Insurance news

• The whistleblower who exposed Bernie Madoff thinks the insurance industry is riddled with fraud - Business Insider

  02-11-2016 23:52
  
  Business Insider
  The whistleblower who exposed Bernie Madoff thinks the insurance industry is riddled with fraud
  Business Insider
  The Big Four accounting firms are so bad at catching fraud that they couldn't even catch a cold, with incentives in the industry totally screwed up. That's the view of the of the whistleblower who uncovered the $65 billion Madoff Ponzi scheme and he ...and more »
  
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• 'Insurance Super Day' Delivers Stronger-Than-Expected Results But AIG Disappoints - Wall Street Journal

  02-11-2016 23:17
  
  Wall Street Journal
  'Insurance Super Day' Delivers Stronger-Than-Expected Results But AIG Disappoints
  Wall Street Journal
  American International Group Inc. swung to a quarterly profit but suffered a setback in its turnaround effort for its property-casualty insurance unit, while four other big insurers posted stronger-than-expected operating results for the third quarter ...and more »
  
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• AG Defends California Insurance Commissioner’s Regulatory Move

  02-11-2016 22:40
  
  The California Supreme Court heard oral arguments this week, during which the Attorney General’s office in suit filed by the insurance industry defended a regulatory move by Insurance Dave Jones. The regulation was developed under Commissioner Steve Poizner and issued …
  
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• U.S. homeowners' premiums to reach $91B for 2016

  02-11-2016 19:55
  
  Homeowners' insurers are facing competition from auto insurers as the number of home buyers decreases, according to new research from Aon Benfield.
  
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• How to select the right insurance policy - 9NEWS.com

  02-11-2016 19:27
  
  9NEWS.com
  How to select the right insurance policy
  9NEWS.com
  KUSA - Looking at monthly premiums isn't the only method you should use to select an insurance policy. With many company insurance plans now offering open enrollment, Colorado's Insurance Commissioner Marguerite Salazar advises consumers to ...
  
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• MH370 may have fallen at 25,000 feet per minute, searchers say

  02-11-2016 18:22
  
  Malaysia Airlines Flight 370, missing for more than two years, may have plummeted at 25,000 feet a minute in its final moments and wasn’t configured to land when it hit the water.
  
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• Insurance Council: Texas Leads Nation in Vehicle/Animal Collisions

  02-11-2016 17:35
  
  Texas has twice as many motorists killed in vehicles colliding with wild animals than any other state, the Insurance Council of Texas (ICT) reports. According to the Insurance Institute for Highway Safety (IIHS), more than 5,000 vehicle/animal crashes occur annually …
  
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• Lockton Adds van Winden as Sr. VP, Energy Property Leader in Houston

  02-11-2016 17:31
  
  Rene van Winden has joined Lockton as a senior vice president and national energy property leader based in the insurance broker’s Houston operation. He is an expert in onshore property insurance programs and will work with Lockton’s energy clients. Van Winden …
  
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• Accenture says one-third of corporate cyber attacks succeed

  02-11-2016 17:30
  
  The 'alarmingly high' failure rate in defending against attacks is compounded by their 'sheer volume.'
  
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• Uncompensated Minnesota Hospital Care Costs Drop 17%, Report Says

  02-11-2016 17:28
  
  A new report released by the state Department of Health shows the cost of uncompensated care at Minnesota hospitals has dropped nearly 17 percent since the federal Affordable Care Act was implemented. Health Commissioner Ed Ehlinger said the drop is …
  
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• Federal Officials: 100% of Recalled Volvo Trucks Repaired; A Rare Feat

  02-11-2016 17:26
  
  All 16,000 Volvo heavy trucks that were recalled earlier this year for a dangerous steering problem have been repaired. The National Highway Traffic Safety Administration says it’s a rare 100 percent completion rate for a recall. Most only get to …
  
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• Federal Judge Upholds Airbnb Arbitration Clause in Racial Bias Case

  02-11-2016 17:25
  
  A man who claims that the online lodging site Airbnb violated his civil rights must take his complaint to arbitration with Airbnb and cannot sue the online service, a federal judge has ruled. In a Nov. 1 ruling, Judge Christopher …
  
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• Ohio’s Authority to Regulate Injection Wells Goes Before Judge

  02-11-2016 17:23
  
  A judge in Columbus is preparing to hear arguments in a dispute over Ohio’s authority to regulate oil andgas operations, including wells disposing of fracking wastewater. Attorneys for the Ohio Department of Natural Resources and the operator of a Youngstown-area …
  
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• President Obama Approves Disaster Declaration for 19 Iowa Counties

  02-11-2016 17:21
  
  President Barack Obama has approved a major disaster declaration for 19 Iowa counties because of storms and flooding in September and October. That makes federal funding available to state and local government agencies and some nonprofit organizations. The money will …
  
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• Texas Woman Claims Injuries Caused by Takata Airbag, Sues Honda

  02-11-2016 17:20
  
  A Texas woman has sued American Honda Motor Co Inc. and the U.S. subsidiary of airbag maker Takata Corporation for at least $1 million, claiming that she was badly injured in a low-speed car accident because the propellant in the …
  
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• Do recent events foreshadow a large-scale cyber aggregated loss?

