Wed.Aug 07, 2024

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Severe Storms (Mostly in US) Account for 70% of Global Insured Natural Disaster Losses

Insurance Journal

Global insured losses from natural catastrophes totaled US$60 billion during the first half of 2024, or 62% above the 10-year average, according to preliminary estimates from Swiss Re.

Insured 299
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Examples of Hazards on Construction Sites and How to Build a Safety Culture

Central Insurance

Construction sites are full of potential hazards that can impact worker safety. From wearing PPE to conducting regular inspections, discover how to protect your team through a culture of safety. The post Examples of Hazards on Construction Sites and How to Build a Safety Culture appeared first on Central Insurance Blog.

Building 130
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Florida Insurer Can’t Object to Appraiser After the Award is Decided, 11th Circuit Says

Insurance Journal

If a property insurer is going to object to an appraisal panel member’s fee arrangement, it must do so early in the process – not after the panel provides an unfavorable, multimillion-dollar appraisal award.

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There’s a Wildfire Burning – What Do I Need to Know About Insurance?

Property Insurance Coverage Law

Wildfire season is here, and if you’ve experienced a loss, navigating your insurance claim can be daunting. Here’s what Californians need to know on day one to get your claim off on the right footing. Check Your Coverage Limits and Address Underinsurance Issues. Ideally, you already know your coverage details, but if not, review your … The post There’s a Wildfire Burning – What Do I Need to Know About Insurance?

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Energy Department Awards $2.2B to Strengthen Electrical Grid, Add Clean Power

Insurance Journal

The Department of Energy on Tuesday announced $2.2 billion in funding for eight projects across 18 states to strengthen the electrical grid against increasing extreme weather, advance the transition to cleaner electricity and meet a growing demand for power.

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How to manage fuel and freight price risks

Splash: Finance and Insurance

Gus Majed, the CEO of the Paratus Group, addresses the risk management gap in the global bunker fuel and freight markets. The global bunker fuel market, consuming approximately 3.5m barrels per day, alongside the global freight market, with a staggering 900m dwt in dry and wet tonnage, plays a critical role in the world economy.

Risk 116

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Top 6 East Coast Areas at Most Risk for Storm Surges

McMahon Insurance Agency

Storm surges pose a significant threat to coastal communities, often resulting in catastrophic flooding, extensive property damage, and loss of […]

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Survey: 78% of Ransomware Victims Paid and 74% Suffered Multiple Strikes

Insurance Journal

A survey of nearly 1,000 IT and security professionals shows numerous organizations were targeted by ransomware attacks in the past year with a high degree of success, with most paying a ransom—many of which paid multiple times.

Cyber 276
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Understanding Classification Rules in Workers’ Compensation

AMAXX

When it comes to managing workers’ compensation, understanding classification rules is fundamental. These rules not only influence the amount you pay in premiums but also help ensure that your company is correctly classified based on the work it performs. Misclassification can lead to costly errors, either by overpaying premiums or by facing penalties for underreporting risk.

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Airborne Bounce House Kills 1 Child, Injures Another at Baseball Game

Insurance Journal

One child was killed and another was injured after a wind gust blew a bounce house into the air at a baseball game in Maryland last Friday night, local officials said.

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Blog Post: Many Asylum Seekers Are Being Expelled, But Not Before Giving Up Their DNA

LexisNexis

The Border Chronicle, Aug. 6, 2024 "CBP’s sweeping DNA program places asylum seekers’ genetic profiles in a massive criminal investigations database without their knowledge.

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Fidelis Partnership Launches Renewables MGA Called ‘Novagen’

Insurance Journal

Pine Walk Capital Ltd., the specialist managing general agency platform and wholly owned subsidiary of The Fidelis Partnership (TFP), announced the launch of Novagen, a renewables MGA.

