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Business Insurance - _Risk Management
Appeals court reinstates ADA discrimination suit filed by tester
A federal appeals court on Wednesday reinstated a discrimination lawsuit filed by a self-proclaimed “tester,” who has filed hundreds of comparable lawsuits, who charges an inn with failing to provide information about its accessibility to those with disabilities on its reservation portal and elsewhere, in violation of the Americans with Disabilities Act.
POSTED OCTOBER 06, 2022 5:17 PM |
Most risk managers worry about cyberattack: Survey
A total of 90% of risk managers who work for mid-sized companies say they are concerned about their company falling victim to a cyberattack, with 91% stating they have an incident response plan in place should that occur, says a survey issued today.
POSTED OCTOBER 06, 2022 2:23 PM |
Food manufacturer may amend COVID business interruption suit
An organic and vegetarian food manufacturer should be allowed to amend its COVID-19 business interruption lawsuit to allege coverage under its communicable disease policy provision, a California appeals court has ruled, in overturning a lower court ruling that dismissed the case.
POSTED OCTOBER 06, 2022 1:48 PM |
Jury finds former Uber security chief guilty of concealing data breach
A San Francisco jury has found Uber Technologies Inc.’s former chief security officer Joseph Sullivan guilty of criminal obstruction for failing to report a 2016 cybersecurity incident to the authorities, a spokesperson from the Department of Justice confirmed on Wednesday.
POSTED OCTOBER 06, 2022 12:17 PM |
Australian regulator, government team up over data sharing after Optus breach
Australian prudential regulator said on Thursday it will collaborate with the government and other regulatory bodies for “controlled process” of data sharing between its regulated entities and Singapore Telecommunications’ unit Optus.
POSTED OCTOBER 06, 2022 12:01 PM |
News Archives - Insurance Journal
Study Shows Climate Change Made Droughts More Likely in 2022
Climate change made droughts in the Northern Hemisphere droughts more likely this year, a new study by a team of U.S. and international scientists shows. The scientists, part of World Weather Attribution, a group that studies links between extreme weather …
POSTED OCTOBER 06, 2022 7:59 PM |
Man Charged With Damaging Historic Missouri Home of Composer Scott Joplin
A man was charged Tuesday with breaking into the historic home of ragtime composer Scott Joplin and causing tens of thousands of dollars’ worth of damage. Thirty-eight-year-old Kevin Daley-Bey faces one count each of second-degree burglary and first-degree property damage. …
POSTED OCTOBER 06, 2022 4:42 PM |
Nebraska Sandhills Wildfire More Than Half Contained
A destructive Nebraska Sandhills wildfire that saw one firefighter die while fighting the flames was more than half contained by Wednesday, officials said. The size of the Bovee Fire in west-central Nebraska was mapped Tuesday at nearly 19,000 acres, or …
POSTED OCTOBER 06, 2022 4:39 PM |
Amended Complaint: Texas Public Adjuster Losses Nearly $8 Million
A public adjuster who is accused of pocketing insurance payouts intended for policyholders took a total of $7.9 million from 14 customers, including four churches, according to an amended complaint filed by the Texas Department of Insurance. The Texas State …
POSTED OCTOBER 06, 2022 4:32 PM |
Woman Gets Probation for Massive Capital One Hack in 2019
A former Seattle tech worker convicted of several charges related to a massive hack of Capital One bank and other companies in 2019 was sentenced Tuesday to time served and five years of probation. U.S. District Judge Robert S. Lasnik …
POSTED OCTOBER 06, 2022 4:22 PM |
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Peril in Perspective:New Book Untangles Disaster Risk for Layand Professional Readers
From the first sentence of the first chapter of her new book – Understanding Disaster Insurance: New Tools for a More Resilient Future – Carolyn Kousky nails it: “When it comes to disasters, record-breaking is the new normal.” Kousky, associate vice president for economics and policy at the Environmental Defense Fund and a Triple-I non-resident … Continue reading Peril in Perspective:New Book Untangles Disaster Risk for Layand Professional Readers →
POSTED OCTOBER 06, 2022 1:47 PM |
Workers Comp:A Strong Line Rebounds From Pandemic Pressure
