An amended Florida bill designed to reduce assignment-of-benefits abuse is moving to the full Senate after gaining committee approval. "Addressing AOB abuse is vital to putting a stop to the number of AOB lawsuits filed in Florida, which are only growing steeper with each passing year and resulting in higher insurance costs," APCIA's Logan McFaddin said.
Court documents show that Pacific Gas and Electric spent more than $100 million on professional advice as it defended itself against liabilities stemming from California wildfires and subsequently sought Chapter 11 bankruptcy. Meanwhile, prosecutors in California's Butte County have gathered certain parts of PG&E equipment that it wants the FBI to test in connection with a criminal inquiry into 2018's deadly Camp Fire.
Artificial intelligence can help insurance companies sort and analyze the vast amounts of data they collect, going beyond pricing and also "being deployed in underwriting, claims, sales and operations to drive a customized service experience to the end consumer," writes Jeffery Hay of Willis Towers Watson. Insurers need to address which tasks are best suited for AI and which are best left to human judgment, Hay writes.
The US Army Corps of Engineers' handling of the Missouri River was the subject of bipartisan criticism from federal lawmakers at a hearing in Iowa after recent severe flooding. The USACE's John Remus said "the No. 1 priority of the Corps in its operations is life and public safety," while Iowa Republican Sen. Joni Ernst said "the trend of flood and rebuild, flood and rebuild, must end."
The cyberinsurance market tripled from 2015 to 2018, when it reached $1.8 billion, a Marsh report says. Average cyberinsurance policy limits increased 11% to $20.9 million last year, according to the report.
Legislation that would increase the penalties for failing to report suspected child sexual abuse has gained Pennsylvania House approval. The bill advances to the Senate, along with another measure that would specify that contracts' nondisclosure language cannot preclude cooperation with police in child molestation inquiries.
A Florida bill that would allow only hands-free use of cellphones while driving has passed the state Senate Rules Committee. A similar bill in the House has passed all committees and is set to advance to the House floor.
Trade tensions between the US and China are creating uncertainty for companies, causing more to look into political risk insurance, said John Minor, director of crisis management and political risk for Aon. Terrorism and a rise in populism also are contributing to a high-risk environment, Minor said.
More people are putting money in taxable accounts, with ownership of brokerage accounts growing 10 percentage points and ownership of certificates of deposit and other bank accounts rising 9 percentage points over the past five years, says a report from Hearts & Wallets. The report found that ownership of 401(k) accounts remained steady during the five-year period, but contributions fell 5 percentage points.
Pacific Gas & Electric stock has seen a resurgence in value to $23 since January, when it fell from $24 to $6, now that the utility faces reduced wildfire-related liabilities and is developing plans to curtail future fire risk. Three hedge funds have seen a gain of about $700 million as they hold 10% of PG&E's stock, although profits from the shares are unrealized and the stock price likely will remain volatile as bankruptcy proceedings continue.
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