insurers News

Bankrupt Philadelphia Refinery Expects Second Insurance Payment

Insurers of Philadelphia Energy Solutions (PES) have indicated they will make a second payment of $15 million from its property policy in connection to the June fire and subsequent shutdown of the plant, court documents showed. The payout will be …

PG&E Is Offering $13.5 Billion in Compensation to Wildfire Victims

Bankrupt utility giant PG&E Corp. is trying to offer $13.5 billion in compensation to the victims of wildfires sparked by its power lines as part of a restructuring plan, according to people with knowledge of the situation. The company’s shares …

PG&E Attacks Rival Plan for Paying Fire Victims Before Insurers

PG&E Corp. and a group of insurers urged a judge to reject a competing reorganization plan for the bankrupt utility because the proposal would pay fire victims who lost their homes ahead of insurance companies and “unjustly enrich” bondholders including …

Insurers Embrace AI to Communicate With Customers

Frustrated with automated answering machines before you finally get to speak with a customer service representative? When it comes to insurance, you’ll just as likely end up dealing with a robot as a human within three years, according to a …

Education, Networking Prepare Claim Executives for the Future

Claim professionals gain invaluable insight from education and networking opportunities, according to industry experts who spoke with Claims Journal in exclusive interviews during the International Association of Claim Professionals (IACP) 47th annual conference in Sonoma, Calif., in September. The conference …

Montana Air Ambulance Bill Legislation Proposed

A working group trying to find a way to reconcile the difference between Montana air ambulance companies’ bills and insurers’ reimbursement rates discussed proposed legislation that would require insurers and out-of-network providers to negotiate a payment, leaving the patient responsible …

U.S. Insurers Face Challenge of Attracting Millennials

Along with the usual challenges U.S. insurers have faced in recent years—intense competition, potentially flatter profit margins, investing in technology—companies now face an important question in the coming years: how to handle the millennial generation. The “millennial question” was one …

Carriers Strive to Improve Claims Technology

Insurers continue to focus on improving claims technology, according to Karlyn Carnahan, research director at Celent. The main area of improvement is the replacement of aging claims administration systems, with more than 50 percent of carriers currently in the process …

Courts Weigh Timing of Cancellation Notices for Nonpayment of Premium

Courts in Ohio and Louisiana recently faced the question of how a minimum statutory time period should be applied to cancellation notices for nonpayment of premium and whether the insurer must wait until the insured actually defaults on the payment …

Businesses, Insurers Disagree on Boston Marathon Payouts

Some businesses that reported financial losses as a result of the Boston Marathon explosions are still wrangling with their insurance companies over compensation or have had claims denied outright as the anniversary of the bombings approaches. The state’s largest property …