An embattled California prosecutor has filed a civil lawsuit against insurance companies USAA and Progressive Corp. alleging that they have carried out a scheme to defraud customers by making “lowball” offers for vehicles totaled in accidents.
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Rate Hikes Support First-Quarter Premium Growth for QBE Insurance
Rate increases boosted modest premium growth in the first quarter for QBE Insurance Group Ltd., as the international underwriter noted catastrophe losses in line with its allowance.
Catastrophe Bonds Based on Models that Often Underestimate Climate Risks
Catastrophe bonds and other insurance-linked securities, which powered last year’s highest-returning hedge fund strategy, are built on calculations that can underestimate a new breed of risk stemming from high-frequency events such as wildfires and thunderstorms, according to veteran investors.
New Florida Law Roils Its Condo Market Three Years After Surfside Collapse
While the sharp rise in Florida home insurance costs is driving some to sell, most of the units on the market are in buildings 30 years or older. Under a new law, buildings must pass milestone structural inspections no later than 30 years after they are built.
Legal-System Abuse Hurts Insurers, Consumers: AM Best Interview with I.I.I. CEO
Sean Kevelighan, chief executive officer of the Insurance Information Institute, discusses how so-called nuclear verdicts, litigation funding and other legal-system abuse drive up claims costs and ultimately lead to higher premiums for consumers.
Hackers Behind MGM Attack Targeting Financial Sector in New Campaign
The hacking group accused of disrupting casinos and hotels at MGM Resorts International last year is engaged in a new campaign targeting banks and insurance companies, according to cybersecurity researchers.
Gov. Newsom’s Latest Insurance Move Could Help Californians Avoid Canceled Policies
As some Californians continue scrambling for ways to affordably insure their homes, Gov. Gavin Newsom on Friday announced a push to expedite how quickly insurance companies can increase rates.
Mercury General Could Add Thousands of Tokio Marine California Customers Under Exit Plan
Mercury General Corp. said it will offer policies to what could be thousands of new California personal lines customers, under a plan crafted with exiting writer Tokio Marine America and subsidiary Trans Pacific Insurance Co.
Corporate Verdicts Go Thermonuclear: Large Jury Awards Rise Nearly 30%
From rapper Flo Rida’s $82 million breach of contract case against an energy drink company to a nearly $1 billion sports car liability award against Mitsubishi, juries across the country in 2023 found corporate defendants liable for over $14.5 billion in “nuclear verdicts.”
Porch Sues China Construction Bank in U.S. Over Vesttoo Reinsurance Fraud
U.S. insurance and home inspection software provider Porch Group is suing China Construction Bank Corp (CCB), the country’s third-biggest lender by assets, for allegedly enabling a “massive fraud” that caused “monumental losses” for Porch.