Industry News
Insurance
Top stories summarized by our editors
9/25/2020

The US Court of Appeals for the 6th Circuit has held that plaintiffs in a case against opioid manufacturers and distributors cannot form a "negotiation class" that would have included 33,000 municipalities and counties in settlement talks. The federal judge in Ohio presiding over 2,900 opioid lawsuits had approved the negotiation class model, which would have included an opt-out provision, but drugmakers and six Ohio counties opposed it.

More Summaries:
US Court of Appeals
9/25/2020

The coronavirus pandemic has had varying effects on workers' compensation claims throughout the US because of differences in states' shutdown orders and compensability presumptions for workers who become ill with COVID-19, said Matt Zender of AmTrust Financial Services. "You're also going to find some claims that result from businesses that are employing new COVID-friendly rules, in terms of how they're interacting with customers and how they're keeping employees safe," Zender said.

9/25/2020

Drivers in an MIT study tended to take their attention off the road more frequently when Tesla's semi-autonomous Autopilot feature was in operation. In addition, one-third of drivers in the study took control of the vehicle from Autopilot without first placing their hands on the steering wheel.

Full Story:
CNN
More Summaries:
Tesla Autopilot, Tesla
9/25/2020

Government forecasters said two "firenadoes," an EF2 and an EF1, occurred on Sept. 5 amid "unprecedented fire behavior" in the Creek Fire, California's biggest single wildfire. Meanwhile, crews had contained about half of the Bobcat Fire in Los Angeles County on Thursday, and RMS estimated that insured losses for wildfires in the West will range from $4 billion to $8 billion.

Full Story:
CNN, Reuters, Reinsurance News
9/25/2020

The Hiscox Cyber Readiness Report 2020 says the median loss from cyberattacks against US businesses is $57,000, compared with $10,000 last year. That increase comes as 41% of companies reported experiencing a data breach or cyberincident, a decrease from 53% last year, as defenses have improved.

Full Story:
Insurance Journal
9/25/2020

A proposal by an advisory committee of the Oregon Department of Consumer and Business Services would require a "reasonable investigation" to take place before a coronavirus-related workers' compensation claim can be denied. The rule would be applicable for claims filed Oct. 1 and afterward, and it would require compliance audits of insurers that have at least five such claims.

9/24/2020

A 4D imaging radar system for autonomous vehicles is being developed by Continental and processor specialist Xilinx. The system, which will begin showing up in production vehicles next year, will be able to detect an object's relative speed, elevation, direction and range in any weather or lighting condition.

Full Story:
Forbes
More Summaries:
Xilinx
9/24/2020

Accumulation-focused variable universal life policies can help clients diversify their tax risk and offer some downside market protection, according to Andrew Bucklee of Lincoln Financial Distributors. The policies are best suited for people who have a long time horizon for taking distributions, he writes.

9/24/2020

The coronavirus pandemic is worsening the opioid crisis, but it also has led to greater use of telehealth practices, which improve access to treatment for patients with opioid misuse disorder, addiction specialist Dr. Stephen Loyd says. A webinar co-hosted by APCIA and the US Chamber of Commerce will explore strategies for ending the opioid addiction crisis.

More Summaries:
US Chamber of Commerce
9/24/2020

US Magistrate Judge Jacqueline Scott Corley has held that a California salon cannot seek coronavirus-related business interruption coverage because its policy excludes virus-related losses. The judge rejected the plaintiffs' argument that the income losses had resulted not from the coronavirus but from governmental shutdown orders.