Industry News
State Farm isn’t done seeking a rate increase in California, upping its request a week after getting the OK for a large rate hike to what the company had originally wanted before being rejected and agreeing to an interim deal …
Via: Claims Journal
Insurance industry financial strength rating agency AM Best said today that a decision to stop updating a National Oceanic and Atmospheric Administration disaster database could be detrimental to insurers and may require the rethinking of some products. About two weeks …
Via: Claims Journal
Marks & Spencer Group Plc is facing a £300 million ($403 million) hit to operating profit this fiscal year from a cyberattack that’s still disrupting the company’s sales and operations. The British retailer will try to mitigate the impact with …
Via: Claims Journal
AF Group has embraced the use of artificial intelligence in its claims operations, but the person overseeing its implementational has no interest in one promise of AI: reducing the number of claims professionals that work for them. The Lansing, Michigan-based …
Via: Claims Journal
Seventeen people were injured, four seriously, when a fire broke out in the early hours of Tuesday at Chevron’s deep-water Benguela Belize Lobito Tomboco (BBLT) oil platform, Angolan authorities and the U.S. oil major said in statements. The cause of …
Via: Claims Journal
Claims frequency for repairable, collision-damaged battery electric vehicles in the first quarter rose to 3.12% in the U.S. and 4.48% in Canada, representing an increase of 31% in the U.S. and Canada over the same period last year, a new …
Via: Claims Journal
The American Property Casualty Insurance Association chimed in to a recent Senate subcommittee hearing to defend the industry’s response to claims following hurricanes Milton and Helene. “The vast majority of claims from Hurricanes Milton and Helene have been settled, totaling …
Via: Claims Journal
President Donald Trump’s administration is trying to merge the government’s wildland firefighting efforts into a single agency, a move some former federal officials warn could increase the risk of catastrophic blazes and ultimately cost billions of dollars. Trump’s budget would …
Via: Claims Journal
The U.S. Senate will move this week to block California from enforcing a series of vehicle emissions standards that are tougher than the federal government’s, including first-in-the-nation rules phasing out the sale of new gas-powered cars by 2035. Majority Leader …
Via: Claims Journal
A multiday severe weather outbreak across the central U.S. caused an estimated $9 billion to $11 billion in total damages and economic loss, AccuWeather preliminary estimates show.
Via: Claims Journal