Posts by Y@DminG

Although Mercury Insurance Group expects gross losses from the 2025 California wildfires in the $1.6 billion-$2.0 billion range, potential subrogation and reinsurance recoveries will drop the ultimate bill down to $325 million or less, the company believes. “We believe there … Source: Claims Journal

Sedgwick named Kuma Siva chief operating officer in Canada. Siva has more than 20 years of experience in the insurance sector. Siva has held the position of vice president for third-party administration services since 2023. Prior to joining Sedgwick, he … Source: Claims Journal

Elon Musk’s social media platform X has agreed to pay about $10 million to settle a lawsuit that U.S. President Donald Trump brought against the company and its former chief executive, the Wall Street Journal reported on Wednesday. Trump’s team … Source: Claims Journal

American International Group reported fourth quarter 2024 net income of $898 million compared to $86 million the prior year, but insurance underwriting income was down 29% on high catastrophe losses. AIG said the dramatic increase in income for the quarter … Source: Claims Journal

An international bank based in Puerto Rico has been sued for fraud over an alleged scheme that attorneys say led to the loss of more than $90 million in deposits, affecting hundreds of clients in the U.S., Venezuela and elsewhere. … Source: Claims Journal

Reflecting intensifying wildfires and updated science, new state maps designate more than 2.3 million acres of local land in California as facing “high” or “very high” danger of wildfires. In the wake of devastating fires in Los Angeles County, the … Source: Claims Journal

Greenpeace has filed an anti-intimidation court case against a U.S. energy company suing the environmental organization for hundreds of millions, testing for the first time a new European Union directive to counter manifestly unfounded cases aimed at harassing civil society. … Source: Claims Journal

The parent company of Southern California Edison has been sued for allegedly defrauding shareholders before the recent Los Angeles-area wildfires by assuring them it could shut down power lines to reduce the risk of catastrophic damage. Tuesday’s proposed class action … Source: Claims Journal

New testing shows progress in advancements in automatic emergency braking systems, with 22 of the latest 30 vehicles evaluated earning a good or acceptable rating, which requires systems to be able to prevent or substantially mitigate crashes at higher speeds, … Source: Claims Journal

An analysis of the insurance industry’s cybersecurity posture shows nearly a quarter of companies received unsatisfactory scores. A recent cybersecurity report by SecurityScorecard highlighted critical insights into various risks concerning the insurance sector, indicating weaknesses in third-party relationships, the power … Source: Claims Journal