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Verisk’s First-Quarter Profit Beats on Insurance-Focused Analytics Demand Data analytics firm Verisk beat estimates for first-quarter profit on Wednesday, driven by strong demand for its products used by property and casualty (P&C) insurers to assess underwriting risks. WHY IT’S IMPORTANT P&C insurers’ earnings have been hit by higher …
POSTED MAY 02, 2024 6:32 AM |
Neptune Flood Acquires Data Science Firm to Enhance Its AI-Driven Flood Insurance Private flood insurer Neptune Flood reported it has acquired Charles River Data, a Boston-based data science consulting group. According to Neptune, the strategic move will bolster its underwriting system through advanced data science, machine learning, and artificial intelligence capabilities. Charles …
POSTED MAY 02, 2024 5:56 AM |
Geopolitical Risks: Why Underwriters Are Watching Aggregations Executive Summary: With instances of violent unrest rising across the globe in recent years, property all-risk insurance programs bore significant losses. One reason is that sublimits for strikes, riots and civil commotion included on the programs were occurrence sublimits. The …
POSTED MAY 02, 2024 5:52 AM |
Allstate Tops Profit Estimates on Higher Premiums, Investment Returns Insurer Allstate posted an upbeat first-quarter profit on Wednesday, helped by higher premiums and stronger investment returns. Insurers usually see stable product demand irrespective of economic conditions, mainly due to the widespread adoption of employer-sponsored and government-mandated policies. Allstate’s adjusted …
POSTED MAY 02, 2024 5:41 AM |
AIG Profit Exceeds Expectations on Lower Catastrophe Losses American International Group Inc. (AIG) reported profit above analysts’ estimates in the first quarter as lower-than-expected catastrophe losses contributed to strong underwriting results. Adjusted earnings for the quarter were $1.2 billion, or $1.77 a share, up from $1.63 a share …
POSTED MAY 02, 2024 5:25 AM |
Southeast Seas Rising Faster than Other Regions, ‘Turbocharging’ Floods, Report Finds From the Rio Grande to the Outer Banks, sea levels are rising faster than most other parts of the world, blocking the outflow of rivers and streams and causing inland flooding that would not have been seen just a few …
POSTED MAY 02, 2024 5:01 AM |
Pennsylvania Supreme Court: No Coverage for Mother’s Distress Over Son’s Overdose Death The Pennsylvania Supreme Court has ruled that Nationwide Property and Casualty is not obligated to defend its homeowner insureds against a wrongful death claim for emotional and mental distress brought by a mother whose son died from a drug overdose …
POSTED MAY 02, 2024 5:00 AM |
Police: Athletic Director Used AI to Frame Principal With Racist Remarks in Fake Audio A high school athletic director in Maryland has been accused of using artificial intelligence to impersonate a principal on an audio recording that included racist and antisemitic comments, authorities said. Authorities said the case appears to be among the first …
POSTED MAY 02, 2024 5:00 AM |
California Contractor Pleads Guilty to Insurance Fraud After Underreporting Nearly $1M in Payroll Kent Bo Fridolfsson, 67, of Benicia, California, pleaded guilty to six charges of insurance fraud and grand theft after a joint investigation with the California Department of Insurance, Solano County District Attorney’s Office and the Employment Development Department reportedly revealed …
POSTED MAY 02, 2024 5:00 AM |
New Mexico Restaurant Settles Wage-Theft Complaint After Prolonged Legal Battle New Mexico labor announced a legal settlement that resolves longstanding accusations of unpaid wages against a restaurant business in northwestern New Mexico. The Workforce Solutions Department said in a news release that 505 Burgers Farmington LLC has agreed to pay …
POSTED MAY 02, 2024 5:00 AM |
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