Auto insurance customer satisfaction reaches new record, says J.D. Power

Auto insurance customer satisfaction - Thumbs Up

Considerable improvements to policyholder support and services have made the difference. Auto insurance customer satisfaction has reached an all time high, says a new J.D. Power study. The J.D. Power 2018 Auto Insurance Study said there were a number of improvements that led to this positive result. Insurance companies are starting to find their balance with customer interaction, said the study. The study results showed the difference was made by improvements in billing and payments, digital interactions, and offerings. The auto insurance customer satisfaction is improving due to a better…

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Allstate Drivewise app works to reduce teen distracted driving

Allstate Drivewise - Distracted Driving - Man using phone in car

Adolescent drivers have a fatal crash rate per mile driven nearly three times greater than that of adults. In the hopes of reducing the risks associated with teen distracted driving, the Allstate Drivewise app is aimed at keeping focus on the road. The fatal crash risks among adolescent drivers are significantly higher than they are among adult motorists. Allstate Insurance is hoping to reduce the impact of “The 100 Deadliest Days” that happen each year. Among 16 to 19 year olds, the fatal crash rate per mile drive is almost…

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Insurance companies to feel climate change effects most, but aren’t investing that way

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Insurers will be hit hardest by rising global temperatures, but their investments aren’t low-carbon. The insurance industry will feel climate change effects more powerfully than most other industries. That said, a new Forbes report suggests insurers are failing to invest into the low-carbon economy. The insurance sector is most threatened by droughts, floods, extreme heat and severe storms. However, the report shows that climate change effects don’t appear to be enough motivation to change investing habits. These firms are some of the largest investors in the world and stand to…

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Flood insurance program risks expiry (again) as hurricane season starts

Standard homeowners insurance policy may not cover short term rental damage

Seven million homes are at risk of damage from Atlantic storms and coverage may be up in the air again. After already facing a named storm this year, the flood insurance program is back in the spotlight. Yet again, after the disaster – both left behind by weather and in the expiration of the program – in 2017, the coverage program is due to expire. Last year brought record-breaking damages from natural disasters and the full totals aren’t in yet. This year, Americans are feeling less confident about their safety…

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Royal wedding excitement reminds couples to review insurance and important documents

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This weekend’s marriage between Prince Harry and Meghan Markle was an important reminder to everyone. Couples around the world swept up in royal wedding excitement are encouraged to look at their own relationships. All the details surrounding the royal wedding were a great reminder to check our own important details such as insurance coverage and wills. We may not need billions in hired security, but we do need to keep our affairs in order. Prince Harry and Meghan Markle planned their wedding over months. Details included everything from the standard…

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Open source insurance policy becomes Lemonade’s new way to stand out

Open source insurance - Lemonade - Lemons

This unique new form of coverage allows anyone to be able to edit the wording and design. AI-powered insurer, Lemonade, has launched a new open source insurance policy. This represents a first in the world. Lemonade is known for its innovative strategies and is often associated with world’s firsts. The policy is meant to be open to the “wisdom of the crowd” in its writing and creation. The insurance company has launched what it calls Policy 2.0, according to a Lemonade press release. The idea behind this new open source…

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Wildfire insurance problems persist 2 years after Canadian Fort McMurray Disaster

Wildfire insurance problems - Forest Fire

After flames ripped their way through entire neighborhoods of the Alberta town, rebuilding is been slow. Two years after the devastating Fort McMurray fire in Canada, wildfire insurance problems continue to plague homeowners. In fact, only 20 percent of the destroyed homes are rebuilt. The northern Alberta saw 2,579 homes completely destroyed by the wildfire that struck in 2016. The destruction produced the highest wildfire costs in Canada until that time, as Live Insurance News reported. Donations to support those whose homes were ravaged poured in from across the country…

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Auto insurance customers in Ontario, Canada overpaying by $5 billion

Auto insurance customers - man holding car key

A new Ontario Trial Lawyers Association says policyholders have paid far too much over five years. Ontario, Canada auto insurance customers may have been overpaying by as much as $5 billion on their premiums. This figure accumulated over the last five years, said a new Ontario Trial Lawyers Association report. Claims continued falling as car insurance company profits grew significantly in that time. At the same time that auto insurance customer were making fewer claims, insurers were making more money. In fact, according to the report, insurer profits rose to…

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Royal baby boy delivery expenses lower than those of average US woman

Royal Baby Boy - Image of Newborn - Health Insurance

Prince William and Kate Middleton’s healthy son was born in the Lindo Wing of St. Mary’s Hospital. The Duke and Duchess of Cambridge, Prince William and Kate Middleton announced the birth of the youngest royal baby boy. The newborn was delivered in the Lindo Wing of St. Mary’s Hospital just like his brother George and sister Charlotte. Despite the baby’s royal status, his birth likely cost less than what is charged to the average mom in the U.S. The cost of 24 hours in a deluxe room for a non-cesarean…

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American dog bite insurance claims rose to $686 million in 2017

Dog Bite Insurance - Homeowners Insurance - Aggressive Dog - Angry Dog -

The country saw a 2.2 percent increase in the cost of these claims, said the Insurance Information Institute. The Insurance Information Institute has released its latest U.S. dog bite insurance claims data. The report showed a 2.2 percent increase in the total cost of claims nationwide last year. Claims values themselves increased by a considerable amount in 2017 when compared to 2016. Dog bite insurance claims values rose to over $686 million in 2017. This paid for the year’s 18,552 claims. The average cost per single dog bite claim rose…

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