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CMS Releases 2025 Medicare Part D Bid Information and Announces Premium Stabilization Demonstration

PSM Brokerage

The Centers for Medicare & Medicaid Services (CMS) recently released preliminary technical Medicare Part D bid information for the 2025 contract year to assist Part D plan sponsors in finalizing their Part D and Medicare Advantage (MA) offerings. This preparation is crucial for the upcoming Medicare Open Enrollment period. Additionally, CMS has announced a voluntary demonstration to support the implementation of the redesigned Part D benefit, aiming to improve stability for Medicare benefici

Premium 52
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Federal Judge Tosses Much of Mexico’s Lawsuit Against US Gunmakers

Insurance Journal

A U.S. judge dismissed on Wednesday much of Mexico’s $10 billion lawsuit seeking to hold U.S. gun manufacturers responsible for facilitating the trafficking of firearms to violent drug cartels across the U.S.-Mexico border. U.S.

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Insurance Fraud Accountability Act

PSM Brokerage

Washington, D.C. – Senate Finance Committee Chair Ron Wyden, D-Ore., and five senators introduced a bill to apply criminal penalties to rogue insurance brokers who are changing Americans’ Affordable Care Act (ACA) marketplace plans without their knowledge or consent, and take other steps to strengthen consumer health insurance protections. “Predatory health insurance brokers are stealing money out of families’ pockets by leaving them with uncovered medical expenses, unexpected tax liabilities an

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Families of Loved Ones Left Decaying in Colorado Funeral Home Owed $950M

Insurance Journal

The Colorado funeral home owners who allegedly stored 190 decaying bodies and sent grieving families fake ashes were ordered by a judge to pay $950 million to the victims’ relatives in a civil case, the attorney announced.

Liability 263
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Brandi McKinney embraces service mindset as Big l Arkansas President

Relation

Article originally posted in Big I Arkansas publication for independent insurance agents of Arkansas. At a Big I convention back in 2004, Brandi McKinney was still a Yankee with a northern accent. Smitten by the Southern hospitality and family atmosphere she encountered, she said, “I’m going to be a big part of this.” Since then, […] The post Brandi McKinney embraces service mindset as Big l Arkansas President appeared first on Relation Insurance.

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Microsoft and Delta Trade Blame Over Crowdstrike Outage

Insurance Journal

Microsoft Corp. said Delta Air Lines Inc. turned down repeated offers for assistance following last month’s catastrophic system outage, echoing claims by CrowdStrike Holdings Inc. in an increasingly contentious conflict between the carrier and its technology partners.

Claim 262
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Distinguished Programs Announces New Sustainability Initiatives in Fine Art & Collectibles Program 

Distinguished

NEW YORK — Distinguished Programs (“Distinguished”), a leading national insurance program manager, has introduced new sustainability-focused initiatives within its Fine Art and Collectibles program , effective immediately. These initiatives reflect Distinguished’s commitment to environmental stewardship in the industry. The program now offers discounts for items stored in LEED-certified buildings, promoting environmentally responsible storage solutions for valuable collections.

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China Evergrande Group’s Liquidators Start Legal Action Against PwC

Insurance Journal

China Evergrande Group’s liquidators have launched court proceedings against PricewaterhouseCoopers LLP, another legal step to recover at least a fraction of creditors’ investments from the property giant.

Risk 262
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Did You Know You Can Change Your Insurance Carrier at ANY Time?

Wren Insurance Agency

When it comes to home and auto insurance - with very few exceptions - did you know that you can change your insurance carrier at any time? It's true! Whether you just signed up for a policy to meet a deadline but want to keep shopping your options, or if you're only a few weeks out from your renewal, you have the right to change your insurance carrier anytime you'd like.

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Flooding in Carolinas as Wind Losses Expected to Stay Below Re Retentions

Insurance Journal

Debby, downgraded to a tropical storm Tuesday, is expected to bring as much as 25 inches of rain and more flooding to parts of the Carolinas this week, exacerbating uninsured flood damage but keeping wind losses within limits.

