Insurance news

• What Do You Get When You Combine Drones and Self-Driving Cars?

  09-06-2016 23:58
  
  That’s one small step for drones, and no steps needed for mankind. Autonomous drone transport for humans. Why not? We’re eventually getting autonomous cars so you don’t have to do the driving, and drones are all the rage – although …
  
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• California State Fund Files for Workers’ Comp Rate Decrease

  09-06-2016 23:10
  
  The State Compensation Insurance Fund is seeking to cut its workers’ compensation rates, per a recent filing with the California Department of Insurance. The rate filing also includes an overall 9.5 percent rate reduction due to improvements in State Fund’s …
  
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• Florida Supreme Court Strikes Down State Cap on Temporary Disability Benefits

  09-06-2016 21:02
  
  The Florida Supreme Court has delivered another blow to Florida’s workers’ compensation system with a ruling today that the state’s statutory 104-week cap on temporary disability benefits is unconstitutional. The Florida Supreme Court ruled 5-2 in favor of the of …
  
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• Robot bartenders and virtual skydiving: Smart ship cruises into Asia

  09-06-2016 20:50
  
  The German-built Ovation of the Seas ship looms large at 1,141 feet, more than triple the length of a soccer pitch.
  
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• Regulator says self-driving cars must be twice as safe

  09-06-2016 20:10
  
  U.S. Transportation Secretary Anthony Foxx will announce autonomous-auto regulations in July.
  
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• Texas to Hold Hearing on Mandatory Mediation-Arbitration Endorsements

  09-06-2016 18:55
  
  At least one insurer in Texas has filed to add an endorsement to the homeowners policy that would require mandatory mediation-arbitration in claim disputes. The endorsement would be attached to a homeowners policy at the policyholder’s option, with a premium …
  
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• New Jersey Court Backs Approval of Horizon’s Tiered Health Plan

  09-06-2016 18:51
  
  A New Jersey appeals court upheld a decision by New Jersey regulators to approve a new alliance formed by the state’s largest health insurer. The New Jersey Department of Banking and Insurance didn’t break the rules when it approved Horizon …
  
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• Insurance industry falls short in addressing gender gaps, survey shows

  09-06-2016 18:45
  
  The Ernst & Young survey sought to understand how the financial industry is addressing the effects of diversity and the advancement of women.
  
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• Missouri Regulator: Risk Increases as Earthquake Insurance Market Shrinks

  09-06-2016 18:44
  
  More than a half million Missourians are at risk because of the contracting earthquake insurance market, Missouri Department of Insurance Director John M. Huff said during the recent Heartland Insurance Symposium in Kansas City, Mo. Huff discussed the near record …
  
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• Appeals Court Voids $30M Settlement Against Michigan Blue Cross

  09-06-2016 18:39
  
  A federal appeals court has voided a $30 million settlement in a class-action lawsuit against Blue Cross Blue Shield of Michigan involving price-fixing allegations. The 6th Circuit Court of Appeals said that key details of the settlement were wrongly sealed …
  
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• Meyer Promoted to Transportation Division President at RLI

  09-06-2016 18:37
  
  Peoria, Ill.-based specialty insurer, RLI Corp., promoted Dan Meyer to president of the RLI Transportation Division. Meyer succeeds Dave Dunn, who recently departed the company to pursue other opportunities. Meyer joined RLI in 2000 as a claim manager and transitioned …
  
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• Arthur J. Gallagher & Co. Acquires KRW Insurance Agency in Illinois

  09-06-2016 18:35
  
  Insurance broker Arthur J. Gallagher & Co. has acquired KRW Insurance Agency Inc. located in Crystal Lake, Ill. Terms of the transaction were not disclosed. Established in the 1940s, KRW Insurance Agency (KRW) is a retail insurance broker providing commercial property/casualty, …
  
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• Outlooks Revised to Stable for Hallmark Financial Services, Subsidiaries

  09-06-2016 18:34
  
  Ratings agency, A.M. Best, has revised the outlooks to stable from negative and affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit ratings (ICR) of “a-” of the members of Hallmark Insurance Group (Hallmark Group), headquartered in …
  
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• 9th DWI Conviction Lands Houston Man in Prison for Life

  09-06-2016 18:33
  
  A Houston man convicted of drunken driving nine times since 1980 has been sentenced to life in prison. The Montgomery County judge who sentenced Donald Middleton said the 56-year-old man is a habitual offender. Middleton pleaded guilty last week to …
  
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• Texas Governor Adds More Counties to Disaster Declaration, Requests Federal Aid

  09-06-2016 18:32
  
  Texas Gov. Greg Abbott has added Brown, Caldwell, Callahan, Clay, Comanche, Eastland, Falls, Hardin, Harris, Houston, Madison, Somervell, Stephens, Travis and Trinity to the list of counties declared disaster areas following recent severe weather and flooding in the state. Previously, …
  
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• An integrated management system can help an agency diversify

  09-06-2016 18:15
  
  If you want to add new lines of business, such as benefits or financial services, you don't want to have to run separate software for each new addition.
  
