Predictive modelers told California regulators that the state’s antiquated rules for calculating wildfire risk when setting property insurance rates discourage innovative mitigation measures that could ultimately reduce losses.
The total cost of ransomware payments by Beazley PLC clients doubled year-over-year through the first six months of 2020 as the severity of ransomware attacks increased, the specialist insurer said in a report.
A bipartisan group of lawmakers released proposed Covid-19 relief legislation that may provide momentum for breaking a months-long impasse, by separating out coronavirus liability protections and state aid — the two most contentious and partisan items.
Spurred by a combination of financial hardship, a decrease in miles driven and a general lack of awareness of the historic relief efforts the industry initiated in 2020, auto insurance customer loyalty has given way to a nationwide surge in value-conscious shopping.
While sharp objects might cause the most reported claims, slips and falls resulted in 4.5 times more in paid losses. Industry data over the past ten years also shows an average of 48.3% to 50% loss ratio for workers’ compensation restaurant claims.
Gigafire. The term itself is enough to keep the insurance industry awake at night. The frightening superlative given to fires that reach one million acres burned could become part of the risk lexicon as wildfires get larger.
Human error is responsible for up to 80% of workplace accidents, but predictive models evaluating workers’ eye movements and attention may help reduce incidents, according to a study by researchers at George Mason University.