Business Insurance - _Risk Management
|Dollar General settles race bias lawsuit for $6 million
Dollar General stores operator Dolgencorp LLC will pay $6 million to settle a class race discrimination lawsuit filed by the EEOC, which charged it with denying employment to African-Americans at a significantly higher rate than to white applicants for failing the company’s broad criminal background check.
POSTED NOVEMBER 18, 2019 4:51 PM
|Lawsuit against Boeing seeks to hold board liable for 737 MAX problems
(Reuters) — A shareholder lawsuit filed on Monday accused Boeing Co.’s board of doing nothing to investigate the safety of the 737 MAX until the fast-selling plane suffered a second deadly crash in five months.
POSTED NOVEMBER 18, 2019 4:20 PM
|Target sues Chubb in connection with 2013 data breach
Target Corp. filed suit against Chubb Ltd. in federal district court Friday, charging the insurer improperly refused to indemnify it for its $138 million settlement with financial institutions in connection with its December 2013 data breach.
POSTED NOVEMBER 18, 2019 2:15 PM
|Insurance sector considers more ways to improve diversity
Organizations in the insurance sector have made progress in improving diversity in their workforces, but they should adjust their strategies to make more advances, a panel of experts said.
POSTED NOVEMBER 18, 2019 1:26 PM
|Hiscox to stop writing casualty reinsurance
Hiscox Ltd. on Monday confirmed it will stop writing casualty reinsurance, citing “ongoing, challenging market conditions.”
POSTED NOVEMBER 18, 2019 1:06 PM
News – Insurance Journal
|West Virginia Judge Asks State Supreme Court to Decide Fate of Church Abuse Case
A West Virginia judge is looking to the state Supreme Court for guidance after dismissing a case that alleges a Catholic diocese and its former bishop knowingly employed pedophiles. Wood County Circuit Court Judge J.D. Beane on Nov. 6 tossed …
POSTED NOVEMBER 18, 2019 11:49 PM
|Civilian Pane Crash Deaths Rose 15% in 2018
Federal safety officials say that 393 people died in U.S. civilian plane crashes last year, a 15% increase over the year before. All but a dozen of the deaths occurred in general aviation, which usually involves small private planes. However, …
POSTED NOVEMBER 18, 2019 11:37 PM
|FEMA Upholds Decision to Deny Individual Assistance After Illinois Flooding
A federal agency upheld its decision to deny financial assistance to Illinois residents and business owners affected by historic flooding despite granting the state public aid. The Federal Emergency Management Agency’s decision will impact about 1.4 million residents and homeowners …
POSTED NOVEMBER 18, 2019 5:20 PM
|Missouri Police Officer’s $20M Lawsuit Award to Be Mediated
A St. Louis County police officer has agreed to mediation to reach a settlement and avoid court appeals, weeks after a jury awarded him $20 million to resolve his lawsuit alleging he suffered discrimination because he is gay. The St. …
POSTED NOVEMBER 18, 2019 5:18 PM
|Walsh Appointed Marine Underwriter Michigan’s J.M. Wilson
Portage, Michigan-based managing general agency and surplus lines broker, J.M. Wilson, has added Jim Walsh as a marine underwriter. He will be responsible for working with marine carriers and agents for both commercial and personal ocean marine and wet inland …
POSTED NOVEMBER 18, 2019 5:16 PM
The trusted source of unique, data-driven insights on insurance to inform and empower consumers.
