Insurance
Top stories summarized by our editors
10/16/2018

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.

10/15/2018

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.

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CNN, National Public Radio
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Michael
10/15/2018

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.

10/15/2018

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.

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Gov. Rick Scott, David Altmaier
10/15/2018

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%.

10/15/2018

Uber is not planning to make a foray into the insurance industry but does intend to be an "intelligent purchaser" of coverage for its drivers, said Curtis Scott, Uber's global head of insurance. The ride-sharing company has formed partnerships with carriers to provide supplemental commercial coverage for its drivers' personal auto insurance policies.

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Insurance Journal
10/15/2018

Brock Long, administrator of the Federal Emergency Management Agency, said residents in areas affected by Hurricane Michael did not adequately heed evacuation orders and often lacked sufficient insurance, "the first line of defense." Brock also said stricter building codes and revisions to the National Flood Insurance Program are necessary.

10/15/2018

The Santa Ana winds have emerged for the first time in 2018, heightening Southern California's wildfire risk as wind gusts could reach 75 mph in mountainous areas. Low humidity and warm temperatures are also factors that increase the region's wildfire threat.

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USA Today
10/15/2018

The deadline to approve or deny a rate increase sought by the Texas Windstorm Insurance Association has been postponed from Oct. 15 to June 16, 2019, by Gov. Greg Abbott. Such an increase would be unfair to people in coastal areas still recovering from Hurricane Harvey, Abbott said in a letter to state Insurance Commissioner Kent Sullivan.

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Insurance Journal
10/12/2018

Insured losses from Hurricane Michael are around $8 billion, says Karen Clark & Co. The firm adds that about half of those losses are in Florida's Bay and Gulf counties.

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Karen Clark