Industry News
Insurance
Top stories summarized by our editors
8/4/2020

Erie Insurance has provided auto policyholders with rate reductions totaling $200 million and dividends amounting to $200 million during the coronavirus pandemic. Erie also has augmented homeowners policies with gift card and gift certificate reimbursement coverage, and it has provided $2.5 million for its independent agents to support local businesses, health care workers and first responders.

8/4/2020

California is seeing a decrease in overall workers' compensation claims but an increase in its number of coronavirus-related claims, which total at least 22,621 so far this year, according to state data. Meanwhile, Florida has seen its rate of coronavirus-related claims hit a high point in April and remain generally at the same level while its overall number of workers' comp claims has dropped, state figures show.

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Claims Journal
8/4/2020

The Uniform Law Commission, citing "no clear path toward uniformity," has decided against proposing a uniform law that would place limits on litigation finance. Eleven states have regulations concerning litigation finance, while other states are working toward such rules, according to a ULC committee.

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Uniform Law Commission
8/4/2020

A one-year extension of New York's Child Victims Act has gained Gov. Andrew Cuomo's signature, setting a new deadline of Aug. 14, 2021, for filing claims alleging child sexual abuse. However, the extension will not include claims against the Roman Catholic Diocese of Rochester, which filed for bankruptcy protection in 2019, a lawyer said.

8/4/2020

The coronavirus pandemic is leading to changes in how crews fight wildfires in California, with a reduction in the size of base camps and increased use of strike teams, firefighting aircraft and drones, officials said. California has a higher-than-normal chance of seeing a major fire in the next few months, according to the National Interagency Fire Center.

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CNN
8/4/2020

Companies that experience flooding can see shareholder value erode by an average of 5%, a study by Pentland Analytics and FM Global found. Businesses can take steps such as installing permanent flood gates to bolster their resilience to flooding, said Katherine Klosowski of FM Global.

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Katherine Klosowski
8/4/2020

Tennessee legislators are poised to return for a special section next week that will include consideration of a bill to provide coronavirus-related civil liability protections for entities including businesses and schools. Another bill set for consideration is intended to foster greater use of telehealth services.

8/4/2020

Legislation filed in New Jersey last week would forbid subrogation claims by insurers or employers seeking to recoup workers' compensation benefits payouts for work-related vehicular accidents.

8/3/2020

Nevada state lawmakers are working on legislation that would provide coronavirus-related liability protections for businesses, schools, governmental entities and nonprofits. Health facilities reportedly have not been included in the draft bill, which lawmakers are expected to file during a special session.

8/3/2020

The property casualty insurance industry experienced a $75.9 billion decline in surplus during the first quarter, a record decline for the sector after insurers' investments declined in valuation, according to a report by APCIA and Verisk. APCIA's Robert Gordon said the sector "remains safely capitalized," but concerns include unknown coronavirus liability exposures that could affect several insurers, along with legislative and regulatory efforts to require retroactive and prospective coronavirus-related coverage.

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Robert Gordon

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