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Massachusetts Wildfires Spread as Drought and High Winds Intensify Risks

Massachusetts Wildfires Spread as Drought and High Winds Intensify Risks

Ongoing drought and high winds have sparked severe brush fires across Massachusetts, with over 1,500 acres already burned this season. Officials urge caution as red flag warnings remain in place.
November 14, 2024 Catastrophe Legislation & Regulation Property Risk Management Maine Massachusetts New Hampshire

GM Issues Recall on Diesel Pickups and SUVs Over Rear Wheel Lock-Up Risk

GM Issues Recall on Diesel Pickups and SUVs Over Rear Wheel Lock-Up Risk

General Motors is recalling nearly 462,000 Chevrolet, GMC, and Cadillac vehicles with diesel engines due to a defect in the transmission control valve that could cause rear wheels to lock up, raising crash risks.
November 14, 2024 Auto Legislation & Regulation Risk Management Technology

UK Class Action Alleges Apple Monopolizes Data Storage, May Face Billions in Damages

UK Class Action Alleges Apple Monopolizes Data Storage, May Face Billions in Damages

Apple faces a UK class action alleging it unfairly dominates the data storage market by limiting consumer options for external storage. The lawsuit, filed in London, seeks up to £3 billion in damages and highlights ongoing concerns over monopolistic practices by tech giants.
November 14, 2024 Legislation & Regulation Litigation Risk Management Technology

Rising Inland Flood Risk Demands Urgent Attention in U.S.

Rising Inland Flood Risk Demands Urgent Attention in U.S.

The Insurance Information Institute’s latest report highlights the increasing flood risks faced by inland areas due to shifting weather patterns. Hurricanes, tropical storms, and thunderstorms are pushing the boundaries of flood-prone regions, underscoring the need for better insurance coverage, flood resilience, and mitigation strategies to bridge the protection gap in non-coastal communities.
November 14, 2024 Catastrophe Legislation & Regulation Property Risk Management Florida Georgia Kentucky New Jersey New York

Commercial Auto Insurance Faces Steep Losses Despite Rate Hikes, AM Best Reports

Commercial Auto Insurance Faces Steep Losses Despite Rate Hikes, AM Best Reports

Despite over a decade of rate hikes and underwriting reforms, the commercial auto insurance sector has faced escalating losses, with 2023 marking its worst year on record due to high claims costs, social inflation, and other persistent challenges.
November 14, 2024 Auto Litigation Risk Management Underwriting

New York Court Dismisses Homeowner’s Construction Defect Claim Over Missed Filing Deadline

New York Court Dismisses Homeowner’s Construction Defect Claim Over Missed Filing Deadline

A New York court dismissed a homeowner’s breach of contract claim for delayed filing, ruling that the lawsuit, filed almost seven years after project completion, was beyond the six-year statute of limitations for construction defect claims. Pandemic-related deadline extensions could not save the case.
November 14, 2024 Legislation & Regulation Litigation Property Risk Management New York

Tesla Cybertruck Recall of 2,400 Units Marks Sixth This Year

Tesla Cybertruck Recall of 2,400 Units Marks Sixth This Year

Tesla recalls 2,400 Cybertrucks in the U.S. over a faulty driver inverter that could cause loss of power, raising crash risks. This latest issue, which affects Cybertrucks manufactured through July 30, follows several other recalls issued in 2024.
November 14, 2024 Auto Legislation & Regulation Risk Management Technology

Fake Bear Attack Insurance Scam Leads to Arrests in California

Fake Bear Attack Insurance Scam Leads to Arrests in California

Four Southern California residents were arrested on suspicion of insurance fraud after allegedly submitting false claims that their cars were damaged by a bear, which officials say was a person in a bear costume.
November 14, 2024 Auto Fraud Litigation Risk Management Weird California

Maximizing Flood Preparedness Benefits for Insurers and Policyholders, Swiss Re Institute Study Finds

Maximizing Flood Preparedness Benefits for Insurers and Policyholders, Swiss Re Institute Study Finds

A new Swiss Re Institute study reveals that proactive flood preparedness, from resilient infrastructure to policy measures, could substantially reduce economic losses, protecting both insurers and policyholders. The research highlights cost-effective flood adaptation methods and the potential for public-private partnerships in climate adaptation efforts.
November 11, 2024 Catastrophe Insurance Industry Legislation & Regulation Risk Management

Growing Demand for Insurance Among Gen Z and Underserved Groups in Advanced Economies

Growing Demand for Insurance Among Gen Z and Underserved Groups in Advanced Economies

A Geneva Association survey finds a growing insurance gap among Gen Z, migrants, and low-income earners in developed nations. This gap reflects affordability concerns and a need for tailored, accessible policies to boost financial resilience across underserved demographics.
November 11, 2024 Insurance Industry Life & Health Property Risk Management

How to Tell When Your SSE Solution is Holding Back Your Cybersecurity

How to Tell When Your SSE Solution is Holding Back Your Cybersecurity

As cyber threats evolve, outdated security service edge (SSE) solutions may fail to provide the protection, performance, and cost-efficiency modern businesses need. Here are the top indicators that your SSE platform might need an upgrade to stay effective.
November 11, 2024 Insurance Industry Legislation & Regulation Risk Management Technology

US Faces Mounting Losses from November Storms as Extreme Weather Intensifies

US Faces Mounting Losses from November Storms as Extreme Weather Intensifies

Early November storms, including tornadoes, flooding, and wildfires, caused extensive damage across multiple states, leaving insurers facing substantial losses and highlighting the rising frequency of severe weather events across the US.
November 11, 2024 Catastrophe Insurance Industry Property Risk Management Arkansas California Missouri Oklahoma

Brooklyn Man Charged with Insurance Fraud After Allegedly Staging Car Crash Caught on Viral Dash Cam Video

Brooklyn Man Charged with Insurance Fraud After Allegedly Staging Car Crash Caught on Viral Dash Cam Video

A Brooklyn man faces multiple charges after allegedly staging a car accident on the Belt Parkway, an event captured on dash cam that went viral on social media. Authorities say the incident endangered lives and remains under investigation for additional suspects.
November 11, 2024 Auto Fraud Litigation Risk Management New York

High Cost of Car Insurance Drives 35% of Parents to Commit Fraud

High Cost of Car Insurance Drives 35% of Parents to Commit Fraud

In a new study, 35% of parents admit to "fronting" on car insurance policies for young drivers to save on rising premiums. Although common, fronting is illegal and can result in fines, policy cancellation, or criminal charges.
November 7, 2024 Auto Fraud Legislation & Regulation Risk Management

Washington State Fines Lumber Company $126,000 for Multiple Safety Violations

Washington State Fines Lumber Company $126,000 for Multiple Safety Violations

The Washington Department of Labor & Industries is imposing over $126,000 in fines on Fox Lumber Sales following an inspection that found excessive sawdust buildup, fire hazards, and unprotected machinery. The company, which has experienced two fires since opening, is appealing the fines.
November 7, 2024 Legislation & Regulation Property Risk Management Workers' Compensation Washington
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