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.”
Tag: liability insurance
Insurance Pricing Continues to Moderate as Rates Decline in Most Regions: Marsh
Global commercial insurance rates increased by 1% in the first quarter of 2024 (down from a 2% increase in Q4 2023), according to the Global Insurance Market Index released today by Marsh,
CAC Exec: Liability Fallout Will Take Years as Clean-up Begins for Baltimore Bridge Disaster
Insurance fallout from the collision of a container ship with the Francis Scott Key Bridge in Baltimore will take a decade or more to play out in the courts, said an executive with a commercial lines broker.
Inflation May Be Easing, But Claims Severity Pressures in P&C Are Likely to Remain: Swiss Re
According to the Swiss Re Institute, headline inflation is estimated to decline but stay elevated in 2023, to some extent alleviating upward pressure on claims compared to 2022. However, cost inflation in certain prices, such as labour and healthcare, may remain high.
Median Organic Growth Levels Reach Double Digits for Independent Agents & Brokers
Good news never gets old. According to a Reagan Consulting survey, independent insurance agents and brokers experienced their fifth consecutive quarter of record-breaking organic growth. Their median organic growth reached double digits for the first time in the nearly 15-year history of the firm’s Growth & Profitability Survey, reaching 10.2% in the second quarter of… Continue reading Median Organic Growth Levels Reach Double Digits for Independent Agents & Brokers
NJ Gov Signs Car Insurance Law to Raise Minimum Liability Limits, Will Impact 1.1 Million Drivers
More than 1 million New Jersey drivers will most likely pay more for car insurance after Gov. Phil Murphy signed a contentious bill into law on Friday. The legislation will raise the minimum amount of liability insurance in the Garden State from $15,000 to $25,000 beginning in 2023, and to $35,000 beginning in 2026. According… Continue reading NJ Gov Signs Car Insurance Law to Raise Minimum Liability Limits, Will Impact 1.1 Million Drivers
Google to Help Insurers Measure Slip-and-Fall Risks in Buildings
Google is aiming to help small-business insurers more accurately measure occupancy of buildings where they are on the hook for slip-and-fall accidents and other risks. The endeavor is part of a partnership between Google Cloud and Menlo Park, Calif.-based BlueZoo Inc. It is the latest publicly announced initiative of the Alphabet Inc. unit as property… Continue reading Google to Help Insurers Measure Slip-and-Fall Risks in Buildings
Product Recalls Expected to Soar Post-COVID, Enforcement Set to Intensify
Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions published their latest U.S. product recall index report today. According to the findings in the report, the effects of the COVID-19 pandemic continue to keep inspections and recall incidents below record levels. However, as the world begins to re-open and with the… Continue reading Product Recalls Expected to Soar Post-COVID, Enforcement Set to Intensify
Allstate to Acquire National General for $4 Billion
U.S. insurance giant Allstate Corp. said it has agreed to acquire peer National General Holdings Corp. for about $4 billion in cash, expanding its reach in the personal property-liability business. Under the deal, shareholders of National General, a New York-based specialty personal-lines insurer, will receive a total of $34.50 a share, an offer that comprises… Continue reading Allstate to Acquire National General for $4 Billion
Ending Virus Shutdowns Too Soon Poses Legal Risk for Businesses
Whenever U.S. stores, restaurants and theaters reopen from coronavirus shutdowns, they may face an unexpected problem: lawsuits from sick patrons and workers. Business owners hit hard by Covid-19 are eager to get back to work as the outbreak shows signs of slowing and the Trump administration pushes for a quick restart of the nation’s economy.… Continue reading Ending Virus Shutdowns Too Soon Poses Legal Risk for Businesses