The Michigan Department of Insurance and Financial Services (DIFS) has issued a bulletin that it says will help ensure consumers are protected when insurance companies use AI technologies for new policy underwriting, coverage determinations, or [...]
UL Solutions Inc. has opened its North America Advanced Battery Laboratory in Auburn Hills, Michigan to test electric and hybrid vehicle and industrial batteries. The new facility is UL Solutions’ largest laboratory investment in its [...]
Fourteen percent of insurance companies plan to decrease staff in the next 12 months while also projecting a 79% revenue increase during the same timeframe, according to a recent Insurance Labor Market Study released by [...]
A recent survey by The Guardian Life Insurance Company of America found that out of more than 4,000 employees, 48% said retirement-related concerns were a top source of stress while only 32% reported “good” or [...]
A Colorado court of appeals has ruled courts can’t enforce a law that requires insurers to reimburse vehicle registration fees to total loss claimants. The decision stems from a class action lawsuit brought against LM [...]
South Korean officials are holding emergency meetings with automakers after an electric Mercedes-Benz appeared to spontaneously start a fire in a residential building, damaging 140 vehicles and displacing some of the people who lived there, [...]
Raids on Mercedes-Benz counterfeit parts increased by 20% in 2023, according to new data released by the OEM. About 1.6 million Mercedes-Benz counterfeit parts were seized last year and 142,000 offers of counterfeit products deleted [...]
Insurers in Virginia will now pay double if underinsured and uninsured (UM/UIM) motor vehicle claim denials or nonpayments are proven to be in bad faith. Effective July 1, amendments to §§ 8.01-66.1 state, in part, [...]
A recent $2.9 million settlement against Magna International for failing to adequately review 401K plan investments is a reminder to any company that provides retirement options to employees. Magna and its investment committee was accused [...]
Amid market volatility and economic uncertainty following last week’s poorly received jobs report, Insurance Insider recently analyzed what could happen to the property and casualty insurance industry if a recession occurred. The analysts surmise that [...]
