Florida’s insurance market is showing signs of stabilization after years of turmoil. Recent legislative reforms, including efforts to curb fraud and litigation costs, are contributing to a more favorable environment for insurers.
Author: Maria Valdez Haubrich
Generative AI Poised to Revolutionize Insurance Fraud Detection
Generative AI (Gen AI) is showing significant potential in combating insurance fraud, according to a recent report from Digital Insurance. The technology excels at analyzing large data sets and identifying patterns that may indicate fraudulent claims.
Pennsylvania Supreme Court Backs Employer Use of Drones for Surveillance
The Pennsylvania Supreme Court has upheld a ruling that allows employers to use drones for surveillance without facing liability for privacy invasion claims.
Insurance Industry Halts Expansion of Fiduciary Rule
Insurance lobbyists have successfully blocked the expansion of a federal fiduciary rule that would have required financial advisors to act in the best interest of their clients, particularly when selling insurance products like annuities.
Mold Coverage in Homeowners Insurance: What Insurers Should Know
Homeowners insurance policies generally cover mold damage if it’s caused by a peril covered under the policy, such as a burst pipe. However, damage resulting from neglect, flooding, or high humidity is typically excluded, creating potential gaps in coverage.
Louisiana Advances Insurance Tort Reform to Combat Rising Costs
Louisiana lawmakers have passed insurance tort reform legislation aimed at reducing insurance costs by limiting lawsuits and capping damages.
Insurance Industry Pushes Back Against New Retirement Saver Protections
The insurance industry is successfully challenging proposed regulations that would enhance protections for retirement savers. These regulations were aimed at increasing transparency and limiting conflicts of interest.
UIP Launches New Digital Broker Portal for Salons and Spas
Universal Insurance Programs (UIP) has launched an enhanced rating system and online quoting portal for its salons and day spas program, powered by INSTANDA’s no-code digital platform.
Modernizing Insurance Licensing: Navigating Growth and Regulatory Changes
As the insurance industry continues to evolve, the need for modernizing and streamlining insurance licensing processes has never been more critical.
Mike Falvey to Become Executive Chairman of Falvey Insurance Group in 2025
Effective January 1, 2025, Mike Falvey will step down as CEO of Falvey Insurance Group and assume the role of Executive Chairman. He will continue to offer strategic guidance and oversight in this new capacity. Jack Falvey, currently the COO, will be promoted to CEO.