INSURANCE NEWS
Delaware High Court OKs Lien Against Uninsured Motorist Benefits in Workers’ Compensation Case
The Delaware Supreme Court has broken with its own precedent to rule that a workers’ compensation insurance carrier may assert a lien against benefits an injured employee recovers from other sources. The particular issue before the court was whether an …
CelsiusPro Buys UK’s Global Parametrics to Strengthen Climate, Nat Cat Risk Solutions
CelsiusPro AG, the Zurich-based parametric insurance managing general agent, announced the acquisition of Global Parametrics Holding Co. Ltd. CelsiusPro said the deal will strengthen its global capabilities to offer parametric risk transfer solutions to both private and public sector clients …
Global Fears Are Feeding Demand for Lloyd’s of London Insurance, CEO Says
Growing fears about the state of the world are pushing more people to take out insurance even as prices rise, Lloyd’s of London Chief Executive Officer John Neal said. Rising inflation, recession worries, climate threats and geopolitical tensions are making …
ACORD Releases Data Messaging Standard to Support London-Market Modernization
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 …
Microsoft Says Compromise of Engineer’s Account Led to Chinese Hack of US Officials
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 …
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. …
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 …
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 …
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 …
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 …
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, …
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 …