Insurance Industry News – Week of October 29

Ohio Supreme Court: Faulty Work by a Subcontractor is not an “Occurrence” Requiring Coverage Under a Commercial General Liability Insurance Policy
The National Law Review
The Ohio Supreme Court yesterday reversed the decision of a lower court of appeals and held that a general contractor is not entitled to insurance coverage for property damage arising out of its subcontractor’s faulty work, even when the general contractor purchased a CGL insurance policy with a rider pertaining to coverage related to a subcontractor’s faulty work.
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Insurance Has Nothing To Fear From Technology
Coverager
I’ve been doing some R&D of my own. In particular, researching how technology has disrupted other industries to extrapolate lessons for the insurance industry. And I made a personal discovery – that it’s not technology itself that disrupts. It’s the inability or unwillingness of established providers to implement the new business models that technology enables that fosters disruption.
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10 cities where drivers need to beware of Halloween auto theft
Property Casualty 360
The holidays bring out the best and the worst in people, and Halloween is no exception. Consider that during 2016, there were more vehicles stolen on Halloween than on any other holiday, according to the National Insurance Crime Bureau (NICB) and the Insurance Information Institute. That year, the most vehicle thefts for a single day happened on August 1st, with 2,840 stolen cars, trucks, motorcycles and the like. By comparison, 2,578 vehicles were stolen on Halloween, according to the NICB.
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What is graph theory and how can it help detect insurance fraud?
Property Casualty 360
Insurance fraud is a constantly moving target. It’s hard to keep up with the perpetrators’ latest ways. Given the thin margins in P&C insurance, a first line of defense is detecting fraudulent claims. There are a number of new and effective ways for the industry to fight fraud. Because the P&C industry has so many product lines and data is often stored in silos, P&C in particular is a prime candidate for examining data in a new way, to analyze and uncover potential fraud that could have otherwise been missed using a conventional approach.
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Millennials – insure our tech and protect our pets. Other stuff? Meh….
Insurance Business America
A new study by Liberty Mutual found that although Millennials are the largest generation of current home renters, their insurance priorities markedly differ from other generations. The study discovered that while 43% of Millennials are renters, less than half (42%) of those renters have renters’ insurance. Millennials are prioritizing their tech and pets instead, Liberty Mutual found.
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