Tag: liability risks

Umbrella Insurance Policies: A Vital Shield Against Unexpected Liabilities

Live Insurance News
Umbrella Insurance Policies

The world today presents individuals and businesses with increasingly complex risks. From auto accidents to home liabilities and even social situations, the potential for significant financial disruption looms large. That’s where umbrella insurance policies come in, offering vital supplemental coverage for situations that exceed the limits of standard insurance policies. The Rising Cost of Liability and Broadening Risks Over the past decade, demand for umbrella insurance has grown substantially, driven by escalating claims and payouts. According to Safeco Insurance, umbrella claims doubled from 2010 to 2020, with payouts surging by…

Read More

Homeowners Insurance Reimagined: The High-Tech Tools That Could Cancel Your Coverage

Marc
homeowners insurance and drones insurance tools

In-Depth Look at New Trends in Homeowners Insurance In today’s world, protecting your home means more than just locking your doors and installing a security system. Homeowners need to be vigilant about potential hazards not just on their property, but also how those hazards are perceived from above. Increasingly, insurance companies are using satellite imagery and drones to assess properties, identifying risks that might previously have gone unnoticed. Trampolines, debris on roofs, and even decorative ivy can now lead to coverage cancellation, often without warning. Nationwide Phenomenon It’s not just…

Read More

GeoX partners with Sompo Japan to develop AI-based automated underwriting platforms

PR Article
insurance news

GeoX, a leader in supplying geospatial data to insurers Announced today a partnership with Sompo Holdings Inc., Sompo Japan Insurance Inc., and Sompo Risk Management Inc., specialty providers of property and casualty insurance and reinsurance with operations in the U.S. and 80,000 employees in 228 cities in 30 countries. This partnership will support Sompo Japan as it develops an automated underwriting methodology utilizing state-of-the-art AI technology.  In recent years, advances in geospatial data technologies such as higher resolution and 3D satellite imagery have led insurers to use data in ways…

Read More