Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: new telematics scoring model, preparing for cyberattacks.
New U.S Telematics Scoring Model
LexisNexis® Risk Solutions, a leading provider of data, advanced analytics and technology for the insurance industry, today announced the launch of a new LexisNexis® Drive Metrics scoring model, a next-generation telematics-based scoring model for the auto insurance industry. This new scoring model will be available for testing through LexisNexis® Telematics OnDemand and is designed to flow seamlessly into insurers’ existing auto insurance ratings programs to help improve segmentation, pricing risk and profitability. Read the press release.
Preparing for cyberattacks
Excerpted from Businesses should plan ahead for cyberattacks, by Perry Carpenter for Property Casualty 360: Recent news stories highlight just how much harm a cyberattack can cause to a business. In 2020, MGM Resorts, Zoom and Magellan Health all fell victim to cyberattacks. While these were multi-million dollar incidents, small businesses are also big targets. A dog rescue group, a small toy company, and a two-location magazine store fell victim to cyberattacks in recent years.
Florida property insurance bill still alive
A bill currently in the Florida Senate include changes to state laws that would include insurers no longer being required to pay the full cost to replace damaged roofs. It also targets what its sponsors claim is excessive litigation facing insurers by requiring detailed notice of property insurance claims before litigation According to the Florida Office of Insurance Regulation, Florida domestic property insurers posted a $1.6 billion operating loss in 2020 and have had net underwriting losses every year since 2015. And Citizen’s Insurance, the insurer of last resort in the Sunshine State, has added more than 100,000 policies in the past year. Read Reforms to mitigate Florida’s property insurance ‘crisis’ still alive in Tallahassee, by Mitch Perry for Bay News 9.
Fine forgiveness program ending
Excerpted from Josh Kurtz’s Maryland Matters article, State’s Fine Forgiveness Program for Auto Insurance Set to End on July 31: FineFix, the state’s fine forgiveness program for auto insurance, will end on July 31, state officials announced this week. FineFix is a partnership between the Uninsured Division of Maryland Auto Insurance, a quasi-governmental agency that sells auto insurance for those who do not qualify for private insurance, and the Maryland Department of Transportation Motor Vehicle Administration. This program gives eligible Marylanders the opportunity to pay 20% of their outstanding uninsured auto fines and have the remaining 80% forgiven.
Busy hurricane season expected
Excerpted from Experts predict another abnormally active hurricane season in the Atlantic, by Matthew Cappucci for The Washington Post: Experts at Colorado State University announced the results of their first long-range forecast for the 2021 Atlantic hurricane season Thursday, calling for above-average activity. It comes on the heels of the most storm-packed season on record in 2020, during which an unprecedented 30 named storms formed. It’s set to become the sixth-consecutive season with above-average activity, and there’s a chance it could even approach “extra active” status. The forecasters are calling for 17 named storms, compared with an average of 12.1, and eight hurricanes, compared with an average of 6.4.