September, 2024

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Florida Storm Surge Swamps Nuclear Plant, Pro Golfer’s Home, Many More

Insurance Journal

Hurricane Helene’s storm surge along Florida’s western edges is being called the most devastating since 1921, responsible for destroying or heavily damaging hundreds of homes and businesses in the area.

Damage 363
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CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Altered Hurricane Damage Estimates by Claims Management

Property Insurance Coverage Law

In a shocking exposé aired last night on CBS’s 60 Minutes, allegations of widespread insurance fraud by insurance companies following Hurricane Ian were exposed. The investigative report featured testimony from whistleblowers who claim that insurance companies deliberately altered hurricane damage reports to underpay homeowners, leaving many Floridians struggling to rebuild their lives in the wake … The post CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Alt

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Blog Post: Unlocking Personalized Legal Drafting with DMS Connectivity

LexisNexis

By Madison Johnson, Esq. | Marketing Manager The current generation of commercial Generative Artificial Intelligence (Gen AI) tools have dazzled legal professionals with their capabilities for generating rough drafts of documents from scratch. But what they have quickly discovered to be missing are the reliability of accurate legal citations, personalized content that is unique to their law firm’s client experience, and the individual voice or perspective of the lawyer creating the legal documen

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Georgia switches to state-run health insurance Marketplace for 2025 coverage

Healthinsurance.org

In this article How do Georgia residents currently enroll in Marketplace coverage? Can residents use Georgia Access to enroll in 2024 coverage? What’s changing for residents who need Marketplace health insurance? What’s staying the same for Georgia Marketplace enrollees? What do Georgia enrollees need to do this fall? Starting Nov. 1, 2024, Georgia residents will use a state-run health insurance enrollment platform, Georgia Access , to shop for and enroll in Marketplace health coverage for 2025.

Premium 119
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WHERE THERE’S SMOKE, THERE’S PROBABLY DAMAGE

Rough Notes

That’s true, even if the fire is far away [A] court in Oregon ordered an insurer to provide income coverage to an acting company that had to cancel performances because wildfire smoke had infested its theatre and was deemed hazardous to audience members. By Joseph S.

Damage 114
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Cargo dispute detains vessel in Chattogram

Insurance Marine News

You need to be logged in to view this content. Please Log In. Not a Member? Join Us The post Cargo dispute detains vessel in Chattogram appeared first on Insurance Marine News.

Marine 110

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Better Medicare Alliance Report: State of Medicare Advantage 2024

PSM Brokerage

State of Medicare Advantage 2024 Better Medicare Alliance | Report Download The Medicare Advantage program is expanding and becoming increasingly diverse, serving as an affordable healthcare option for many Medicare-eligible seniors in America. This growth is driven by the program's ability to offer comprehensive coverage, including additional benefits such as vision, dental, and wellness programs, which are not typically covered under traditional Medicare.

Agents 105
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Blog Post: LexisNexis Protégé™ Legal AI Assistant Marks Transition to Personalized Gen AI for Lawyers

LexisNexis

By: Serena Wellen, Vice President of Product Management, LexisNexis It was less than one year ago when LexisNexis debuted Lexis+ AI â„¢ , the first comprehensive legal research solution powered by generative artificial intelligence (Gen AI) trained for the legal profession, ushering in a new era in legal research. This summer, we stirred up an industry-wide buzz with the announcement of the U.S.

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US Nuclear Verdicts Break Records and Drive Social Inflation to 7% in 2023: Report

Insurance Journal

Nuclear verdicts in the United States are breaking records with 27 court cases each awarding compensation of more than US$100 million during 2023, according to Swiss Re executives.

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Helene Dumps Rain on Millions of US Homes That Lack Flood Insurance

Insurance Journal

On Thursday night Helene crashed into Florida’s coast as a Category 4 hurricane. The giant storm with 140-mile-per-hour winds made landfall close to where Hurricane Debby hit in August and where Idalia struck just over a year ago.

Insurance 334
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Why US Home Insurance Rates Are Rising Fast – Climate Change Plays a Big Role

Insurance Journal

Millions of Americans have been watching with growing alarm as their homeowners insurance premiums rise and their coverage shrinks. Nationwide, premiums rose 34% between 2017 and 2023, and they continued to rise in 2024 across much of the country.

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US Property Insurance Rates Fall for First Time Since 2017

Insurance Journal

US property insurance rates are decreasing for the first time in almost seven years, after insurers returned to profitability amid lower losses tied to catastrophes. The average US property insurance rate decreased 0.

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Update: NYC’s Largest Cab Insurer Ordered to Explore Sale After Losses

Insurance Journal

New York’s insurance regulator ordered American Transit Insurance Co. to immediately find capital and explore a sale in a damning report laying out its severe financial condition.

Insurer 328
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State Farm Posts Worst HO Loss Ratio Since 2011; Peers Recover: S&P

Insurance Journal

State Farm was the only one of 10 major players in the homeowners insurance market reporting a worse second-quarter loss ratio for the line than it did in 2023, according to a new analysis.

Insurer 317
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FBI Disrupts Vast Chinese Hacking Operation That Infected Consumer Devices

Insurance Journal

The FBI has disrupted a group of hackers working at the direction of the Chinese government who targeted universities, government agencies and other organizations, Director Chris Wray said last week.

Cyber 312
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Report: Over 250,000 US Properties Have Repeated NFIP Claims

Insurance Journal

More than a quarter million U.S. properties have repeated claims for federal flood insurance, costing the National Flood Insurance Program billions of dollars in claims, according to new federal data compiled by the National Resources Defense Council.

