Claims / Legal
Flaw of Averages: Why Carriers Overpay & Underpay Contents Claims
In his book, The Flaw of Averages, author Sam Savage explores how the widely used statistical concept of "averages" can wreak havoc on our forecasting and decision making. He explains the law's ...
EU Weighs Allowing Damage Suits Over Price Fixing
The European Union proposed rules for a uniform system allowing consumers to sue over price-fixing in a plan that stops short of forcing nations to allow group lawsuits. Proposals on ...
Be Wary Of Social Media Risks, Berkley Warns
During a discussion of the growing risks facing property/casualty insurers at conference recently, William R. Berkley suggested that one risk—social media—is changing the way carriers deal with ...
Economic Damage to Far Exceed $2.65B Insured Losses From Europe Floods
The losses insurers face from the worst flooding in central Europe since 2002 may be lower than those resulting from the deluge 11 years ago even as the toll on local economies looms larger. Insured ...
May’s Weather Caused Billions in Losses in U.S., Around the Globe: Aon Benfield
Severe weather in May caused an estimated $4 billion in insured damage, and almost twice that in economic losses, in the U.S. alone and billions more in economic losses around the globe, according to ...
Tokyo Prepares for 1-in-200-Year Flood to Top Sandy
Tokyo, the world's most populated metropolis, is building defenses for the possibility of a flood in the next 200 years that could dwarf the damage superstorm Sandy wrought on the U.S. East Coast. ...
Biggest Supreme Court Ruling Nobody Has Heard About
The Supreme Court has yet to decide this year's attention-grabbing cases on same-sex marriage, affirmative action and the Voting Rights Act. But last week, a divided court decided Arlington v. FCC, ...Allstate Settles Mortgage-Backed Securities Suit Against Citigroup
Allstate Corp. and Citigroup Inc. agreed to settle a lawsuit filed by the insurer in New York state court accusing the bank of fraudulently selling hundreds of millions of dollars of mortgage-backed ...