Archive for April 2024

Inflation is bringing rising loss costs for US commercial property/casualty insurers, according to Fitch Ratings, which reviewed reports from three US insurers — Cincinnati Financial Corp., HCC Insurance Holdings Inc., and Selective Insurance Group Inc. — to gauge trends for … Source: Claims Journal

California representatives Mike Thompson (D-CA) and Doug LaMalfa (R-CA) introduced the Disaster Resiliency and Coverage Act of 2024. H.R. 7849 would provide homeowners in disaster-prone regions with incentives to harden their properties against wildfires and other risks. The legislation is … Source: Claims Journal

As the renewable energy sector experiences rapid growth and technological advancements, asset owners and insurers face a critical challenge: accurately assessing the replacement cost of deployed assets. In an industry where a single loss event can have significant financial consequences, … Source: Claims Journal

It was another record-breaking year for vehicle thefts in 2023, with more than one million vehicles were reported stolen – an overall increase of 1% nationwide from 2022 to 1,020,729 last year. A report from the National Insurance Crime Bureau … Source: Claims Journal

Tesla Inc. reached a settlement on the eve of its highest-profile trial yet over a crash blamed on Autopilot, the driver-assistance system Elon Musk has billed as crucial to his pursuit of self-driving cars, according to court filings. Terms of … Source: Claims Journal

Intercontinental Terminals Company LLC agreed to pay more than $6.6 million to federal and state natural resource trustees to resolve claims for natural resource damages resulting from a 2019 fire at ITC’s Deer Park terminal facility near Houston that released … Source: Claims Journal

German software developer Andres Freund was running some detailed performance tests last month when he noticed odd behavior in a little-known program. What he found when he investigated has sent shudders across the software world and drawn attention from tech … Source: Claims Journal

A lawyer for a Credit Suisse trust seeking to overturn the $743 million in damages the bank owes to Georgian billionaire Bidzina Ivanishvili said the staff responsible did their “incompetent best.” In a surprise concession to the challenge the Swiss … Source: Claims Journal

Dog-related injury claims payouts are now more than $1 billion. U.S. insurers paid out $1.12 billion in dog-related injury claims in 2023, according to a report from the Insurance Information Institute and State Farm. Dog bite and related injury claims … Source: Claims Journal

A migrant farmworker who survived a mass shooting last year at a Northern California mushroom farm has filed a lawsuit against the farm and one of its owners, saying they failed to keep him safe from the colleague who authorities … Source: Claims Journal