News
Winter Storm Warning Expands to 5 States as Snow Forecast Worsens
[Ed. Note: Just two days ago the 2025 hurricane season came to a conclusion as one of the mildest and forgiving periods for the U.S. coastline.]
National Weather Service (NWS) meteorologists across the Northeast have upgraded a winter weather advisory to a more severe winter storm warning on Monday afternoon as millions of Americans are bracing for heavy snow and dangerous travel conditions.
In New York, the snow will begin early morning Tuesday, with snowfall rates between 1 and 2 inches through the early afternoon before tapering off, NWS meteorologist Bryan Greenblatt told Newsweek
U.S. insurance industry sheds 700 jobs as carriers cut roles
Insurance employment dipped by 700 jobs in September, with steep losses across life, health and P&C carriers while only TPAs added positions
The U.S. insurance industry dropped about 700 positions in September compared with August, based on preliminary the U.S. Labor Department’s Bureau of Labor Statistics data.
Total employment sat at roughly 3.01mn, basically flat year over year, which says a lot about how choppy hiring has been.
Across the wider economy, nonfarm payrolls added 119,000 jobs. The unemployment rate hit 4.4%, up from 4.3% in August and 4.1% a year earlier.
Health care, food services, drinking places, and social assistance pushed job gains. Federal government roles, transportation, and warehousing pulled the numbers in the opposite direction.
Stephen Cooper at the National Council on Compensation Insurance said the rise in unemployment mostly came from higher labor force participation. More job seekers jumped in, especially younger workers.
Insurance payrolls are reported monthly on a seasonally adjusted basis. Breakouts by segment show up unadjusted and run a month behind. That lag hides some of the volatility until the data settles. From July to August, the only insurance segment that actually grew was pharmacy benefit managers and other third party administrators. They added around 1,200 jobs. Everywhere else slipped.
Direct title insurance and other direct insurance roles stayed flat, but reinsurance carriers cut 300 positions. Agencies and brokerages lost 900. Claims adjusting shrank by another 1,400.
The steepest drops hit direct life, health, and medical carriers, which cut 6,500 jobs. Direct P&C carriers followed with 4,200 fewer roles. MORE
New York court strips GEICO's authority to deny no-fault claims
A New York Court of Appeals decision limits insurer authority to deny no-fault claims over alleged healthcare provider misconduct, reshaping fraud-fighting strategies across the industry.
That's the practical upshot of a ruling handed down November 24, 2025, in Government Employees Insurance Company v. Mayzenberg. The decision significantly constrains how insurance companies can fight fraud in the state's no-fault auto insurance system and marks a departure from what some in the industry had hoped would be a stronger tool for combating misconduct.
GEICO sued Igor Mayzenberg, a licensed acupuncturist in New York, over what it considered a blatant scheme to extract millions in fraudulent reimbursements. From 2015 to 2017, Mayzenberg allegedly paid roughly $390,000 to unlicensed individuals in exchange for patient referrals. Those individuals would call him each month, demand a payment amount with no documentation, and Mayzenberg would comply. They essentially controlled which patients received treatment. In return, GEICO received bills totaling nearly $4.9 million for acupuncture services. A federal district court found the evidence straightforward. There was no genuine dispute about the kickback scheme.
GEICO wanted to deny reimbursement for all pending claims based on a state regulation requiring providers to meet licensing requirements to get paid. The insurance company argued that Mayzenberg's misconduct violated professional conduct standards, making him ineligible.
The Court of Appeals saw things differently. In a 6-1 decision, the majority said insurers cannot unilaterally decide that a provider has committed misconduct serious enough to withhold payment. would defeat that purpose. CONTINUES
AI in Insurance
Accenture and OpenAI accelerate enterprise AI success
Key Takeaways:
- Accenture to equip tens of thousands of its professionals with ChatGPT Enterprise, the largest number of professionals upskilled through OpenAI Certifications.
- OpenAI will be one of Accenture’s primary AI partners for its next generation of AI-powered services.
- Flagship AI client program launched to help organizations bring AI into every part of their business.
- Accenture and OpenAI are collaborating to help enterprises bring agentic AI capabilities into the core of their business and unlock new levels of growth.
As part of the agreement, Accenture will equip tens of thousands of its professionals with ChatGPT Enterprise so the firm can leverage it in consulting, operations and delivery work and help OpenAI scale its capabilities to enterprises. By embedding OpenAI technology and practices in Accenture’s consulting, operations and delivery work, Accenture will apply its learnings and experiences to helping clients scale their own adoption.
