Insurers

Dozens of environmental and consumer groups are rallying behind the Biden administration’s plan to collect information from property insurance companies to determine if they are abandoning communities that are vulnerable to climate change. The groups submitted comments praising the Treasury Department’s unprecedented plan to require 213 large insurers to present detailed information about their homeowners insurance policies and claims. Treasury’s Federal Insurance Office will analyze the data to determine whether…

Insurers are denying or limiting coverage to clients with exposure to bankrupt crypto exchange FTX, leaving digital currency traders and exchanges uninsured for any losses from hacks, theft or lawsuits, several market participants said. Insurers were already reluctant to underwrite asset and directors and officers (D&O) protection policies for crypto companies because of scant market regulation and the volatile prices of Bitcoin and other cryptocurrencies. Now, the collapse of FTX last month has amplified concerns.…

While cyber insurance has evolved significantly in recent years, insurers say they might still be unprepared for the fallout from a catastrophic cyberattack. While cyber insurance has evolved significantly in recent years, insurers say they might still be unprepared for the fallout from a catastrophic cyberattack.…

Litigation is looming for home insurers in Florida as cash-strapped, underinsured homeowners—paired with an aggressive plaintiffs’ bar—are expected to turn to the court system to try to force payments for flood damage that the carriers say they aren’t legally obligated to cover.Fewer than one-third to just over 40% of the Florida homes in the two coastal counties hardest hit by Hurricane Ian are covered by flood policies, although standard homeowners’ policies in the U.S. for decades have excluded flood damage. In some of…

Hurricane Ian will be a serious test of Florida’s unusual home-insurance market, where dozens of small to midsize carriers and a state-run insurer of last resort play a leading role in paying claims.These relatively obscure private-sector insurers and the rapidly growing state-run carrier are backed up by reinsurance companies. There is enough coverage available to handle claims, even if Hurricane Ian lands in Tampa, officials said. But insurers could be hurt by a wave of lawsuits driving up their costs, or by another…

The Biden administration is planning for an end to its practice of paying for Covid-19 shots and treatments, shifting more control of pricing and coverage to the healthcare industry in ways that could generate sales for companies—and costs for consumers—for years to come.The Department of Health and Human Services intends to hold a planning session on Aug. 30 that would bring together representatives from drugmakers, pharmacies and state health departments with a stake in a Covid-19 treatment industry. Both the Trump and…

These covers will be provided as add-ons to the basic policy of motor own-damage coverIRDAI said that introduction of the mentioned add-on options will aid in giving the much needed fillip to motor own damage insurance and increase its penetrationInsurance Regulatory and Development Authority of India (IRDAI) has allowed the general insurance companies to introduce a few tech-enabled concepts for the motor own damage (OD) insurance cover. These concepts includes — pay as you drive, pay how you drive and floater policy for…

Insurers are using rapidly evolving data tools to help predict, and potentially prevent, storm-related losses, an effort they hope will yield benefits during this year’s hurricane season. The past six years had higher-than-average Atlantic hurricane activity, an unlucky streak for communities in the way. This year’s season—typically defined as June through November—is predicted to be another busy one. Though scientists are split on how climate change might be influencing the number of hurricanes, warming is expected to…

Katie Jennings / Forbes: NY-based Capital Rx, whose software lets employers, unions, and insurers handle claims processing and billing for prescription drugs, raises a $106M Series C — The Federal Trade Commission took aim at the prescription drug middlemen known as pharmacy benefit managers last week … Katie Jennings / Forbes: NY-based Capital Rx, whose software lets employers, unions, and insurers handle claims processing and billing for prescription drugs, raises a $106M Series C …

Credit: Shutterstock The first serious accident involving a self-driving car in Australia occurred in March this year. A pedestrian suffered life-threatening injuries when hit by a Tesla Model 3 in "autopilot" mode. In the U.S., the highway safety regulator is investigating a series of accidents where…