Homeowners insurance affordability has deteriorated over the last two decades, driven by frequency and severity of natural disasters, economic conditions, rising construction costs and litigation, according to a new Homeowners Insurance Affordability report by the Insurance Research Council (IRC).
Tag: claims
As Storm Damages Mount, States Try to Make It Harder to Sue Insurers
A few hard-hit states are trying to ease the pain on insurers by making it harder for lawyers to sue. Insurers have long complained that aggressive lawyers with dubious claims have led to higher premiums for their customers.
Billion-Dollar Satellite Risks Upending Space Insurance
Viasat Inc. has more than $1 billion of orbiting satellites in trouble, and space insurers are girding for market-rattling claims.
Lemonade Selects Mitchell’s Solutions to Support Entry into the $300 Billion U.S. Auto Insurance Market
Mitchell, an Enlyte company and leading technology and information provider for the Property & Casualty (P&C) claims and Collision Repair industries, today announced that Lemonade selected its claims workflow, automation and total loss solutions to support Lemonade Car, the insurer’s latest product offering. Mitchell’s solutions—which span auto physical damage and auto casualty—will help Lemonade streamline… Continue reading Lemonade Selects Mitchell’s Solutions to Support Entry into the $300 Billion U.S. Auto Insurance Market
Hollywood Shutdowns Due to COVID to Cost Insurer Millions
Allianz SE, Europe’s largest insurer, is bracing for a flood of claims after movie and television studios were forced to curtail production during lockdown. A unit of Allianz, which says it’s the largest insurer of Hollywood studios, has set aside about 488 million euros ($575 million) this year for coronavirus-related claims, with much of that… Continue reading Hollywood Shutdowns Due to COVID to Cost Insurer Millions
Swiss Re’s P&C Combined Ratio Deteriorates to 115.8% on COVID-19 Losses
Global reinsurance giant Swiss Re has reported a net loss of $1.1 billion for the first half of 2020 and a Property & Casualty Reinsurance (P&C Re) net loss of $519 million, driven by claims and reserves related to the ongoing COVID-19 pandemic. The reinsurer warned previously of a $1.1 billion loss in the period… Continue reading Swiss Re’s P&C Combined Ratio Deteriorates to 115.8% on COVID-19 Losses
State Farm and USAA to Test Blockchain Technology to Automate Insurance Claims
State Farm and USAA know how important it is to invest, innovate and build for the future. During the 2019 Dig In Conference, the two insurance companies announced a joint subrogation solution, and are now using real claims data to test how blockchain technology can improve the speed of the auto claims subrogation process. Subrogation… Continue reading State Farm and USAA to Test Blockchain Technology to Automate Insurance Claims
Top Insurance Professionals Network, Learn & Grow
Michael E. Angelina, ACAS, MAAA, CERA, is the executive director for the Saint Joseph’s University Academy of Risk Management & Insurance. Prior to assuming his role at Saint Joseph’s, Angelina had more than 25 years of professional experience in the property/casualty insurance industry as a practicing actuary. Among his positions, he served as chief risk… Continue reading Top Insurance Professionals Network, Learn & Grow