Claims & Reserving
Actuaries: Social Inflation Increased Commercial Auto Claim Costs by $20B Over 10 Years
The insurance industry is ringing alarm bells about the cost of social inflation again, this time with the help of an actuarial analysis that concludes the phenomenon added more than $20 billion to ...
Porsches and Lamborghinis Lost at Sea in Cargo-Ship Fire Could Cost $155M
The cargo ship that caught fire last week carrying about 4,000 Volkswagen AG vehicles could cost the automaker at least $155 million, according to one consultant's estimate. Of the roughly $438 ...
Reuters Report: J&J Crafts Secret Plan to Cap Litigation Payouts to Cancer Victims
Johnson & Johnson created a plan last year to limit the financial bleeding from billions of dollars in jury awards to plaintiffs who alleged the company's Baby Powder and other talc products ...
Natural Disasters Cost Insurers $116B in 2021, or 63% Higher Than Average: Gallagher Re
Insured losses from major natural catastrophes in 2021—excluding COVID-related losses—have so far reached an estimated $116 billion, the third largest total since 2011, and about 63 percent ...
The Climate Is Changing. Here’s How Insurers Can Change With It
As the effects of climate change make themselves increasingly apparent in our world, businesses and individuals alike are rising to the occasion, in ways big and small, to help protect the ...
Risk Alerts: Apple AirTags, Pollutants
Apple's AirTags are marketed as "an easy way to keep track of your stuff." But the trackers have also been linked to criminal activity such as stalking and car theft. The discs are meant to be ...
Businesses Can Expect to Spend $13.5B on Repairs Due to Flooding in 2022
A new report estimates that U.S. businesses could spend about $13.5 billion in 2022 to repair or replace flood-damaged commercial buildings. The same report finds that businesses could lose more than ...
Insurer Missed Deadline to Remove $1M Bad Faith Case to Federal Court
Darryl A. Vachon did not accuse Travelers of bad faith in handling his $25,000 uninsured motorist claim until after a jury found he had incurred $1,022,780 in damages. Because he didn't, the insurer ...