Insurance Journal
JULY 18, 2024
An incident at the Vineyard Wind offshore wind energy project this week that scattered shards of fiberglass across Massachusetts beaches was the latest in a series of failures involving wind turbines built by GE Vernova.
CDC: Workers Compensation
JULY 29, 2024
Three-dimensional (3D) printing has become more popular in recent years. These printers can create objects by building them layer by layer from a digital design. 3D printing is an important part of modern innovation because it speeds up the design and testing of new ideas. It can also help produce complex and precise parts. The National Institute for Occupational Safety and Health (NIOSH) is working to minimize the potential health and safety risks from using 3D printers.
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Insurance Journal
JULY 15, 2024
Against a backdrop of intensifying climate protests targeting Wall Street, the heavyweights of US finance are pushing back against what they characterize as a fundamentally flawed debate.
Insurance Journal
JULY 16, 2024
Yield-hungry insurance firms are adopting an unconventional strategy: they’re skipping mortgage-backed bonds and buying the underlying whole loans outright. It’s a trend that’s picked up pace over the last few years.
Insurance Journal
JULY 31, 2024
Natural catastrophes caused about $62 billion of insured losses in the first half of 2024 — roughly 70% above the 10-year average — as extreme wildfires, droughts and floods upend historical norms.
Insurance Journal
JULY 21, 2024
Reinsurance in Florida’s long-stressed property insurance market was supposed to have stabilized this year – with moderate rate increases and more availability.
Insurance Journal
JULY 24, 2024
The total direct financial loss facing the US Fortune 500 companies, excluding Microsoft, from the CrowdStrike outage on July 19 is $5.4 billion, modeling and insurance services firm Parametrix estimates.
Insurance Industry Brief brings together the best content for insurance professionals from the widest variety of industry thought leaders.
Insurance Journal
JULY 29, 2024
The U.S. homeowners insurance segment suffered a $15.2 billion underwriting loss in 2023, more than double the loss seen in the previous year and the line’s worst underwriting results since at least 2000, according to a new AM Best report.
Insurance Journal
JULY 21, 2024
Insurers could face a raft of business interruption claims after a worldwide tech outage crippled industries from travel to finance on Friday, insurance industry experts said.
Insurance Journal
JULY 17, 2024
California will have to build public charging stations at an unprecedented — and some experts say unrealistic — pace to meet the needs of the 7 million electric cars expected on its roads in less than seven years.
Insurance Journal
JULY 31, 2024
Damaging earthquakes that rocked West Texas in recent days were likely caused by oil and gas activity in an area that has weathered tremors for decades, according to the U.S. Geological Survey.
Insurance Journal
JULY 28, 2024
Allstate’s Florida subsidiaries are nonrenewing some 33,000 condominium unit policies over the next several months, delivering another blow for beleaguered condo owners across the state.
Insurance Journal
JULY 16, 2024
Progressive Corp. today reported second quarter 2024 results of about $1.5 billion and a combined ratio of 91.9. Results for the Mayfield Village, Ohio-based insurer are in comparison to second quarter 2023 net income of $345.
Insurance Journal
JULY 22, 2024
Industry stakeholders continue to try to get a grasp of the implications from last week’s massive technology outage affecting motley industries around the world, but the theme of policy language is reoccurring for a cyber insurance industry not known for …
Insurance Journal
JULY 23, 2024
The national auto insurance shopping and quoting rate reached a new high between April and June, but many insurers appear to have achieved or are approaching rate adequacy, “which should lead to less rate activity and perhaps less shopping in …
Insurance Journal
JULY 19, 2024
A software update wreaked havoc on computer systems globally on Friday, grounding flights, forcing some broadcasters off air and hitting services from banking to healthcare.
Insurance Journal
JULY 30, 2024
Delta Air Lines has hired a law firm and will seek compensation from Microsoft and CrowdStrike over a global cyber outage earlier this month that disrupted flights around the world, CNBC reported on Monday.
Insurance Journal
JULY 23, 2024
Hackers have leaked internal documents stolen from Leidos Holdings Inc., one of the largest IT services providers to the US government, according to a person familiar with the matter.
