UK insurance industry unprepared for Brexit, less than a year away

Insurance Industry - UK insurance industry not ready for Brexit - Domino

Without access to the European Union’s single market, U.K. financial firms will face unprecedented struggle. Ireland’s Central Bank Deputy Governor Ed Sibley voiced his concern about the financial and insurance industry challenges following Brexit. He stated that with less than a year before the United Kingdom withdraws from the European Union, banks and insurers remain unprepared. Sibley said the EU should not attempt to stop U.K. banks and insurance companies from the single market. Sibley’s financial and insurance industry warning is in direct opposition to certain E.U. opinions. Some E.U.…

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California insurance market third largest in the world

California insurance market - Flag of America and of California

The state’s insurers collect $332 billion in premiums every year, said the commissioner. The California insurance market now has an annual premium volume higher than ever before. The volume has now reached $332 billion, said Insurance Commissioner Dave Jones. This figure brings the state to the position of being the third largest market in the world. The California insurance market is the largest in the United States. That said, while that figure from the California Department of Insurance (CDI) does sound impressive, knowing what that represents on a global scale…

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Florida flood insurance rates are on the rise in April

Florida Flood Insurance - Flooding on road - flood insurance rates

This month, homeowners will start to pay more for their coverage against water damage. Homeowners are being advised that Florida flood insurance is getting more expensive this month. In fact, the majority of residents will find themselves paying significantly more. Flood insurance premiums will be on the rise regardless of whether or not a claim has ever been made. The upward trend of Florida flood insurance rates has been worrying for the state. That said, the insurance industry is hoping to assuage consumer fears. There are still many ways that…

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Flood insurance extension to be approved through new spending package

Flood Insurance Extension - Flooding

The good news, however, may only extend until July when a new deadline may approach once more. A new flood insurance extension will take the pressure off the program for another four months. The $1.3 trillion federal spending deal will give the National Flood Insurance Program (NFIP) another reprieve. This is the fourth temporary extension the NFIP has experienced since September 2017. Washington lawmakers have now given themselves until July to either create another flood insurance extension or overhaul the NFIP. The alternative would be to allow the country’s flood…

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Wells Fargo sanctions on their way for auto insurance scandal

Wells Fargo Sanctions - Auto Insurance Scandal

American regulators are getting ready to apply penalties to the financial giant for its illegal actions. U.S. regulators are preparing to apply the Wells Fargo sanctions the industry has known would be coming. The bank forced over half a million drivers to pay for auto insurance they didn’t need. The official repercussions are now arriving. The financial industry has been waiting to see how this Wells Fargo scandal would play out. The Wells Fargo sanctions are not a surprise to anyone. After the scandal came out, it was only a…

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Finding the Most Suitable House to Buy for Your Family

Buying a house for your family is indeed a dream come true. Reaching this stage in your life will surely make you feel happy and proud. To know that all your hard work has paid off and that you are able to provide for your family is just surreal. Thus, you need to ensure that everything is carefully planned. In this article, we will share some guidelines to ensure that everything will go smoothly in buying your very first home. Know your budget and limitations  It is very important to…

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Auto insurance premium discount not in the cards for most low-mileage motorists

Auto Insurance Premium Discount - Low-mileage - car dashboard

Consumer Federation of America research found that drivers who don’t drive much don’t save. Most people would assume that drivers who don’t head out on the road much receive an auto insurance premium discount. However, the Consumer Federation of America (CFA) says otherwise. A recent CFA study shows motorists with low mileage aren’t enjoying car policy savings. The only state where an auto insurance premium discount is applied for low mileage drivers is California. The consumer advocacy group pointed out that the state legally requires insurers to provide the price…

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Average 2017 travel insurance policy covered far cheaper trips

travel insurance policy suitcase vacation

A recent Generali Global Assistance study showed travelers spent 19 percent less on covered trips. Among travelers who purchased a travel insurance policy last year, coverage was being applied to trips that cost an average of 19 percent less than they had the year before. The data was published by Generali Global Assistance, through its Travel Insurance division. The travel insurance analysis used the insurer’s proprietary data throughout the 2017 season. Throughout 2017, the average cost of a trip covered by a travel insurance policy was $1,883. This represented a…

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California health insurance regulators launches investigation into Aetna

aetna california health insurance regulators investigation

The insurer’s coverage practices will be examined by the two different state departments. Two California health insurance regulators have stated their intentions to investigate Aetna’s coverage decision processes. This examination of the insurer is a result of a lawsuit filed by a Californian man. The man filed the lawsuit against the country’s third largest insurance company, alleging improper care denial. The two California health insurance regulators will conduct the investigation in order to help determine whether or not Aetna’s decision processes are acceptable. The opening arguments in the case were…

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New commercial cyberattack study underscores importance of business cyber insurance

business cyber insurance

A recent survey revealed that almost half of participating companies had experienced some form of breach within a year. The importance of business cyber insurance is becoming increasingly clear to companies suffering from digital attacks firsthand on a rising basis. A recent study into cyberattacks aimed at companies revealed that almost half had experienced some form of attack within the year prior to the study. There were over 4,000 businesses participating in the survey, almost half of which had been attacked. The research results were included in a report by…

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