From the deck of their tanker, Captain Samig Nabiyev and his crew could see the smoke and fire rising over the Port of Beirut, 900 meters away. When the flaming warehouse exploded, the force of the blast knocked Nabiyev flat …
Auto casualty claimants are avoiding hospital emergency rooms during the COVID-19 pandemic but are generating increased hospital charges anyway, according to a new report by Mitchell, a San Diego-based claims administrator. “Anecdotally, we have heard that some people have been …
The Lloyd’s market is moving to end its insurance of coal and oil sands businesses while at the same time ceasing investments in such carbon-producing assets by Jan. 1, 2022. As part of its plan to accelerate the transition to …
Ransomware attacks increased in terms of both severity and costs this year, forcing insurers to become more selective and even scale back on the cover they offer against cyber crimes, a report from a leading insurer showed. The total costs …
Insurance industry losses from natural catastrophes and man-made disasters across the globe amounted to US$83 billion in 2020, making it the fifth-costliest year for the industry since 1970, according to the Swiss Re Institute in its preliminary sigma estimates. Natural …
While the COVID-19 pandemic presents risks for directors and officers (D&O), it is far from the only force these insureds and their insurers will be dealing with in the year ahead. Rising insolvency exposures, growing cyber security threats and persistent …
Spurred by a combination of financial hardship, a decrease in miles driven and a general lack of awareness of the historic relief efforts the industry initiated in 2020, auto insurance customer loyalty has given way to a nationwide surge in …
Hurricanes Eta and Iota in November topped off the 2020 Atlantic hurricane season when a record of 12 named storms made landfall in the United States. The two final hurricanes of the season had an economic cost of approximately $9 …
The COVID-19 pandemic could result in net losses from $3.2 trillion and up to $4.8 trillion in U.S. real gross domestic product (GDP) over the course of two years, a new University of Southern California (USC) study finds. The pandemic’s …
Initial data on fiscal year 2019/2020 public self-insured claims experience in the California workers’ compensation system show claim volume fell 6.4% compared with the prior year, but medical-only claims accounted for nearly all of that decline, a new report out …
