Recent Claims Industry News

Uber Sues Drivers’ Insurer Alleging Its Claims Practices Have Fueled Tort Litigation

Uber Technologies last Friday sued its drivers’ auto insurer for defense and indemnification regarding multiple lawsuits that are seeking to hold Uber vicariously liable for accidents involving some of its drivers in New York. Uber’s complaint cites 23 lawsuits that …

Cyber Security Outage at Unitedhealth’s Change Unit Extends for Sixth Straight Day

UnitedHealth’s technology unit Change Healthcare said it expects disruptions from a recent cyber security attack to last at least through Monday, according to the latest update on its status page. The problems began last Wednesday after a “suspected nation-state associated …

US Universities Settle Financial-Aid Antitrust Lawsuit For $166 Mln

Dartmouth, Northwestern, Rice and Vanderbilt universities have agreed to pay a combined $166 million to resolve claims that they favored wealthy student applicants, pushing total settlements in a federal antitrust lawsuit over college financial aid practices to $284 million. Lawyers …

GEICO’s ‘Eye-Popping’ 2023 Insurance Profits, Falling Employee Counts

Even though Berkshire Hathaway’s latest annual report featured Warren Buffett’s forecast that the days of “eye-popping performance” for the giant conglomerate are over, readers focused on property/casualty insurance saw numbers that jumped off the pages. Among them were: A 2023 …

‘Citizens 2.0’ is 86’d but Other Florida Insurance, Liability Bills Still Alive

A move to revamp the state-backed property insurer of last resort into Florida’s main wind carrier, a plan dubbed “Citizens 2.0,” appears to have died in the Legislature this year. But other insurance-related bills are still alive, and the governor’s …

Sotheby’s, Russians, Theft: Insurer Must Defend in High-End Miami Realty Suit

In the glittering world of high-end south Florida real estate, One Sotheby’s International Realty is known as one of the biggest players in the market. This month, the firm is handling the rental of NBA superstar Kevin Durant’s penthouse in …

Risk Models Behind World’s Best Hedge Fund Strategy Are Getting a Lot Harder to Crack

As the best hedge fund strategy of 2023 becomes a magnet for mainstream investors, the risk models it relies on are getting a lot tougher to crack. The strategy in question is tied to insurance-linked securities, which are dominated by …

3 Emerging Risks: AI-Driven Civil Unrest, Heavy EVs, Solar Panel Safety

Technology is poised to take over traditional markets and is rapidly creating new ones. For example, this trend is evidenced by the adoption of electric vehicles, demand for solar energy, and the blistering pace of generative AI adoption. Yet these …

AT&T Outage Triggered by Company Work on Network Expansion

AT&T Inc. said a widespread outage that took hours to resolve Thursday was caused by “an incorrect process” while expanding the wireless network. The software issue interrupted wireless service for hundreds of thousands of subscribers and prompted the FBI and …

American Airlines Must Face Lawsuit Over ESG Retirement Investing

American Airlines must face a lawsuit claiming it failed to prudently oversee employee retirement funds because it used asset managers that pursued sustainable investment strategies, a federal judge in Fort Worth, Texas ruled. U.S. District Judge Reed O’Connor said pilot …