General insurance companies receive warning from UK financial watchdog

General insurance companies receive warning - red light

The Financial Conduct Authority has accused insurers of failing to focus on value for customers. Britain’s financial watchdog has accused general insurance companies of failing to consider customers’ value for money within their products and services. Insurance CEOs have been warned that the watchdog is prepared to take action against their firms as well as against the senior management of those insurers. According to the F.C.A., insurance companies are failing to provide policyholders with value. The Financial Conduct Authority (F.C.A.) issued a letter to the CEOs of several general insurance…

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Workers compensation technology is reducing claims frequency

Workers compensation technology - Computer - Business - Statistics

The use of tech within this insurance space is making positive changes to the market, says a new report. Workers compensation technology is proving exceptionally advantageous to the insurance market in terms of positive and sizeable changes, said an expert’s report. The tech is promoting reduced claims frequency, which is sending rates downward. The fewer the claims insurance companies receive, the less they must often charge for coverage. “We think it’s due to insurance companies doing better on the claims of their policyholders by using technology to drive down the…

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NAFE Includes Allstate among Top Companies for Executive Women

Executive Women - Women in Senior Role

The insurance giant has been honored for its strong focus on encouraging women in senior roles. Allstate has received a considerable honor from being included on the list of the 2019 NAFE Top Companies for Executive Women. This title was given by the National Association for Female Executives (NAFE). The companies on this list prove a strong focus on best practices for women in upper level positions. Companies designated as Top Companies for Executive Women by NAFE are those demonstrating effectiveness in practices supporting women as they rise to senior…

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Insurance companies facing rising water damage claims

Water Damage Claims - Houses in flood waters

A new report shows that leaks are becoming increasingly problematic for homeowners and insurers. A new Verisk Analytics report from its ISO unit has found that insurance companies are taking an increasing number of water damage claims. At the same time, other forms of claim have been falling in frequency. The report determined that one in 50 homeowners insurance policyholders file a leak claim each year. Water damage claims affect one in every 50 homeowners insurance policyholders every year, according to the research. The study involved data from 2013 through…

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Snowmobile theft rates are highest in Alaska, says National Insurance Crime Bureau

snowmobile theft - snowmobile rider

A national crime statistic analysis showed three parts of the state experienced the most reports in the country. The National Insurance Crime Bureau conducted an analysis of snowmobile theft reports across the United States. What they determined was that three regions in Alaska saw more thefts of these machines than anywhere else in the country. There were 128 snowmobiles stolen in Alaska from 2015 through 2018; 8 percent of the U.S. total. Anchorage, Alaska saw the highest rate of snowmobile theft in the United States. Throughout the span of time…

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Autism insurance coverage likely to be supported in Utah bill

Autism Insurance Coverage - Boy with heart

Senate Bill 95 aims to require certain plans in the state to provide coverage for behavioral treatments. Senator Curt Bramble (R-Provo) proposed SB95 last week with the intention of making autism insurance coverage mandatory on certain health benefit plans. The coverage would not be required for all health plans and would only pay for certain treatments. The autism insurance coverage proposed in the bill is for behavioral treatment for people on spectrum. It would involve covering these treatments regardless of which autism spectrum disorder they have, what their age is,…

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66 percent are in support of the current American health care system

American Health Care System - Health

About two thirds of people in the U.S. prefer the current system over a government-run alternative. The results of a new American health care system poll have revealed that about two thirds of people in the United States would prefer the existing system to an alternative run by the government. This data has arrived at a time in which U.S. health care has reached a peak controversial point. The research results arrived at nearly the same time as headlines were made by U.S. Senator Kamala Harris (D-California) who has thrown…

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