Claim 312
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Insured Losses Top $5B With Heavy Flooding But Few Covered by Flood Insurance

Insurance Journal

Estimates of insured losses from Hurricane Helene continue to range around $5 billion, not including flood insurance losses, as the death toll in the Southeast continued to rise, approaching 100 by Monday morning.

Insurance 306
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Landlords Face a $1.5 Trillion Commercial Real Estate Maturity Wall

Insurance Journal

Landlords for offices, apartment complexes and other commercial real estate have $1.5 trillion of debt due by the end of next year, and about a quarter of that borrowing could be hard to refinance, according to Jones Lang LaSalle Inc.

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New York City Weighs Slashing Cab Insurance 75% to $50,000 to Aid Drivers

Insurance Journal

The New York City Council will introduce legislation this week that would drastically reduce the amount of insurance coverage taxi and ride-share vehicles are required to maintain, looking to contain potential fallout from the insolvency of the city’s largest taxi …

Insurer 306
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Cyber Hits All-Time High Concern for Business Leaders, Says Travelers Risk Index

Insurance Journal

For the fourth time in six years, cyber risk ranked highest as a concern for business leaders. In fact, this year cyber as a top concern reached an all time high, according to the 2024 Travelers Risk Index.

Cyber 306
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Western States Top Wildfire Risk Scores in New Analysis

Insurance Journal

California, Oregon, Colorado, Washington and Arizona are the states most at risk for wildfires, earning an “F” rating, according to a new analysis by Guidewire detailing wildfire risk in the U.S. at local, state, and national levels.

Risk 312
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Home Insurance Customers Staying Put Despite More Shopping Around: J.D. Power

Insurance Journal

Chubb, AIG, and Amica lead other insurers in J.D. Power’s assessment of customer satisfaction for home insurance, but the consumer intelligence company said more people are shopping around. The good news for insurers is that only 2.

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Tallahassee, Atlanta Dodge a Bullet, But Thousands of Claims Are Expected

Insurance Journal

Hundreds of claims adjusters were set to move out across Florida, Georgia and western parts of the Carolinas Friday morning as Hurricane Helene brought high storm surge and 140 mph winds to a region that has faced three hurricanes in …

Claim 299
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People Moves: AXA XL Promotes Flanagan to Lead P&C Bermuda; Intangic Names Cryer as Dir. of Client Solutions; Dale Names Daniel Head of Global Property Reinsurance

Insurance Journal

This edition of International People Moves details appointments at AXA XL Bermuda, the MGA Intangic, and the Lloyd’s insurer Dale Underwriting Partners. A summary of these new hires follows here.

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Report: Cybersecurity Claims for Data Loss Vary Broadly

Insurance Journal

Cybersecurity claims reported in recent years vary sharply, with larger claims reaching $500 million of data loss and smaller claims as low $1,000. NetDilligence released its annual report, which analyzes 10,464 claims from incidents between 2019 and 2023.

Claim 297
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New York Regulator Orders Taxi Insurer to Weigh Sale After Losses

Insurance Journal

New York’s insurance regulator issued a damning report laying out the severely flawed financial condition of New York’s largest insurer of taxis and for-hire vehicles, as well as dozens of potential financial improprieties and accounting problems, warning that the consequences …

Insurer 306
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How One Florida Engineer Charged Others With Fraudulent Insurance Reports, Testimony

Insurance Journal

He’s been called “eccentric,” a “do-gooder,” a “troublemaker” and a whistleblower. And he may be the best friend the Florida property insurance industry has.

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Los Angeles to Pay $38M For Failing to Make Affordable Housing Accessible

Insurance Journal

The city of Los Angeles will pay $38.2 million to settle a 2017 lawsuit after “falsely” stating on federal documents that its multifamily affordable housing units built with federal funds were accessible for people with disabilities.

Claim 305
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Unnamed Storm in Carolinas Caused $7 Billion in Damage, AccuWeather Says

Insurance Journal

The storm that swamped parts of the Carolinas this week wasn’t organized enough to be named but it still has caused $7 billion in damage, according to a preliminary estimate from AccuWeather.

Damage 299
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Mutual Insurers Chase Rate Adequacy, Financial Strength Remains Strong: AM Best

Insurance Journal

The U.S. property/casualty mutual segment has leaned on investment income to maintain strong overall financial performance and grow surplus in the face of underwriting volatility and severe weather-related activity, according to an AM Best report.

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Coastal Carolina Gets 1,000-year Rainfall Event from Storm System

Insurance Journal

Parts of North Carolina saw something Monday that has not been seen in hundreds, perhaps 1,000 years – 18 inches of rain in half a day. That’s “once in every 1,000 years!

Insurer 299
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Florida Home Inspector Used Stock Photos 200 Times, Defrauding Citizens, DFS Says

Insurance Journal

A Florida home inspector allegedly used the same stock photographs in more than 200 home and wind-mitigation inspections, costing Citizens Property Insurance Corp. more than $88,000, the state Department of Financial Services said after the man was arrested.

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Hospital to Pay $65M to End Suit Over Cyber Attack That Exposed Patients’ Nude Photos

Insurance Journal

Lehigh Valley Health Network has agreed to a $65 million settlement of a class action with patients and employees affected by a 2023 ransomware attack that exposed personal and medical information including nude photos of patients.

Cyber 298
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Risks Too Big for Insurers Just Fed a $200 Billion Market Boom in Captives

Insurance Journal

As the market for in-house insurance surpasses a record $200 billion, the underlying reasons for that boom show how a hotter, less stable planet is redrawing the risk map for corporations.

Risk 298