Business Insurance - _Risk Management
|Apple fails to overturn VirnetX patent verdict, could owe over $1.1B
A federal judge denied Apple Inc.’s bid to set aside or reduce a $502.8 million patent infringement verdict favoring VirnetX Holding Corp., and awarded interest and royalties that could boost Apple’s total payout in two lawsuits above $1.1 billion.
POSTED JANUARY 15, 2021 1:59 PM
|Alliant buys credit agency, consulting firm
Alliant Insurance Services Inc. on Friday announced it has acquired Seafax Inc., a credit information company, and Stance Renewable Risk Partners, an insurance due diligence and consulting firm.
POSTED JANUARY 15, 2021 1:59 PM
|Convex Group raises additional $500M
Convex Group Ltd., a London and Bermuda-based specialty insurer and reinsurer formed by former Lloyd’s of London underwriter Stephen Catlin and Paul Brand, has raised an additional $500 million in capital from an investment firm.
POSTED JANUARY 15, 2021 1:21 PM
|Too bad insurance wasn’t a category
The risk management program manager at Children’s Hospital in Los Angeles who is originally from Rugby, North Dakota. Who is Josiah Jenkins?
POSTED JANUARY 15, 2021 1:10 PM
|Axis says it will not cover energy projects in Alaskan refuge
Axis Capital Holdings Ltd. said Friday that it will not provide coverage or investment support for projects related to exploration, drilling or production of oil or gas in the Arctic National Wildlife Refuge.
POSTED JANUARY 15, 2021 1:01 PM
News – Insurance Journal
|AXIS Capital Decides to Stop Insuring Arctic Oil and Gas Projects
AXIS Capital Holdings Ltd. said it won’t insure oil and gas projects in the Arctic National Wildlife Refuge, becoming the first North American underwriter to make the commitment after pressure from native Alaskans and environmentalists. The move follows similar pledges …
POSTED JANUARY 15, 2021 5:37 PM
|Wisconsin Suspends License of Pharmacist Accused of Spoiling Vaccine
A state board has suspended the license of a Wisconsin pharmacist accused of ruining more than 500 doses of COVID-19 vaccine because he thought it was unsafe. Steven Brandenburg was working at Advocate Aurora Health in Grafton, about 20 miles …
POSTED JANUARY 15, 2021 5:36 PM
|Louisiana Bars Lose Appeal in Fight Against Forced COVID-19 Closures
Louisiana bar owners fighting coronavirus-related closures of their businesses lost an appeal at a federal appeals court. The 5th U.S. Circuit Court of Appeals on Jan. 13 upheld rulings from two lower court judges who last year refused to block …
POSTED JANUARY 15, 2021 5:30 PM
|Despite Pandemic, North Carolina Traffic Deaths Climb to 1,500 in 2020
Traffic deaths in North Carolina last year surpassed 1,500 for the first time in 13 years despite a pandemic during which motorists logged fewer miles statewide, statistics show. N.C. Department of Transportation data shows the number of miles driven dropped …
POSTED JANUARY 15, 2021 5:26 PM
|Sompo Int’l Hires Generali’s Brown to Lead New London & International Property Team
Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced the appointment of Richard Brown to lead a new team focusing on property business through retail distribution channels in the UK, Europe and selected …
POSTED JANUARY 15, 2021 5:26 PM
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|Auto insurance rates decline across the U.S.
Auto insurance rates declined in 2020 for the first time in a decade, according to a recent survey by ValuePenguin.com. The survey results anticipate a 1.7 percent decline nationally. A major factor in the decline are the pandemic-related discounts granted by insurers in 2020. These discounts have been valued at $14 billion, according to Triple-I … Continue reading Auto insurance rates decline across the U.S.
