According to a new study, the number and rate of injuries sustained by children in shopping carts continues to climb, despite a voluntary shopping cart safety standard implemented in the United States in 2004. The study, conducted by researchers in …
New York issued $370 million in bonds to assist businesses in failed group self-insured trusts fulfill their obligations to their injured workers, Gov. Andrew Cuomo announced in December. The bonding was made possible in Cuomo’s 2013 Business Relief Act, which …
Automakers recalled 21.9 million cars and trucks in the U.S. last year, a nine-year high. The National Highway Traffic Safety Administration says automakers initiated 632 separate vehicle recalls in 2013, up 9 percent from the prior year. Companies are saving …
There’s a privacy risk when policyholders join an insurer’s “pay as you drive” also known as usage-based insurance, program, according to University of Denver computer scientists. They found that collecting data on policyholder driving habits can sometimes be used to …
Although new competitors are entering the U.S. property insurance market and alternative capacity is moving into the reinsurance space, neither trend has yet to move the needle on primary insurance pricing, executives said at the Advisen Property Insights Conference. Speaking …
One in three insurers does not feel adequately protected against fraud, according to a new survey of U.S. and Canadian insurers by FICO, a predictive analytics and decision management software company. Premium leakage and new applications were the most vulnerable …
While changing fraud trends affect other lines of coverage, the opposite holds true in workers’ compensation. As organized crime rings become the norm in staged auto accidents and cargo thefts, the three main types of workers’ comp fraud remain unaffected …
Hurricane Sandy was the second costliest hurricane in United States history. Potvin Partners, Satellite Imaging, shows satellite imagery of Seaside Heights, N.J., before and after the destructive hurricane. The second image was taken one day after the event on Oct. …
Natural catastrophes and man-made disasters caused $186 billion in economic losses globally in 2012 and took approximately 14,000 lives, according to global insurer Swiss Re’s latest sigma study. The United States bore the brunt, about $119 billion of that total …
Mercury Insurance’s Special Investigations Unit (SIU), founded in 1978, is the company’s first line of defense against fraudulent insurance claims, which cost the average U.S. family $400-$700 per year in increased premiums. The culprits behind these scams aren’t run-of-the-mill criminals. …