Insured losses from claims related to Hurricane Irma are now more than $9.7 billion, according to Florida's insurance regulator, reporting a 13% increase compared with the total as of April 18. More than 92,500 Irma-related claims remain open in Florida, the regulator said.
The adoption of self-driving vehicles is not likely to cause insurer profits to fall rapidly, as some observers have predicted, as new products and revenue sources are expected to emerge, according to a report from Bloomberg New Energy Finance. Opportunities related to autonomous vehicles include cyberinsurance and coverage for owners in addition to the vehicles themselves, experts say.
"Report lag" of less than 12 days after an injury has little effect on workers' compensation costs, while denied claims ultimately can cost 55% more on average than claims that are accepted initially, a Lockton study found. "Companies need to take a close look at what they are denying and ... what is happening to make their [denial] rates higher," said Kelly Flannery of Lockton.
The insurance startup Sure, through a partnership with underwriter Chubb, has introduced RideSafe coverage for passengers of transportation-network companies such as Lyft and Uber. The product is available in 38 states, and the cost is $2.40 for 24 hours of accidental medical, death and dismemberment coverage.
An EF2 tornado hit Wilkes-Barre Township, Pa., on Wednesday, while another tornado struck nearby in Bradford County, the National Weather Service has confirmed. The storm system that generated the tornadoes caused damage to businesses and rental trucks as well as minor injuries to at least six people, officials said.
President Donald Trump on Thursday authorized federal emergency aid for housing and other needs of people affected by the eruption of Hawaii's Kilauea volcano. The amount of the federal relief, which Gov. David Ige had requested the previous day, has not been specified.
Crews battling the 416 Fire in Colorado have enlisted a meteorologist's help in determining the potential risk of lightning strikes as Tropical Storm Bud moves toward the US. The fire has burned more than 32,000 acres but destroyed no homes, and it was 18% contained on Thursday night, while a fire in the Bear Creek area has burned about 3,400 acres and was 0% contained.
The North Korean government is using Trojan malware variants that can harm or disable computers, the Department of Homeland Security and the FBI said Thursday, just days after President Donald Trump met with North Korean leader Kim Jong Un. Over the last year, 11 alerts from the DHS and FBI have been about malicious cyber activity related to North Korea, a DHS spokesperson said.
Venture funds headed by Robert Downey Jr., Jay-Z, Will Smith and Kevin Durant are among investors of Ethos Technologies, a startup for term life insurance. Insurance technology is growing in popularity among investors, with venture capitalists putting $9 billion into the industry since 2012, according to CB Insights.
A lawsuit to strike down the Affordable Care Act filed by 20 Republican state attorneys general could affect people who get health insurance through work. If the lawsuit succeeds, employers might be able to impose a long wait on hires and might be able to not cover a hire's pre-existing condition for as long as a year, experts say.
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