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Storm Losses Dent P&C Sector Profits, Optimism Brews for 2025 Revival

Storm Losses Dent P&C Sector Profits, Optimism Brews for 2025 Revival

Severe convective storm losses-the highest in decades-significantly affected the 2023 net combined ratio for the property/casualty industry, according to the latest underwriting projections by Triple-I and Milliman actuaries.
November 2, 2023 Auto Catastrophe Legislation & Regulation Property Risk Management

2022 Sees a Dip in Uninsured Driving Rates Post-Pandemic Spike: IRC Report Reveals

2022 Sees a Dip in Uninsured Driving Rates Post-Pandemic Spike: IRC Report Reveals

About one out of seven U.S. drivers operated a private-passenger vehicle without liability insurance in 2022, according to new research by the Insurance Research Council (IRC), an affiliate of The Institutes.
November 1, 2023 Auto Insurance Industry Legislation & Regulation Risk Management

AI and Economic Trends: A New Era of Opportunities in Subrogation

AI and Economic Trends: A New Era of Opportunities in Subrogation

How is artificial intelligence changing the subrogation process? How has the economy changed carriers' appetite to identify subrogation opportunities?
November 1, 2023 Insurance Industry Legislation & Regulation Subrogation Technology

Halloween Drunk Driving: A Frightening Reality of Impaired Drivers Amid Celebrations

Halloween Drunk Driving: A Frightening Reality of Impaired Drivers Amid Celebrations

The only thing scarier than zombies and witches loose on the streets on Halloween is an impaired driver, according to the U.S. Department of Transportation's National Highway Traffic Safety Administration.
October 30, 2023 Auto Legislation & Regulation Liability Risk Management

Erie Insurance Faces Accusations of Racial Bias in Underwriting Practices

Erie Insurance Faces Accusations of Racial Bias in Underwriting Practices

Erie Insurance defends its practice of telling agents to use subjective factors when judging a potential customer. Maryland regulators say the company sought to exclude Black and Hispanic people.
October 30, 2023 Insurance Industry Legislation & Regulation Liability Litigation Maryland New York Pennsylvania

Virginia School Shooting Sparks Legal Dilemma: Workers’ Compensation or $40 Million Lawsuit for Injured Teacher?

Virginia School Shooting Sparks Legal Dilemma: Workers’ Compensation or $40 Million Lawsuit for Injured Teacher?

A heated debate has emerged about the once-unimaginable shooting of a teacher by her 6-year-old student: How should the school district take care of the teacher?
October 27, 2023 Education & Training Legislation & Regulation Liability Litigation Workers' Compensation Virginia

State Farm Sees a Significant Dip in Catalytic Converter Theft Claims in H1 2023

State Farm Sees a Significant Dip in Catalytic Converter Theft Claims in H1 2023

According to the company's latest data, there were approximately 14,500 claims related to catalytic converter thefts during this period, marking a significant drop from the 23,570 claims made in the same period last year.
October 27, 2023 Auto Insurance Industry Legislation & Regulation Risk Management

Kentucky Approves 18th-straight Decrease in Workers’ Comp Loss Costs

Kentucky Approves 18th-straight Decrease in Workers’ Comp Loss Costs

Kentucky's Insurance Commissioner has approved a 6.4% decrease in average workers' compensation loss costs for the state, making it the 18th consecutive drop in costs for most Kentucky employers.
October 26, 2023 Legislation & Regulation Workers' Compensation Florida Kentucky

Illinois Court Rules Insurer Had Contractual Right to Subrogation

Illinois Court Rules Insurer Had Contractual Right to Subrogation

Zurich American Insurance Co. may pursue a subrogation lawsuit against a subcontractor that it says forced it to pay a nearly $3 million builder's risk claim.
October 25, 2023 Legislation & Regulation Litigation Property Subrogation Workers' Compensation Illinois

Michigan Legislature Amends No-Fault Auto Insurance, Addressing 2019 Overhaul Issues

Michigan Legislature Amends No-Fault Auto Insurance, Addressing 2019 Overhaul Issues

Michigan's Legislature moves to rectify the 2019 no-fault auto insurance overhaul's unintended consequences, aiming to balance medical providers' reimbursement rates and insurance cost for drivers.
October 25, 2023 Auto Legislation & Regulation Michigan

Florida Case Study Shows Benefits of Hurricane Adaptation Efforts

Florida Case Study Shows Benefits of Hurricane Adaptation Efforts

A recent case study by Moody's reveals that in locations like South Florida, meeting or surpassing evolving building codes can slash home damage costs almost tenfold.
October 24, 2023 Catastrophe Insurance Industry Legislation & Regulation Property Risk Management Florida

Owner of California Biolab charged With Mislabeling, Lacking Permits

Owner of California Biolab charged With Mislabeling, Lacking Permits

The Chinese owner of an unauthorized central California lab that fueled conspiracy theories about China and biological weapons has been arrested on charges of not obtaining the proper permits.
October 24, 2023 Fraud Legislation & Regulation Liability

NJ Contractor Litana Development Inc. Hit with $180K Fine Over Power Line Hazards

NJ Contractor Litana Development Inc. Hit with $180K Fine Over Power Line Hazards

A settlement has been reached with Litana Development Inc. for endangering workers by exposing them to high-voltage power lines at a Paterson site during 2021 and 2022.
October 23, 2023 Legislation & Regulation Litigation Workers' Compensation New Jersey

Disparity in State Laws on Distracted Driving Reveals Gaps in Road Safety Measures

Disparity in State Laws on Distracted Driving Reveals Gaps in Road Safety Measures

The study by WhistleOut sheds light on the inconsistent distracted driving laws across the US, underscoring a call for more uniform regulations to enhance road safety.
October 23, 2023 Auto Legislation & Regulation Missouri Montana

Less Red Ink in Florida, Two New Insurers, and Citizens Wants Commercial Take-outs

Less Red Ink in Florida, Two New Insurers, and Citizens Wants Commercial Take-outs

Florida-based insurers still aren't profitable, overall, but their net losses and underwriting losses are getting smaller. Two more property insurance companies are preparing to enter the Florida market.
October 11, 2023 Insurance Industry Legislation & Regulation Litigation Property Florida
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