Economic losses caused by natural catastrophes reached an estimated US$280 billion in 2023, with US$51.6 billion of that total due to floods, according to Swiss Re Institute. As climate change intensifies extreme weather events and rapid urban sprawl increased asset …
Everyone is familiar with the significant price increases of many products and services in recent years. We call that “inflation” and it is essentially the reduction in value of a product or service based on the product or service remaining …
If the pace of product recalls continues in the fourth quarter, the number will reach a six-year high by the end of the year, a new report from Sedgwick shows. Year-to-date there have been 2,454 product recalls across five key …
For a long time, the hard market has made it difficult for agents to offer their clients the coverage they want at affordable prices — assuming coverage was available at all. Now, there are signs that this is changing. With …
AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Pharmacists Mutual Insurance Company (PMIC) and its wholly owned reinsured subsidiary, …
A judge has approved a $13 million settlement in a lawsuit over an unannounced active shooter drill at a Michigan psychiatric hospital for children, an event that terrified kids and staff and caused them to scramble for cover, text family …
Just because a carrier’s form shows the policyholder has XYZ Coverage does not necessarily mean they have XYZ Coverage in the real world. And yet, I find that few agents understand or know this. And even when they read the …
Federal investigators say the operator of a Chicago commuter train that crashed almost a year ago had alcohol in his system but it wasn’t a factor in the incident. The Chicago Transit Authority train crashed into a slow-moving snow plow …
Predictions of a softer insurance pricing market are on the horizon. Perhaps not in early 2025, but there’s no question the market is stabilizing from the high prices the sector has seen in recent years. Relying on higher revenue from …
A Dallas pharmacy owner who routinely billed insurance companies for headache sprays, pain creams, and scar creams never dispersed to patients was sentenced to 10 years in federal prison, announced U.S. Attorney for the Northern District of Texas Leigha Simonton. …
