Archive for October 2024

Estimates released on Wednesday from CoreLogic show that insured wind and flood losses from Hurricane Milton are expected to be between $17 billion and $28 billion. CoreLogic’s estimate comes as Moody’s RMS Event response updated its estimate, which shows total … Source: Claims Journal

Video-game developer FractureLabs filed a lawsuit against Jump Trading, accusing one of the cryptocurrency industry’s biggest market makers of “fraud and deceit” by manipulating the price of a token used in an online game. According to the suit, FractureLabs planned … Source: Claims Journal

Publicly traded HCI Group, the Tampa-based holding company for Homeowners Choice Property & Casualty, TypTap and a new condominium insurance reciprocal, is one of the first Florida insurers to report estimated losses after recent hurricanes. HCI said in a statement … Source: Claims Journal

Insurance industry investments in generative AI are expected to surge by over 300 percent from 2023 to 2025 as organizations move from pilots in one or two areas to implementations in multiple functions across business lines. But new research identifies … Source: Claims Journal

McKinsey & Co. is nearing a deal with U.S. prosecutors to pay at least $500 million to settle federal probes into its past work helping opioid makers boost sales, according to people familiar with the matter. A settlement, which could … Source: Claims Journal

More than a quarter of rideshare drivers say that vehicle insurance is one of their biggest financial burdens, and 25% say insurance is too expensive. Those are among the results from a survey of Americans who drive for on-demand rideshare … Source: Claims Journal

Vector Risk Solutions named Joshua Cruce chief strategy officer. Cruce will be responsible for driving the company’s strategic initiatives, and identifying new opportunities for growth. Cruce has a background in developing and implementing strategies across various sectors. He was previously … Source: Claims Journal

Carmaker Stellantis said on Wednesday it is recalling 54,000 hybrid crossover SUVs worldwide because the brake pedal in the vehicles could disengage and stop working. The recall, the company said, includes some 2024 through 2025 model-year Alfa Romeo Tonale plug-in … Source: Claims Journal

RTX agreed to pay nearly $950 million to resolve federal charges it defrauded the U.S. Department of Defense into overpaying for defense systems and bribed an official in Qatar to secure business from the Middle East country’s air force. The … Source: Claims Journal

Although 2024 has seen significant global natural catastrophe activity, economic costs were slightly below average through the third quarter, according to Gallagher Re’s latest Nat Cat report. The total economic loss from natural perils in the first three quarters of … Source: Claims Journal