Insurance
City of London Calls for ‘Big Moves’ to Boost Post-Brexit Finance
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. …
Read More New Study Says Autonomous Vehicles Significantly Reduce BI/PD Claims
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 …
Read More Adjusters-as-Appraisers Contracts Are Voided by Fee Cap, Florida Appeals Court Says
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 …
Read More Nevada Division of Insurance Recovers $6.1M in 2023
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 …
Read More Roman Bust Seized from Massachusetts Museum in Ongoing Investigation
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 …
Read More SAIF in Oregon Declares $135M Dividend for Policyholders
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, …
Read More Loss Trends for Severe Convective Storms
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 …
Read More The Care and Feeding of Property-Catastrophe Models
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 …
Read More People Moves: Nutter to Retire as RAA President; Covington Appointed to Take the Helm
The Reinsurance Association of America (RAA) on Wednesday said its long-time president, Frank Nutter, will retire at the end of the year and Lee Covington is president-elect. Nutter has been president of the trade association for property/casualty reinsurers for 32 …
Read More People Moves: VIAA Names Thornton to New Development Role
VIAA Names Thornton to New Development Role Valley Insurance Agency Alliance (VIAA), headquartered in St. Louis, Mo., named Michael Thornton as book management coach. Thornton has worked at VIAA for six years as a foundation specialist. Before joining the company, …
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