October, 2024

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Tesla Recalls Over 27,000 Cybertrucks in Fifth Callback This Year

Insurance Journal

Tesla said on Thursday it would recall more than 27,000 Cybertrucks in the United States due to delayed rear-view camera images that could impair driver visibility and increase crash risks.

Risk 356
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The Regulatory Blind Spot: How Insurance Departments Fail to Detect Systemic Bad Faith Claims Practices

Property Insurance Coverage Law

Recent investigative reporting by CBS’s 60 Minutes, noted in CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Altered Hurricane Damage Estimates by Claims Management, has exposed alleged widespread underpayments of claims and unethical claims practices in Florida’s property insurance industry. This exposé raises serious questions about the effectiveness of state insurance regulators, particularly … The post The Regulatory Blind Spot: How Insurance Depart

Claim 271
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LMI Claims are hiring

Prof. Allan Manning

LMI continues to grow in claims work and as a result both LMI Group and Aequum Adjusters are looking to hire loss adjusters and or claims preparers in virtually every state and territory in Australia and New Zealand. The positions range from trainee, to highly experienced. If you are interested or know of someone who may be, please send in a CV on my email address: Allan.Manning@LMIGroup.com.

Claim 244
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Hurricane Milton Insured Losses in $30B-$50B Range, Says Verisk

Insurance Journal

Catastrophe modeler Verisk said it expects insured losses from Hurricane Milton will be between $30 billion and $50 billion from damages caused mostly by wind.

Damage 326
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Dozens of Alleged Looters, Unlicensed Construction Workers Arrested in Florida

Insurance Journal

More than 100 people were arrested late last week in storm-ravaged Pinellas County, Florida, charged with looting homes and working as unlicensed contractors, two weeks after Hurricane Milton forced many residents to evacuate.

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Softbank Says Credit Suisse to Blame For Fund’s $440 Million Greensill Los

Insurance Journal

Softbank Group Corp., facing a $440 million lawsuit from Credit Suisse, said the bank was to blame for some of the investor losses tied to the collapse of Greensill Capital.

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More Trending

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New York Mets Hit With Class Action Alleging Biometric Privacy Violations

Insurance Journal

The company that owns the New York Mets professional baseball team is the target of a class action lawsuit alleging the organization collects and profits from fans’ biometric information at its stadium, CitiField, in violation of the city’s biometrics privacy …

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Hurricanes Milton and Helene Expose Limits of US Flood Maps

Insurance Journal

Even before the second megastorm in as many weeks brings devastating floodwaters to the Southeast US, it’s already clear that federal flood-risk maps underpinning decisions by millions of American homeowners and businesses are severely out of sync with a new …

Risk 312
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Honda Recalling 780,000 Vehicles in North America on Fuel Pump Concern

Insurance Journal

Honda is recalling 780,000 vehicles in North America over concerns that a high-pressure fuel pump may crack and leak fuel.

Risk 300
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The Data Behind Rising Homeowners Premiums: By Peril and By State

Insurance Journal

The U.S. home insurance industry has experienced an upward trend in all-peril loss costs over the past seven years, according to a new report released by LexisNexis Risk Solutions. The ninth annual LexisNexis U.S.

Premium 299
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The Chief Artificial Intelligence Officer: Leading AI Innovation and Risk Management

Insurance Journal

Generative artificial intelligence (AI) has emerged as a new technology with the potential to completely reshape business practices and create new avenues for innovation. It will significantly impact virtually every industry sector.

Risk 296
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Making Friends with the Future: Agency Tech Moving at a Faster Pace than Ever Before

Insurance Journal

By Andrea Wells That used to be one of my biggest beefs as an agency owner — I have all of these pieces of tech and none of them talked to each other,” Vonda Copeland, co-owner and vice president of …

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Hurricane Milton Insured Loss Could Be $60 Billion, Similar to 2002’s Ian: RBC

Insurance Journal

Hurricane Milton could result in a $60 billion loss for the global insurance industry, creating a surge in 2025 reinsurance prices which could boost some insurance companies’ shares, analysts at RBC Capital said.

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Flaws of the Saffir-Simpson Scale: Wind Isn’t the Only Threat in Modern Hurricanes

Insurance Journal

The insurance industry faces significant challenges in covering catastrophic risks, especially as climate change drives more extreme weather events. With soaring premiums and increasing exclusions, the need for an accurate assessment of these risks is more important than ever.

Premium 291
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Honda Recalling 2 Million Vehicles Over Steering Issue

Insurance Journal

Honda Motor said it is recalling 2 million cars and SUVs in North America over an issue that can make steering more difficult and increase the risk of a crash.

Risk 290
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Lemonade Remains in the Red With $68M Loss in Q3

Insurance Journal

Insurtech Lemonade reported a third quarter 20243 net loss of nearly $68 million and a year-to-date loss of $172.2 million. Results were in comparison to a net loss of $61.5 during the same quarter and a loss of $194.

