Thousands of tourists and residents evacuated parts of Australia on Friday as hot temperatures and strong winds were expected to worsen wildfire conditions over the weekend. “This is a ferocious fire that is still out there, and the climatic conditions are going to be very difficult to contain in the next 24 to 48 hours,” Prime Minister Scott Morrison said at a press conference Friday. At least 19 people have died, dozens are missing and more than 1,400 homes have been lost in the country’s wildfires, which have been burning since October. Authorities have said this season’s fires are the worst in Australia’s history and that the crisis is likely to last for months. Hundreds of fires are active across the nation with more than 12 million acres of land scorched.
Source: The Claims Page – USA Australia’s Extreme Wildfires Predicted To Worsen
Social inflation is one of the latest buzzwords in insurance. It is used by insurers to describe the rising costs of insurance claims resulting from things like increasing litigation, broader definitions of liability, more plaintiff-friendly legal decisions, and larger compensatory jury awards. While the core components driving social inflation have been evident for some time, their impacts on the insurance industry have only really started to come to a head in the past couple of years. “Probably one of the biggest drivers of social inflation is the general anti-corporate sentiment that exists, reaching back to the financial crisis,” said Mike Hudzik, managing director, head of casualty underwriting, US & Canada, Swiss Re. “It seems like it’s a long time ago in our rear-view mirror, but it really created an environment that continues to gain momentum today. Since that time, there’s been a greater division or separation of wealth, and there’s just generally a feeling that someone needs to pay when there’s some kind of damage or injury sustained, regardless of negligence.”
Source: The Claims Page – USA What Is Social Inflation, And Why Is It Hurting Insurance?
“Well? We’re waiting!” goes the infamous line groaned by Judge Smails to Ty Webb in “Caddyshack” while he waits to find out how much money his golf bet is going to cost him. Many insurance clients utter this same frustrated groan to claims professionals handling their stalled loss payouts. For the claims professionals, we’re waiting, too—for medical records, for a demand, for the claimant to finish treating, for the attorney to return phone calls, for a full moon—we’re always waiting for something in this industry, aren’t we? The good news is that we don’t have to wait anymore, and neither do our clients. There are strategies to get past the blockades that seem to be anchored to circumstances over which we have no control.
Source: The Claims Page – USA Beat The Waiting Game: Tips For Getting Stalled Claims Moving Again
Insurer head says consolidation is leaving brokers and customers frustrated
Source: Insurance Business Online Australian market facing “unrest and uncertainty”
Many homeowners are underinsured or have no insurance at all, says peak industry body
Source: Insurance Business Online Australia fires damage bill could top 0 million
The insurer also provides perils update
Source: Insurance Business Online IAG ups catastrophe reinsurance cover to billion
Kickstart the year with a new career in Commonwealth Bank, EY, and Westpac Group
Source: Insurance Business Online This week’s top insurance jobs – January 06, 2020
An online support information hub has been established
Source: Insurance Business Online AFCA offers dedicated support for bushfire victims
Chief Financial Officer Jimmy Patronis, who oversees insurance regulation in the state, faced tough questioning Tuesday over the thousands of unpaid claims still lingering after Hurricane Michael and other storms. The Panhandle Republican spoke before reporters at the Associated Press’ Legislative Planning Session, held before each year’s Legislative Session. After choking up over the damage in his native Bay County, Patronis got into testy exchanges over how much he was actually doing to help push insurers to more speedily get money to policyholders in need, including those whose homes still need repair. That spilled over into an impromptu question-and-answer gaggle with a handful of reporters outside the meeting room, when he was asked what legislative proposals he would put forth to help thousands of Floridians needing help. “At the end of the day, there is no reason why a policyholder should have to deal with seven different adjusters,” he said. “And when you still have 16,000 claims open, nobody’s doing OK.”
