Will the California Department of Insurance report recreate the industry?

California Department of Insurance - Climate Change California

Since August, the state has faced record levels of rain, drought, and wildfires. The California Department of Insurance is taking on climate change and its impact on the industry in the state as it faces challenges increasing in frequency and intensity. The extremes that are regularly affecting the state have reached a point that many people can’t afford coverage. Residents and the businesses are reaching the point that they cannot afford the high premiums their insurers must charge to reflect the risk, and the state can’t afford to have a…

Read More

Colorado health insurance coverage must now include transgender care

Health insurance coverage - transgender flag in shape of heart

The state announced that medical policies must cover gender confirmation care for transgender people. State officials in Colorado have announced that as of 2023, health insurance coverage in the state must include gender-confirmation care for transgender patients. The change has received the federal government’s approval, referring to it as a “landmark step.” The federal government has called this change a “landmark step” in addressing health insurance coverage disparities. The state’s change means that private care plans must cover gender confirmation surgery, hormone therapy, and facial surgery for transgender people. “This…

Read More

International Monetary Fund warns of rising life insurance rates

Life insurance rates - Breaking News

The IMF cautioned that if a sharp bond yield rise occurs, then insurers may be forced to liquidate investments. Life insurance rates are on the cusp of a huge spike if there is a sudden rise in bond yields, leading to an extreme circumstance that could lead insurers to liquidate as much as $1 trillion in investments in the United States and Europe, according to a warning from the International Monetary Fund (IMF). The IMF released this caution in its Global Financial Stability Report. According to the IMF in the…

Read More

State Farm reminds drivers that auto insurance claims for hitting animals are spiking

Auto insurance claims - Watch for Animals Sign

Though these crashes reach their high point in November, numbers are already rapidly rising. As auto insurance claims relating to crashes with animals rise this month and are expected to continue to do so into November, State Farm is recommending that drivers be especially cautious behind the wheel. Deer are traditionally the most commonly reported type of crash involving hitting wildlife. According to a recent news release from State Farm, statistics suggest that there is an average increase in crashes involving wildlife of 7.2 percent. Most commonly, these crashes involve…

Read More

Nearly three quarters of health insurance markets are highly concentrated, says study

Health insurance markets - metropolitan area

The American Medical Association found that this was the case in 73 percent of MSAs. A new American Medical Association (AMA) study has revealed that almost three out of every four metropolitan statistical areas (MSAs) are concentrated health insurance markets. The analysis was based on data from the Department of Justice and Federal Trade Commission. The AMA’s study revealed that 73 percent of MSAs were highly concentrated health insurance markets based on the horizontal merger guidelines from the Department of Justice and the Federal Trade Commission (FTC). In 91 percent…

Read More

Insurance coverage increasingly scarce and costly for fossil fuel companies

Insurance Coverage - Oil sands

Oil sands and coal companies are facing rising challenges getting affordable coverage worldwide. Insurance coverage is critical for any large business to operate, but firms centered around oil sands and coal are finding it increasingly challenging to get the policies they require, particularly at an affordable price. A growing number of insurers have stopped underwriting companies in high-polluting fossil fuels. As a result, insurance coverage is harder to find for companies producing, transporting or storing certain fossil fuels that are among the highest greenhouse gas emitters, such as those involved…

Read More

SC lawyer hired hitman to cash in on $10 million life insurance policy for family

Life insurance policy - handing over money

South Carolina attorney Alex Murdaugh arranged for someone to kill him earlier this month. South Carolina lawyer Alex Murdaugh hired a hitman to kill him and make it possible for his child to collect on a $10 million life insurance policy, according to authorities. The scam was an “attempt on his part to do something to protect his child,” said his attorney, Richard Harpootlian. Fifty-three-year-old Murdaugh survived the shooting on September 4. Police said that Murdaugh claimed that he had been shot in the head while he was changing a…

Read More