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• Connecticut Regulator Licenses New Health Care Captive

  09-06-2016 17:58
  
  Connecticut Insurance Department announced Thursday that it has licensed a non-profit captive insurance cooperative comprising several Connecticut municipalities and school districts that aims to give communities greater control of their health insurance costs. CT Prime, the new cooperative, will be …
  
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• WCRI Study Finds ‘Noticeable’ Drop in Opioid Prescriptions in Workers’ Compensation Cases

  09-06-2016 17:55
  
  A new study by the Workers Compensation Research Institute (WCRI) found “noticeable decreases” in the amount of opioids prescribed per workers’ compensation claim in a majority of 25  states studied. The WCRI study, Interstate Variations in Use of Opioids, 3rd …
  
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• UK’s Allianz Insurance Offers Free Cyber Risk Assessment Tool for SMEs

  09-06-2016 17:26
  
  Allianz Insurance plc, the U.K. subsidiary of Allianz SE, has partnered with global cyber security consultancy, IT Governance Ltd., to offer commercial customers a free online cyber risk assessment. The Allianz Cyber Risk Assessment tool is designed to help businesses …
  
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• Washington-based Zillow to Settle Trade Secret Suit by Move Inc. for $130M

  09-06-2016 16:53
  
  Seattle, Wash.-based real-estate information website Zillow is paying $130 million to settle a lawsuit brought by rival Move Inc. The Seattle Times reported that the settlement was disclosed in securities filings earlier this week, ending more than two years of …
  
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• Flawed Flood Maps Hurting Condo Sales in Ocean City, Maryland

  09-06-2016 16:53
  
  Flawed Federal Emergency Management Agency flood insurance maps have caused insurance premiums at some Ocean City, Maryland, properties to skyrocket, but city officials say a resolution could still take months. The Daily Record reports that FEMA officials drew the line …
  
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• Traffic Deaths Down in Hawaii Since 2012 DUI Towing Law Enacted

  09-06-2016 16:49
  
  Hawaii Island has seen a decrease in traffic fatalities since the implementation of a county ordinance that permits the towing of vehicles driven by those driving under the influence of alcohol or drugs. The Hawaii Tribune-Herald reported there were 38 …
  
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• N.Y. Financial Regulator Nominee Vullo Signals Business-Friendly Approach

  09-06-2016 16:29
  
  New York Governor Andrew Cuomo’s pick to become the state’s top financial regulator on Wednesday signaled she would take a more business-friendly approach than her predecessor, who was known for his pursuit of big banks. “I believe in compromise to …
  
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• Security Vendors, Partnerships Offer Key to Simplifying, Selling Cyber Insurance Online: CoverHound CEO

  09-06-2016 15:03
  
  CoverHound CEO Keith Moore has a vision of simplifying cyber insurance sales that involves underwriting the security vendors used by insureds—a model that could ultimately allow small business customers to bind their cyber policies online. That’s just one part of …
  
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• Miller Begins Succession Plans with New CEO Lined Up for 2017

  09-06-2016 14:54
  
  Commencing its board succession plans, London-based Miller Insurance Services LLP announced that Greg Collins will be appointed deputy chief executive officer, with an aim to name him CEO next year. Miller also has appointed Ben Speers to the board as …
  
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• U.S. Wants Safety ‘Two Times Better’ for Autonomous Cars

  09-06-2016 14:08
  
  Self-driving cars must increase safety at least twofold to make a real dent in the 38,000 lives lost on American roads last year, the U.S. auto-safety chief said as the federal government prepares to release rules for autonomous vehicles next …
  
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• Rewriting the rules of the road for automated driving

  09-06-2016 13:45
  
  Expect to see judicial, legislative and regulatory change in the near future as advancements in autonomous technology continue to roll out.
  
