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 310
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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

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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 240
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Boost security with these top retail story safety tips.

Frankenmuth Insurance

Setting up or running the small business of your dreams? Reduce your risks with these 13 retail store safety tips: Step up your security. Minimize crime with security cameras, ample exterior lighting, and alarm systems. Ensure your security cameras cover key entrances and blind spots and invest in quality equipment. Teach team members how to turn alarms on and off.

Crime 112
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It was only a three-day strike, but huge cargo backlog sits in Atlantic

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post It was only a three-day strike, but huge cargo backlog sits in Atlantic appeared first on Insurance Marine News.

Marine 111
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The Prudential Advantage: Insights From A licensed Life Insurance Agent

RiskQuoter

Prudential is one of the most competitive life insurance companies for high risk health issues such as HIV, cancer, heart disease, diabetes, as well as for tobacco users, private pilots and much more. The post The Prudential Advantage: Insights From A licensed Life Insurance Agent appeared first on RiskQuoter.com.

License 89
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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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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 97
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Hear from Injured Workers and Join Paradigm in Supporting Passion, Purpose, and Kids’ Chance at National Comp

AMAXX

Paradigm is back as a Gold Sponsor for the 2024 National Workers’ Compensation and Disability Conference , October 15-17, in Las Vegas. While visiting booth #927 on the convention floor, you’re invited to share your passion and purpose in our What’s Your Why?: Portraits of Purpose booth experience. An onsite artist will transform your reasons into one unifying illustration—and for every response, Paradigm will make a donation to Kids’ Chance of America on your behalf.

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September’s Russian strike on bulk carrier off Romania was probably unintentional, says MoD

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post September’s Russian strike on bulk carrier off Romania was probably unintentional, says MoD appeared first on Insurance Marine News.

Marine 110
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AI-powered attacks are growing: Is your company ready?

Frankenmuth Insurance

AI-powered attacks are a significant concern for individuals and businesses. They use advanced methods to exploit vulnerabilities and breach security measures, making traditional defenses less effective. To help protect your business from AI-powered attacks, you need a baseline understanding of the threats and the resources to stand up to them. Not sure where to start?

Cyber 91
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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 290
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Hurricane Helene National Flood Insurance Proofs of Loss Deadline Extended for 120 Days From 60 Days

Property Insurance Coverage Law

While better than nothing, the deadline to file federal flood proofs of loss has been extended to 120 days from the flooding of Hurricane Helene. It should have been for a year, as was common following catastrophic hurricanes. Here is the language granting the extension: To allow enough time for policyholders to evaluate their losses, … The post Hurricane Helene National Flood Insurance Proofs of Loss Deadline Extended for 120 Days From 60 Days appeared first on Property Insurance Coverage

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How Much Is The Average Car Payment In America? Plus 21 Auto Loan Stats!

Simply Insurance

The average car payment in the United States is more than $550 per month, and the total auto loan debt in the country has reached more than $1.1 trillion?

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Workers’ Comp Claims Audit: Initial Action Plan Checklist

AMAXX

Claims audits and reviews are one of the most commonly used tactics by companies to control workers’ compensation costs. In fact, according to the RIMS 2009 Annual Benchmark Survey, 90% of companies had conducted a claim audit or review of at least some of their claims within the previous six months. These audits ensure that each claim is handled efficiently and in compliance with state regulations while also identifying areas for cost containment.

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California’s Governor Newsom vetoes Maritime Safety Bill

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post California’s Governor Newsom vetoes Maritime Safety Bill appeared first on Insurance Marine News.

