Weeks after wildfires killed at least 115 people on Maui, insurance companies are beginning to assess the damage to calculate their payouts. Early estimates for the total cost of the fires are $4 billion to $6 billion, according to a report from Moody’s Risk Management Solutions.
Tag: insurance underwriting
Timely and Accurate Claims Processing as Top Compliance Challenge for U.S. Insurers: Wolters Kluwer Analysis
The U.S. insurance industry’s top compliance shortcomings relate to claims handling noncompliance, including timeliness, required disclosures, payments and grievance and appeal processes—as well as underwriting, rating and insurance producer and sales issues. That’s according to a comprehensive review by Wolters Kluwer Compliance Solutions of U.S. insurers’ market conduct actions. The annual review uses public data… Continue reading Timely and Accurate Claims Processing as Top Compliance Challenge for U.S. Insurers: Wolters Kluwer Analysis
Travelers’ Profit Rises, Helped by Lower Catastrophe Losses
Travelers Co’s earnings rose in the first quarter as catastrophe losses fell and the insurance holding company had stronger gains from underwriting policies. New York-based Travelers, part of the Dow Jones Industrial Average, is among the largest sellers of insurance to U.S. businesses and sells car and home insurance to individuals and families. It is… Continue reading Travelers’ Profit Rises, Helped by Lower Catastrophe Losses