Author: H. Cutner

Second state to sign new pet insurance law is Mississippi

H. Cutner
Pet Insurance - Mississippi Flag

Governor Tate Reeves has signed the animal health coverage bill into law. Mississippi Governor Tate Reeves recently signed a pet insurance bill, making the state the second in the country to do so. It will go into effect on July 1. The purpose of the law is to make it possible for agents to sell the policies to their customers. Pet insurance agents will be able to sell the policies to customers who want coverage against expenses associated with unexpected injuries and illnesses in their animals. According to a recent…

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Prudential life insurance claims illegally denied says Department of Labor

H. Cutner
Life insurance Denied - Computer

Over 200 claims were denied by the insurer, even though it had been collecting premiums. The US Department of Labor has accused Prudential Financial of illegally denying over 200 life insurance claims, even after the insurer had continued to collect premiums from the policyholder. This is only the most recent instance of a rash of insurers denying claims customers have paid for. A number of life insurance companies have been found to be denying claims made on policies that have been paid into for years. Many employers include supplemental life…

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Could high auto insurance from EVs boost appeal of hydrogen cars?

H. Cutner
Auto insurance - H2 Car

As electric vehicles become increasingly popular, drivers are finding coverage to be costly. Battery electric vehicles have been skyrocketing in popularity as drivers look for ways to reduce their emissions, but high auto insurance premiums are proving to be an unappealing feature of those cars. Over time, the battery electric vehicles are expected to drive up losses for insurers causing rates to rise. According to a recent Moody’s Investor Service report titled “Electric vehicles to drive up costs, pricing for auto insurers as they grow more popular,” drivers can expect…

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Florida lawmakers look to insurer accountability to overcome state crisis

H. Cutner
Insurer accountability - Florida Law

New legislation is intended to acknowledge that insurance companies have not yet faced heavy regulation. As the homeowners’ insurance industry in Florida continues to scramble in crisis mode, lawmakers have introduced a new insurer accountability strategy as a part of a broader effort to control skyrocketing premiums and company insolvencies. The bill would raise fines for insurance companies that have been using bad practices. The insurer accountability bill would put higher fines in place for insurance companies with bad behaviors. The companies will also be required to do more information…

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Insurance spending will double in the next decade, says Lloyd’s of London

H. Cutner
Insurance Spending - Lloyd's of London Building

Chief exec John Neal has predicted that a greater risk perception like bank failures will drive the trend. Global insurance spending will probably reach the point that it has doubled in the coming decade, mainly driven by an increased risk perception, said Lloyd’s of London CEO John Neal. Climate change and bank failures have reminded the world of the size of potential risks. “Financial risk,” on the heels of bank failures in Europe and the United States, in addition to systemic risks, such as climate change and pandemics, are expected…

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Florida Senate attempts another bill to eliminate no-fault auto insurance system

H. Cutner
No-fault auto insurance - People after car crash

The system has been plaguing the state and is blamed for keeping rates among the highest in the US. The Florida Senate recently introduced a new bill in an attempt once again to take down the no-fault auto insurance system in the state. The required coverage means that drivers must use their own policy when accident claims are made. In addition to the mandatory no-fault auto insurance coverage, drivers must also carry a minimum of $10,000 in personal injury protection coverage. Though the system was developed to help eliminate a…

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Consumers are shopping for better auto insurance rates more than ever before

H. Cutner
Auto insurance - Shopping for car insurance

A new JD Power study showed that comparison shopping has reached an all-time high among consumers. More than ever before, consumers have been comparison shopping for better auto insurance rates, according to a new JD Power report. The report showed that over 40 percent of drivers had experienced an increase in cost after using telematics. The report also indicated that some drivers are finding that there are fewer new rates available to them than they expected. Consumers hit by rising auto insurance rates have been searching for cheaper alternatives more…

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