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Few things send shivers down a policyholders spine faster than discovering that an otherwise valid claim has been sunk by a missed filing deadline. Travelers CasualtyInsurance Company of America. That is exactly what happened in a case decided last week,The Renaissance on Memorial, L.L.C.
Few things send shivers down a policyholders spine faster than discovering that an otherwise valid claim has been sunk by a missed filing deadline. Travelers CasualtyInsurance Company of America. That is exactly what happened in a case decided last week,The Renaissance on Memorial, L.L.C.
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. “Any move …
The casualtyinsurance market is currently experiencing unprecedented volatility, with significant pricing fluctuations and escalating loss costs becoming the norm. Bill Chepulis, Head of Large Casualty for Zurich North America, noted that the market in 2025 will likely resemble the challenging conditions of recent years.
Note: This guest blog is by Frank Lombard, CPCU, ARM, an independent property/casualtyinsurance advisor. Not a day passes without reading something about double-digit increases in the cost of home insurance. The insurance industry claims the increases are a result of inflation, climate change, and consumers filing more claims.
Floridas legislative reforms to address claim fraud and legal system abuse are stabilizing the states property/casualtyinsurance market, according to the latest Triple-I Issues Brief. This competition from the private market has allowed policyholders to leave Citizens Property Insurance Corp.
Legislative reforms put in place in 2022 and early 2023 to address legal system abuse and assignment-of-benefits claim fraud in Florida are beginning to help the state’s property/casualtyinsurance market recover from its crisis of recent years, according to a new Triple-I Issues Brief. With only 15 percent of U.S.
Opaque, ill-defined language empowers predatory “ billboard attorneys ” to define these terms themselves, contributing to pervasive policyholder distrust, said Jeff Sauls, Farmers Insurance head of legislative affairs. We want to pay claims as expeditiously as possible…. Clear communication is key, the participants agreed.
The property & casualtyinsurance industry’s combined ratio – an indicator of underwriting profitability – is forecast at 100.7 Combined ratio represents the difference between claims and expenses paid and premiums collected by insurers. for 2022, up 1.2
There is inflation and its pressure on claims costs, whether it’s medical or it is physical damage to homes and businesses. Some customers can’t afford their insurance and they are decreasing the amount of insurance they have or not purchasing it all together. We are starting to see it on homeowners insurance.
You’ve gotten lazy on studying the different types of insurance which impacts your ability to navigate your client’s needs. I spoken with thousands of insurance agents, many of whom are venturing out on their own for the first time. What is an Insurance Sales Agent? Is life insurance sales a good career?
The Casualty Actuarial Society (CAS) has added to its growing body of research to help actuaries detect and address potential bias in property/casualtyinsurance pricing with four new reports. The latest reports explore different aspects of unintentional bias and offer forward-looking solutions.
However, contamination events and ensuing recalls can lead to a variety of other claims that implicate a number of other coverages, including liability coverage for claims against officers and directors addressing the company’s internal contamination risk and safety policies and procedures. Blue Bell Creameries USA, Inc.
Property and casualtyinsurers are no less concerned, as the cost of repairing and replacing damaged property is a driver of claim costs and, ultimately, policyholder premiums. Tariffs and threats of tariffs have been roiling financial markets since January.
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