Insurance fraud prevention efforts are underway in Oklahoma

H. Cutner
California Insurance company Fraud scam

The state and the NICB are working together to stop false claims as filings are received following tornadoes. The National Insurance Crime Bureau (NICB) and the Oklahoma Insurance Department (OID) are working together in an effort to combat insurance fraud by educating residents at a time when approximately 23,000 claims have already been filed in the state in the wake of a stream of catastrophic tornadoes and other severe weather events in May 2013. The storms – which primarily occurred on May 19 and 20 – have generated auto and…

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Oil insurance limitations reduced Japan’s Iranian crude imports in April

G. Turner
Oi insurancel tanker ship coverage

Compared to a year ago, the shipments have plummeted to a tiny sliver of what they used to be. As oil insurance sanctions from the European Union and the United States against Iranian crude transportation continue to press on, the size of the imports to Japan have shrunken enormously. When compared to what they had been in April 2012, they were 96 percent smaller in April 2013. Year over year, there has been a reduction of 96 percent in the crude imports to Japan from Iran as a direct result…

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New York regulators question insurance industry over cyber security preparedness

S.Vagus
cyber insurance

Insurance industry facing challenges in digital world Cyber security is becoming a major issue throughout the U.S. and the insurance industry is beginning to feel the pressure to become more prepared to deal with the threats that exist in the digital world. The insurance industry is well attuned to risks, but hackers and other malicious groups represent a risk that is nearly impossible to quantify due to the rapidly changing nature of the Internet and how data is being used and stored. In New York, insurance regulators are beginning to…

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Hurricane season draws more attention to homeowners insurance

Logan B.
Homeowners flood Insurance

Homeowners insurance becomes top priority as hurricane season approaches Hurricane season in the U.S. is fast approaching, which means that many states along the Atlantic Ocean and the Gulf Coast are beginning to take steps to raise awareness of prominent homeowners insurance issues. In the past, powerful hurricanes have caused significant damage in several states. The most recent example of how much damage can be caused by one of these natural disasters can be seen in 2012’s Hurricane Sandy. The homeowners insurance sector continues to reel from the disaster even…

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AIR Worldwide Updates Estimates of Insured Value of U.S. Coastal Properties

Guest Author
research

BOSTON, June 3, 2013 – Catastrophe modeling firm AIR Worldwide has released an update to its “The Coastline at Risk” report. The update presents and discusses AIR’s most recent estimates of the insured value of residential and commercial properties in states along the Eastern Seaboard and Gulf Coast of the United States. While above-average sea surface temperatures in the last nearly two decades have elevated hurricane activity in the open Atlantic, there is a far more certain driver of U.S. hurricane risk that the insurance industry faces. It is the…

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