Several insurers have taken in more than 27,000 claims related to mid-March severe convective storms across the middle of the country, from Texas to Ohio.
Tag: insurance claims
Lightning Caused $952 Million in Insurance Claims in 2022: I.I.I.
More than $950 million in lightning-caused U.S. homeowners insurance claims were paid out in 2022 to 62,000-plus policyholders, with $125 million of the total attributable to California alone.
SageSure Appoints New Chief Claims Officer
SageSure, a technology-driven managing general underwriter specializing in catastrophe-prone property markets, today announced the hiring of Catherine Reese as Chief Claims Officer. Reese will focus on building out SageSure’s claims function, which will manage the end-to-end claims lifecycle for some of its carrier partners (including recently announced SURE), while collaborating with other carrier partners to… Continue reading SageSure Appoints New Chief Claims Officer
Chubb Earns Highest Customer Satisfaction Rating in Latest J.D. Power Study
Chubb has earned the highest customer satisfaction rating in the J.D. Power 2020 U.S. Small Commercial Insurance Study. Chubb is receiving this prestigious award based on its performance in five key customer satisfaction factors including claims, interaction, billing and payment, policy offerings, and pricing. This leading benchmarking study profiles the experiences of small business insurance… Continue reading Chubb Earns Highest Customer Satisfaction Rating in Latest J.D. Power Study
Travelers’ Profit Soars on Investment Gains, Fewer Claims
Property and casualty insurer Travelers Cos Inc reported a jump in quarterly profit on Thursday, helped by an increase in returns from investments and lower catastrophe claims. The company reported a core income of $1.26 billion, or $4.91 per share, in the fourth quarter ended Dec. 31, compared with $867 million, or $3.32 per share,… Continue reading Travelers’ Profit Soars on Investment Gains, Fewer Claims
Halloween Will Cause Spike in Insurance Claims
Halloween has become one of the more popular traditions in the United States. In the four years prior to 2020, around 70% of Americans planned to participate in Halloween celebrations, according to Statista, a market and consumer data provider. And while COVID-19 is expected to put a damper on the holiday, 58% of Americans still… Continue reading Halloween Will Cause Spike in Insurance Claims
Travelers Posts Lower Profit as Catastrophe Claims Jump
Property and casualty insurer Travelers Cos Inc on Tuesday reported a 25% fall in quarterly profit, hurt by higher catastrophe losses, as insurers braced for a slew of claims due to disruptions caused by the coronavirus pandemic. The company’s net income fell to $600 million, or $2.33 per share, in the first quarter ended March… Continue reading Travelers Posts Lower Profit as Catastrophe Claims Jump
Sprout.ai Raises $2.5M to Speed Up Insurance Claims
Sprout.ai, an insurtech incubated at London’s Imperial College that is applying AI to insurance claims, has raised $2.5 million in additional seed funding. Leading the round is Amadeus Capital Partners, with participation from Playfair Capital, and Techstars. Founded in 2018, Sprout.ai has developed AI-based software that it says enables insurance claims to be settled within… Continue reading Sprout.ai Raises $2.5M to Speed Up Insurance Claims
Arch Capital Group Ltd. Announces Loss Estimates and Other Information Related to COVID-19 Pandemic
On March 11, 2020, the World Health Organization declared a pandemic in relation to the outbreak of COVID-19. The outbreak is causing unprecedented social disruption, global economic volatility, reduced liquidity of capital markets and intervention by various governments around the world. Arch Capital Group Ltd. expects impacts on incurred losses and premium volumes on its… Continue reading Arch Capital Group Ltd. Announces Loss Estimates and Other Information Related to COVID-19 Pandemic
Zurich Partners with Carpe Data to Combat Fraud and Increase Claims Efficiency through New Data
Zurich has found a new ally in the fight against increasing claims costs. The insurer is now working with Carpe Data, a California-based company whose innovative use of alternative and emerging data provides Zurich with improved claims processing efficiency and a major advantage in fighting fraud. Carpe Data’s innovative claims monitoring solution ‘ClaimsX’ gives Zurich… Continue reading Zurich Partners with Carpe Data to Combat Fraud and Increase Claims Efficiency through New Data