March 23, 2019
The source of this article is a business that provides services to the insurance industry. According to a recent CoreLogic Natural Hazard Press Release , the 2018 Camp and Woolsey Wildfires in California caused devastating losses between $15 and $19 billon. Because a home is most often a complete loss when it comes to wildfires, the destruction caused by these catastrophic events has been a......
March 22, 2019
As North Bay business owners directly impacted by last month’s floods push through massive recovery efforts, they’re also having to deal with the fact that part of their business insurance coverage is useless. That part of the coverage is called business interruption insurance, part of an overall business owners policy (BOP) package. Business interruption coverage compensates business owners for...
July 16, 2018
By Hawaiian Volcano Observatory | Monday, July 16, 2018, 12:05 a.m. For many Hawaii residents, interactions with Kilauea Volcano’s eruptions is through vog — a hazy mixture of sulfur dioxide gas and sulfate particles. However, sulfur on Kilauea is not limited to vog components. Sulfur is an exceptional element in that its atoms have a range of electron configurations (commonly referred to as......
July 10, 2018
Regulators and the Predictive Modeling Challenge BY JIM LYNCH, POSTED ON JULY 5, 2018, Insurance Information Institute Big data, predictive models, neural networks — the world of insurance pricing is changing fast, as any actuary can attest. It falls to the regulators — some of them actuaries — to figure out how get the old rules to apply to this new world. Three actuaries explored the evolving...
July 3, 2018
ROBERT DIGITALE THE PRESS DEMOCRAT | July 2, 2018, 4:11PM This story originally appeared on PressDemocrat.com. The morning sun had risen nearly to the top of three burned trees when Samuel Garcia began framing the wall for a new home in Coffey Park. The mustachioed Garcia, wearing a soft-brimmed hat and suspenders that held up his carpenter tool belt, methodically lined up 2-by-6 boards atop a...
March 22, 2018
Mandatory arbitration, common foe of car buyers, bank customers and porn stars, under attack By L.M. Sixel March 22, 2018 0 Photo: SCOTT MCINTYRE, STR / NYT IMAGE 1 OF 5 Some auto dealers are opting out of mandatory arbitration, finding that the courts offer a better forum for resolving disputes. Mandatory arbitration has long been a standard clause of contracts to buy cars, open bank accounts...
January 8, 2018
The Federal Emergency Management Agency (FEMA) has completed a reinsurance placement with 28 private reinsurers to help the National Flood Insurance Program (NFIP) recover losses it may have to pay in 2018. Expanding on its first private reinsurance placement last year of $1.042 billion, the 2018 deal calls for FEMA to transfer up to $1.46 billion of the NFIP’s financial risk to the private......
January 4, 2018
A recent case out of the Florida Supreme Court will likely have a big impact on the duty of insurers to defend Florida construction cases. The case, Altman Contractors, Inc. v. Crum & Forster Specialty Insurance Company arises out of a declaratory judgment action filed in the Southern District of Florida: Case No.: SC16-1420 (Fla. 2017). Altman Contractors, Inc. served as the general......
September 19, 2017
Florida policyholders so far have filed nearly $2 billion in claims to insurers for damage from Hurricane Irma, the state’s insurance regulator said on Monday. The estimate of insured losses is based on preliminary statewide data that insurers filed with the Florida Office of Insurance Regulation as of 4 p.m. ET on Sunday for nearly 335,347 claims, the regulator said. About 88 percent of the......