Industry News
Vast Space LLC, founded by cryptocurrency billionaire Jed McCaleb, is being sued by a former engineer who claimed he was fired for refusing to use improper radio frequencies in designs for a commercial space station the company hopes to launch …
Via: Claims Journal
Most insurance IT decision-makers (69%) plan to invest from $500,000 to $5 million in AI this year. That’s according to a new study, which shows many of those decision-makers have nearly doubled the AI spend in their budgets over the …
Via: Claims Journal
Roughly a week after State Farm announced that it would nonrenew tens of thousands of homeowners and commercial apartment policies in California, AM Best has downgraded the company that offered those policies. Last week, State Farm cited its responsibility to …
Via: Claims Journal
The mother of an 8-year-old Texas girl who died over the weekend after being “violently sucked” into a gap in a hotel’s pool system has filed a wrongful death lawsuit against the hotel seeking damages in excess of $1 million. …
Via: Claims Journal
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 …
Via: Claims Journal
When it comes to artificial intelligence, more questions than answers keep underwriters from venturing into the space and lead to a lack of clarity, according to panelists at The Professional Liability Underwriting Society’s 2024 cyber symposium in New York City. …
Via: Claims Journal
Johnson & Johnson will pay $75 million to resolve a consumer protection lawsuit filed by Mississippi over the company’s failure to add a safety warning to its talc-based baby powder, according to people familiar with the settlement. The pact comes …
Via: Claims Journal
Louisiana Insurance Commissioner Tim Temple pointed to State Farm’s withdrawal from the California market as a warning for lawmakers to modernize Louisiana’s regulatory framework and address legal system abuse – or risk insurers leaving the catastrophe-prone state. “As natural disasters …
Via: Claims Journal
The US Securities and Exchange Commission can proceed with its lawsuit against Coinbase Inc., the biggest US cryptocurrency-trading platform, claiming the company failed to register as a securities business, a federal judge in New York ruled. The SEC adequately alleged …
Via: Claims Journal
Bank of America Corp. won dismissal of a lawsuit’s claims that it discriminates against Iranians in reviewing customer accounts to ensure they comply with US sanctions policies. The bank didn’t violate US civil rights law by cutting off the credit …
Via: Claims Journal