Archive for March 2024

One of the most pressing challenges facing insurance professionals today is the escalating impact of extreme weather events in traditionally disaster-prone areas. Last year alone, the U.S. witnessed a staggering $92.9 billion in weather-related damages, making it a record-breaking year … Source: Claims Journal

Class action spending increased to nearly $4 billion, making it one of the fastest-growing areas of legal spending in 2024, a new study shows. Carlton Fields released its 13th annual Class Action Survey, which provides an overview of important issues … Source: Claims Journal

Chevron will pay $13.1 million in settlement agreements with two California state agencies for past oil spills in Kern County, Bakersfield, the California natural resources agency said on Wednesday, as the major oil producing state strengthens regulations. Chevron, which has … Source: Claims Journal

Florida’s beleaguered property insurance market is starting to look normal again, with the top insurers in the state showing a collective profit for the first time in seven years, S&P Global Market Intelligence reported this week. The turnaround for 2023 … Source: Claims Journal

A systemic event and the threat it could pose to insurers’ portfolios is not the million dollar question, but perhaps the billion dollar question, according to Norman Niami, immediate past chairperson and member of The American Academy of Actuaries. “It’s … Source: Claims Journal

Elon Musk’s SpaceX has been accused by a U.S. labor agency of requiring employees who were laid off or fired from the rocket and satellite maker to sign unlawful agreements barring them from disparaging the company and joining class-action lawsuits … Source: Claims Journal

A New York state judge has allowed a case seeking to hold social media companies liable in the tragic mass killing at a Buffalo supermarket in 2022 to go forward on grounds of product liability. Erie County Supreme Court Judge … Source: Claims Journal

Efforts to rein in third-party litigation financing are on their way to becoming law in Indiana and West Virginia, a scorecard that is less than what business and insurance interests had hoped for this spring. In Indiana, Gov. Eric Holcomb … Source: Claims Journal

Clearcover launched a generative AI tool the company said is designed to further digitize statement collection, significantly streamlining the insurance claims process and customer experience. The AI-driven tool uses large language models (LLMs) to guide a conversational experience immediately following … Source: Claims Journal

Direct Line posted a 2023 operating loss as it grapples high motor claims inflation, but reinstated its dividend as the British home and motor insurer tries to fend off takeover offers from Belgian rival Ageas. The 189.6 million pound ($242.6 … Source: Claims Journal