Max Dorfman, Research Writer, Triple-I The workers compensation field is “responding and adapting remarkably well to economic changes,” according to Donna Glenn, chief actuary, National Council on Compensation Insurance (NCCI). “The pandemic brought new occupational illnesses into the system, but it was offset by a reduction of other types of claims back in 2020.” Glenn made … Continue reading Workers Comp:A Strong Line Rebounds From Pandemic Pressure →
POSTED SEPTEMBER 23, 2022 6:41 PM |
Kia, Hyundai Vehicles Stolen at Record Rates
Max Dorfman, Research Writer, Triple-I Bargain-priced Kia and Hyundai vehicles have begun being targeted for theft at rates similar to muscle cars and SUVs, the Highway Loss Data Institute (HLDI) has reported, based on an analysis of 2021 insurance claims. The spike is due, in part, to the fact that the models being stolen don’t … Continue reading Kia, Hyundai Vehicles Stolen at Record Rates →
POSTED SEPTEMBER 22, 2022 5:29 PM |
Chubb Study Parses Insurance-Buying Behavior By Generation
Millennial and Generation Z consumers are more likely than Baby Boomers or Gen-Xers to seek insurance advice from an agent or broker, according to recent findings by Chubb. The Chubb study explores attitudes about insurance-related matters across five generations of affluent and high net worth consumers in the U.S. and Canada. Its findings reveal differences in: … Continue reading Chubb Study Parses Insurance-Buying Behavior By Generation →
POSTED SEPTEMBER 20, 2022 3:06 PM |
PFAS-Related Litigation May Signal an Emerging Liability for Insurers
Max Dorfman, Research Writer, Triple-I Per- and Polyfluoroalkyl Substances (PFAS)—a varied group of human-made chemicals used in an array of consumer and industrial products—present a new potential liability for insurers, as U.S. regulatory activity continues to change, with lawsuit outcomes indicating this is an issue that will continue to develop. PFAS, which have existed since the 1930s, … Continue reading PFAS-Related Litigation May Signal an Emerging Liability for Insurers →
POSTED SEPTEMBER 15, 2022 7:59 PM |
Report: Traditional Reinsurance Capital Declining
By Max Dorfman, Research Writer, Triple-I A recent AM Best report finds that traditional reinsurance capital will decrease by approximately $40 billion by the end of 2022, lowering the total to $435 billion. This 8.4 percent decline comes after substantial increases of 15.5 percent for 2019, 8.9 percent for 2020, and 10.7 percent in 2021. … Continue reading Report: Traditional Reinsurance Capital Declining →
POSTED SEPTEMBER 08, 2022 5:30 PM |
Tech Gains Tractionin Fight Against Insurance Fraud
By Max Dorfman, Research Writer, Triple-I Insurance fraud costs the U.S. $308.6 billion a year, according to recent research by the Coalition Against Insurance Fraud (CAIF). And, while staffing within insurers’ Special Investigation Units (SIU) is a pain point, CAIF found that use of anti-fraud technology is on the rise. CAIF notes that hardest-hit insurance … Continue reading Tech Gains Tractionin Fight Against Insurance Fraud →
POSTED SEPTEMBER 06, 2022 2:57 PM |
Matching Price to Peril Helps Keep Insurance Available & Affordable
Setting insurance prices based on the risk being assumed seems a straightforward concept. If insurers had to come up with a single price for coverage without considering specific risk factors – including likelihood of having to submit a claim – insurance would be inordinately expensive for everyone, with the lowest-risk policyholders subsidizing the riskiest. Risk-based … Continue reading Matching Price to Peril Helps Keep Insurance Available & Affordable →
POSTED SEPTEMBER 06, 2022 1:46 PM |
Personal Auto Insurers’ Losses Keep RisingDue to Multiple Factors
Nearly all the largest U.S. personal auto insurers reported poor financial results in the second quarter of 2022, according to an S&P Global Market Intelligence analysis. Several issues contributed to this trend and are putting upward pressure on premium rates as insurers’ loss ratios grow. The loss ratio is the percentage of each premium dollar … Continue reading Personal Auto Insurers’ Losses Keep RisingDue to Multiple Factors →
POSTED AUGUST 31, 2022 5:35 PM |
IRC Releases StateAuto InsuranceAffordability Rankings
Louisiana, Florida, and Michigan are the three least affordable states for personal auto insurance, according to a new report by the Insurance Research Council (IRC). The three most affordable states, IRC finds, are Hawaii, New Hampshire, and North Dakota. The state-by-state affordability rankings by IRC – like Triple-I, an affiliate of The Institutes – are … Continue reading IRC Releases StateAuto InsuranceAffordability Rankings →
POSTED AUGUST 24, 2022 2:44 PM |
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