Claims and Costs News

National Security Group Estimates Cost of Spring Storm Losses

The National Security Group, Inc., released estimates of 2017 year to date spring storm losses incurred by property/casualty subsidiary National Security Fire & Casualty, a primarily personal lines insurer offering coverage in 10 states, and a preliminary estimate of the …

The Case of the Water-Soaked Grandfather Clock

Although our technology has allowed us to build extremely accurate atomic clocks regulated by the vibrations of cesium or ammonia atoms, mechanically powered clocks with cable anchors, chime rods, weights and swinging pendulums are still admired and manufactured today. Even …

AIG: Large M&A Deals Can Lead to Costly Insurance Claims

The frequency of M&A insurance claims is rising as large deals prove risky and the average payout on the most severe category of claims tops $20 million, according to an American International Group, Inc. study of its representation and warranty …

Psychosocial Issues Main Barrier to Successful Workers’ Comp Claims Outcomes

Claims leaders rank psychosocial issues as the number one barrier to successful claim outcomes, according to Rising Medical Solutions’ 2016 Workers’ Compensation Benchmarking Study survey. A new white paper, co-authored by study program director Rachel Fikes and industry journalist Peter …

Why Hoarding Impacts Claims

Adjusters who encounter hoarders on property claims can expect to have trouble in determining the cause of a covered loss as well as damages, said Jeff Taxier, education and training manager for American Technologies, Inc. Typically, a hoarder equals more …

Top 10 Causes of Liability Losses Include Bedbugs, Crashes and Defective Products

Not only are liability losses increasing but they are getting more expensive, particularly in relation to global product recalls, corporate liability, cyber and environmental incidents, according to a new report by Allianz Global Corporate & Specialty (AGCS). Global Claims Review: …

Gatlinburg, Tenn. Wildfire Hits Home With Adjuster Born and Raised in the Area

Residents and tourists were unprepared for a devastating wildfire that whipped through Gatlinburg, Tenn., last fall. Winds topping 87 miles per hour fanned the flames that began in the Smoky Mountains and quickly spread through the mountain town, destroying homes …

Commentary: Technology Will Save the Insurance Industry, Not Mergers

Insurance companies are running out of ideas. They’ve bolstered their balance sheets since the financial crisis but have few racy growth prospects in a world of low interest rates, pricing pressure and regulatory hassles. Big mergers may be the most …

‘Personal Comfort Doctrine’ Applies to Allow Pennsylvania Amputee’s Workers’ Comp Claim

A Pittsburgh Airport ramp agent, who sustained a serious leg injury that required amputation, should receive workers’ compensation for her injury despite an insurer’s argument that the injury didn’t happen while she was on duty, according to an opinion issued …

Progressive’s Flo to Help Gain Customers as Distracted Drivers Lead to ‘Rate Shock’

Progressive Corp., the fourth-largest U.S. auto insurer, boosted spending on marketing this year to win customers after scaling back in the second half of 2016 when increased costs from car accidents threatened the company’s profit goals. “We’re excited to be …