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U.S. claim volume fell 8.9% from last year, with total claims dipping 13.1% below the five-year average, despite several large catastrophe events, a new report shows. What's driving the trends isn't the weather. Changes in policy language and policy provisions are a big factor in suppressing the volume, authors of Verisk's property report on the... read more
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Sompo International Holdings Ltd. announced a definitive agreement for one of Sompo's U.S. subsidiaries to acquire Service Insurance Companies, a U.S. workers compensation insurance specialist. Financial terms of the deal were not disclosed. "Together with Service Insurance Companies' seasoned leadership team and proven workers compensation platform, Sompo is establishing a top-tier flagship for our workers... read more
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For years, the commercial insurance industry has been caught in a paradox. We have made enormous strides in turning messy, unstructured submissions into structured data, yet the workflows themselves have remained stubbornly manual. Now, we have islands of digitization, but the bridges between them are ... read more
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Meta Platforms said in a court filing on Monday that four states were seeking $1.4 trillion in penalties over accusations the company designed its Facebook and Instagram platforms to addict young users and misled the public about their safety. Meta put forward the figure in its response to the attorneys general's filings on how penalties... read more
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A lawsuit brought by the former head of Marvel Entertainment made headlines around the country last November when it resulted in a $50 million jury verdict against Isaac Perlmutter's wealthy Palm Beach neighbor and Federal Insurance Co. But it was a sidebar to that litigation that had some tort-reform advocates and Florida defense attorneys concerned.... read more
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Eight individuals were charged with conspiracy to transport and possess stolen property in connection with an international, organized scheme to steal cargo from commercial shippers, according to a joint announcement last week by the United States Attorney for the Southern District of New York and the New York Field Office of the Federal Bureau of... read more
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The National Highway Traffic Safety Administration proposed on Thursday to end a government requirement for manual brake pedals in self-driving vehicles, a move that would make it easier to deploy such vehicles on U.S. roads. The proposal would not apply to vehicles with human driver controls and NHTSA said it would not drop braking performance... read more
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Prosecutors are allowed to review medical records related to Tiger Woods ' March vehicle crash and subsequent arrest in Florida on suspicion of driving under the influence, a judge has ruled. Judge Darren Steele approved an agreement last week between Woods' defense attorney and the State Attorney's Office that allows prosecutors to request records from... read more
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