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State Farm Agrees to $15M Settlement for Underpaid Vehicle Claims in Arkansas

Article 0 Comments A federal judge last month approved a preliminary class settlement resolving claims that State Farm underpaid Arkansas policyholders for total loss vehicle claims by applying an erroneous valuation method. Under the settlement agreement, State Farm will pay $15.6 million to policyholders who filed a total loss claim between November 2016 and October 2021 and whose claim payment was based on an appraisal report from Audatex. Plaintiffs allege that State Farm used valuation reports prepared by Audatex that underrepresented the actual cash value of a loss vehicle by applying typical negotiation adjustments. The use of the typical negotiation adjustments systematically “thumbs the scales” against policyholders, plaintiffs argue. State Farm stopped using Audatex in October 2021. The company denies all the claims and allegations raised. Lead plaintiff Rose Chadwick’s vehicle was deemed a total loss in December 2020. State Farm valued total loss claim at $4,121 and paid Plaintiff Chadwick $1,383 as the net claim amount, relying on a market-driven valuation report from Audatex. According to Chadwick’s class action complaint, filed in November 2021 in the Eastern District of Arkansas, the market-driven valuation report provided the prices of four different comparable vehicles advertised for sale online and applied a...

Coforge and Solstice Innovations Partner to Redefine P&C Insurance Modernization Through Agentic AI 0

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Coforge and Solstice Innovations Partner to Redefine P&C Insurance Modernization Through Agentic AI

Princeton, NJ (Apr. 2, 2026) – Coforge, a global AI-native engineering services leader, is pleased to announce a strategic partnership with Solstice Innovations, Inc. to accelerate agentic AI-led adoption of modern core insurance technology for P&C insurers. Under the agreement, Coforge will establish a dedicated Center of Excellence (CoE) powered by its Forge-X AI platform, enabling faster, more intelligent client onboarding, system integration, migration, quality engineering, and business process transformation for Solstice and its customers. The Coforge–Solstice partnership brings together two AI-native capabilities that in combination will redefine P&C insurance modernization through agentic AI. Solstice’s agentic Equinox™ platform defines the destination as a modern, intelligent core system that transforms how insurers operate, leverage, interface with and pay for their technology products. Coforge Forge-X defines the journey of an AI-driven delivery engine that gets insurers there faster and with greater confidence. Together, they create an end-to-end modernization proposition that is both technically differentiated and commercially compelling for P&C insurers across multiple lines of business. Coforge Forge-X will serve as the primary accelerator for moving Solstice’s prospective and existing clients from legacy environments onto the Equinox platform with greater speed, lower risk, and measurably reduced implementation cost. “The partnership between Coforge and...

Ontario and Quebec Ice Storm Anniversary: Insured Losses Total $466 Million 0

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Ontario and Quebec Ice Storm Anniversary: Insured Losses Total $466 Million

Canada’s costliest disaster of 2025 underscores the importance of building more resilient communities Toronto, ON (Mar. 31, 2026) – Insured damage from last year’s late March ice storm in Ontario and Quebec is now estimated at $466 million, according to the latest figures from Catastrophe Indices and Quantification Inc. (CatIQ), following an initial estimate of $342 million issued shortly after the event. The storm was the costliest severe weather event of 2025 across the country and now ranks as the sixth costliest in Ontario’s history. “Severe weather events continue to intensify. Insured losses from catastrophic weather and wildfires have nearly tripled over the past decade, rising from $14 billion annually to $37 billion, while claims have almost doubled,” said Maximilien Roy, Vice-President, Strategy, Insurance Bureau of Canada (IBC). “This reality demands a different approach to how we build and plan communities – and investing in resilience now is critical to keeping Canadians safe and insurance available and affordable.” Canada’s P&C insurance industry continues to urge governments of all orders to take meaningful action to reduce growing disaster risks by investing in flood‑defence infrastructure, strengthening land‑use planning to keep development out of flood‑prone areas, expanding FireSmart initiatives in communities at high wildfire risk, and...

