Claims News

London Market Single Claims Agreement Launched to Improve Claims Handling

The London market has launched a simplified system for claims handling in an effort to improve client service and streamline claims agreement across the London market. The Single Claims Agreement is designed “to enable quick and efficient authorization of claims …

Statewide Claims for California Wildfires Reach Nearly $12B

Insurers have received nearly 45,000 insurance claims totaling more than $11.79 billion in losses from the wildfires that burned across the state in October and December 2017, California Insurance Commissioner Dave Jones announced today. The fires in Northern California in …

Losses From Southern California Fire Could Reach $2.5B, Expert Says

Losses from the Thomas Fire in Southern California are expected to fall between $1 billion and $2.5 billion, a catastrophe modeling firm said on Tuesday. The Thomas Fire, which raged across Southern California’s Ventura and Santa Barbara counties throughout most …

AGCS Names Vissing to Succeed Henson as Head of Claims, Regional Unit London

Allianz Global Corporate & Specialty (AGCS), Allianz Group’s specialist corporate insurer, has appointed Lars Vissing as Regional Unit London (RUL), head of Claims, starting in February 2018. Vissing succeeds Martin Henson who retires after nearly 20 years with Allianz. Based …

XL Group: Loss Estimates of $45M Related to Southern California Wildfires

XL Group Ltd. on Wednesday announced preliminary estimates of natural catastrophe net losses of roughly $45 million related to the recent wildfires in Southern California and $20 million related to other events. The estimated losses are roughly evenly split between …

California Commissioner Asks Insurers to Forego Detailed Home Inventories in Wake of Wildfires

California Insurance Commissioner Dave Jones is asking insurers to help California wildfire survivors by providing relief from detailed home inventories and to provide up to 100 percent of contents coverage limits without a detailed inventory. “These families have endured unimaginable …

Farmers Reports $1.2B in Claims from Northern California Wildfires

Farmers Insurance reported it has received more than 4,000 claims from the Northern California wildfires to date at an estimated gross cost of $1.2 billion. With reinsurance, the Los Angeles-based carrier estimates its incurred loss will be $140 million, and …

FBI Keeping an Eye on Fraud in Northern California Fire Recovery

The FBI is joining efforts to prevent fraud related to Northern California wildfire recovery efforts. Nearly two dozen blazes ripped through the region in mid-October, destroying 8,800 structures and 245,000 acres of land. The FBI announced Wednesday it’s created a …

Insurtech-Led TPA, Advent Claims, to Administer Claims for Principia Underwriting

Advent Claims, the insurtech-led claims third party administrator (TPA), announced it has signed an agreement to administer all claims for Aquila Underwriting-backed MGA, Principia Underwriting. Principia, which previously managed claims in-house, will implement Advantage, Advent’s proprietary claims management system, to …

2017 California Workers’ Comp Rating Bureau Geo Study Released

The California Workers’ Compensation Insurance Rating Bureau has released its 2017 Geo Study. The study uses data from diverse datasets to highlight regional differences in California workers’ comp claim characteristics. The study, which controls for regional differences in wages and …