|Opioids and Workers’ Compensation
By Max Dorfman, Research Writer, Insurance Information Institute As the opioid epidemic continues to roil the country, it’s easy to forget the number of issues that contribute to its severity. Indeed, for workers injured on the job, compensation can include opioid treatments—which can lead to opioid dependence. With this subject in mind, I spoke to … Continue reading Opioids and Workers’ Compensation
POSTED NOVEMBER 18, 2019 4:28 PM
|From the I.I.I. Daily: Our most popular content, November 8 to November 14
Here are the 5 most clicked on articles from this week’s Triple-I Daily newsletter. Race discrimination standards hang in the balance as Supreme Court takes up Comcast suit, Washington Post Triple-I Non-resident scholars announced Nationwide ‘Express’ portal promises agents multiple product quotes in 2 minutes, Insurance Journal Why James River Insurance dumped Uber account, Insurance … Continue reading From the I.I.I. Daily: Our most popular content, November 8 to November 14
POSTED NOVEMBER 16, 2019 12:07 PM
|Hurricane Michael insured losses reach $7.4 billion
Insured losses associated with 2018’s Hurricane Michael reached almost $7.44 billion, according to a recent Florida Office of Insurance Regulation (FOIR) update. The losses consist of residential and commercial property, private flood and business interruption insurance, and miscellaneous coverages. There were 149,773 claims made, and 89 percent of them were closed. Hurricane Michael became a Category 5 … Continue reading Hurricane Michael insured losses reach $7.4 billion
POSTED NOVEMBER 15, 2019 5:42 PM
|Despite Safer Skies, Aviation Claims Rise: What’s Up With That?
Flying has never been safer. You’re more likely to die from being attacked by a dog than in an airline accident (see chart). And yet, according to a recent Allianz Global Corporate & Specialty (AGCS) report, the aviation sector’s insurance claims continue to grow in number and size. The report – Aviation Risk 2020 – … Continue reading Despite Safer Skies, Aviation Claims Rise:
What’s Up With That?
POSTED NOVEMBER 12, 2019 6:59 PM
|From the Triple-I Daily: Our most popular content, October 31 to November 7
Here are the 5 most clicked on articles from this week’s Triple-I Daily newsletter. New insurance broker abolishes fixed hours and limits on holiday, Financial Times California puts former Berkshire Insurance unit under state control, Wall Street Journal Floridians no longer have luxury to pretend climate change isn’t real, Sun Sentinel Triple-I Latest Studies – … Continue reading From the Triple-I Daily: Our most popular content, October 31 to November 7
POSTED NOVEMBER 09, 2019 12:00 PM
|Florida’s AOB Crisis: A Social-Inflation Microcosm
Never heard of “social inflation”? It’s a fancy term to describe rising litigation costs and their impact on insurers’ claim payouts, loss ratios, and, ultimately, how much policyholders pay for coverage. While there’s no universally agreed-upon definition, frequently mentioned aspects of social inflation are growing awards from sympathetic juries and a trend called “litigation funding”, … Continue reading Florida’s AOB Crisis:
A Social-Inflation Microcosm
POSTED NOVEMBER 08, 2019 4:50 PM
|House Panel Approves Terrorism Insurance Backstop Reauthorization
The House Financial Services Committee on October 31 approved an amended version of the Terrorism Risk Insurance Program Reauthorization Act of 2019 that would require the Government Accountability Office (GAO) to report on cyberterrorism risks and the Department of Treasury to issue a biennial report that includes “disaggregated data on places of worship.” The Terrorism … Continue reading House Panel Approves Terrorism Insurance Backstop Reauthorization
POSTED NOVEMBER 07, 2019 7:15 PM
|Deer season creates road hazards
By Max Dorfman, Research Writer, Insurance Information Institute Deer season—which usually runs from October through December—can be a dangerous time for motorists. During this period, deer are moving frequently and often cross over dangerous areas, like highways and other heavily-trafficked areas. According to the Insurance Institute for Highway Safety, there are more than 1.5 million … Continue reading Deer season creates road hazards
POSTED NOVEMBER 06, 2019 9:42 PM
|The November 2019 issue of I.I.I.’s latest studies digest
Each month we summarize the latest research relevant to the insurance industry. Highlights from the November issue include: I.I.I.’s quarterly P/C industry snapshot I.I.I./J.D. Power’s small business cyber insurance survey Milliman on deteriorating general liability trends Swiss Re on indexing resilience And much more…..
POSTED NOVEMBER 05, 2019 5:20 PM
|Brexit and Lloyd’s of London
By Max Dorfman, Research Writer, Insurance Information Institute Brexit and Lloyd’s of London The latest (but perhaps not the last) Brexit deadline is set for January 31, 2020. Yet the insurers most affected by the U.K.’s divorce from the European Union (EU) have plans in place to continue business with minimal disruption. Indeed, U.K. businesses … Continue reading Brexit and Lloyd’s of London
POSTED NOVEMBER 04, 2019 12:00 PM