Blockchain technology could help increase accuracy and limit fraud in property/casualty insurance claims, Jenna Tropea writes. An insurer survey by APCIA and FICO found about half of respondents saying fraud makes up 5% to 10% of their claims costs.
The insurtech market has become a busy environment, posing difficulty for insurers as they determine which technology is most beneficial for their business, said Jaap de Vries of FM Global. "It's not all about just the technology that you can scoop up -- it's tying that technology into an ecosystem and, in our case, having it solve those complex problems," he said.
New York's Child Victims Act is the subject of a lawsuit filed by Long Island's Rockville Centre Catholic diocese, which is citing court rulings against people whose lawsuits alleging childhood sexual abuse were filed after the statute of limitations had expired. A judge recently rejected an effort to disallow plaintiffs from suing anonymously in such cases.
Colorado has begun allowing residents access to digital versions of their driver's licenses via a smartphone app. The digital ID cannot be used as identification required for flights or by law enforcement, but many state agencies have authorization to accept the form of ID.
Wildfires in California have destroyed more than 700 structures and caused more than $100 million in damage, although most of that is insured, Aon says in its latest Global Catastrophe Recap. Meanwhile, insured losses from Typhoon Hagibis in Japan could be in the billions of dollars, making the storm "likely to become one of 2019's costliest events," according to Aon.
A lack of policies to deal with a shifting climate could hinder the availability of 30-year mortgages in parts of the US, according to research by the Federal Reserve Bank of San Francisco. Policy around climate-related issues is vital in preventing such a scenario, the San Francisco Fed said.
The growth of digital assets makes it important to include them in estate planning, attorney Jennifer Zegel writes. The assets must first be identified, and then estate planning documents should be updated to authorize or restrict access, she writes.
New York state Sen. James Gaughran has introduced a measure that would provide state grants to nonprofits that assist with lawsuits alleging childhood sexual abuse. "The thought was to create a legal fund that people could access for the purpose of providing legal representation" in such cases, said Gaughran, who filed the bill as a companion to the state's Child Victims Act.
Florida's number of auto glass assignment-of-benefits lawsuits this year is forecast to be the same as in 2018, says a Florida Justice Reform Institute report. The report monitors only AOB lawsuits with names including the words "windshield" or "glass," so the total could be higher than what is reflected in the report, the institute says.
A storm hit the Midwest and Plains with heavy snow on Monday and Tuesday, with crashes in Ohio, Michigan and Kansas leaving six people dead amid the severe weather. Record snowfall fell in places including Detroit, where accumulation of 9.2 inches surpassed the previous record of 4.1 inches in 1984.