Posts by Hometown Insurance

ACORD, the standards-setting body for the global insurance industry, announced the publication of the ACORD GRLC Contract, Risk, and Pre-Accounting (CRP) Implementation Toolkit, a new data messaging standard to facilitate the efficient exchange of insurance data. The CRP Standard was …

The recently disclosed Chinese hack of senior officials at the U.S. State and Commerce departments stemmed from the compromise of a Microsoft engineer’s corporate account, Microsoft Corp. said in a blog post on Wednesday. Microsoft said the engineer’s account had …

The City of London called in a report on Thursday for a new council which would allow Britain’s financial sector to drive through “big moves” needed to boost the economy by 225 billion pounds ($281 billion) by 2030 and beyond. …

A new study has revealed that autonomous-vehicle technology reduced bodily injury claims frequency by 100% and property damage claims frequency by 76%. Global reinsurer Swiss Re and automated driving company Waymo partnered on the study. The two compared Waymo’s third-party …

Public adjusters cannot double as appraisers in claims disputes if their total fees exceed the statutory cap, a Florida appeals court decided Wednesday in what may be seen as another win in property insurers’ long battle against public adjusters. The …

The Nevada Division of Insurance announced it recovered over $6.1 million in Fiscal Year 2023. The Division’s Consumer Services and Enforcement teams investigate thousands of consumer complaints each year, as well as help settle claim disputes and recover money insurers …

A bronze bust believed to depict the daughter of an ancient Roman emperor has been seized from an art museum in Massachusetts by New York authorities investigating antiquities stolen from Turkey. The seizure is the latest in an ongoing investigation …

The SAIF board of directors declared a $135 million dividend for its policyholders, marking the 14th straight year SAIF has been able to offer a dividend. SAIF is a not-for-profit with a goal of making workers’ compensation coverage more available, …

Loss trends for severe convective storms (SCS) have increased over the past 15 years and even more during the past five years, according to Dan Dick, global head of Catastrophe Management at Aon. “What’s interesting about these trends is when …

Executive summary: The key to getting useful model results is working with models that fit specific underwriting needs and making sure the models are regularly updated while employing qualitative analysis (in addition to the models’ quantitative analysis), say experts from …