claims News

Time-Tested Loss Reserving Methods Challenged: AM Best

Reflecting on one of the trends that surfaced as property/casualty insurers announced 2023 financial results recently, AM Best expects reserve strengthening for accident years 2015-2019 to continue, the rating agency said in a new report. As companies “finished reporting their …

Global Election Super-Cycle Raises Risk of Political Violence, Large Insurance Losses

Almost half the world’s population will go to the polls before the end of 2024, which raises the threat of political violence and possible large insurance losses, according to Allianz Commercial in a new report. An unprecedented “super-cycle” of elections …

Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair: Report

New technologies and rising labor costs are putting pressure on auto insurance carriers and auto repairers by making repairs more costly and increasing repair times, trends that a new report asserts are “reshaping” the industries. The bottom-line message: Newer vehicles …

Report: Four-in-10 California Workers’ Comp Claims from Workers with Less Than a Year of Tenure

Roughly four-in-10 workers’ compensation claims come from workers with less than one year of tenure, a new report from the Workers’ Compensation Insurance Rating Bureau of California shows. The report shows 40% of workers’ comp claims come from workers with …

New $20 Minimum Wage for Fast Food Workers in California Began Monday

Most fast food workers in California will be paid at least $20 an hour began Monday, when a new law kicked in giving more financial security to an historically low-paying profession while threatening to raise prices in a state already …

Viewpoint: The Impact of Climate-Driven Risk Reassessments on the Housing Market

One of the most pressing challenges facing insurance professionals today is the escalating impact of extreme weather events in traditionally disaster-prone areas. Last year alone, the U.S. witnessed a staggering $92.9 billion in weather-related damages, making it a record-breaking year …

Utah Insurance Department Warns About Fake Shipping Coverage

The Utah Insurance Department issued a warning about unlicensed companies and individuals offering coverage for damaged packages or packages stolen from porches. The department noted that some companies are using technicalities and fine print to avoid paying consumers, while others …

Viewpoint: Insurers, Insureds Must Collaborate to Get Ahead of Social Inflation

Executive Summary: Setting up mock jury trials, taking cases to trial and refraining from issuing “hammer” letters to lower-layer insurers are just three of the strategies Aspen’s Chief Claims Officer Tony Rai suggests that insurers start undertaking—in concert with their …

Washington Commissioner Wants Insurers to Modify Claims Process for Wildfire Victims

Washington Insurance Commissioner Mike Kreidler on Wednesday sent a letter to insurers urging them to consider loosening personal property claim filing requirements for victims of last summer’s Spokane County wildfires. Insurance companies typically require policyholders to provide a full, itemized …

Report Looks at Cumulative Trauma and Litigated Claims in California Workers’ Comp

A California Workers’ Compensation Institute study shows nearly half of all litigated claims in the Los Angeles Basin are cumulative trauma claims that involve physical or mental injuries from repetitive stress, motion, or exposures, rather than from a specific event …