The U.S. Department of Justice has filed a lawsuit against National General Holdings Corp. and its subsidiaries for allegedly placing unnecessary Collateral Protection Insurance (CPI) on hundreds of thousands of vehicles financed through Wells Fargo.
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California Insurance Crisis: Commissioner Takes Action
California is experiencing an insurance crisis, with homeowners facing skyrocketing premiums and insurers withdrawing from high-risk areas. The crisis is driven by increasing wildfire risks and a challenging regulatory environment.
1970 Group Secures Investment from Bain Capital for Expansion
1970 Group, a risk financing provider specializing in structured financing, has announced a significant growth capital investment from Bain Capital Insurance.
Flooding Leads to Financial Losses for Commercial Property Insurers
Recent flooding has resulted in significant financial losses for commercial property insurers. The extreme weather events have caused widespread damage, increasing the number of claims and the overall payout for insurers.
FTC Investigates Targeted Pricing Practices by Major Companies
The U.S. Federal Trade Commission (FTC) has initiated a study into how companies use consumer data for targeted pricing. This investigation will examine the extent and impact of personalized pricing based on individuals’ personal data.
CrowdStrike Outage Could Cost Cyber Insurers Up to $1.5 Billion
The recent CrowdStrike Falcon Sensor update outage, which caused widespread system failures, could result in insured losses between $400 million and $1.5 billion, according to CyberCube.
Clean Energy and Carbon Capture Innovations Transform Insurance Industry
The rise in clean energy and carbon capture patents is significantly impacting the insurance industry. This surge in innovations is prompting insurers to develop new products and risk models tailored to these emerging technologies.
Insurance Industry Embraces Instant Payments Amid Consumer Demand
New data reveals a growing trend of instant payments in the insurance industry, driven by increasing consumer demand for faster transaction processing.
Nationwide Report Highlights Positive Outlook and Rising AI Use for Independent Agents
Despite facing inflation, market volatility, and technological changes, independent insurance agents remain optimistic about their business prospects.
Massachusetts Court Rules on Roof Water Damage in Insurance Claims
The Massachusetts Supreme Judicial Court ruled that rainwater accumulating on roofs does not constitute “surface waters” under property insurance policies.