insurers News

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 …

Rethinking Risk, Insurers Investing More in Data and Analytics

Insurers’ risk management practices are becoming increasingly reliant on data and analytics, according to a new report from State Street that surveyed more than 400 insurance executives about their capabilities in this area. Only 13 percent of insurers surveyed considered …

Insurers to Pay Hawaii Couple to Receive $1.2M Condo Settlement

A couple will receive nearly $1.2 million to settle their lawsuit against a Molokai condo association. Jim and Nancy Bevill claimed they became targets for abuse after attempting to elect new board leaders for the Ke Nani Kai Condominium. Two …

Threat to Privacy Found in Auto Insurance ‘Pay As You Drive’ Programs

Yes, those “pay as you drive” programs used by insurance companies to record your driving habits sometimes can be used to accurately infer your destination — a long-time concern of privacy advocates. That’s what four University of Denver computer scientists …

Predictive Analytics Key to Handling Future Market Challenges

The insurance industry must be prepared for future market challenges, the quickening pace of customer-driven commerce and the continuing spread of the digital economy, says Ovum. According to the independent global analysts, insurers can improve their competitive position by implementing …

New Rules for Michigan Insurers’ Use of Credit Information

A series of new laws that take effect this week regulate how Michigan insurance companies can use a person’s credit information. The laws passed last session went into effect yesterday. Under one of the measures, insurers can’t use people’s credit …

Insurers Could Use Credit Scores in Alaska Policy Renewals

Insurers would be able to consider someone’s credit score when renewing personal insurance policies under a bill in the Alaska Senate. SB55, from the Senate Labor and Committee, is scheduled for its first hearing Tuesday. Currently, insurers can consider credit …

Insurers Offer Disaster Aid Post-Sandy

According to the U.S. Chamber of Commerce, Superstorm Sandy affected 16 states causing unprecedented damage to the East Coast. As a result of the storm, businesses have pledged more than $123 million to support recovery efforts, with two thirds of …

Made-Whole Interpretations Leave Insurers Feeling Empty

There is a growing trend among state courts to interpret the made-whole doctrine in ways that have the potential to make it difficult for insurers to effectively exercise their subrogation rights. In recent years, state courts’ decisions have increasingly created …