Archive for July 2024

This has been a year of insurance sticker shock in the US. But the man who provides insurance to insurers thinks maybe the shock still isn’t enough to steer people away from risk in a changing climate. “There is not … Source: Claims Journal

The rebound in US auto sales likely lost momentum last month as high prices, steep borrowing costs and cyberattacks that hobbled dealerships across the country weighed on deliveries. Vehicle sales will probably slow to an annualized rate of around 15.8 … Source: Claims Journal

The digital and physical realms are converging in unprecedented ways, and nowhere is this more evident than in the metaverse. This virtual space, once reserved as the playground of gamers and tech enthusiasts, has evolved from a sci-fi concept to … Source: Claims Journal

CDK said on Monday it anticipates all dealers to be live on its dealer management system (DMS) by late July 3 or early morning on July 4. The company, which provides software to car dealerships, had briefly shut down all … Source: Claims Journal

Medical costs for workers’ compensation increased nationally 11% and first-party claims grew 5% over the last four years, a new report shows. Enlyte’s “Quarterly Medical Price Index (MPI) Report,” based on trends from professional medical bill services from Q1 2020 … Source: Claims Journal

Silvergate Bank, the California lender done in by the collapse of crypto exchange FTX, has been fined $63 million by two regulators for allegedly failing to monitor transactions. The Federal Reserve on Monday announced the penalties against the bank, owned … Source: Claims Journal

While the official start to California’s wildfire season is still a ways off, the best forecast of what’s ahead may be to look back on the year so far, and so far it’s been far busier for firefighters than last … Source: Claims Journal

Between $1 billion and $1.5 billion insurable losses may be see across the Windward Islands Hurricane Beryl, according to catastrophe modeler CoreLogic. The second named storm and first hurricane of the 2024 season made landfall over Carriacou Island of Grenada … Source: Claims Journal

California’s Workplace Violence Prevention Senate Bill 553, which is now in effect (July 1), requires businesses with exposure in the state to implement robust workplace violence prevention plans. SB 553, which modifies an existing California labor code, gives the state’s … Source: Claims Journal

Cyber insurance premiums are falling globally as businesses become more adept in curbing their losses from cyber crime, even as ransomware attacks are rising, broker Howden said in a report on Monday. Insurance premiums to protect companies against cyber attacks … Source: Claims Journal