Claims & Reserving
Big Business Chalks Up More Wins Over Class Actions at Supreme Court
In a series of rulings this year, the U.S. Supreme Court has steered a consistent course against consumers or small businesses that want to bring class action lawsuits against corporate defendants. ...
U.S. Had 11 Climate Disasters Costing $1B Each Last Year
The U.S. suffered 11 weather and climate disasters last year that caused more than $1 billion in damage each and killed more than 300 people, making 2012 the second-most costly and active year on ...
SEC Presses Berkshire for More Data On Insurance Cat Losses
Warren Buffett's Berkshire Hathaway Inc. is providing more data about claims costs at insurance units after the U.S. Securities and Exchange Commission pressed the company for the information. We ...Judge Orders The Hartford to Pay $20M to Auto Body Shops
A Connecticut judge has ordered The Hartford insurance company to pay $20 million to auto body shops for an unfair trade practice related to hourly labor rates for vehicle repairs. The judge's ...
New York City Proposes $20B ‘Resiliency’ Plan to Handle Rising Sea Levels, Temperatures
New York Mayor Michael Bloomberg on Tuesday announced a $20 billion plan to prepare for rising sea levels and hotter summers expected as a result of climate change in the coming decades. The plan, ...
Floods Could Slow German Economy; Fitch Estimates Damage at 12B Euros
Floods that have devastated parts of southern and eastern Germany could briefly impede growth in Europe's biggest economy, an industry body said, while ratings agency Fitch said the economic cost ...
Flaw of Averages: Why Carriers Overpay & Underpay Contents Claims
In his book, The Flaw of Averages, author Sam Savage explores how the widely used statistical concept of "averages" can wreak havoc on our forecasting and decision making. He explains the law's ...
Economic Damage to Far Exceed $2.65B Insured Losses From Europe Floods
The losses insurers face from the worst flooding in central Europe since 2002 may be lower than those resulting from the deluge 11 years ago even as the toll on local economies looms larger. Insured ...