Industry News
California representatives Mike Thompson (D-CA) and Doug LaMalfa (R-CA) introduced the Disaster Resiliency and Coverage Act of 2024. H.R. 7849 would provide homeowners in disaster-prone regions with incentives to harden their properties against wildfires and other risks. The legislation is …
Via: Claims Journal
Inflation is bringing rising loss costs for US commercial property/casualty insurers, according to Fitch Ratings, which reviewed reports from three US insurers — Cincinnati Financial Corp., HCC Insurance Holdings Inc., and Selective Insurance Group Inc. — to gauge trends for …
Via: Claims Journal
Norfolk Southern Corp. said it will pay $600 million to settle a proposed class action lawsuit targeting the rail company over the 2023 train derailment in Ohio that spilled more than 1 million gallons of toxic chemicals and sickened residents, …
Via: Claims Journal
A poll to understand American consumers’ attitudes toward artificial intelligence in the property/casualty insurance sector shows the strongest support for AI’s use in fraud detection, delivering personalized products and promotions and AI in customer service. According to a poll conducted …
Via: Claims Journal
The Tennessee Supreme Court this week dealt a blow to businesses and insurance companies, finding that employers can no longer argue that direct negligence claims are barred when the business admits vicarious liability for a worker’s actions. “We hold that …
Via: Claims Journal
Autonomous vehicle deployment in the U.S. will lead to the creation of more than 114,000 jobs over the next 15 years to meet production, distribution, maintenance, upgrades and repair needs, a new report by a tech-industry policy coalition shows. The …
Via: Claims Journal
It was another record-breaking year for vehicle thefts in 2023, with more than one million vehicles were reported stolen – an overall increase of 1% nationwide from 2022 to 1,020,729 last year. A report from the National Insurance Crime Bureau …
Via: Claims Journal
Tesla Inc. reached a settlement on the eve of its highest-profile trial yet over a crash blamed on Autopilot, the driver-assistance system Elon Musk has billed as crucial to his pursuit of self-driving cars, according to court filings. Terms of …
Via: Claims Journal
A migrant farmworker who survived a mass shooting last year at a Northern California mushroom farm has filed a lawsuit against the farm and one of its owners, saying they failed to keep him safe from the colleague who authorities …
Via: Claims Journal
As generative AI transitions from an emerging innovation to a tried-and-true tool, this multi-use technology has given way to key use cases for the risk and insurance space. According to a recent study, by the end of 2023, half of …
Via: Claims Journal