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Milton’s 123,000 Claims So Far to Mean New Pressure on Reinsurance, Rate Hikes

Insurance Journal

Property Insurance claims from Hurricane Milton had topped more than 123,000 by Sunday, with some $1.5 billion in estimated insured losses.

Claim 287
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Fla. DFS Offers to Check Contracts With Roofers, Adjusters; Tenn. Eyes Claims Denials

Insurance Journal

Officials in two Southeastern states have taken steps to hold insurers or recipients of insurance funds accountable after Hurricanes Helene and Milton spurred thousands of insurance claims.

Claim 280
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Crews Fight Large Brush Fire in Massachusetts; Separate Fire Kills 1

Insurance Journal

A woman died in an outdoor fire in Massachusetts at an encampment in Millbury on Saturday night and crews on Sunday were still fighting a large overnight brush fire in Salem as dry and windy conditions have raised the risk …

Risk 279
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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.

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Tesla ‘Full Self-Driving’ Faces Defect Probe After Fatality

Insurance Journal

The US opened a federal investigation into whether Tesla Inc.’s partial-automation system marketed as Full Self-Driving is defective after a series of crashes, one of which resulted in a fatality.

Liability 283
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Ambani’s Jio in Talks With Allianz for Insurance JVs in India

Insurance Journal

Jio Financial Services Ltd.

Insurance 280
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Nation’s Flood Insurance Program Is Making More Repeat Payouts

Insurance Journal

When Hurricane Helene barreled ashore last week, it caused devastating flooding across the southeastern U.S., including in the Shore Acres area of St. Petersburg, Florida. The neighborhood saw 6 feet of storm surge, which flooded roads and homes.

Insurance 286
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Agent Satisfaction With Insurers Holds Strong; Erie Tops for Personal Lines

Insurance Journal

Overall agent satisfaction with insurers of both personal lines and commercial lines has held strong despite a challenging underwriting environment, says a new J.D. Power study, with commercial lines satisfaction reaching an all-time high. According to the J.D.

Agents 287
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Global Commercial Insurance Rates See 1st Quarterly Decline in Seven Years: Marsh

Insurance Journal

Global commercial insurance rates fell 1% in the third quarter of 2024 from the previous quarter, which marked the first time the index has recorded a quarterly decline since the third quarter of 2017, according to the Global Insurance Market …

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Helene Claims in Florida Already More Than 65,700 – Far More than Idalia

Insurance Journal

The number of property insurance claims in Florida from Hurricane Helene had topped 65,700 by Tuesday, far more than the 25,000 seen in Hurricane Idalia a year ago, the Florida Office of Insurance Regulation reported.

Claim 285
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Claims from Hurricane Milton Continue to Rise in Florida

Insurance Journal

Almost two weeks after Hurricane Milton made landfall near Sarasota, Florida, as a Category 3 storm, claims and loss totals continue to rise. As of Oct.

Claim 278
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Florida CFO Bars Insurers From Altering Adjusters’ Reports Without Explanation

Insurance Journal

Almost two years after a group of independent claims adjusters alleged that insurers had deceptively altered their damage estimates and low-balled policyholders, Florida’s chief financial officer has issued an emergency rule barring similar actions in Hurricane Milton claims.

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State Investigating Tenn. Plastics Factory After Flooding Killed 11 Workers There

Insurance Journal

A Tennessee plastics factory kept workers going until it was too late to evacuate before Hurricane Helene flooding swamped the building, employees have said.

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State Farm Campaign Aims to Provide Smoke Alarms to 1,300+ Texas Homes

Insurance Journal

State Farm will provide smoke alarms to more than 1,300 Texas homes during the Out to Alarm Texas 2024 campaign, the Insurance Council of Texas shared.

Insurance 275
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Allstate Turns in Net Income of $1.2B After Q3 Hurricanes

Insurance Journal

Allstate Corp. said its net income attributable to common shareholders for the third quarter was about $1.2 billion compared to a loss of $41 million during the same time a year ago.

Insurance 272
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The Impact of 2 Storms and Claims Advice From a Second-Generation Insurance Agent

Insurance Journal

As if it were yesterday, I vividly remember going to my first catastrophic fire loss with my dad at the young age of nine. It was a house fire in Sarasota involving a resident falling asleep with a lit cigarette.

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Lloyd’s Focuses on Delegated Authority Arrangements as Looming Market Risk

Insurance Journal

While the Lloyd’s market reported its best first-half profit in 17 years, it isn’t resting on its laurels. It is carefully monitoring areas where potential vulnerabilities have been identified.

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Perrier Well Contamination Sparks Scrutiny for Luxe Water Brand

Insurance Journal

In the arid highlands near the town of Vergèze in southern France, the sun beats down on a small stone house as the buzz of cicadas fills the air.

Risk 278