Industry News
Around the world, insured damages inflicted by natural catastrophes are climbing fast and set to double in roughly 10 years, the Swiss Re Institute — the research arm of the giant reinsurance firm — said in a report published Tuesday. …
Via: Claims Journal
Singapore-based Maxeon Solar said it had initiated a patent infringement lawsuit against solar technology firm Canadian Solar in the Eastern District of Texas. The lawsuit alleged infringement of Maxeon’s patents related to TOPCon solar cell technology. Canadian Solar did not …
Via: Claims Journal
The U.S. property/casualty insurance industry recorded a slight underwriting improvement in 2023, but losses persisted, according to a new AM Best report. Preliminary data from the global credit rating agency shows that the industry posted a $21.2 billion net underwriting …
Via: Claims Journal
The 5th Circuit Court of Appeals ruled that Chubb must cover restitution claims paid to ticket holders of the 2020 South by Southwest film festival cancelled due to COVID-19. A three-judge panel reversed a summary judgment in favor of Federal …
Via: Claims Journal
Two-thirds of property/casualty insurers plan to start using AI in operational decisions this year, according to a survey, which also reveals that nearly all insurers already using AI have been tripped up by bias challenges. The Ethical AI in Insurance …
Via: Claims Journal
A federal judge on Monday said ConAgra Brands must face a lawsuit claiming it misled U.S. consumers into believing that nine Mrs. Paul’s and Van de Kamp’s fish products were sustainably sourced. U.S. District Judge Virginia Kendall in Chicago rejected …
Via: Claims Journal
New Zealand joined the US and UK in accusing China of sponsoring malicious cyber activity targeting democratic institutions, saying its parliamentary network was breached in 2021. The Government Communications Security Bureau has established links between a People’s Republic of China …
Via: Claims Journal
One-third of U.S. internet-enabled households with homeowner’s/renter’s insurance would switch providers to acquire smarthome devices, a new study shows. Parks Associates’ research study, Insurance Opportunities in the Smart Home, examines 8,000 households to determine consumer preferences for IoT devices that …
Via: Claims Journal
Consumers expecting big savings from a National Association of Realtors’ class-action settlement over agent commissions may instead be in for a letdown. The agreement drew cheers from President Joe Biden, who said it “could save homebuyers and home sellers as …
Via: Claims Journal
Minnesota homeowners insurance complaints rose 108% from 2020 to 2023 on complaints from homeowners concerned their claims were denied or they faced high out-of-pocket costs after damage from wind and hail, according to the Minnesota Department of Commerce. The DOC …
Via: Claims Journal