Archive for October 2015

Oklahoma Insurance Commissioner John D. Doak asked property/casualty insurers to send each policyholder a clarifying notice of earthquake coverage. The requirement is in response to a growing number of questions about earthquake insurance. “Insurance is complicated,” said Doak. “We know … Source: Claims Journal

Private U.S. property/casualty insurers’ net income after taxes grew to $31.0 billion in first-half 2015 from $26.0 billion in first-half 2014, with insurers’ overall profitability as measured by their rate of return on average policyholders’ surplus growing to 9.2 percent … Source: Claims Journal

Climate change has added billions to the toll of hurricane strikes on the U.S., according to a study that challenges the prevailing scientific view that the rising cost is mainly because more buildings, towns and businesses are in the way. … Source: Claims Journal

Toyota Motor Corp. said it will recall about 6.5 million vehicles worldwide to fix power-window switches that can overheat and potentially lead to a fire. About 2.7 million of the recalled vehicles are in North America, with 1.2 million in … Source: Claims Journal

The issue of spoliation of evidence is becoming increasingly problematic for insurance companies. The Louisiana Supreme Court recently considered the question of whether an insurer can be held liable for negligent spoliation of evidence when it failed to preserve a … Source: Claims Journal

Volkswagen almost inevitably will have to compensate owners of diesel cars equipped with emissions-rigging software. Some legal experts say the automaker could be forced to buy back the cars altogether. Many of the more than 200 lawsuits filed in the … Source: Claims Journal

Medical payments per workers’ compensation claim in Illinois rose 4.1 percent in 2013, after decreasing 20 percent between 2010 and 2012 as a result of a 30 percent reduction in fee schedule rates, according to a recent study by the … Source: Claims Journal

The number of Oklahomans dying from unintentional prescription drug overdoses has dropped to its lowest level in eight years. Preliminary data from the state Health Department show 510 people died from unintentional prescription drug overdoses in 2014 compared to 538 … Source: Claims Journal

Firefighters around the world have sworn to protect and save lives, but this week the Montgomery Fire Department, will also be trying to protect its title from the best firefighters in the world who are descending on Montgomery, Alabama. The … Source: Claims Journal

To contain a surge in drug-related deaths in the U.S., state and local governments are pouring money into programs to make an overdose antidote more widely available even as prices rise — creating a growth opportunity for manufacturers. Naloxone, approved … Source: Claims Journal