EU places sanctions on Russian oil insurance for transport

Oil insurance - European Union

European Union members are going beyond an import ban and are now targeting its coverage. The European Union is moving beyond the previous Russian crude import ban and is now targeting oil insurance companies covering the transport of the fuel. This move could substantially impair Russia’s ability to ship its crude to locations worldwide. The oil insurance sanctions have to do with banning coverage for European vessels and companies linked with the transportation of Russian crude worldwide. This is one component of a broader sanctions package the EU has been…

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Flood insurance rate increases will affect 81 percent of policyholders

Flood Insurance - Increased Rates

FEMA’s NFIP overhaul was intended to increase premiums primarily for larger, high-value homes. A year ago, when the Federal Emergency Management Agency overhauled the National Flood Insurance Program it expected that larger, high-value homes would see most of the rate increases. It anticipated that about 90 percent of policyholders would either keep their existing rates or would even experience a reduction in their premiums. This month, when the changes went into effect, the situation proved to be considerably different. Now that the changes in the National Flood Insurance Program (NFIP)…

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Allstate Insurance announces Vice Chair Don Civgin retirement

Allstate Insurance - Retirement Announcement

The insurer simultaneously announced that it would be undergoing a change in its senior leadership. Allstate Insurance has announced the retirement of Vice Chair and CEO of Protection Products and Services Don Civgin. This decision to retire followed a “distinguished 13-year career,” with the insurer, according to a recent news release. Cigvin first came to the company in 2008, at which time he was the Chief Financial Officer. From that time, Civgin moved up in Allstate Insurance, becoming the President and CEO of Allstate Financial in 2012. In 2019, he…

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State Farm insurance company will soon offer LightStream lending products

Insurance company - New relationship, handshake

Through a new relationship the insurer has formed, agents will soon offer the consumer lending products. State Farm has announced that the insurance company recently entered into an agreement that will allow its agents to offer LightStream consumer lending products. This is a new offering with the Truist Bank premier online consumer lending division. Truist currently ranks as seventh largest in the United States among commercial banks. It currently serves over 15 million customers. The advantage of its LightStream is the capacity for consumers to gain solutions that complement those…

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State lawmakers seek to improve Colorado wildfire insurance process

Colorado wildfire insurance - Forest Fire

Victims of the blazes often find themselves underinsured, even after recently updating policies. The majority of the victims of the Marshall fire are seeking to rebuild and return to their lives and communities but are struggling with their Colorado wildfire insurance. Reports are finding that the majority of victims were underinsured even after a recent policy update. Lawmakers are hoping to make changes that will improve the Colorado wildfire insurance claims process to make it easier for victims of natural disasters to rebuild if that is their choice. State Senator…

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NHL team files $125M COVID-19 reimbursement lawsuit against insurance companies

Insurance Companies - COVID-19 Lawsuit

The Calgary Flames organization is pursing payment for “massive losses” it experienced during 2 seasons. The Calgary Flames have filed a $125 million lawsuit against their insurance companies. The NHL team is seeking reimbursements for “massive losses” it suffered due to the two hockey seasons that have gone by during the COVID-19 pandemic. The NHL initially brought its operations to a halt on March 12, 2020, due to the pandemic. Since the NHL placed its operations on hold, teams calling Canada home were particularly impacted by the Canadian government’s mandates…

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Insurance company loses first federal Hurricane Laura court case

Insurance company - Law decision

A jury decided against the insurer in a victory for a Lake Charles commercial property owner. The first ever Hurricane Laura case heard by a federal court has ended in a decision against an insurance company and in favor of Joey Odem, the plaintiff who is the owner of a commercial property near Lake Charles’ Petro Point. This case represents only the first one heard in a federal court from among more than 3,000 filings. This was the first Hurricane Laura jury trial case, and it was not a win…

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