Tue.Oct 08, 2024

article thumbnail

Why Homeowners Insurers Are Unprofitable and What To Do About It: Aon

Insurance Journal

A new report from insurance broker Aon reveals that the prospective return on equity (ROE) for diversified homeowners insurance carriers decreased by 100 basis points to 5.0% from last year’s ROE, despite carriers receiving significant rate increases in 2023/2024.

article thumbnail

NFIP Escapes Payment with Form-Over-Substance Rules—The Need For Reform of the National Flood Insurance Program

Property Insurance Coverage Law

While speaking at the Florida Association of Public Insurance Adjusters Fall Conference regarding National Flood Insurance claims, I promised to blog about a recent case that made its way through the federal courts. Homeowners Henry and Mary Siedzikowski learned some hard lessons about the strict requirements for flood insurance claims. The case, which began in … The post NFIP Escapes Payment with Form-Over-Substance Rules—The Need For Reform of the National Flood Insurance Program appeare

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Predictive Model Delivers Insights as Insurers, Reinsurers Brace for More Civil Unrest

Insurance Journal

Executive Summary: Insurers and reinsurers are responding to heightened risks of civil unrest with better calculations of their probable maximum losses, careful risk pricing, clear contractual wordings, and by using new modeling tools to help grasp this potentially costly risk.

Risk 281
article thumbnail

Pet Grooming Insurance: The 5 Policies You Need for Your Business

Central Insurance

Discover the key policies you need for comprehensive pet groomer's insurance. The post Pet Grooming Insurance: The 5 Policies You Need for Your Business appeared first on Central Insurance Blog.

Policy 130
article thumbnail

Leverage Trellis Court Data To Identify More Investment Opportunities

Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.

article thumbnail

As Milton Nears, Flood-Proof Fences Will Face a Major Test in Tampa

Insurance Journal

For the second time in two weeks, Tampa General Hospital is getting ready to keep water at bay. Hurricane Milton is expected to make landfall Wednesday and will test the hospital’s flood barrier.

Insurance 279

More Trending

article thumbnail

Unlicensed Work Does Not Void Contract With Condos, Florida Appeals Court Says

Insurance Journal

Being unlicensed as a contractor in Florida does not necessarily void a storm-remediation contract, a Florida appeals court said in a decision that could affect insurance defense strategy in hurricane claims.

Claim 278
article thumbnail

Top Benefits of a Comprehensive Car Insurance

Top Insurance Blogs

One of the top predicaments upon purchasing a new car is getting a comprehensive car insurance. While it seems like a daunting task- especially if you’re a first-time car buyer and non-car enthusiast – securing your car through a comprehensive insurance will help you save significant time, money, and headaches in case of accidents or unforeseen troubles.

Damage 98
article thumbnail

Billionaire Tom Steyer’s Commercial Real Estate Lead Says ‘Watch Insurance Risk’

Insurance Journal

Joseph Sumberg, a former managing director at Goldman Sachs Group Inc.

article thumbnail

Blog Post: Fight Over California Bill Shows How Tricky Regulating AI Becoming

LexisNexis

From Concord, New Hampshire to Sacramento, California and the overwhelming majority of state capitols in between, artificial intelligence has been one of the hottest topics in state legislatures this year. More than 650 bills referring to artificial intelligence have been introduced in 2024, with over 250 of the bills in 34 states dealing substantively with the issue, according to the LexisNexis® State Net® legislative tracking system.

article thumbnail

Take the Hassle Out of Claims Management

Insurance professionals use Trellis to streamline claims management by analyzing legal trends, predicting outcomes, and strategizing effectively to serve clients better. Adjusters can evaluate claim validity, estimate settlement amounts, and identify potential litigation risks. Trellis' extensive State Trial Court Data can be leveraged to identify opposing/outside counsel and top mediators for insurance matters, evaluate the risk of new claims by viewing similar claim litigation history, and mor

article thumbnail

Russia and Iran Are Ramping Up Threats to UK, Spy Chief Warns

Insurance Journal

Threats to the UK from Russia and Iran and the danger posed by the Islamic State group have increased in recent months, according to the head of Britain’s domestic spy agency.