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Spain’s Blackout Probe Blames Grid Operator, Government, Watchdog

Article 0 Comments An inquiry by the Spanish Senate blames the government, as well the country’s grid operator and energy watchdog, for last year’s unprecedented blackout, according to preliminary conclusions made public on Wednesday. The probe by the upper house – which is controlled by the opposition People’s Party (PP) – is the first to assign blame for the outage that plunged large parts of Spain and Portugal into darkness for up to 16 hours on April 28, 2025. The nine‑month investigation said the blackout was not an unforeseeable accident, but rather caused by long‑standing structural weaknesses that were already known. “The blackout was the result of a known vulnerability, of a system that had been sending warnings for some time, and of a failure to act with the required diligence,” PP senator Alicia Garcia told reporters. The preliminary report cited repeated voltage swings in the weeks and months leading up to the blackout as evidence of mounting problems in the electricity system. The Senate commission held grid operator Red Electrica, a unit of Redeia, and the Energy Ministry primarily responsible for the outage, while also criticizing energy and antitrust regulator CNMC for what it described as regulatory and supervisory...

Equitable Launches Enhanced Loss Support In Partnership With Empathy 0

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Equitable Launches Enhanced Loss Support In Partnership With Empathy

Waterloo, ON (Apr. 1, 2026) – Equitable® is pleased to announce that its clients will now have access to enhanced bereavement support through a partnership with Empathy, the technology company transforming how the world plans for and navigates life’s most difficult moments. The partnership will offer timely information, helpful tools and compassionate support to people navigating a loss. Empathy Loss Support™ is a complimentary new benefit included with all Equitable life insurance policies. Through a user-friendly app or website experience, this benefit helps guide and support loved ones during a time of loss, reflecting the care and compassion at the heart of Equitable’s client experiences. “We’re partnering with Empathy because we care deeply about our clients and their families. Losing a loved one can be overwhelming,” says Martin Reeves, Executive Vice-President, Individual Insurance Division at Equitable. “Through Empathy, we’re adding value for our clients. Our hope is that we can provide some comfort and support for whatever people may be facing through one of the most difficult times in their lives.” Empathy Loss Support is now included with all Equitable life insurance policies and is available at no extra cost. This benefit can help with the emotional, practical and logistical...

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Aon Expands Data Center Lifecycle Insurance Program Capacity to $3.5B

Article 0 Comments Aon plc is expanding its proprietary Data Center Lifecycle Insurance Program (DCLP) with an additional $1 billion, increasing the program’s capacity to $3.5 billion. In addition, coverage will extend to include existing data centers coming off the first year of operations. With this enhancement, Aon’s DCLP now provides continuity of coverage into long‑term operations, extending coordinated support to existing, mission‑critical data center assets beyond construction and commissioning. “Data centers have become foundational to innovation, connectivity and economic growth,” said Joe Peiser, CEO of Risk Capital at Aon, in a statement. “As these assets grow in size, complexity and importance, resilience must be built from the start. By expanding our Data Center Lifecycle Insurance Program and extending coverage to operating data centers, Aon is helping clients anticipate risk, protect critical assets and invest in digital infrastructure with greater confidence.” Related story: Data Center Boom Offers Organic Growth Opportunities for Brokers Like Aon, Marsh Launched in July 2025, Aon’s Data Center Lifecycle Insurance Program is a multi-line insurance solution designed to address the interconnected construction, operational, cyber and financial risks facing data center owners, developers and investors. Aon said the latest expansion reflects accelerating global investment in cloud computing,...

CBN Welcomes Two More Members 0

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CBN Welcomes Two More Members

Canadian Broker Network Welcomes its Newest Member Toronto, ON (Apr. 14, 2026) – CBN, the exclusive peer advisory group for high-performing brokers in Canada, is pleased to announce the addition of Coughlin Insurance Brokers (Winnipeg, MB) and Ontario West Insurance Brokers (London, ON), further strengthening its national network of leading independent brokerages. “Aligning our brokerage with CBN will allow us to continue to grow, share insights, and learn best practices alongside other leading independent brokers,” says Matthew Coughlin, President & CEO of Coughlin Insurance Brokers. “We’ve built strong momentum across our business, and joining CBN felt like a natural fit as we continue to expand.” “We see strong value in being in the room with like‑minded peers to work through challenges together and learn from solutions others have already implemented,” says Traci Boland, Partner at Ontario West Insurance Brokers. “At the same time, we look forward to contributing our own experience and insights to the CBN community.” “We’re very pleased to welcome Coughlin Insurance Brokers and Ontario West Insurance Brokers,” says Lorie Phair, President of CBN. “By joining CBN, members gain access to a trusted environment where high‑performing brokers can openly share ideas, challenge perspectives, and support collective growth and...

