If ever social trends affected an entity…ratings agency AM Best downgraded NYSIR to a B “Fair”, from its longstanding A- rating. primarily due to additional reserve strengthening as NYSIR experienced higher-than-expected losses as a result of the impact of the Child Victims Act and “social inflation” on liability claim costs, increased property loss costs, and […]
By Sue Quimby, CPCU, AU, CIC, CPIW, DAE, CLP-A – Senior Vice President Severe wind events are an all too common, and dangerous, occurrence in many areas. Tornadoes can be especially devastating to mobile or manufactured homes and their occupants. From 1996-2023, 815 people were killed in mobile homes during tornadoes. Mobile/manufactured homes represent only […]
New research has revealed the states with the most significant increase in homeownership since 2014, with Maryland taking the top spot. Real estate experts Agent Advice analyzed a recent housing vacancy and homeownership survey from government census data to determine the states that had experienced the most significant increase in homeownership rates from 2014 to 2023. The state that […]
More Prosecution is Needed to Deter Insurance Fraud Thomas Orville McLaughlin II was convicted of committing a fraudulent insurance act, making a false information, and interfering with law enforcement. He appealed claiming several of the State’s exhibits were improperly admitted and that a defense witness was improperly excluded. In State of Kansas v. Thomas Orville […]
It is Inappropriate to Argue a Win Was Wrong and a New Result is Required Defendant, Bankers Insurance Company (“Bankers Insurance”), moved to vacate the Panel Appraisal Award Amendment & Clarification (“Amended Award”) based on three alleged “significant errors” or “clear mistakes of fact” only to see an unfavorable response in St. Joseph Medical Clinic […]
How Insurance is Treated in Mass Tort Cases in Bankruptcy Court Between 1999 and 2019, approximately 247,000 people in the United States died from prescription-opioid overdoses. Respondent Purdue Pharma sits at the center of that crisis. Owned and controlled by the Sackler family, Purdue began marketing OxyContin, an opioid prescription pain reliever, in the mid-1990s. […]
2024 Market Share Report: Independent agency market share holds steady in hard market ALEXANDRIA, VA,The independent agency channel is holding ground and showing slow, steady gains in lines of business penetration, including homeowners insurance, according to the Big “I” 2024 Market Share Report. The annual Market Share Report compiles and analyzes property & casualty premium […]
The New York Insurance Association, Inc. (NYIA) Board of Directors did not have to look too far to find a strong successor to its high achieving President of many years who is headed to retirement. Ellen Melchionni, current president of NYIA, will retire effective December 31, 2024. Cassandra Anderson will assume the presidency on January […]
DALLAS – The summer driving season may provide auto enthusiasts more opportunities than just getting back behind the wheel. New classic and modern collector vehicle insurer, OpenRoad, has announced it will begin offering coverage across select U.S. states Monday, July 15, 2024, promising better prices, superior coverage, and some much-needed relief from skyrocketing insurance costs […]
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