Insurance
Top stories summarized by our editors
5/21/2018

Lava from Hawaii's Kilauea volcano is now flowing into the Pacific Ocean and thereby generating a steam cloud that contains hydrochloric acid and fine glass particles, posing the risk of respiratory, skin and other problems for people nearby. The lava flows have led to the first major injury on Saturday, when molten rock struck a man in the leg.

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TIME online
5/21/2018

Federal data show that school buses have key advantages in terms of safety, but an expert says the buses are not designed to adequately absorb a side-impact crash such as Thursday's collision that killed a student and teacher in New Jersey. Lap seat belts are mandatory on school buses in New Jersey, but the state does not require the buses to have shoulder seat belts, as recommended by the National Transportation Safety Board.

5/21/2018

Direct premiums written in the US cyberinsurance market in 2017 totaled nearly $1.8 billion, a 32% increase, while policies in force totaled 2.6 million, a 24% increase, A.M. Best says in a report. Small and midsize enterprises are slower to purchase cyberinsurance policies, but the market is nonetheless "a positive opportunity for insurers," the report says.

5/21/2018

A Marsh report shows an average increase in commercial insurance rates in the first quarter, after pricing has fallen quarterly for more than four years. Catastrophes that occurred in 2017 have contributed to a 2.7% average rate increase in property lines in Q1, while casualty lines' average pricing decreased 1.7%, Marsh says.

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Reinsurance News
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Marsh
5/21/2018

Artificial intelligence is taking over certain human tasks at an increased rate but risks accompany the benefits of automation, writes John Begley with Xceedance. "There are numerous reasons why organizations should still be carefully evaluating options, being diligent, and proceeding with pilots rather than enterprise-wide implementations," he writes.

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PropertyCasualty360
5/21/2018

Workers' compensation transactions can benefit from increased efficiency through the use of blockchain, Paul Meeusen with Swiss Re and B3i said at an insurance industry event. Blockchain can bolster efficiency in collecting data and security in sharing it among insurers, reinsurers, policyholders and the capital markets, Meeusen said.

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Swiss Re, Blockchain
5/21/2018

An estimated $17.3 billion will be in the Florida Hurricane Catastrophe Fund to assist private insurers with hurricane claims payouts this year. The state can assess an insurance policy surcharge to bring more money into the fund if it falls short.

5/21/2018

Lloyd Lofton of 7 Figure Sales Tools discusses insights gleaned from the LIMRA and Life Happens Insurance Barometer Study, which he contends can help agents decide which concerns to focus on when selling life insurance. For example, the 2017 barometer showed concerns about estate planning and health insurance were on the decline, while concerns about long-term care and financial security of dependents were on the rise.

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Lloyd Lofton
5/18/2018

Hacking group AnonPlus has attacked three websites run by the Workers' Compensation Administration of New Mexico, so the state has pulled down the sites. The group in recent days has also claimed to have struck websites run by other states.

5/18/2018

The attorneys general of California, New York and Oregon have asked a three-judge panel of the US Court of Appeals for the 5th Circuit to reconsider its decision to deny their request to intervene in a lawsuit regarding the legality of the Labor Department's fiduciary rule. The states also asked that the full court review the matter if their request for reconsideration is denied.