The world is a dangerous, unpredictable place — not a bad thing, perhaps, if you’re in the business of selling insurance, making loans or figuring out ways to prevent mishaps. Continue reading
The $19.5 million settlement Home Depot Inc. was able to reach in connection with its massive 2014 data breach was relatively low, which can be attributed to the difficulty plaintiffs in many related cases have had in successfully claiming damages, say experts. Continue reading
The property/casualty industry is undergoing significant challenges with increased claim severity in liability and physical damage claims. These increases are outpacing inflation and rate adequacy. According to the Insurance Information Institute, in 2009 the average private passenger auto bodily injury claim was $13,891. In 2014, that average grew to $16,640 – an increase of almost 20 percent. The private passenger auto collision loss ratio has risen from 67.7 percent in 2010 to 78.3 percent in 2015 – a 16 percent increase. The loss ratio can be adversely impacted by claim handling, underwriting and rate inadequacy with claim leakage as a primary cause of loss ratio deterioration. Continue reading
(Reuters) — Apple Inc. on Monday urged the creation of a government panel on encryption to help resolve a standoff over national security and data privacy that began last week after the technology company refused a U.S. government demand to unlock an iPhone used in a mass shooting in California in December. Continue reading
Blue Cross and Blue Shield of Alabama resisted paying for most telehealth services for years after their introduction.
The insurer, which holds a near-monopoly of the state’s commercial market, had cost concerns about the still-evolving technology that electronically connects patients with doctors and other clinicians. Continue reading
Rating agency A.M. Best said it is maintaining its negative outlook on the commercial lines segment of the U.S. property/casualty (P/C) industry, despite relatively solid aggregate results over the past several years. The negative outlook indicates A.M. Best’s expectation of more downgrades than upgrades in the coming year.
At the same time, A.M. Best is also holding over its stable outlook on the personal lines segment of the U.S. P/C industry. Continue reading
Given the fact that the insurance industry paid out more than $400 million in highly publicized cyber liability insurance claims in 2014 alone, one might think that insurers would be shying away from the line.
But one would be wrong, according to insurance professionals who specialize in cyber-related risks. Continue reading
On Oct. 1, 2015, many of the insurance industry’s clients took on a lot more risk, and may not even know it. The Payment Card Industry, PCI, which is the self-regulating organization that oversees everyone that accepts or issues payment cards, set the date of Oct. 1, for point-of-sale machines to begin accepting “chip cards.”
Continue reading