  02-11-2016 16:55
  
  What would happen if numerous major insureds, all with multimillion-dollar policies, all suffered major breaches at once?
  
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• Alabama Pipeline Explosion Update: 1 Death Reported, Pipeline to Restart Saturday

  02-11-2016 16:55
  
  This story is an update to an earlier one updating the worker injuries and one fatality. The owner of the biggest U.S. fuel pipeline said it may resume service on its gasoline line at noon local time Saturday after an …
  
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• Hillary Clinton's campaign insurance policy may be kicking in - Washington Post

  02-11-2016 16:23
  
  Washington Post
  Hillary Clinton's campaign insurance policy may be kicking in
  Washington Post
  Most campaigns focus their energy on likely voters. Donald Trump and his campaign have spent part of the week making a pitch to people who've already cast their ballots. For Hillary Clinton. His claim that even if you've cast a vote for one candidate ...and more »
  
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• Judge Allows Washington City’s Pollution Suit against Monsanto to Proceed

  02-11-2016 16:21
  
  A federal judge says Spokane’s lawsuit against the agrochemical giant Monsanto regarding pollution in Washington’s Spokane River can move forward. The city sued Monsanto last year, alleging the company knew for decades that chemicals it made and sold were a …
  
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• Hub Acquires Assets of California-Based Riviera Insurance Services

  02-11-2016 16:09
  
  Hub International Ltd. has acquired the assets of Santa Barbara, Calif.-based Riviera Insurance Services LLC. Terms of the deal were not disclosed. Chris Hill, president or Riviera, and Steve Woodward, the firm’s executive vice president, will join Hub California and …
  
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• tKg Names Convery Vice President in Oregon

  02-11-2016 16:07
  
  tKg Wholesale Brokerage has named Eric Convery vice president of the small business division in its new Portland, Ore. office. Convery will be responsible for growth and financial performance as well as broker and client relationships for the division. His …
  
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• Drivers Leaving Keys for Thieves a Growing Problem, Says Insurers’ Crime Bureau

  02-11-2016 16:00
  
  Last year, one out of every eight car thefts was a freebie for the thief because the driver left the keys or the car access device inside. It’s a growing problem according to a report from the insurance industry’s National …
  
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• Around the P&C insurance industry: Nov. 2, 2016

  02-11-2016 16:00
  
  News from Tokio Marine America, Munich Re/HSB Ventures, Aspen and more.
  
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• Former Travelers, PMA Executive Klotz Joins Technology Advisory Firm Novarica

  02-11-2016 15:46
  
  Novarica, a research and advisory firm focused on insurance technology strategy, announced that Jim Klotz has joined the firm as a vice president of research and consulting. Prior to joining Novarica, Klotz spent 15 years as the senior vice president …
  
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• Workers’ Compensation Spending on Drugs Falls 8.7%: Study

  02-11-2016 14:53
  
  An analysis of pharmacy cost data shows there was an 8.7 percent drop in spending on drugs in 2015 in workers’ compensation injury cases. The decline in 2015 is consistent with the overall downward drug cost trend seen over the …
  
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• The MEMIC Group Names Morehouse a Safety Management Consultant in New York

  02-11-2016 14:44
  
  The MEMIC Group, a workers’ compensation insurer headquartered in Portland, Maine, has appointed Randy Morehouse as a safety management consultant in New York. Morehouse will join safety management consultants Jennifer Campbell, David Darnley and Rob Sylvester in providing safety training …
  
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• Insurance Trade Group Launches Blockchain Research Effort - CoinDesk

  02-11-2016 14:37
  
  Insurance Trade Group Launches Blockchain Research Effort
  CoinDesk
  An insurance and reinsurance industry trade organization headquartered in the UK is launching a new blockchain research project. The London Market Group has announced that it will investigate the use of smart contracts and blockchain for potential ...
  
