscar Mayer Wienermobile was involved in a rollover crash on the Tri-State Tollway near Oak Brook, Illinois, resulting in no injuries. The accident caused a lane closure but all involved are safe.
July 25, 2024
Auto
Insurance Industry
Property
Risk Management
Weird
Illinois
CrowdStrike IT Outage Could Lead to Billions in Insured Losses, Minimal Impact on Insurers
The CrowdStrike IT outage on July 19, affecting numerous industries, could result in billions of dollars in insured losses but is not expected to significantly impact global insurers and reinsurers.
July 25, 2024
Insurance Industry
Risk Management
Technology
Suburban Woman Denies $1.8M Fraud Allegations in Medical Equipment Billing Case
An Illinois office manager pleaded not guilty to federal charges accusing her of fraudulently billing over $1.8 million to insurers for medical equipment never provided to cancer survivors.
July 24, 2024
Fraud
Insurance Industry
Life & Health
Litigation
Illinois
Gallagher Re’s Mid-Year Natural Catastrophe and Climate Report Highlights 2024’s Severe Convective Storm Impact
The first half of 2024 saw substantial global insured losses, with US severe convective storms accounting for 61% of the $61 billion total, highlighting the period as the costliest on record.
July 24, 2024
Catastrophe
Insurance Industry
Property
Risk Management
Colorado
Iowa
Oklahoma
Texas
Trucker’s Wife Avoids Second Prison Term in Workers’ Compensation Fraud Case
Frances Hall, previously convicted of murdering her husband, avoids a second prison term after pleading guilty in a $9 million workers’ compensation fraud scheme.
July 24, 2024
Fraud
Insurance Industry
Litigation
Workers' Compensation
Texas
Embracing Solar Power: Technological Evolution and Insurance Industry Challenges
Jason Kaminsky, CEO of kWh Analytics, discusses how advancements in solar technology are reshaping the insurance landscape and addressing emerging liabilities.
July 24, 2024
Insurance Industry
Risk Management
Technology
Underwriting
The Future of Underwriting: Embracing AI and Automation
The integration of AI and business rules engines in underwriting is revolutionizing the industry, reducing menial tasks, and enabling underwriters to focus on strategic issues.
July 24, 2024
Insurance Industry
Risk Management
Technology
Underwriting
Emerging Challenges in US Workers’ Compensation Market: Swiss Re Analysis
After a decade of profitability, the US workers’ compensation insurance market faces new risks, requiring disciplined underwriting to maintain stability.
July 23, 2024
Insurance Industry
Risk Management
Underwriting
Workers' Compensation
California
New Jersey
New York
Home Insurance Crisis: Rising Costs and Climate Challenges
Rising climate-related risks and regulatory challenges are driving up home insurance costs, making homeownership more difficult for many Americans.
July 23, 2024
Insurance Industry
Legislation & Regulation
Property
Risk Management
California
Connecticut
Florida
Class Action Lawsuit Filed Over Copa America Chaos at Hard Rock Stadium
Hard Rock Stadium, CONMEBOL, and CONCACAF face class action lawsuits after security failures led to chaos, injuries, and denied entry at the Copa America Final.
July 23, 2024
Insurance Industry
Liability
Litigation
Risk Management
Florida
NBA Teams Sued for Copyright Infringement in Social Media Videos
Fourteen NBA teams are accused of using copyrighted music in social media promotional videos without proper licensing, leading to multiple lawsuits by Kobalt and other music companies.
July 23, 2024
Insurance Industry
Legislation & Regulation
Litigation
Technology
Arizona
California
Colorado
Florida
Georgia
Challenges and Innovations in Insurance Underwriting Amid Economic Uncertainty
With high inflation, climate risks, and varying state regulations, insurance underwriting and pricing rely more than ever on accurate loss projections and economic forecasts.
July 23, 2024
Insurance Industry
Risk Management
Technology
Underwriting
Maryland Woman Indicted for Felony Insurance Fraud and Theft
A Maryland woman faces felony insurance fraud and theft charges after allegedly submitting fraudulent claims totaling over $180,000 to USAA.
July 23, 2024
Fraud
Insurance Industry
Litigation
Property
Maryland
