Slightly fewer than seven percent were more than $10 million, with an average payout of $22 million. The bigger and more complicated a deal is, the more likely there is an unknown liability lingering, said Mary Duffy, global head of M&A Insurance, AIG. We are paying sizable claims, sometimes writing eight-figure checks in different geographies. [...]
He said he chose the 6.5 percent reduction because state-run Citizens Property Insurance Corp. blamed assignment-related claims costs for 6.4-percent average rate increase approved by state regulators for new and renewing policies this year. During the House debate, Jenne said, Whats the point of instituting these reforms if its not going to work to reduce [...]
The top five common breaches claimed, according to the study include: Financial statements (20 percent) Compliance with laws (15 percent) Discrepancies in a companys contracts (14 percent) Tax-related (14 percent) Intellectual property (8 percent) Also new to this years study, AIG delved more deeply into claims involving financial statements. The top reasons given for this [...]
U.S. claims involving bedbugs increased 50% between 2014 and 2015, from 66 to 99, according to Allianz. The insurer has already counted 70 bedbug claims through September 2016, heading for a total that could surpass the previous year's, said Larry Crotser, the chief claims officer for the insurer's Allianz Global Corporate & Specialty unit. The [...]
Sunday, April 16, 2017 Homepage 6:00 a.m. Sunday, April 16, 2017 Homepage 0 It is often said that insurance companies make money by not giving it away. That kind of belief comes about because dealing directly with an insurance company on a claim can often be frustrating and nonproductive. Florida has a special statute that [...]
Our data confirm that the dramatic increase in opioid abuse and dependence occurring nationally is also widespread in Ohio, Robin Gelburd, president of FAIR Health, told The Daily Caller News Foundation. We hope that by illuminating the severity of this trend, we call attention to the growing need for treatment and for prevention strategies. Ohio [...]
The claims involved everything from aviation to cyber security. The analysis included nearly 1,880 U.S. animal-related business liability claims, representing about 2% of all commercial claims in the study. Animal claims increased 28% between 2011 and 2015, from 287 to 365, according to Allianz. The average animal-related liability claim is about $10,400, with all animal [...]
Although marijuana possession is legal in many states, that is not the final insurance answer. Insurance coverageis very much an open question for a variety of reasons including that policies typically do not mention or are ambiguous about marijuana, possession is illegal under federal law but the federal government has looked the other way, and [...]
Insurer American International Group Inc. AIG, +1.17% said a study of M&A claims filed between 2011 and 2015 found that 23% of deals with a value of more than $1 billion end in a claim. "The bigger and more complicated a deal is, the more likely there is an unknown liability lingering," said Mary Duffy, [...]
claims involving bedbugs increased 50% between 2014 and 2015, from 66 to 99, according to Allianz. The insurer has already counted 70 bedbug claims through September 2016, heading for a total that could surpass the previous year's, said Larry Crotser, the chief claims officer for the insurer's Allianz Global Corporate & Specialty unit. The findings [...]