Damage 261
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7 Questions to Ask Your Commercial Insurance Brokers Before Signing

Insurance Agent Near Me

Get prepared for your commercial insurance decisions by asking these 7 crucial questions to your brokers! The post 7 Questions to Ask Your Commercial Insurance Brokers Before Signing appeared first on Insurance Agent Near Me.

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Former Michigan State Football Coach Sues School Over His Firing

Insurance Journal

Former Michigan State University head football coach Mel Tucker is suing the university and school leaders, alleging that they wrongfully fired him last year and violated his constitutional rights after he was accused of sexual harassment.

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2024 Broker Services Survey Results and Takeaways

Zywave

The 2024 Broker Services Survey results and takeaways are in, and it’s time to dive into the results! What do employers really want from their brokers? We’ve gathered up the answers and there is so much to discuss! Each year Zywave conducts the Broker Services Survey to hear employers thoughts on the constantly evolving broker-client relationship.

Broker 52
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Small Tornado Briefly Swept Into Buffalo, Damaging Buildings, Scattering Tree Limbs

Insurance Journal

A small tornado took Buffalo by surprise Monday, damaging buildings, flipping cars and sending debris swirling over downtown. A spiraling column was caught on multiple videos shortly before 1 p.m.

Building 261
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Blog Post: OFLC Announces Final Decommission of the Permanent Online System

LexisNexis

OFLC, Aug. 7, 2024 "The Office of Foreign Labor Certification (OFLC) is making this public service announcement to alert employers and other interested stakeholders the legacy Permanent Online System, which provides public access to permanent labor certification applications and final determinations, will be fully decommissioned on December 1, 2024.

Agents 45
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King Insurance Partners Acquires Lincoln Group in Georgia

Insurance Journal

King Insurance Parnters, based in Gainesville, Florida, continues to expand with the acquisition of Lincoln Insurance Group in McDonough, Georgia. Lincoln is an independent agency that offers auto, home, life and commercial inurance coverage, King said in a news release.

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Blog Post: DALE Community Explainer: Updates on the Department of Homeland Security’s Recent Announcement on Extending Initial Grants of Deferred Action to Four Years

LexisNexis

NIPNLG, Aug. 5, 2024 "You may have heard that the Department of Homeland Security (DHS) recently updated some policies in Deferred Action for Labor Enforcement (DALE). This resource will explain some common questions for practitioners, advocates, and workers regarding the recent announcement extending initial grants from two to four years, and how that process relates to the January 2024 announcement on renewals (or “subsequent grants” as DHS refers to them).

Policy 45
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What Latest Ivans Index Shows About Commercial Lines Renewal Rate Changes

Insurance Journal

All major commercial lines premium renewal rates were higher in July than in June, except commercial property which decreased, according to the latest monthly Ivans Index.

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Fast-Moving Southern California Wildfire Torched Hillside Homes, Forcing Evacuations

Insurance Journal

A fast-moving wildfire that swept into a Southern California hillside community this week destroyed five homes and damaged three others, authorities said.

Damage 277
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Delta Passengers Sue Airline for Refusing Refunds After Massive Computer Outage

Insurance Journal

Delta Air Lines was sued by passengers who complained that the carrier refused to offer full refunds after delaying or canceling their flights in the wake of last month’s massive computer outage.

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Western Insurers Provide Cover for Russian Oil Despite Price Cap Concerns

Insurance Journal

A group of Western insurers have provided cover for tankers carrying Russian crude, keeping its oil flowing after many in the trade sector withdrew for fear of breaching the rules of a G7 price cap, data from traders and shippers …

Insurer 252
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Arkansas Fines PBMs $1.5M for Violating State Law

Insurance Journal

Arkansas Governor Sarah Huckabee Sanders and Insurance Department Commissioner Alan McClain announced Tuesday notices of penalties and hearings against four major pharmacy benefit managers (PBMs), Caremark, Magellan, Express Scripts, and MedImpact.

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