Claims & Reserving
Businesses Can Expect to Spend $13.5B on Repairs Due to Flooding in 2022
A new report estimates that U.S. businesses could spend about $13.5 billion in 2022 to repair or replace flood-damaged commercial buildings. The same report finds that businesses could lose more than ...
Insurer Missed Deadline to Remove $1M Bad Faith Case to Federal Court
Darryl A. Vachon did not accuse Travelers of bad faith in handling his $25,000 uninsured motorist claim until after a jury found he had incurred $1,022,780 in damages. Because he didn't, the insurer ...
Swiss Re Estimates Global Insured Catastrophe Losses of $112B for 2021
Natural catastrophes caused global insured losses of $105 billion in 2021—the fourth highest since 1970, according to Swiss Re Institute's preliminary sigma estimate. This was up from $90 billion ...
7th Circuit Affirms Dismissal of 4 COVID-19 Business Interruption Lawsuits
In four separate decisions, a panel of the 7th Circuit Court of Appeals joined four other federal appellate courts in ruling that SARS-CoV-2 does not cause a direct physical loss or damage that ...
Insured Loss From Tornado Outbreak Estimated at $3 Billion by KCC
The insured loss from the Dec. 9-12 tornado outbreak that devastated parts of central U.S. has been estimated to be about $3 billion. Catastrophe modeling firm Karen Clark & Company said its ...
Tornadoes That Ripped Across Central U.S. Could Be Costliest Outbreak on Record
A group of tornadoes that tore across the central U.S. on Dec. 10 and 11 resulted in widespread damage in several states and could serve as the nation's costliest tornado outbreak on record. "Based ...
Easing Supply Chains, Other Factors Could Rein in Inflation: Economists
Inflation is painfully high, but this hopefully is close to as bad as it gets. Consumer prices rose 6.8 percent for the 12 months ending in November, a 39-year high. Many economists expect inflation ...
Climate Change Worsened Extreme Weather Across the Globe in 2021
Extreme weather events in 2021 shattered records around the globe. Hundreds died in storms and heatwaves. Farmers struggled with drought, and in some cases with locust plagues. Wildfires set new ...