POSTED JANUARY 15, 2021 9:19 PM
|Triple-I’s 2021 Insurance Fact Book Chronicles a Historic 2020
The Insurance Information Institute (Triple-I), an affiliate of The Institutes, has released its 2021 Insurance Fact Book, an essential resource for anyone who needs up-to-date information on insurance. This year The Insurance Fact Book has new content to address many of the past year’s events, in such areas as: insurer response to the pandemic; civil … Continue reading Triple-I’s 2021 Insurance Fact Book Chronicles a Historic 2020
POSTED JANUARY 12, 2021 10:28 PM
|What the COVID-19 pandemic means for workers compensation claims
So far, the impact of COVID-19 on workers compensation has not been as great as first feared. The National Council on Compensation Insurance (NCCI) reported that as of the second quarter 2020, out of every 100,000 active workers comp claims, COVID-19 medical claims accounted for only about 200, depending on the jurisdiction. Still, the pandemic … Continue reading What the COVID-19 pandemic means for workers compensation claims
POSTED JANUARY 12, 2021 1:44 PM
|Expanded Triple-I Flood Risk Maps Provide Richer Perspective
The Triple-I Resilience Accelerator’s flood risk visualization tool is being enhanced with: National Flood Insurance Program (NFIP) data on “take-up rates” by U.S. county from 2010 to 2021, Differences between take-up rates inside and outside of flood zones, and in different proximities to flood zones. These additions will expand the Accelerator’s visualization from covering only … Continue reading Expanded Triple-I Flood Risk Maps Provide Richer Perspective
POSTED JANUARY 11, 2021 8:27 PM
|One Year. Two Forums. We’re Virtual in January and In Person in June
2021 is already looking brighter. Triple-I is presenting not one, but two, Joint Industry Forums in 2021! We’re kicking off the year with our virtual forum—Virtually Together: Insuring Our Way Forward—on Jan. 28. Then we’re making plans to gather in June in Washington, DC. Registration for our first virtual Joint Industry Forum is complimentary. Plus, … Continue reading One Year. Two Forums. We’re Virtual in January and In Person in June
POSTED JANUARY 07, 2021 2:42 PM
|Litigation Funding Rises as Common-Law Bans Are Eroded by Courts
Litigation funding – the practice of third parties financing lawsuits in exchange for a share of any funds the plaintiffs might receive – was once widely prohibited. As these bans have been eroded in recent decades, the practice has grown, spread, and become a contributor to social inflation: increased insurance payouts and loss ratios beyond … Continue reading Litigation Funding Rises as Common-Law Bans Are Eroded by Courts
POSTED DECEMBER 29, 2020 3:38 PM
|Home Safety During the Holiday Season
By Max Dorfman, Research Writer, Triple-I Holidays are usually occasions for celebration and family gatherings. But in this pandemic holiday season we remind you to please observe the social distancing rules and advisories in your area. Triple-I also offers these tips to help make sure everyone is safe and injury-free this holiday season. Decorations … Continue reading Home Safety During the Holiday Season
POSTED DECEMBER 21, 2020 9:05 PM
|Making the home a safe place to work
Work from home arrangements necessitated by the coronavirus pandemic are predicted to become permanent for some employees as companies like Google contemplate ‘hybrid models‘ with more flexible work options. And though remote work is nothing new, an increase in the numbers of people working from home in the coming post-pandemic years is bound to lead … Continue reading Making the home a safe place to work
POSTED DECEMBER 17, 2020 5:14 PM
|Will PandemicDriving Trends PersistAfter COVID-19 Passes?
More people died in New York City automobile accidents in 2020 than in 2019, despite greatly reduced driving as a result of the COVID-19 pandemic and subsequent economic slowdown. The local trend is consistent with broader ones recently referenced by Triple-I senior vice president and chief actuary James Lynch. As of this morning’s reporting on … Continue reading Will PandemicDriving Trends PersistAfter COVID-19 Passes?
POSTED DECEMBER 16, 2020 6:32 PM
|The Dangers of Driving During the Holiday Season
By Max Dorfman, Research Writer, Triple-I As the holiday season continues to ramp up, it’s important to remember that this time of year is particularly risky for driving. That’s why December has been officially designated Drugged and Drunk Driving Prevention month. During the Christmas holidays, alcohol-impaired fatalities in 2018 comprised 37 percent of total traffic … Continue reading The Dangers of Driving During the Holiday Season
POSTED DECEMBER 15, 2020 6:02 PM