New York State is securing more than $19 million in penalties from eight auto insurance providers for violations of the state’s cybersecurity regulation. Department of Financial Services (DFS) Superintendent Adrienne A. Harris said that inadequate cybersecurity controls allowed hackers to …
8 Auto Insurance Providers to Pay New York $19M Over Data Breaches Read More »
The Trump administration sanctioned more than a hundred companies and individuals in Southeast Asia linked to online investment scams that have fleeced US victims of billions of dollars in recent years. The Treasury Department — in collaboration with the UK …
US Sanctions Online Scammers Who Stole Billions From Victims Read More »
Chamberlain Named Small Commercial Operations and Service Solutions Leader Nationwide has tapped Joe Chamberlain to lead its small commercial operations and service solutions organization. Chamberlain has over 30 years of underwriting and operations leadership experience in the insurance industry. Most …
A shutdown of the U.S. government could hinder the accessibility of insurance coverage to prospective homeowners in flood-prone areas, and cost the already struggling housing market billions of dollars in delayed contract closings, data showed on Tuesday. The report from …
US Government Shutdown Threatens Home Sales in Flood-Prone Areas: Report Read More »
The managing general agent (MGA) market is in the spotlight as one of the most agile and innovative arrows of growth for the insurance sector. But as with any arrow, direction and precision matter. Fired without the right discipline, it …
Viewpoint: Strong In-House Claims Functions Help Build Trust in MGA Sector Read More »
A new property/casualty insurance industry survey report reveals some of the key challenges that independent agents are facing, including providing quotes within customers’ expected time frames—or finding insurance capacity at all in some areas. Almost nine-out-of-10 agents surveyed by First …
Agents Struggle to Find Capacity, Meet Customer Timing Expectations: Survey Read More »
The way communities nationwide recover from natural disasters may never be the same. The National Flood Insurance Program (NFIP) expired on September 30. Simultaneously, pending congressional legislation stands to transform the Federal Emergency Management Agency’s (FEMA) Public Assistance (PA) program. …
Viewpoint: Can Parametric Insurance Bridge the FEMA Gap? Read More »
The Mississippi Supreme Court this month declined to reconsider its 2024 decision to uphold almost $15 million in punitive damages and attorney fees against USAA in one of the longest-running claims disputes to come out of Hurricane Katrina. The court …
Miss. Supreme Court Won’t Budge on $15M Bad-Faith Decision Against USAA Read More »
In what is being seen as a significant win for property insurers, a Florida appeals court last week found that Universal Property and Casualty Insurance Co. did not breach the insurance contract when it paid just $8,125 on a homeowner’s …
Insureds Need Early ACV Estimate to Claim Breach of Contract, Fla. Appeals Court Says Read More »
A new economic impact report from the California Department of Insurance shows that insurance companies contracting with small and diverse-owned businesses contributed a total economic output of $6.7 billion to the state’s economy, supporting more than 29,000 jobs and generating …
California Reports $6.7B Economic Impact From Diverse Businesses in Insurance Industry Read More »
