Category: Insurers

Illegal Algorithm Costs Insurance Australia $40 Million

June 30, 2023
ASICAustraliaInsurersWorld
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Australia’s largest insurance company has been hit with the largest-ever penalty imposed by the courts against an insurer for failing to give promised discounts to NRMA customers. The Federal Court has ordered Insurance Australia Limited to pay $40 million (US$26.4 million) after finding the company, wholly owned by ASX-listed Insurance Australia Group, made false or…

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US Judge Strikes Down Key ObamaCare Provision

March 30, 2023
Affordable Care ActInsurersJudiciaryPoliticsUSUS News
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A U.S. judge on March 30 struck down a provision in the Affordable Care Act that required insurers to cover some preventative services such as cancer screenings. U.S. District Judge Reed O’Connor ruled that recommendations on preventative care by an unelected task force were unlawful, and forbade President Joe Biden’s administration from enforcing the recommendations….

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Insurance Companies Shun Clients With Links to FTX Due to High Contagion Risks

December 19, 2022
Business & MarketsCompaniescryptocurrencycryptocurrency exchangeeconomyFTXInsurersInvestmentMarketsSam Bankman-FriedUSUS News
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Insurance companies are now denying or limiting coverage to any clients who were exposed to FTX, after the cryptocurrency exchange collapsed last month, leaving creditors with more than $3 billion in losses. This has left many digital currency traders and exchanges uninsured from any losses due to hacks, theft, or lawsuits, as insurers propose new policy…

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Hurricane Ian Could Cost US Insurers $63 Billion: ‘The Largest Hurricane Loss in Florida History’

October 2, 2022
Business & MarketseconomyHurricaneIanInsurers
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After Hurricane Ian struck Florida, and North and South Carolina, its remnants drifted north on Sunday and were expected to dump rain on parts of Virginia, West Virginia, Maryland, and southern Pennsylvania, according to the National Hurricane Center. On Wednesday, the storm struck Florida’s Gulf Coast, and on Friday, it thrashed waterfront Georgetown, north of the historic…

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