Industry News
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
Property intelligence provider Nearmap is acquiring itel, a provider of property claims services. Andy Watt, Nearmap’s CEO, will serve as CEO for the combined company, while itel CEO Brian Matthews will continue to lead itel through closing and will serve …
Via: Claims Journal