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Verisk: Insurance Claims Volume Fell to 5-Year Low in 2025

Article 0 Comments Insurance claims volumes in the United States declined across most lines in 2025 due at least in part to less severe weather, but risks remain elevated as insurers navigate complex and concentrated claims, according to an annual report from Verisk. Claims volumes were lower in 2025 than 2024 across personal and commercial lines, Verisk’s Annual Insurance Claims Trends Report found. The report draws on insights from ClaimsSearch. There were 5.3 million homeowners claims in 2025, the lowest level in the past five years and down 19% year-over-year from 6.5 million in 2024. Personal auto claims fell to 31.6 million last year, extending a streak of three straight years of declining claim volume. Commercial property saw 710,000 claims in 2025, down from 910,000 in 2023. Commercial auto claims volume fell to 1.8 million in 2025, down 5% from the prior year. Source: Verisk’s ClaimsSearch Trends Report While insures saw declines in claims in 2025, major weather and natural catastrophe events such as the Los Angeles wildfires show how underlying risks are becoming more complex, according to Verisk. Smoke damage emerged as a significant driver of claims due to the January 2025 Los Angeles wildfires. More than 7,800 smoke...

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Austria Races to Secure Power Supplies as ‘Peak Water’ Looms

Article 0 Comments Austria’s economic model has long been anchored in Alpine water flowing through turbines to generate power for homes and businesses, but as climate change redraws the country’s hydrological map, it faces a structural shift and geopolitical tensions have heightened the sense of urgency. Scientists warn that the country is approaching a tipping point known as “peak water,” which means that as Alpine glaciers shrink, these frozen reservoirs will no longer be able to boost river flows and generate electricity to the same extent they once did. “Almost all glaciers have been losing mass. That is consensus,” said Francesca Pellicciotti, a glaciologist at the Institute of Science and Technology Austria. “There will be less water for hydropower at some point.” The concept is sharpening concerns in Vienna that reliance on hydropower — long seen as a pillar of energy security — may become a vulnerability just as conflict-driven disruptions heighten the risks of depending on imported fuels. For a country whose second-most valuable listed company — state-controlled utility Verbund AG — generates about 90% of its electricity from hydropower, the implications are rippling from energy markets to credit ratings. Climate change is already causing more volatile precipitation patterns,...

Soplex Solutions d’Assurance becomes the first MGA from Quebec to join Acturis Canada 0

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Soplex Solutions d’Assurance becomes the first MGA from Quebec to join Acturis Canada

Quebec City, QC (Mar. 2, 2026) – Acturis Canada is proud to announce that Soplex Solutions d’Assurance, a respected Quebec-based MGA, has officially transitioned to the Acturis Canada platform as of February 2, 2026. Founded in 2009 and headquartered in Quebec City, Soplex Solutions d’Assurance, part of the Synex Group, is an MGA focused on advisory services and long‑term client relationships. Serving both commercial and personal clients, the firm focuses on delivering personalized insurance solutions supported by a philosophy rooted in expertise, innovation, and a client‑first approach. As part of its ongoing commitment to operational excellence, Soplex undertook a significant modernization initiative by transitioning from the legacy system Applied TAM to Acturis. This move underscores the MGA’s dedication to enhancing efficiency, strengthening digital capabilities, and ensuring the scalability needed to support future growth. Throughout the implementation, the firm prioritized streamlined workflows, accurate data migration, and preparing its teams for the enhanced digital environment. With the transition now complete, Soplex has successfully onboarded approximately 50 users onto the modernized Acturis platform. This upgrade positions the firm to continue delivering high‑quality, reliable service while supporting its long‑term strategic vision and expanding client needs. “We are very pleased with the Acturis implementation process,”...