At least 19 people have died as a result of Hurricane Matthew and volunteer organization CrowdSource Rescue estimates 1,300 people in the Florida Panhandle remain unaccounted for in the storm's aftermath. Michael's path through Florida included a direct hit to Tyndall Air Force Base, where many buildings were destroyed and hangars housing F-22 Raptor fighter jets were damaged.
Insured losses of $6 billion to $10 billion could result from Hurricane Michael, according to an AIR Worldwide estimate that does not include losses covered by the National Flood Insurance Program. Experts say the reinsurance sector, meanwhile, appears likely to absorb losses from Michael without facing major disruption.
Competition from insurtech startups is likely to rise as digital platforms create more links among consumers, companies and industries, the Geneva Association says in a report. In the area of auto insurance, for example, the report says automakers and data collectors might opt to enter the insurance business instead of sharing their data with carriers.
Wildfire risk emerging from powerful wind in California led Pacific Gas & Electric and San Diego Gas & Electric to cut power to about 87,000 customers on Sunday. The wind has resulted in downed power lines and one woman died when a tree landed on her vehicle.
Cyberinsurance claims related to ransomware and monetary theft are on the rise, surpassing privacy as the top cyberrisks in the US, writes James Burns of CFC Underwriting. That development "means companies must be more diligent than ever when searching for a cyber insurance provider, and insurers must quickly adapt to ensure they are meeting modern businesses' needs," he notes.
The Nebraska Supreme Court has upheld a decision favoring the employer in a case involving a man seeking whole-body impairment as well as out-of-pocket and future medical costs after a shoulder injury. The court held that $7,500 was adequate for covering the man's attorney's fees and that the award of vocational rehabilitation services aligned with Nebraska laws.
At least 18 deaths have resulted from Hurricane Michael, which hit the Florida Panhandle last week and caused widespread property damage in the Southeast, and officials say the death toll could increase as dozens of people have yet to be found. Some estimates of Michael's damage put insured losses at $5 billion to $8 billion, and experts say insurers are equipped to absorb the losses.
Medicare Part B premiums covering outpatient services and physician costs will rise marginally to $135.50 per month next year, the Centers for Medicare & Medicaid Services said. The Social Security Administration also announced a 2.8% cost-of-living adjustment that will increase the average monthly benefit to $1,461.
Florida Gov. Rick Scott has instructed state Insurance Commissioner David Altmaier to put any property insurance rate increases on hold for 90 days in the aftermath of Hurricane Michael. Scott also called for the 90-day reversal of any policy nonrenewals or cancellations that occurred just before Michael hit, to give policyholders additional time to find new coverage.
Workers' compensation costs in New York, at 181% of the median amount nationwide, are the highest in the US, according to a study by the Oregon Department of Consumer and Business Services. California, which typically takes the No. 1 spot, now has workers' compensation costs at 169% of the median figure, while New Jersey ranked third at 167%.
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