A man who is serving a 70-year prison sentence for killing a German exchange student in his garage has settled a lawsuit filed by the victim’s family, in part by surrendering all his guns to the boy’s parents. Markus Kaarma of Montana previously argued that he was immune from civil damages because he was acting … Read more
More than half a foot of rain fell in parts of Sioux Falls, S.D., leading to flash flooding that inundated basements, stranded dozens of motorists and cut electricity to thousands of homes. Mayor Mike Huether said infrastructure improvements in recent years kept the rainfall from being even more disruptive, “but more work needs to be … Read more
The motor insurance industry faces a significant shake-up from two waves of technological innovation – the growth of telematics and the development of driverless cars, according to Fitch. Over the short term, telematics will have a bigger impact on the industry, particularly in the UK, where take-up could grow rapidly, Fitch said. In the longer … Read more
Hiscox, the specialist insurance group, announced it has reached an agreement to sell the Hong Kong division of its DirectAsia business to Well Link Group Holdings Ltd., a member of a Hong Kong-based financial conglomerate. The transaction, which will allow Hiscox to focus the future growth of DirectAsia on its operations in Singapore and Thailand, … Read more
The number of live telematics-based motor insurance policies, including black box policies, in the UK has increased by 40 percent, according to the latest annual research by the British Insurance Brokers’ Association (BIBA). These types of policies can offer savings of up to 25 percent for careful drivers. In particular, young drivers who often struggle … Read more
Britain’s finance minister George Osborne said on Wednesday he would raise the tax on motor and home insurance premiums by 0.5 percentage points to 10 percent to fund flood defenses, boosting insurance shares as the rise was smaller than anticipated. The tax hike follows a 3.5 percentage point rise in insurance premium tax last year. … Read more
Octo Telematics SpA, the Italian car insurance-technology company, is pursuing an outright sale alongside preparations for an initial public offering, according to people with knowledge of the matter. Octo, owned by Russia’s Renova Group, is working with advisers to seek potential bidders for the company, which could fetch as much as $2 billion, the people … Read more
Demonstrating a growing intolerance of mobile phone use at the wheel, a survey of 1314* motor insurance policyholders in the UK found that consumers want to be rewarded with lower premiums for not using their smartphones while driving. The avoidance of any type of mobile phone use – including both text and calls – should … Read more
As internet-connected and, eventually, driverless vehicles roll off production lines, traditional motor insurers need to adapt to ward off competition from car manufacturers. Insurers have struggled for years to make a profit from motor insurance due to intense competition and a rising tide of fraudulent claims. Now they face a much bigger threat as new … Read more
Pennsylvania education secretary Pedro Rivera and Insurance Commissioner Teresa Miller are focusing on helping high school students better understand car insurance. An interactive lesson titled “Insurance 101” was recently debuted for educators and students at Central Dauphin East High School in Dauphin County, Penn., and is now available for teachers around the state. The lesson … Read more