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• Child’s Fire Play Blamed for Destroying Maryland Home

  02-11-2016 14:37
  
  Officials say a child who was burning items on the family’s deck in western Maryland was responsible for igniting the flames that destroyed the two-story home. Maryland Master Deputy State Fire Marshal Ed Ernst says the Saturday night fire in …
  
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• Facebook blocks insurance company's plan to base premiums on your posts - Ars Technica

  02-11-2016 14:30
  
  Ars Technica
  Facebook blocks insurance company's plan to base premiums on your posts
  Ars Technica
  Plan would have set fees based on excessive use of exclamation points, among other things. Glyn Moody (UK) - 11/2/2016, 6:27 AM. Enlarge · The Range Productions · reader comments 162. Share this story. Facebook has ruled out the launch of a new car ...
  Insurer plans to read your Facebook for cheaper car insurance (or not)CNET
  Facebook blocks Admiral's car insurance discount planB
  
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• Source Says Airbnb, New York in Talks to Resolve Rental Law Lawsuit

  02-11-2016 14:29
  
  Airbnb Inc and New York state are in talks to resolve a lawsuit brought by the company challenging a law it says could expose it to significant penalties for advertising short-term apartment rentals, a person familiar with the matter said …
  
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• Aon Risk Solutions Completes Acquisition of New York-Based Stroz Friedberg

  02-11-2016 13:55
  
  Aon Risk Solutions, the global risk management business of Aon plc, has completed its acquisition of Stroz Friedberg Inc., a global risk management firm based in New York City. Financial terms were not disclosed. This move comes as the complexity and …
  
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• House Republicans Question Volkswagen Penalties for Diesel Pollution

  02-11-2016 13:43
  
  Two senior U.S. House Republicans on Tuesday asked environmental regulators to answer questions about Volkswagen AG’s diesel emissions settlements, including disclosing how the government calculated the penalties imposed on VW to offset excess pollution. In a letter, Representative Fred Upton, …
  
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• Supreme Court Justices Question State Farm Appeal of Katrina Jury Verdict

  02-11-2016 13:13
  
  The Supreme Court on Tuesday appeared unlikely to throw out a jury verdict against State Farm that found the insurance company defrauded the U.S. government when it assessed damage caused by Hurricane Katrina along the Gulf of Mexico coast in …
  
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• Towergate Renames London Market Broking Business as ‘Bishopsgate’

  02-11-2016 12:51
  
  Towergate has renamed its London market broking business as “Bishopsgate.” Formerly known as Towergate London Market, Bishopsgate aims to give “regional brokers better access to market, better service and better deals,” the company said in a statement. A central pillar …
  
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• Capsicum Re Latin America Taps Ribeiro and Nunes from Carpenter, Aon Benfield

  02-11-2016 12:09
  
  Capsicum Re, the London-based specialist reinsurance broker, announce it has hired Marcio Ribeiro and Júlia Nunes to Capsicum Re Latin America Brazil. Ribeiro is head of the facultative division and is based in Sao Paulo; Nunes is head of operations …
  
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• Duty to defend: ‘Four corners’ or ‘four corners, but…’?

  02-11-2016 11:30
  
  The duty to defend should be found inside the four corners of the policy, but some courts are expanding the test beyond the basic documents.
  
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• 6 elements of landing pages that convert

  02-11-2016 11:30
  
  If your website functions like it was built in 1998, optimize it to become a lead-generation tool.
  
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• 15 top renters' insurance companies, based on customer satisfaction

  02-11-2016 11:00
  
  The J.D. Power 2016 U.S. Home Insurance Study named a new leader in renters' insurance customer satisfaction.
  
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• Corporations Have ‘Alarmingly High’ Failure Rate with Their Cyber Defenses: Accenture

  02-11-2016 10:24
  
  About one-third of targeted attempts to breach corporations’ cyber defenses succeed but three-quarters of executives remain unaccountably confident in their security strategies, Accenture Plc. reported Wednesday in a survey of 2,000 security officers representing large enterprises worldwide. The “alarmingly high” …
  
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• Georgia Orders Property Insurers to Report Hurricane Matthew Claims Data

  02-11-2016 06:08
  
  The Georgia Department of Insurance is ordering all insurers operating in the state to report claims information related to Hurricane Matthew. The storm, which began its path through Georgia starting Oct. 7, is estimated to have caused about $90 million …
  
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• $151M Settlement Reached Over 2014 Chemical Spill in West Virginia

  02-11-2016 05:48
  
  A federal judge on Monday tentatively approved a $151 million settlement involving two companies sued over a 2014 chemical spill that contaminated drinking water in southern West Virginia. U.S. District Judge John Copenhaver approved the proposed deal after more than …
  
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• Colonial Pipeline Explosion in Alabama Injures 7, Causes 2 Wildfires

  02-11-2016 05:29
  
  An explosion along the Colonial Pipeline in rural Alabama injured at least seven workers Monday not far from where the line burst and leaked thousands of gallons of gasoline last month, authorities said. The blast, which sent flames and thick …
  
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• Uber teams up with Lyft-backer GM on car-sharing service

  02-11-2016 00:16
  
  The pilot program will let Uber drivers lease cars from GM's fleet of cars in San Francisco.
  
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