Source: The Claims Page – USA Florida CFO Jimmy Patronis Gets Third Degree On Insurance Claims
A local man is in jail for allegedly filing a false insurance claim after losing his truck while intoxicated. Joseph Michael Harrington, 41, of Washington City, faces one second-degree felony count of filing a false or fraudulent insurance claim, along with two misdemeanor charges for providing a written false statement and for reporting a fraudulent emergency to police, fire or medical, according to the probable cause statement filed in support of the arrest. The incident began on Oct. 5 when St. George Police officers were dispatched to one of the lookouts on Red Hills Parkway near 900 East shortly after 1 a.m. on a report of a carjacking involving a Toyota Tundra. At the time of the incident, the man told police he had been sitting in his pickup when an unknown person hit him over the head with a rock before taking his vehicle. He provided vague details of the incident in the report later filed with police.
Source: The Claims Page – USA Utahn Reports Truck Stolen After Losing It While Drunk
It’s hard to believe it today, but cigarettes were once lauded as a good thing. “Give your throat a vacation,” one 1930s advertisement reads. “Smoke a FRESH cigarette.” For the first half of the 2oth century, cigarette manufacturers flourished. Then, in 1964, U.S. Surgeon General Luther Terry issued a definitive report that linked smoking cigarettes with lung cancer. Everything changed. Not overnight, of course, but over the course of the next 50 to 60 years, cigarette smoking has waned with only 14% of the population considered regular smokers. Health risks are printed on the label. Images of disease-ridden smokers are plastered across boxes. We, as a society, know the risks. But now we have e-cigarettes.
Source: The Claims Page – USA Insurers Refuse To Inhale The Liability Risk Of Vaping
A helicopter crashed on top of a building in Midtown Monday afternoon. It happened around 1:45 p.m., according to the Federal Aviation Administration. Numerous emergency responders rushed to the scene at 787 Seventh Avenue between 51st and 52nd Streets. The pilot of the helicopter was killed. Sources tell CBS2 the pilot radioed before the crash that he was in trouble. Gov. Andrew Cuomo said that a helicopter made a “forced” or “emergency” landing on top of the building. Officials later described the incident as a “hard landing” at a high rate of speed.
Source: The Claims
Page – USA Helicopter Pilot Killed In Crash Landing On Manhattan High-Rise
Hundreds of New York City firefighters were climbing the stairs in the World Trade Center when it collapsed, taking the lives of 2,700 people in September 2001. Many parts of the story are well known. One part haunts us today with respect to cyber risk. In an April Risk & Insurance
® story, editor Dan Reynolds reminded us of the difficulty of helping people understand cyber risk, particularly when mass media simplifies issues and social media spreads unfounded opinions and assumptions. Reynolds points out that the motivation of underwriters is to pay legitimate claims
. Many of the electronic communication platforms create the opposite impression.
Source: The Claims Page – USA Will Cyber Risk Be 9/11 All Over Again?
Brokerage giant’s most senior cyber figure offers his insight
Source: Insurance Business Online Cyber head reveals common slip-up
The move supports the underwriter’s recent move to a new head office in the Paramatta CBD
Source: Insurance Business Online Club 4X4 appoints Claims Central as claims services and technology partner
The product is backed by 100% Lloyd’s security
Source: Insurance Business Online New general liability offering launched
A downloadable technical report can be accessed on the insurer’s website
Source: Insurance Business Online FM Global releases new fire protection and installation guidance
KANSAS CITY, Mo. — Longtime procedures involving the handling of potentially dangerous animals were not followed in April when a Topeka Zoo employee was attacked and injured by a tiger , according to a report released Thursday. The report detailing …
Source: Claims Journal USA Protocols Weren’t Followed Before Tiger Attack
It’s a growing form of financial credit
Source: Insurance Business Online Surety bonds – a brief introductory guide
Insurers are on the hook for a multibillion-dollar payout as a result of severe convective storms across much of the United States in May including more than 362 tornadoes — the highest tally for this month since 2015, according to a report Thursday from Aon PLC. No fewer than seven outbreaks of severe convective storms swept across central and eastern parts of the U.S. in May, and the overall impact will be in the billions of dollars, according to Aon PLC’s global catastrophe recap. “Severe convective storms have resulted in at least US$10 billion in U.S. insurance
payouts annually since 2008, and we are likely headed towards a 12th consecutive year,” Steve Bowen, director and meteorologist within Aon’s Impact Forecasting team, said in the statement.
Source: The Claims
Page – USA US Storms In May Will Cost Insurers Billions: Aon