FEMA report: Flood insurance hikes will drive 1M from market
The Federal Emergency Management Agency has updated its flood insurance program to more accurately reflect risk, but also make the program more solvent.
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Judge approves $1B-plus deal in deadly Florida condo collapse
The decision by Miami-Dade Circuit Judge Michael Hanzman came a day before the one-year anniversary of the Champlain Towers South disaster in the Miami suburb of Surfside. The collapse killed 98 people, one of the deadliest building failures in U.S. history.
Geico facing $5.2M payout to woman who got HPV after sex in car
A three-judge appeals court panel upheld a county court’s decision affirming an arbitrator’s finding that the woman was entitled to the award.
Former Seven Corners employee sentenced for role in fraud scheme
Maria Caceres, who worked for travel insurance company Seven Corners from 1998 to 2016, pleaded guilty to wire fraud last year. She was sentenced to federal prison Thursday and ordered to repay more than $496,000 to Seven Corners.
Medicare limits coverage of $28,000-a-year Alzheimer’s drug
Medicare officials stressed Tuesday that they did not take cost into account in the coverage decision, but rather whether Aduhelm is “reasonable and necessary” for treating Alzheimer’s patients enrolled in the program.
IRT can’t claim coverage for COVID-related losses, appeals court affirms
Despite the “dire” financial downturn caused by COVID-related business closures, the Indianapolis Repertory Theatre can’t claim loss-of-use coverage under its insurance policy, the Court of Appeals of Indiana ruled.
Indiana town to seek reimbursement from business after fire
Officials in a small central Indiana town plan to seek reimbursement from a straw-storage business after fire crews spent weeks fighting a fire smoldering amid corncobs and straw bales.
For many, home insurance premiums are rising faster than inflation
Since 2017, home insurance premium rates are up 11.4% on average, and insurance experts expect the rates to remain high.
Council committee OK’s $10.1M anti-flooding plan for Mars Hill
If implemented, the projects could remove more than 650 parcels from the federal 100-year floodplain, releasing properties in the southwest-side neighborhood from expensive flood insurance requirements.
City planning $10.1M initiative in Mars Hill to remove 650 parcels from flood zone
Indianapolis’ Department of Public Works is proposing a list of strategies to shrink federal floodplain boundaries, as well as to decrease the severity of water damage in the flood-prone neighborhood.
U.S. intel warns that China could dominate advanced technologies
U.S. officials say China’s ambitions in artificial intelligence and a range of advanced technologies could eventually give Beijing a decisive military edge and possible dominance over health care and other essential sectors in America.
Fieldhouse deal should boost Indy-based Gainbridge’s profile
Experts say the deal could be a boon if the annuity and life insurance firm manages to leverage the exposure in a manner that pushes the bounds of a traditional naming-rights deal.
Pacers announce deal that puts a different insurance company’s name on fieldhouse
The 18,000-seat venue downtown is now called Gainbridge Fieldhouse, thanks to a multiyear sponsorship deal between Pacers Sports & Entertainment and Indianapolis-based insurance holding firm Group One Thousand One LLC, the parent of Gainbridge Insurance Agency LLC.
Cyberattacks prompt higher insurance premiums, lower coverage limits
Due to a spike in the number and severity of ransomware attacks and other cybercrimes, insurers are tightening up their cyber insurance underwriting standards.
Indianapolis-based myCOI lands $5M in debt financing to fuel growth
Established in 2009, myCOI uses proprietary software and human expertise to help clients assure that they and their business partners have the proper insurance coverage.
Carmel-based firm uncovers three separate cases of employee fraud
Maria Caceres, a former employee of Seven Corners Inc., stands accused of defrauding the travel insurer by submitting false claims—the third employee to face such charges within two years in separate cases.
Medicaid enrollment swells during pandemic, reaching new high
From February 2020 through January, Medicaid enrollment climbed nationwide by 9.7 million, according to a report based on the most recent available data.
Flurry of resignations helped place storied insurer on path to sale
Protective Insurance Corp. soon will disappear from Indiana’s public company rolls, and part of the reason is Steve Shapiro, a guy you probably have never heard of.
Former head of Eskenazi burn unit sues IU Health, IU medical school
A prominent Indianapolis surgeon is suing Indiana University and Indiana University Health, claiming they broke his contract and interfered with his ability to get another job.
Carmel-based Protective Insurance to be acquired by Progressive
Insurance giant Progressive is purchasing Protective in a stock deal worth $338 million. Protective, known as Baldwin & Lyons Insurance until 2018, is the Indianapolis-area’s 12th largest public company in terms of annual revenue.