The average cost paid per claim for bodily injury (BI) and personal injury protection (PIP) liability claims increased from 2005 to 2013, even though the frequency of auto injury claims decreased, according to a report issued recently by an insurance industry group. “Trends in Auto Injury Claims, 2015 Edition,” is the title of the research […]
Auto Insurers Speed Up on Usage Data
The use of personalized driving data is a growing trend among auto insurance companies, according to a recent Wall Street Journal article titled, “Car Insurers Find Tracking Devices Are a Tough Sell.” Insurers are gathering and analyzing insured-generated usage data to better analyze potential risks among drivers, in addition to relying on the traditional demographic […]
Florida Defense Funding at Citizens
$65 million in 2016 funding is approved by Citizens Property Insurance Corp. for Florida defense law firms selected to serve on one or more of its five panels. In the recent past Citizens operated its panel counsel program under three separate contracts, each with an initial expiration period of February 2016. In 2015, the carrier […]
AIG Panel Counsel: Budget Cuts Ahead?
Hundreds of senior management positions are being cut at American International Group (AIG), according to a recent Wall Street Journal article titled, “AIG Posts Loss, Cuts Top-Tier Jobs.” Overall, 300 to 400 jobs are slated for elimination, representing 20% of senior positions. Additional cuts are expected in 2016. The firm has set aside $500 million […]
Truck Driver Risks Steering More Crashes
Long-haul truck driving ranks among the deadliest professions, according to the Bureau of Labor Statistics. Drivers are involved in an estimated 250,000 crashes per year, with 1- to 2 percent resulting in fatalities. A recent study released by the Rocky Mountain Center for Occupational and Environmental Health (RMCOEH) at the University of Utah recently identified […]
CPA Liability Risk is Rising
Accounting malpractice lawsuits frequently result in plaintiff-oriented jury verdicts, according to a recent Accounting Today article titled, “Liability Risk on the Rise for CPAs.” In a world of perpetually changing tax codes, increasing threat of cyber attacks, and growing accounting fraud, CPAs are up against professional liability challenges that, if not held in check, could […]
Top 10 Data Breaches Drive Cyber Insurance Growth
The market for cybersecurity coverage is expected to grow rapidly as increased data breach risks convince businesses that current insurance policies offer inadequate protection against cyber risks. A recent article in PropertyCasualty360 identifies the top 10 most expensive data breaches to date: Epsilon – $100 million-$4 billion Veterans Administration – up to $500 million Hannaford […]
Crashes Dent Allstate Earnings
The cost of claims is rising for Allstate, according to a Wall Street Journal article titled “Increased Car Crashes Crunch Allstate Shares.” Americans are apparently driving more, post-recession, resulting in more auto accidents. CEO Tom Wilson is quoted as saying, “More miles driven, more cars on the road, more accidents,” Chief Executive Tom Wilson said […]
