The last issue of the year provides a great opportunity to look back at some of the highlights (and lowlights) of the year. Among the major lowlights were the hacks at the Office of Personnel Management and Anthem Insurance; the flooding that decimated much of North and South Carolina; and the induction of the newest recipients to the Coalition Against Insurance Fraud's Hall of Shame.
We introduce the 11 stellar inductees in this issue, and their audacity and stupidity will leave you speechless.
This year was filled with legal rulings that will affect all sectors of the insurance industry. We highlight the top five legal decisions that will have major ramifications for insurers going forward because they will affect defense costs, assignment of rights and housing practices.
We also take a look at product liability claims, particularly as they relate to autonomous cars. With Google, Volvo, Toyota and other manufacturers expected to introduce self-driving cars in the next few years, there are some factors insurers need to prepare for now because these cars and other auto industry innovations have the ability to drastically change the landscape of auto insurance. Liability will shift and insurers need to determine how to manage these new risks.
Claims adjusters might want to check out our annual salary survey feature. We asked professionals in the industry to answer a number of questions concerning benefits, hours worked each week, challenges they see and the all-important question: What do you make? See what your peers think of the future of the industry.
Cyber risk will continue to plague businesses and the industry for the immediate future. The good news is that more and more businesses are using insurance to manage the risk – providing insurers with a new growth opportunity, especially for small and medium-sized businesses since they are a prime target for hackers. There are specific steps that companies can take to minimize the aftermath of a hack. With more than 34,529 known incidents occurring each day (according to Travelers Insurance), being hacked is a certainty. Our feature highlights the factors that comprise a company's best defense.
Please make sure to take time this holiday season to relish the small pleasures, share generously with others and focus on things that really matter. I wish all of you a happy and healthy 2016. See you next year!
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