Latest Claims Headlines
All the headlines from our Claims Topic Page, ordered by recency.
When Insurers Deny Claims, Brokers Are Next in Line for Allegations of Wrongdoing
May 19 2020 // In the wake of government orders shutting down or seriously limiting the operations of businesses to deal with the COVID-19 outbreak, many affected businesses have turned to their insurers for coverage. This has led to a...
Talc Miner Imerys to Forfeit North America Units to Settle 14,000 Cancer Lawsuits
May 18 2020 // Imerys SA, which mines talc used in Johnson & Johnson’s iconic Baby Powder and other products, agreed to turn over its North American operations to resolve more than 14,000 lawsuits claiming the mineral caused...
Profits to Sink Until 2021 Second Half: Fitch
May 18 2020 // While insurance rates have risen for nine consecutive quarters due to large catastrophe losses and accelerating claims inflation, Fitch Ratings expects that technical profits won’t be seen until the second half of...
Why Trust When You Should Know?
May 18 2020 // It is often said that people buy insurance trusting that it will be there when they actually need it, and this is very true. But why trust when you should know? Also true, but rarely said is the following, “Often,...
What to Expect in Workers’ Compensation Costs From COVID-19: NCCI
May 18 2020 // If only 10% of health care workers contract COVID-19 and all of their claims are deemed compensable, workers’ compensation loss costs for that sector could double or even triple in some states, according to an...
Transparency Is Key for Insurance Agents Handling Coronavirus Claims
May 18 2020 // Business interruption insurance has been a much-debated topic during the coronavirus crisis, with some businesses already pushing back against virus-related claim denials. In several cities, groups of businesses have filed...
California Workers’ Comp Bureau Chief Addresses COVID’s Impact on System
May 15 2020 // Bill Mudge has been put in a unique position during the pandemic. He’s got a sizeable workforce he’s had to reconfigure and manage much differently, and he heads the bureau that regulators, employers and...
Zurich Insurance Estimates Coronavirus Pandemic Claims to Hit $750 Million for 2020
May 14 2020 // Zurich Insurance estimates that the overall property and casualty (P&C) claims from the COVID-19 pandemic will be in the region of $750 million for 2020. To put that into context, Zurich’s CFO George Quinn said...
Legislation to Limit Car Accident Claims Advances in Louisiana
May 14 2020 // Louisiana’s Republican lawmakers have advanced proposals to limit damage claims against businesses in car wreck lawsuits, pushing ahead with the pre-coronavirus priority as Democrats argued the debate was...
SEC Accuses Two Companies of Making Misleading COVID-19 Claims
May 14 2020 // The Securities and Exchange Commission has charged two companies it says claimed to offer products to combat the COVID-19 virus. One complaint is against against Applied BioSciences Corp. and the other is against Turbo...
Lloyd’s Expects US$4.3B in COVID-19 Claims – On Par with Costs of 9/11 Terror Attacks
May 14 2020 // Lloyd’s of London revealed it will pay claims in the range of $3 billion to $4.3 billion as a result of the COVID-19 pandemic. This payout is on a par with the Sept. 11 terrorist attacks, which cost the Lloyd’s...
Fitch Sees Little Stress on Insurer Ratings From Pandemic. Thus Far.
May 14 2020 // Having reviewed 70% of all of the North American insurers it rates for the effects of the coronavirus and economic downturn, Fitch Ratings has affirmed the ratings of 72% of the carriers with stable outlooks. Only 4% have...
Workers’ Comp May Need Backstop as Presumptions Push Claim Costs into Billions
May 12 2020 // An executive order by California Gov. Gavin Newsom last week is the most aggressive yet among the directives issued by 13 states that require workers’ compensation insurers to pay at least some COVID-19...
California Retailer Sues Travelers for Denied COVID-19 Business Interruption Claims
May 12 2020 // San Francisco-based children’s clothing boutique Mudpie Inc. has filed a class action lawsuit on behalf of California-based retail stores against an insurance provider, saying the small businesses were wrongfully...
For Global Insurers, Pandemic Likely to Erase Profits Until 2021 Second Half: Fitch
May 11 2020 // While insurance rates have risen for nine consecutive quarters due to large catastrophe losses and accelerating claims inflation, Fitch Ratings expects that technical profits won’t be seen until the second half of...
Tokio Marine Uses Tractable’s Artificial Intelligence Solution for Auto Claims in Japan
May 11 2020 // Tokio Marine, the Tokyo-based property and casualty insurer, will use an artificial intelligence (AI) solution to process auto damage across its insurance operations in Japan, accelerating claims processing for...
COVID-19 Hits Already-Troubled Nursing Home Insurance Market; Brokers Try to Help
May 10 2020 // Nursing homes are right in the middle of the deadly coronavirus pandemic hitting the U.S, with more than 28%, or nearly 20,000, of the nation’s COVID-19 deaths happening in these long term care facilities, according...
April’s Killer Tornadoes Cost Insurers Billions in Claims: Aon Report
May 8 2020 // Extensive severe weather events in the United States during April cost insurers billions of dollars, according to the latest edition of Aon’s Global Catastrophe Recap report. There were 14 killer tornadoes in the...
Willis Paints COVID-19 Insurance Loss Big Picture: It’s a Wash or Historic Catastrophe
May 7 2020 // If the novel COVID-19 pandemic is brought under control soon, the disease’s impact on the insurance industry as a whole may be pretty much a wash. It not, the industry may be on the verge of an historic...
Forced Payouts of Pandemic Claims Risk Insurers’ Financial Stability: Regulators
May 7 2020 // Forcing retroactive payouts to cover business disruption losses resulting from the coronavirus pandemic could ultimately put financial stability at risk, global insurance regulators said. Disputes over cover for businesses...