Insurance Journal
JULY 23, 2024
The highest court in Massachusetts has ruled that rainwater accumulation on roofs of buildings does not constitute “surface waters” within the meaning of “flood” in property insurance policies.
Insurance Journal
JULY 23, 2024
A growing homeowners insurance crisis for Californians is straining brokers who must work harder to get increasingly expensive and more frequently unavailable coverage for their clients, a crisis many of them blame on regulations and wildfires.
Insurance Journal
JULY 18, 2024
A new report warns that compounding natural disasters introduce new, interconnected, and complex risk scenarios — and points to a need to reimagine efforts that support disaster preparedness, mitigation, and recovery “in an era of intensifying extreme weather-climate events and …
Insurance Journal
JULY 26, 2024
A massive wildfire in Northern California has destroyed an undetermined number of buildings and is threatening thousands or properties, prompting thousands of evacuations orders, as it continued to rage on Friday morning.
Insurance Journal
JULY 23, 2024
Maryland Attorney General Anthony G. Brown reports that a grand Jury for Prince George’s County has handed down two indictments charging an Upper Marlboro woman with insurance fraud.
Insurance Journal
JULY 16, 2024
Two recent reports reflect trends in Florida’s property insurance market, including the continued growth of surplus lines’ business and an uptick last year in litigation costs for carriers.
Insurance Journal
JULY 12, 2024
Catastrophic events, such as major hurricanes and the Sept. 11 terrorist attacks, traditionally have led to hard markets that in turn drove the formation of startup reinsurers to fill capacity needs.
Insurance Journal
JULY 29, 2024
Insurer Nationwide said late last week that it is reducing its headcount by about 5% over the next year. “We can’t speculate on the total number of job impacts,” said Nationwide in a statement.
Insurance Journal
JULY 23, 2024
Britain’s Environment Agency on Tuesday lambasted the country’s water companies for spewing sewage into rivers and seas, saying the majority of them were failing to get the basics right, as it outlined plans for a tougher regulatory approach.
Insurance Journal
JULY 22, 2024
A half-dozen Maui wildfire victims sued a group of insurers, including State Farm and Allstate, accusing them of throwing a wrench into a tentative $4 billion deal to settle their claims.
Insurance Journal
JULY 16, 2024
A once in 200-years storm dumped 11 inches of rain over four hours on the central Massachusetts town of Leominster in September, washing away culverts, creating a sinkhole that swallowed cars at a dealership and flooding the city council chambers …
Insurance Journal
JULY 26, 2024
This post is part of a series sponsored by Dyad. In today’s rapidly evolving digital landscape, customer experience is paramount across all industries, including insurance.
Insurance Journal
JULY 26, 2024
A police investigation into the crash and explosion that killed two people in a high-powered luxury car at a Niagara Falls border crossing last year has concluded with the crash’s cause still a mystery, authorities said.
Insurance Journal
JULY 19, 2024
Estimated industry insured losses to onshore property from wind in the U.S. for Hurricane Beryl will range between $2 billion to $3 billion, Verisk’s Extreme Event Solutions business unit said.
Insurance Journal
JULY 25, 2024
Two fishermen are safe after a whale crashed onto their boat, capsizing it off the New Hampshire shore, according to the U.S. Coast Guard. The incident occurred Tuesday near Odiorne Point State Park in Rye.
Insurance Journal
JULY 25, 2024
Uber Technologies Inc. and Lyft Inc. can keep classifying California drivers as independent contractors, after the state’s top court said a company-backed law passed by voters doesn’t wrongly curtail the legislature’s power over worker protections.
Insurance Journal
JULY 26, 2024
California Insurance Commissioner Ricardo Lara said on Friday that he and the California Fair Plan have agreed to establishing a new high value commercial coverage option with limits up to $20 million per building and other steps that he said …
Insurance Journal
JULY 25, 2024
The U.S. Federal Trade Commission has launched a study of products that could allow companies to set different prices for consumers based on their locations, past purchases, and other personal data.
Insurance Journal
JULY 28, 2024
Trapped inside a car, the adult black bear and cub thrashed about. The horn was blaring and the radio blasting. Outside the car, a second cub ran around in apparent distress by the Connecticut home.
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