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• How to keep a clean insurance email list

  09-06-2016 13:15
  
  In order to maintain a clean list, you need to manage bounces, 'age' your list, eliminate inactive users and allow subscribers to update information.
  
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• 4 major pitfalls to avoid in your insurance program

  09-06-2016 13:00
  
  An effective risk management strategy includes looking closely at the policy wording to correct potential problems and avoid an expensive coverage-litigation battle.
  
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• Global disasters in May to Cost Insurers at Least $7B: Aon Report

  09-06-2016 09:53
  
  Global disasters led to at least $7 billion in claims during May as insurers aid the recovery process following wildfires, floods, and storms, according to Impact Forecasting, Aon Benfield’s catastrophe model development team. An historic wildfire caused catastrophic damage in …
  
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• Global Disasters During May to Cost Insurers at Least $7B: Aon Report

  09-06-2016 09:53
  
  Global disasters led to at least $7 billion in claims during May as insurers aid the recovery process following wildfires, floods, and storms, according to Impact Forecasting, Aon Benfield’s catastrophe model development team. An historic wildfire caused catastrophic damage in …
  
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• Delta Lloyd to Raise $226M with Sale of Stake in Van Lanschot

  09-06-2016 09:20
  
  Delta Lloyd NV may raise as much as 198.4 million euros ($226 million) through the sale of its stake in wealth manager Van Lanschot NV after shares were priced at 16 euros apiece. The offering size was 180 million euros …
  
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• XL Catlin Launches Team to Focus on Alternative Risk Transfer Products

  09-06-2016 08:30
  
  XL Catlin’s insurance operations has launched a new team to focus on alternative risk transfer and non-traditional insurance globally. The team, named Structured Risk Solutions (SRS), is a dedicated global underwriting unit charged with providing XL Catlin’s clients with customized solutions …
  
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• Jury Finds for University of Florida in Hiring Discrimination Suit

  09-06-2016 07:01
  
  The University of Florida has prevailed in a lawsuit brought by a former faculty member. In the 2013 lawsuit Dana Peterson claimed he was denied a promotion to a director’s position because it was given to a “less-qualified” candidate who …
  
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• Here’s How Autonomous Car Sales Will Accelerate in Next Two Decades

  09-06-2016 07:01
  
  Global sales of autonomous vehicles will reach nearly 21 million vehicles by 2035, a substantial increase from previous estimates, according to a forecast from the automobile industry information firm IHS Automotive. By 2025, there will be about 600,000 autonomous vehicles …
  
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• GM CEO Says Keep Steering Wheels, Brakes in Self-Driving Cars

  09-06-2016 07:00
  
  General Motors Co. Chief Executive Mary Barra on Tuesday said she believes self-driving vehicles should keep steering wheels, brake pedals and accelerators in them as the technology develops. “We think that having that capability when the steering wheel and the …
  
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• Jim Justice-Owned Mine Cited by Kentucky Regulators for Mudslide Damage to Homes

  09-06-2016 06:44
  
  Kentucky regulators have cited a company owned by coal operator Jim Justice for conditions that they say contributed to a mudslide and flooding that damaged six homes in Pike County. Kentucky Energy and Environment Cabinet spokesman John Mura told The …
  
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• Pauly Appointed CEO of Canal Insurance of South Carolina as Crane Steps Down

  09-06-2016 06:34
  
  Canal Insurance Co. has accepted the resignation of CEO David Firstenberg, according to Lansing Crane, chair of the company’s Board of Directors. The Board accepted the resignation of Firstenberg, who has been Chief Executive Officer of Canal since October 2010, …
  
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• Pauly Appointed CEO of Canal Insurance of South Carolina After Firstenberg Resigns

  09-06-2016 06:34
  
  Canal Insurance Co. has accepted the resignation of CEO David Firstenberg, according to Lansing Crane, chair of the company’s board of directors. The board accepted the resignation of Firstenberg, who has been Chief Executive Officer of Canal since October 2010, …
  
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• Assurant, MyDigitalShield to Offer Small Business Data Breach Support

  09-06-2016 06:00
  
  Assurant, Inc. has teamed up with cybersecurity specialist MyDigitalShield to help protect small businesses against losses from data breaches. Assurant will provide support for MyDigitalShield’s data breach guarantee, accompanying MDS’ cybersecurity technology protecting small businesses against the costs associated with …
  
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• Around the P&C insurance industry: June 8, 2016

  09-06-2016 00:45
  
  News from Sapiens, Hub, Apax and more.
  
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