Cyber 278
article thumbnail

Is Homeowners Insurance Required And Do I Really Need It?

Simply Insurance

Finding out you need to get home insurance coverage before you can close on your loan can be nerve wrecking.But it doesn't have to be:There are some very fast ways to get a home insurance quote. And depending on your specific situation, having homeowners isn't actually always required.

article thumbnail

Global Emissions Likely Have Peaked as Renewables Take Hold

Insurance Journal

The world is choking from emissions more than ever, but that trend is set to reverse starting next year as the cost of solar panels and batteries crowd out coal and stunt the growth of oil, a new report says.

278
278
article thumbnail

Basics About Travel Insurance You Should Know

Top Insurance Blogs

With the growing, overwhelming rate of risks and perilous events even in the travel industry, there is no better time to emphasize the need for travel insurance. What is travel insurance? What does it cover? Why is it important to purchase one ahead of your trip? These questions and other related questions will be getting their worthy answers as this article covers almost all the basics of travel insurance today.

article thumbnail

WCIRB: California Workers’ Comp Written Premium in 2023 Was up Slightly

Insurance Journal

California workers’ compensation written premium in 2023 was slightly above 2022, while written premium for the first six months of 2024 is 2% lower than the first six months of 2023, a new report shows.

Premium 277
article thumbnail

Blog Post: Legal Spend Management Software Revolutionizes Law Departments

LexisNexis

Managing legal spend without legal spend management software is impossible in today’s high-pressure law department. As budgets tighten and demand for legal services increases, legal operations professionals are challenged to find optimal legal spend management software to assist with budget management, outside counsel billings and analytical reporting for leadership.

article thumbnail

Florida CFO Issues Order Allowing Agency Customer Reps to Work Remotely

Insurance Journal

Florida law requires insurance agencies’ customer service representatives to work only at the agency office.

article thumbnail

The Power of Collecting Client Feedback

Agency Revolution

Client feedback and reviews stand as invaluable pillars of growth and improvement. By truly understanding and leveraging the insights they provide, your independent insurance agency can refine offerings, enhance client satisfaction, and ultimately, expand reach. One of the most effective methods for gathering this essential feedback is through the Net Promoter Score® (NPS®), a straightforward yet powerful tool designed to measure client loyalty and satisfaction.

article thumbnail

13 States and DC Sue TikTok, Accusing Platform of Harming Younger Users

Insurance Journal

TikTok faces new lawsuits filed by 13 U.S. states and the District of Columbia on Tuesday, accusing the popular social media platform of harming and failing to protect young people.

article thumbnail

Blog Post: OFLC Disaster News (Vermont, Hurricane Helene)

LexisNexis

Major Disaster Vermont Severe Storms, Flooding, Landslides, and Mudslides Impacted Areas Frequently Asked Questions September 30, 2024 Major Disaster Hurricane Helene Impacted Areas Frequently Asked Questions September 30, 2024

45
article thumbnail

Intersys Expands in UK Insurance Market With Launch of London Office

Insurance Journal

Intersys, the UK-based provider of cyber risk management solutions, announced its expansion in the UK insurance market with the opening of an office in Leadenhall Market in London.

Cyber 276
article thumbnail

Blog Post: USCIS on Refugee Processing

LexisNexis

Q & A and slides from Sept.

45
article thumbnail

Markets/Coverages: Price Forbes Re Taps Gallagher Re’s Cole as Head of Financial Lines; BHSI Names Aon’s Pache for PI/Cyber Team, DACH Region, Schumacher as Property U/W

Insurance Journal

This edition of International People Moves details appointments at Price Forbes Re and Berkshire Hathaway Specialty Insurance (BHSI). A summary of these new hires follows here.