Marine 105
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Protecting Workers on the Roadways: The Use of Truck-Mounted Attenuators in the Fire and Emergency Services

CDC: Workers Compensation

Workers who respond to roadway emergencies, such as vehicle crashes, can face multiple hazards. Working at roadway incidents frequently exposes responders to potentially being struck by passing motor vehicle traffic leading to serious injury or death. These secondary crashes during responses to roadway incidents contribute to about 50 emergency responder fatalities and injuries annually.[1][2] Additionally, crashes during roadway incident responses can cause extensive property damage to agency e

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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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Plans revealed for $500m shipping fund in India

Splash: Finance and Insurance

India’s Alphard Maritime Group has set out to establish a $500m shipping fund in the country’s new financial services centre, Gujarat International Finance Tec-City (GIFT City). The plan is for Alphard to contribute Rs500 crore, while partners would provide another Rs4,500 crore to Indian shipowners looking to acquire assets worth between $10m and $20m.

Insured 88
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Blog Post: CaseMap+ Brings AI Capabilities to Leading Case Analysis Software for Litigators

LexisNexis

The legal industry continues to grow more comfortable with the adoption of artificial intelligence (AI) technology in the business and practice of law. Seven in 10 law firm leaders believe AI-powered tools will enable new value-added work product for clients and nearly half (47%) are exploring new billable opportunities for client service as a result of AI technology, according to a survey conducted this year by LexisNexis.

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2 Major Types of Transitional Duty in Workers’ Compensation

AMAXX

In the world of workers’ compensation, one of the most powerful strategies for managing costs while helping injured employees return to work is the implementation of a transitional duty (TD) program. Transitional duty allows employees to return to the workplace in a modified capacity while they continue to recover from their injuries. These programs offer significant benefits, not only by speeding up recovery but also by minimizing the financial impact of workers’ compensation claims

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Containers to be discharged from inoperative container ship

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Containers to be discharged from inoperative container ship appeared first on Insurance Marine News.

Marine 104
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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.

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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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Hong Kong Chamber of Shipping established

Splash: Finance and Insurance

The Hong Kong Chamber of Shipping was launched yesterday as a body designed to boost the city’s credentials as an international maritime centre. CY Leung, former head of the territory, is one of the chamber’s co-founders, with Hing Chao, the head of Wah Kwong Maritime Transport, serving as its chairman.

Insured 70
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The Importance of Regular Policy Reviews for Life Insurance

Boyle Agency Insurance

Life insurance is a crucial financial tool that provides protection for you and your loved ones. However, as life unfolds, your insurance needs may change due to significant life events. Regular policy reviews are vital to ensure your life insurance coverage remains relevant and adequate throughout life’s various milestones. Life Event: Marriage Marriage marks a significant life event where you share financial responsibilities with your spouse.

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Best Practices to Prepare for a Workers’ Comp Claim Audit or Review

AMAXX

When managing workers’ compensation, a claim audit or review is a crucial opportunity for employers, carriers, TPAs (Third-Party Administrators), and brokers to come together and optimize claim-handling practices. This structured communication event is not just a formality but a powerful tool for identifying issues, aligning expectations, and ultimately reducing the costs associated with claims.

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Bulk carrier a long-time resident of Algerian port

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Bulk carrier a long-time resident of Algerian port appeared first on Insurance Marine News.

Marine 104
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Is Your Website Safe? How To Stay Secure Amid Increasing Cyber Threats

Neilson Marketing Services

In today’s digital age, the frequency and sophistication of cyberattacks are escalating at a staggering pace. Once every 11 seconds , somebody falls victim to a cyberattack, and in 2024 alone, six in 10 businesses have suffered a ransomware attack. For businesses in the insurance sector, which handles vast amounts of sensitive client data, this threat is especially menacing.

Cyber 105
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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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Changes to federal rules could draw newcomers to open enrollment, which starts Nov. 1

Healthinsurance.org

Minneapolis, MN – Open enrollment for Affordable Care Act (ACA) health plans begins Nov. 1, and several changes could help bolster enrollment. Healthinsurance.org explains what’s changing, including new eligibility for DACA recipients, state-specific developments and new duration limits on short-term health insurance plans. In most states, open enrollment for 2025 Marketplace coverage is Nov. 1, 2024, through Jan. 15, 2025.

Premium 81
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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.

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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 275
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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 277
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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 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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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.

Insured 259