AI technology can do wonders for the insurance industry – Should you be terrified?

AI Technology - Brain Think - Artificial Intelligence

Artificial intelligence tech is already being used for many purposes, but there are issues to consider. AI technology has been a central tech focus for the insurance industry for several years. The advantages it promises both currently and as we move into the future. However, these advantages aren’t without their drawbacks. Security and adoption remain considerable concerns, said a panel of experts at an I.I.I. event. At the recent Insurance Information Institute (I.I.I.) Joint Industry Forum which took place in New York, a panel of tech and insurance industry executives…

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Steadfast Insurance files lawsuit against oil and gas companies for causing earthquakes

Steadfast Insurance - Oil and Gas Drilling Rig

The insurer is suing seven oil and gas companies in order to achieve subrogation for quake damage. Steadfast Insurance Company is suing seven oil and gas companies, seeking subrogation in an effort to recover the almost $400,000 it has paid out in policyholder claims. The lawsuit is over the wastewater injections that occurred near Pawnee. The complaint is not entirely unique, as four other pending lawsuits of a similar nature have been filed. On September 3, 2016, the Pawnee Nation’s government buildings were damaged by a magnitude 5.8 earthquake. Since…

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Marriott data breach costly despite cybersecurity insurance coverage

Marriott data breach - Marriott Hotel

The massive hotel chain’s cyberattack could affect as many as 500 million of its customers. The Marriott data breach is now believed to affect as many as 500 million of its customers. The hotel giant is protected by cybersecurity insurance, but the cost of the cyberattack’s cost could be in the billions over coming years. These types of mega-breaches are becoming more commonplace and more costly all around. Based on data from other similarly sized breaches, the Marriott data breach will come with a multi-billion dollar price tag over the…

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Lack of art insurance leads to Banksy artwork seizures

Art Insurance - Art Exhibit

The pieces by the world famous street artist have been seized by Belgian authorities due to a lack of coverage. Belgian authorities have seized artworks from the famous/infamous street artist, Banksy, due to a lack of art insurance from the exhibitor showing them. As soon as the authorities realized that there could be a coverage issue, they acted to remove the pieces from the location. The Banksy artwork had been on display in an exhibition held at an empty Brussels supermarket space. The 58 pieces of Banksy artwork are valued…

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Environmental liability insurance market takes off as regulators crack down on pollution

Environmental liability insurance - Air Pollution - smoke

As standard property or general liability policies don’t cover enough, pollution coverage is increasingly common. Environmental liability insurance is rapidly growing in popularity as exposures have grown beyond the coverage from general liability and standard property policies. Claims relating to pollution and the environment are frequently complex as well as expensive. The complexity and cost relating to issues relating to pollution have sent underwriters to step away from risks relating to pollution. This has left a gap open for environmental liability insurance products to fill. The market in many countries…

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Insured Hurricane Michael losses estimates as high as $8 billion

Hurricane Michael losses - Money

The devastating storm crashed through 4 states, leaving the most damage behind in Florida. The insured Hurricane Michael losses could be as high as $8 billion, according to Karen Clark & Company. The Boston-based firm is an insurance company that creates catastrophe models. The insured losses estimate includes the privately insured storm surge and wind property damage. The Karen Clark & Company (KCC) insured Hurricane Michael loss estimates included those to residential, commercial and industrial properties as well as vehicles. The estimates include damage from wind and storm surge. That…

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Total Hurricane Florence damage estimates now up to 11 figures

Hurricane Florence Damage - Flooding

The home and business property damage done from the storm’s flooding is notably higher than expected. The estimated Hurricane Florence damage total from the extreme flooding is considerably higher than previously predicted. The water and wind has left damage that is now estimated to be in the 11 figure range. Repairs from the damage that slammed the Carolinas and Virginia will be very costly. North Carolina was hit with the majority of the Hurricane Florence damage. It faced days of downpours. Lawmakers have been meeting this week to discuss the…

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