Author: H. Cutner

National Guardian Life Insurance Company brings new LTC coverage to California

H. Cutner
National Guardian Life Insurance Company - elderly care

The stand-alone LTC insurer is expanding its selling to the state starting on July 6. The National Guardian Life Insurance Company has announced that it will be bringing its EssentialLTC long term care policy to California next month. The stand-alone LTC insurance policy will become available to Californians starting next week. This announcement means that the National Guardian Life Insurance Company long term care policy will have expanded across the entire country aside from New York and Montana. This coverage is sold through traditional associations, distributions and worksite marketing programs.…

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Allstate catastrophe losses reach $982 million for April and May 2020

H. Cutner
Allstate catastrophe losses

In a recent announcement, the insurer showed that May’s figures weren’t as high as those in April. Allstate catastrophe losses have reached $982 million for the combined months of April and May. May alone was responsible for estimated losses of $350 million. This will translate to $277 million after tax. The American insurer had already announced its figures for April, which were an estimated $632 million. In April, the announcement showed that the Allstate catastrophe losses were a notably higher pre-tax estimated $632 million. That would convert to $499 million after…

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Americans more likely to buy travel insurance than they were pre-pandemic

H. Cutner
Buy Travel Insurance - person waiting in airport

This crisis has drawn attention to the reality of risk and unexpected events that can suddenly occur. About 45 percent of Americans are likely to buy travel insurance to cover future trips as movement is introduced once more, according to a recent NerdWallet survey. The survey involved the participation of 2,000 adults across the United States. The research was designed to help better understand the impact of the COVID-19 pandemic crisis on the financial habits of Americans. What it found was that there was a greater likelihood that Americans would…

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IOC pursues postponement insurance over Tokyo Olympics delay

H. Cutner
Postponement insurance - Olympic Rings

The International Olympics Committee has event coverage, but it isn’t clear if delays are covered. The IOC is seeking a postponement insurance claim for the delayed Tokyo Olympics. That said, while the policy does provide coverage against cancellation of the games, it isn’t immediately obvious whether protection extends to a delay. The IOC is currently in “open discussion” with its insurance brokers over the situation. Pierre Ducrey, the Olympic Games operations director at the IOC said that they are currently in an “open discussion” with their insurance brokers. The goal…

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Allianz and Generali intend to dump their life insurance assets

H. Cutner
Life insurance assets - Euros

Two of the largest insurers in Europe are planning to sell business worth as much as $9.9 billion. Allianz and Generali, two of the largest insurers in Europe, are preparing to sell billions of euros worth of life insurance assets. Allianz SE intends to sell as much as 9 billion euros worth of these assets in countries such as Italy. Sources familiar with the matter report that Allianz SE is looking to sell off life insurance assets worth as much as $9.9 billion in countries including Italy. The German insurer…

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Another Allstate auto insurance rebate is likely to be issued to policyholders

H. Cutner

The insurer is moving to provide drivers with further relief as the pandemic continues to slash miles. The Allstate Corp insurer will likely issue another auto insurance rebate to its policyholders as a result of decreased driving habits throughout the pandemic, said the company’s CEO Tom Wilson. This additional reduction will be meant as a reflection of the ongoing driving reduction in certain areas. Allstate announced its first auto insurance rebate wave on April 6. At that time, it was returning over $600 million in premiums to its policyholders. The…

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Zurich Insurance predicts its pandemic claims payouts will break $750 million this year

H. Cutner
Pandemic claims - Man sittig at window looking out - virus

The estimates involve the overall property and casualty (P&C) payments specific to the coronavirus. Zurich insurance has released its most recent forecast regarding payments of pandemic claims. The insurer giant predicts that its own payouts will be in the ballpark of $750 million for 2020. The insurer’s CFO said that the claim level can be compared to all 2017’s hurricanes combined. George Quinn, CFO at Zurich said that the size of the pandemic claims is similar to what they experienced in 2017 from Hurricanes Harvey, Irma and Maria, combined. That…

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