Commentary/Opinion
Will Automation End the Binder?
As automation, APIs, and smart contracts redefine how policies are issued, one of the industry's most enduring artifacts — the binder — may quietly fade into history.
As an underwriter, I've long moved through the familiar insurance life cycle: submission, rating, booking, quote, binder, issuance, renewal, and endorsement.
It's a rhythm every underwriter knows well. But a simple question recently crossed my mind:
What if automation doesn't just reimagine this cycle — but erases one of its oldest steps, the binder?
WHY THE BINDER MIGHT FADE AWAY
For more than a century, the binder has played a vital role in confirming temporary coverage while the final policy is prepared. It served as a bridge between intent and issuance — a necessary pause in a largely manual, paper-driven process.
But as the industry embraces artificial intelligence, automation, blockchain, and smart contracts, that bridge may no longer be needed.
Today, the binder stage often adds delays, introduces manual errors, and requires repetitive back-and-forth between carriers, brokers, and clients. In a future where risks are assessed, priced, and bound in real time, does this interim step still make sense?
FROM TEMPORARY COVERAGE TO INSTANT ISSUANCE
Imagine a world where:
- AI-powered underwriting engines evaluate submissions and generate quotes instantly.
- Blockchain-backed systems securely record client data and policy terms.
- Smart contracts automatically trigger issuance once a quote is accepted.
- Dynamic endorsements adjust coverage midterm when specific parameters are met.
- In this model, the policy itself becomes immediate, removing the need for a traditional binder.
Some insurtechs, such as Lemonade and Cover Whale, are already experimenting with real-time issuance and policy management models that compress binding and issuance into one seamless transaction.
Corporate active assailant and K&R risks are no longer "emerging" threats
Active assailant and kidnap & ransom (K&R) risks have become embedded in day-to-day corporate planning - no longer reserved for distant geographies or classified as emerging. That shift, said Mark Skinner (pictured), chief underwriting officer at Samphire Risk, reflects both a growing frequency and a significant change in the nature of threats.
“It’s much more domesticated,” Skinner said. “Active shooter, kidnap and ransom - these are very much now part of board-level planning.”
Media visibility has also contributed to the shift. “Before, it used to be a story here or there that somebody picked up,” he said. “Now I think mainstream media is definitely reporting more.” As attacks have become more public and more frequent, insurers have responded with product development to meet rising demand.
But visibility isn’t the only thing driving change. The motives behind attacks have also become harder to categorize. Where once K&R and active shooter coverage might have been limited to politically motivated terrorism or targeted extortion, Skinner said today’s incidents often stem from more personal or workplace grievances.
“You could have a workplace violence situation, where somebody’s been let go and fired and has come back into the entity armed with the intent to cause damage and killing,” he said. “That kind of archetypal truck bomb in downtown New York potentially is very difficult to carry out, versus high impact but low sophistication attacks we have seen with vehicles, knives etc.”
Telematics, Driving & Insurance
Adopting Generative and Agentic AI in Autonomous Vehicle Insurance
As cyber risks around self-driving vehicles evolve, insurers must embrace generative and agentic AI to reimagine claims processes for growth and resilience.
Highlights
- The rise of autonomous vehicles (AV) will profoundly impact the insurance sector by creating new risks, shifting liability, and demanding new products.
- This shift will necessitate redefining traditional risk models to handle complexity and ensure competitiveness in the increasingly technology-driven insurance sector.
- To address the gaps in traditional risk models, AV insurers must embrace AI, both GenAI and AI agents, across the insurance value chain to design a viable solution.
However, it also brings in a complex set of challenges including cyber risk due to connected technology and systems. Traditional vehicles are relatively isolated and typically exposed only to physical attacks. But the vulnerability of AVs is far higher due to their technology architecture, the devices and systems they are connected to, making them more susceptible to cyberattacks.
Legal System Abuse/Social Inflation
Litigation Finance Hits a Wall After Bets on Huge Gains Falter
After predicting huge growth as recently as January 2024, the industry is now finding that hedge funds and other sources of capital are pulling back. The situation has led some litigation finance firms to suspend fund-raising rounds, while others are exploring alternative paths to generate cash.
Litigation finance is having a bad year.
After predicting huge growth as recently as January 2024, the industry is now finding that hedge funds and other sources of capital are pulling back. The situation has led some litigation finance firms to suspend fund-raising rounds, while others are exploring alternative paths to generate cash.
