Insurance
Top stories summarized by our editors
11/14/2019

Clients have distinct personalities that typically fall into one of four categories, according to Eszylfie Taylor, president of Taylor Insurance and Financial Services. They are the driver, the intellect, the feeler and the amiable, and tailoring advice to match their personality type will lead to greater success, he writes.

11/14/2019

Southern California Edison has reached a $360 million settlement with 23 public entities that have filed lawsuits against the utility because of wildfires and mudslides over the past two years. "This is the most comprehensive settlement for public entities in a wildfire case in California, probably ever," said John Fiske, an attorney representing public agencies in the case.

11/14/2019

Florida state Sen. Linda Stewart has introduced a measure designed to limit assignment of benefits in auto glass repairs by forbidding incentives for vehicle owners to make insurance claims. The bill also would prohibit auto glass repair shops from providing compensation to people who solicit for claims.

11/14/2019

The New York State Department of Financial Services plans to take civil enforcement action against nearly two dozen opioid manufacturers and distributors, according to people with knowledge of the matter. The regulator has accused the companies of causing health insurance premiums to rise, and it has sent letters informing the companies that it is preparing to conduct a hearing on the matter, the sources said.

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Reuters
11/14/2019

Police in Minnesota issued 2,729 citations in September for violations of the state's law against handheld device use while driving, an 18% increase over August, the first month the ban was in effect, state Department of Public Safety data shows. "Unfortunately, some drivers have become comfortable and are slipping back into old habits when it comes to using the phone while behind the wheel," said Minnesota State Patrol Lt. Gordon Shank.

11/14/2019

Blockchain technology could help increase accuracy and limit fraud in property/casualty insurance claims, Jenna Tropea writes. An insurer survey by APCIA and FICO found about half of respondents saying fraud makes up 5% to 10% of their claims costs.

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Bankrate
11/14/2019

The insurtech market has become a busy environment, posing difficulty for insurers as they determine which technology is most beneficial for their business, said Jaap de Vries of FM Global. "It's not all about just the technology that you can scoop up -- it's tying that technology into an ecosystem and, in our case, having it solve those complex problems," he said.

11/14/2019

New York's Child Victims Act is the subject of a lawsuit filed by Long Island's Rockville Centre Catholic diocese, which is citing court rulings against people whose lawsuits alleging childhood sexual abuse were filed after the statute of limitations had expired. A judge recently rejected an effort to disallow plaintiffs from suing anonymously in such cases.

11/14/2019

Colorado has begun allowing residents access to digital versions of their driver's licenses via a smartphone app. The digital ID cannot be used as identification required for flights or by law enforcement, but many state agencies have authorization to accept the form of ID.

11/14/2019

Wildfires in California have destroyed more than 700 structures and caused more than $100 million in damage, although most of that is insured, Aon says in its latest Global Catastrophe Recap. Meanwhile, insured losses from Typhoon Hagibis in Japan could be in the billions of dollars, making the storm "likely to become one of 2019's costliest events," according to Aon.