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- Insurance News Digest 1-29-2025
Insurance News Digest 1-29-2025
Check out our new format! We now include the Top 10 Articles Of The Week and also a Focus section. This week, Donald Trump's affects on the insurance industry is the Focus.
We deliver the latest insights and developments shaping insurance, focused on insights and opportunities for those who serve the insurance industry. Stay informed on how emerging trends like current events, regulatory changes, AI, and innovative products can help you better serve your clients and partners and drive business growth.
Top 10 Articles Of The Week
AM Best reports that the U.S. property and casualty insurance sector experienced a recovery in earnings during the first nine months of 2024, with personal lines leading the improvement.
UnitedHealth Group disclosed that a cyberattack on its tech unit, Change Healthcare, compromised the personal information of 190 million people, marking the largest healthcare data breach in U.S. history.
The World Economic Forum's "Future of Jobs Report 2025" indicates that insurance claims adjusters are among the professions expected to see significant declines by 2030, due to advancements in technology and automation.
Liberty Mutual and Great American Insurance are seeking to deny a $19.7 million claim for over two dozen forged Jean-Michel Basquiat paintings seized by the FBI, arguing the policy doesn't cover counterfeits.
The Connecticut Appellate Court has reversed a prior decision, allowing bad-faith claims against GEICO for allegedly delaying a payout for an underinsured motorist to move forward.
RIMS has outlined its legislative agenda for 2025, focusing on increased transparency in third-party litigation funding, advocating for a federal data privacy framework, and pushing for the reauthorization of the National Flood Insurance Program.
The California FAIR Plan is confronting financial strain due to recent wildfires, with concerns about its ability to cover extensive claims, potentially leading to assessments on insurers and increased costs for homeowners.
Recent Los Angeles wildfires have resulted in significant insured losses, estimated between $28 billion and $40 billion, prompting expectations of rising property insurance rates and reduced coverage options in high-risk areas.
Integrating digital tools with personal interactions is transforming insurance communications, streamlining workflows, and strengthening relationships among carriers, agents, and policyholders.
Christoph Nabholz of the Swiss Re Institute identifies climate, digital, and socio-economic risks as interconnected challenges reshaping the insurance landscape. He emphasizes the importance of proactive risk management to navigate this "age of polycrisis."
Focus Of The Week: President Trump’s Influence on Insurance
Industry experts anticipate that President Trump's second term may lead to regulatory shifts, economic policy changes, and a reevaluation of climate-related initiatives, all of which could significantly impact the insurance sector.
The return of President Trump has sparked discussions about the future of green energy investments, with expectations of increased support for fossil fuels and potential shifts in climate risk strategies within the insurance industry.
While visiting disaster-affected areas, President Trump suggested the possibility of dismantling FEMA, proposing that federal disaster funds be allocated directly to states, a move that could significantly alter disaster response and insurance frameworks.
The Trump administration has revoked a Biden-era mandate that required insurers to provide notices distinguishing supplemental health benefits from major medical coverage, potentially affecting consumer awareness and insurance marketing practices.
President Trump's recent executive orders include a freeze on federal funding that threatens Medicaid, potentially impacting millions of Americans' healthcare coverage and creating uncertainties for insurers involved in government-sponsored health plans.