Liberty Mutual has agreed to pay approximately $7.7 million to 86,506 policyholders for auto and homeowner insurance policies as a result of an investigation by the Department of Commerce.
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After Hurricane, Mexican President Urges Insurers to Hurry Payouts
Mexican President Andres Manuel Lopez Obrador on Friday urged insurance companies to speed up payouts after powerful Hurricane Otis wreaked havoc on Acapulco’s beach resorts and surrounding impoverished communities.
INSTANDA Integrates its No-Code Platform with Verisk’s Rating-as-a-Service Solution for ISO Commercial Auto
INSTANDA is pleased to announce its integration with Verisk’s new cloud-based rating engine, Rating-as-a-Service (RaaS), to provide the latest ISO commercial lines rating information starting with commercial auto.
Liberty Mutual Reducing Workforce by About 2%
In the latest development regarding rumors surrounding Liberty Mutual, the company is now confirmed to be in the process of reducing its workforce by approximately 2%, which equates to around 850 jobs in the United States.
NLRB Joint-Employer Rule Triggers Fears of Higher Trucking Costs
A change in how the National Labor Relations Board determines whether a company is considered a “joint employer” with another company could disrupt relationships among carriers while imposing higher costs on the trucking sector.
Auto Insurers Manage Customer Expectations As Repair Cycle Times Double in Two Years, J.D. Power Finds
Long repair shop backlogs and lingering parts shortages have caused the average auto insurance repair cycle time to reach 23.1 days in 2023, up 6.2 days from 2022 and more than double the average repair time in 2021.
Buffett’s Berkshire Is Sued Over Pilot Truck Stop Takeover
Warren Buffett’s Berkshire Hathaway is being sued by the billionaire Haslam family, which accused the conglomerate of using improper accounting to devalue its remaining 20% stake in Pilot Travel Centers, the largest U.S. truck stop operator.
Detection and Response Tools Increasingly Important As Cyber Claims Surge: Allianz
Following two years of high but stable loss activity, 2023 has seen a worrying resurgence in ransomware and extortion claims as the cyber threat landscape continues to evolve, Allianz Commercial warns in a new report.
The Hartford’s Net Income Increases to $645M in Q3
The Hartford has reported a net income of $645 million for the third quarter of 2023, a 93% increase from $334 million from the same period last year.
Climate Risk Threatens Insurability of Some Coastal Communities, Analysts Warn
Coastal communities could see their property values plummet as catastrophe-prone areas spur billions of dollars in losses — and have private insurance companies scaling back or leaving certain markets altogether, a new report warns.