The industry — a $20 billion market that channels capital from investors to lawyers chasing corporate malfeasance — faces an array of hurdles in the form of regulatory changes, lower payouts and longer trial times, according to representatives interviewed by Bloomberg.
The risk, they warn, is that a shrinking litigation finance industry leaves consumers and workers less able to defend themselves against large corporations engaging in activities that do environmental and social harm.
Evolving Trends in Coverage Litigation: What Carriers Need to Know
Since 2022, the landscape of coverage litigation in U.S. district courts has shifted significantly, signaling new challenges and opportunities for property/casualty insurers.
Recent findings from Lex Machina, the LexisNexis Legal Analytics platform, reveal that lawsuits involving homeowners policy coverage disputes unrelated to hurricanes have surged to historic highs.
It’s not just personal lines: Lawsuits concerning coverage under commercial liability policies have also become more frequent than ever in federal district courts.
Meanwhile, business interruption lawsuits remain a consistent feature of the coverage litigation environment, even years after mandated business closures during the early stages of the COVID-19 pandemic, with newer cases increasingly tied to climate-related losses.
InsurTech/M&A/Finance💰/Collaboration
Nationwide and Chrp introduce AI-powered virtual home inspection program to help homeowners get ahead of common risks | Morningstar
Nationwide is teaming up with Chrp, an AI-driven home risk platform, to bring policyholders a modern approach to home inspections. The new program offers homeowners a convenient, smartphone-based way to identify potential hazards inside the home before they lead to costly losses.
Most homeowners don't realize how quickly issues like aging plumbing, outdated electric panels, or hidden fire hazards can escalate. Even in well-maintained homes, routine wear and tear can raise risk behind the scenes. Nationwide's partnership with Chrp aims to give members a clearer view of these risks and more control over preventing them.
Announcements
Introducing Flood Quotes: Transforming Flood Insurance Quoting/Writing for Agencies and Brokers
Flood Quotes, a National Flood Insurance, LLC platform, is transforming the way agencies and brokers secure flood insurance coverage for their customers. Our innovative platform streamlines the entire process, providing real-time, accurate quotes from both the National Flood Insurance Program (NFIP/FEMA) carriers and private flood insurance providers – all in one place.
With Flood Quotes, users can efficiently compare multiple quotes from carriers, purchase policies seamlessly, and manage everything through a user-friendly dashboard. The days of manual rate shopping and complex underwriting are over. Now, brokers and agencies can offer their clients the best coverage options with ease, accuracy, and speed.
Key Features of Flood Quotes:
- Real-Time Quotes: Instantly compare competitive rates from all available flood insurers.
- Seamless Binding: Purchase policies directly on the platform for fast and hassle-free coverage.
- User-Friendly Dashboard: Manage Quotes, policies, and client details with an intuitive interface.
- Expanded Carrier Access: Gain access to both NFIP/FEMA carriers and a wide range of private flood insurers.
Getting a quote is as simple as entering a property address, filling in basic property details and coverage amounts, and then selecting the best quote. Once completed, users can finalize the policy and pay the premium directly within the platform. This end-to-end solution ensures that brokers and agencies can deliver superior service while saving time and resources.
"We developed Flood Quotes to simplify, expedite, and streamline quoting and underwriting for flood insurance," said 88Mandi Ohse, Marketing and Business Development Manager for National Flood Insurance, LLC 88. "By offering real-time pricing and expanded carrier access, we enable brokers and agencies to provide the best coverage solutions for their clients, quickly and efficiently."
People
Agero Welcomes Former Cox Automotive CEO Sandy Schwartz
Renowned auto industry veteran to guide strategic growth, underscoring Agero’s commitment to scaling innovation and accelerating customer value. Schwartz to Board of Advisors
Agero, the leader in digital driver assistance services and software for the majority of automotive and auto insurance companies, has appointed Sandy Schwartz, the former president and CEO of Cox Automotive, to its board of advisors. Schwartz brings more than 25 years of automotive industry expertise to this new role.
As a board advisor, Schwartz will provide critical guidance to Agero decision-makers on product strategy, market expansion, operational excellence, and partnership growth. His deep understanding of the automotive ecosystem and digital transformation will help further accelerate Agero’sinnovative solutions for automakers, dealers and their owners.
“Sandy brings unparalleled automotive industry experience, which is a foundational part of our business,” said Dave Ferrick, Agero President and CEO. “His track record of scaling businesses and revolutionizing dealer experiences will deliver greater value for our OEM and insurance partners." FULL PRESS RELEASE
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