Cyber 276
article thumbnail

Leveraging Technology to Track and Reduce E&O Claims

American Agents Alliance

E&O claims continue to grow in complexity along with the changing insurance landscape. Effectively managing these risks is a critical part of agency operations for any independent agent or broker. Technology offers innovative ways to track and reduce E&O claims with robust tools. Learn more about ways to analyze and lower your risk of E&O losses with technology.

Claim 40
article thumbnail

How Texas Weakened Its Own Air Pollution Monitoring Team

Insurance Journal

When disaster affects the sprawling industrial complexes of Texas, the state’s environmental authority often posts pictures online of its white vans patrolling public streets, verifying the local air is safe to breathe.

269
269
article thumbnail

Blog Post: New title! Complex Employment Issues for California Workers' Compensation

LexisNexis

COMPLEX EMPLOYMENT ISSUES FOR CALIFORNIA WORKERS' COMPENSATION A new softbound supplement to Rassp & Herlick, California Workers’ Compensation Law 284 pages PIN #0006801214509 For current pricing and to order, call 800-543-6862. We are pleased to announce that LexisNexis/Matthew Bender & Company has released a brand-new handbook as part of the Rassp & Herlick treatise called Complex Employment Issues for California Workers’ Compensation.

article thumbnail

Markets/Coverages: Beazley Launches Cyber Consortium for Large Corporates

Insurance Journal

Specialty insurer Beazley announced the launch of a cyber consortium that provides comprehensive cover for large corporates with a turnover in excess of $1 billion, infusing $100 million of new capacity into the cyber market.

Cyber 264
article thumbnail

Blog Post: California: Are Migraine Drugs Becoming a New Workers’ Comp Cost Driver?

LexisNexis

Oakland, CA – Migraine Drugs represented less than 1% of all prescriptions dispensed to California injured workers in 2023 but they consumed 4.7% of workers’ compensation drug payments, a nearly 8-fold increase since 2018, which a California Workers’ Compensation Institute (CWCI) study links to the emergence of several high-cost brand drugs that are not listed in the Medical Treatment Utilization Schedule (MTUS) Formulary.

article thumbnail

California Household Goods Maker Settles with EPA for $250K for Sale of Unregistered Disinfectants

Insurance Journal

The U.S. Environmental Protection Agency got a settlement from Gardena, California-based U.S. Jaclean Inc. over claims of illegal distribution or sale of unregistered and misbranded disinfectants and other pesticide products.

article thumbnail

Blog Post: CA’s Enactment of AI in Healthcare Bills, CA Gov’s Veto of Private Equity in Healthcare Bill & More

LexisNexis

CA Enacts Guardrails for Use of AI in Healthcare California Gov. Gavin Newsom (D) signed a pair of bills making the state one of the first to establish guardrails for the use of artificial intelligence in healthcare. One of the measures ( SB 1120 ) would set requirements for the use of AI by insurers for utilization review or utilization management.

article thumbnail

Leader of Crew That Stole 500 Catalytic Converters Worth $2 Million Sentenced

Insurance Journal

The leader of a regional organized theft crew, who orchestrated the thefts of catalytic converters from nearly 500 vehicles across the region, multiple jewelry store robberies and the stealing of banks’ automated teller machines has been sentenced in federal court …

Theft 264
article thumbnail

Blog Post: CA’s Ban on ‘Captive Audience’ Meetings & Suspended Dockworkers’ Strike

LexisNexis

CA Prohibits ‘Captive Audience’ Meetings California Gov. Newsom (D) signed a bill (SB 399) prohibiting businesses from requiring employees to attend employer-sponsored meetings concerning religious or political matters. The measure was one of nearly a dozen introduced this year targeting such “captive audience” meetings, which are sometimes used to deliver anti-union messaging. ( SACRAMENTO BEE, LEXISNEXIS STATE NET) U.S.

40
article thumbnail

Cal/OSHA Cites Farm Labor Contractor for Serious Heat-Related Safety Violations

Insurance Journal

Cal/OSHA cited a farm labor contractor in Dixon for reportedly failing to protect its employees from heat illness.