Industry News
Guy Carpenter: ‘Kitty Cat’ CrowdStrike Outage to Cause $300M-$1B in Insured Losses
Due to the limited amount of impacted companies with insurance and the deployment of a quick fix to mitigate losses, Guy Carpenter said the insured losses from the CrowdStrike outage is likely ...
Report: 1Q 2024 California Workers Comp Written Premium 3% Lower Than Year Ago
Written premiums for the first quarter of 2024 were 3 percent lower than the first quarter of 2023, while written premiums in 2023 were slightly above 2022, according to the Workers' Compensation ...
$4B Settlement Reached for Maui Wildfires
The parties in lawsuits seeking damages for last year's Maui wildfires have reached a $4 billion global settlement, a court filing said Friday, nearly one year after the ...
Hurricane Could Blow Through Florida Cat Fund’s Reserves. But That May Be OK, Report Says
A report from Moody's Ratings service contends that one good hurricane this year could wipe out the Florida Cat Fund's reserves, potentially forcing it to place a small surcharge on Florida insurance ...
Extreme Weather Sends Insured Losses 70% Above Historical Norms
Natural catastrophes caused about $62 billion of insured losses in the first half of 2024 — roughly 70 percent above the 10-year average — as extreme wildfires, droughts and floods upend ...
New Report Outlines How Tech Is Used to Target Transportation, Logistics Sectors
In 2022, a covert practice by unscrupulous lawyers targeting insurers was uncovered by Demotech Inc., a financial analysis firm serving the property/casualty insurance sector. Demotech's research ...
IRC: Michigan No-Fault Reforms Led to More Affordable Personal Auto Insurance
Since Michigan auto insurance reforms enacted in 2019, personal auto insurance affordability has improved substantially, according to the a new report by the Insurance Research Council (IRC), a ...
Reforms Coming to Hawaii Workers Comp System
Following a rare win for injured workers this past legislative session, a Hawaii lawmaker is pushing for more reforms to the state's workers' compensation system, in an effort that has support from ...