In the past five years, the annual insured losses from natural catastrophes averaged $106 billion, up from $83 billion in the preceeding five-year period, new data from Verisk shows. And with a noticible uptick in extreme weather in recent times, …
The landlord for a fire-damaged building leased to a Red Lobster restaurant is blaming the restaurant’s insurer for causing it to lose out on $1.2 million in fire insurance claims payments to repair the property. RL New Brunswick Owner LLC, …
Hundreds of thousands of Americans already live in homes that have repeatedly flooded. To get a good handle on the extent of those losses, check out the Federal Emergency Management Agency’s web page that hosts an extensive dataset with information …
The cyber insurance market is being set up for continued strong growth, propelled by an increasing number of severe cyber-attacks, more competition and price declines, a new Moody’s report shows. The cyber market has seen moderate pricing declines, and some …
A fast-growing wildfire in Southern California, has burned 27 square miles, forcing thousands to evacuate had is putting roughly 35,000 homes and buildings at risk. The Line fire near San Bernardino more than quadrupled in size over the weekend, prompting …
Four natural catastrophes over four weeks during Canada’s summer season have resulted in about five times the amount of claims than the 20-year average, reported the Insurance Bureau of Canada. About 228,000 home, auto and business insurance claims have been …
As the market for in-house insurance surpasses a record $200 billion, the underlying reasons for that boom show how a hotter, less stable planet is redrawing the risk map for corporations. Captive insurance, where companies create their own coverage vehicles, …
The robots are coming—and in some cases, they’re here. Advancements in generative artificial intelligence are enhancing claims processes in many ways, from improving First Notices of Loss (FNOLs) to analyzing videos and images to assessing damage quickly. With all of …
The National Highway Traffic Safety Administration said on Tuesday it had confirmed the 28th death in the United States stemming from a defective Takata air bag inflator since 2009. The issue has prompted the largest-ever recall in U.S. history. Over …
Ransomware groups increased their activity significantly in the second quarter, new report from a Travelers subsidiary shows. The report from Corvus Insurance details attacks against 1,248 victims, a 16% increase from the previous quarter. The company’s Q2 2024 Cyber Threat …