By Zoe Sagalow
CQ-Roll Call/TNS
Insurers increased their use of catastrophe models, drones and mobile apps during the COVID-19 pandemic, and they anticipate growth in such technology to continue once the health crisis passes.
Some growth in what is known as “insurtech” was driven by the social distancing measures and quarantines that accompanied the pandemic, while adoption of other technologies came despite it.
Edin Imsirovic, an associate director at insurance rating firm AM Best, said market pressure from the pandemic advanced innovation by a couple of years or so.
“Digitization in the insurance space sort of really accelerated this year due to COVID,” Imsirovic said in an interview.
Friday, January 15, 2021
Illinois law has not previously recognized prejudgment interest in tort actions for personal injury or wrongful death. Instead, Illinois’ judgment interest statute only imposes post-judgment interest in tort actions at the rate of 9 percent per year from the date of the judgment’s entry through the date of the judgment’s satisfaction. See 735 ILCS 5/2-1303(a) (section 1303). This may change, however, following the General Assembly’s passage of House Bill 3360 on January 13, 2021, which amends section 1303 to impose prejudgment interest in tort actions.
House Bill 3360 states that prejudgment interest at the rate of 9 percent per year is to be imposed in all tort actions seeking recovery for personal injury or wrongful death. It states further that prejudgment interest begins to accrue “on the date the defendant has notice of the injury from the incident itself or a written notice”:
Channel3000.com
January 6, 2021 8:00 AM Doug Sibor
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Home insurance rarely takes the spotlight, but if you’re a homeowner, it could be quietly costing you more money than it should.
The good news is that insurers provide relatively easy-to-obtain incentives that can shave money off your homeowners insurance premium.
Here are nine ways to save.
1. Raise your deductible
A quick way to reduce your premium is to raise your insurance deductible, the amount you pay if you have to make a claim. If you had, say, a $500 deductible, you could save as much as 20% by increasing it to $1,000, says Mark Friedlander, spokesperson for the Insurance Information Institute.