The American Property Casualty Insurance Association (APCIA) and the Reinsurance Association of American together presented testimony in Washington today on the state of of the property insurance market. The presentation, “Perspectives on Challenges in the Property Insurance Market and the …
Koninklijke Philips NA officials have agreed to pay at least $479 million to resolve part of a sprawling litigation tied to a 2021 US recall of millions of machines designed to treat sleep apnea, according to people familiar with the …
The recently disclosed Chinese hack of senior officials at the U.S. State and Commerce departments stemmed from the compromise of a Microsoft engineer’s corporate account, Microsoft Corp. said in a blog post on Wednesday. Microsoft said the engineer’s account had …
A new study has revealed that autonomous-vehicle technology reduced bodily injury claims frequency by 100% and property damage claims frequency by 76%. Global reinsurer Swiss Re and automated driving company Waymo partnered on the study. The two compared Waymo’s third-party …
Executive summary: The key to getting useful model results is working with models that fit specific underwriting needs and making sure the models are regularly updated while employing qualitative analysis (in addition to the models’ quantitative analysis), say experts from …
The Reinsurance Association of America (RAA) on Wednesday said its long-time president, Frank Nutter, will retire at the end of the year and Lee Covington is president-elect. Nutter has been president of the trade association for property/casualty reinsurers for 32 …
The U.S. excess and surplus (E&S) lines market had a good year in 2022, growing to account for nearly 9% of the U.S. property/casualty (P/C) insurance industry. E&S direct written premiums (DWP) increased for the twelfth consecutive year and reported …
Tropical Storm Lee is on track to tie Hurricane Franklin to become 2023’s strongest Atlantic storm with winds of 150 miles per hour by this weekend as it plows through the ocean north of Puerto Rico, the US National Hurricane …
Alphabet Inc. tentatively settled claims that Google Play abuses its control over Android mobile applications, potentially resolving complaints over the company’s policies filed by consumers and attorneys general of about three dozen states. The deal was disclosed in a court …
U.S. auto safety regulators said on Tuesday that 52 million air bag inflators produced by auto suppliers ARC Automotive and Delphi Automotive need to be recalled because they may rupture and send dangerous metal fragments flying. The National Highway Traffic …
