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Roughly a week after State Farm announced that it would nonrenew tens of thousands of homeowners and commercial apartment policies in California, AM Best has downgraded the company that offered those policies. Last week, State Farm cited its responsibility to … Source: Claims Journal

Most insurance IT decision-makers (69%) plan to invest from $500,000 to $5 million in AI this year. That’s according to a new study, which shows many of those decision-makers have nearly doubled the AI spend in their budgets over the … Source: Claims Journal

Vast Space LLC, founded by cryptocurrency billionaire Jed McCaleb, is being sued by a former engineer who claimed he was fired for refusing to use improper radio frequencies in designs for a commercial space station the company hopes to launch … Source: Claims Journal

When it comes to artificial intelligence, more questions than answers keep underwriters from venturing into the space and lead to a lack of clarity, according to panelists at The Professional Liability Underwriting Society’s 2024 cyber symposium in New York City. … Source: Claims Journal

Johnson & Johnson will pay $75 million to resolve a consumer protection lawsuit filed by Mississippi over the company’s failure to add a safety warning to its talc-based baby powder, according to people familiar with the settlement. The pact comes … Source: Claims Journal

Louisiana Insurance Commissioner Tim Temple pointed to State Farm’s decision to non-renew policies in the California market as a warning for lawmakers to modernize Louisiana’s regulatory framework and address legal system abuse – or risk insurers leaving the catastrophe-prone state. … Source: Claims Journal

Subaru is recalling 118,000 SUVs and sedans in the United States to address a faulty sensor that can prevent air bags from deploying in a crash, the National Highway Traffic Safety Administration (NHTSA) said on Wednesday. The recall covers various … Source: Claims Journal

Homeowners are increasingly worried about hazards and rising insurance costs as temperatures rise in the U.S. A survey of nearly 2,000 U.S consumers shows 51% of homeowners are worried climate change-related hazards will affect their homes, while others polled worry … Source: Claims Journal

Accuweather meteorologists are predicting an above-average Atlantic hurricane season with as many as 20-25 named storms. The 2024 hurricane season is forecast to feature 8-12 hurricanes including 4-7 major hurricanes. This year has the potential to break the all-time record … Source: Claims Journal

Bank of America Corp. won dismissal of a lawsuit’s claims that it discriminates against Iranians in reviewing customer accounts to ensure they comply with US sanctions policies. The bank didn’t violate US civil rights law by cutting off the credit … Source: Claims Journal