Cyber insurance providers may face greater risk than natural disasters

Cyber insurance providers - cyber attack - internet - online - Hacker

Data increasingly shows that the cost of a massive cyberattack can be more costly than a hurricane. It took a number of years for cyber insurance providers to be taken seriously. However, with the rising frequency and cost associated with high-profile and widespread attacks, that situation is changing. Insurance policies against hacking and data breaches are becoming the standard among large businesses. A recent PYMNTS report outlined the rising trend toward this type of coverage. Moreover, it pointed out that, moving forward, cyber insurance providers will face major risks. They…

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Toothbrush startup acquires dental insurance company for total tooth care

Dental Insurance Company - Toothbrush and Dental Tools

Quip has announced its intentions to purchase Afora, taking the next step in its unique business model. Electric toothbrush startup, Quip, is acquiring Afora, a dental insurance company. Quip first started selling its toothbrushes online back in 2015. It has, since that time, built a substantial consumer network. The toothbrush company offers subscriptions for direct-to-consumer personal care products. As popular as its toothbrushes have become, Quip is lining up to become more than a toothbrush brand. Instead, it is expanding to be able to become a dental insurance company, too.…

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Pedestrian deaths are becoming explosively more commonplace

Pedestrian deaths - Police Car - Police Tape - Accident

An Insurance Institute for Highway Safety report shows a spike of 46 percent in pedestrians killed. Pedestrian deaths have now risen to their highest point in 28 years, according to a new Insurance Institute for Highway Safety (IIHS) report. The IIHS report showed that the more the U.S. increases its arterial roadway use, the more people are killed. Arterial roadways in urban-suburban areas saw a 50 percent spike in deaths at non-intersections. The IIHS report also showed that there was a 56 percent increase in pedestrian deaths when it was…

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IBM and ANZ combine efforts to develop insurance blockchain solution

Insurance Blockchain Solution - cryptocurrency

The Australia and New Zealand Banking Group intends to improve insurance industry efficiency. IBM has teamed up with the Australia and New Zealand Banking Group (ANZ) to create an insurance blockchain solution. Its purpose is to enhance insurance industry efficiency levels. Also involved in this partnership is Suncorp New Zealand, a financial services firm. The insurance blockchain solution is meant to make it possible for premium payments and data to transfer more easily between insurers and brokers. This could result in a more transparent and much faster process overall. The…

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Allstate Insurance named Best of the Best Corporation for Inclusion for 2018

Best corporation for inclusion - Allstate Insurance Honoured with Title - 1st Place Award - Trophy

The National LGBT Chamber of Commerce and National Business Inclusion Consortium issued the title. Allstate Insurance has received the proud title of Best of the Best Corporation for Inclusion for 2018. The National LGBT Chamber of Commerce (NGLCC) and National Business Inclusion Consortium (NBIC) collaborated to designate the insurer with this title. This title is meant as a celebration of a company committed to broad spectrum inclusion and diversity. The NGLCC and NBIC consider companies for the title of Best of the Best Corporation for Inclusion based on several factors.…

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Illinois workers compensation moves through state Senate

Illinois workers compensation - Construction Site - Construction Workers

Senators have given the nod to new restrictions on insurance companies writing this type of policy. New Illinois workers compensation legislation has received approval in the state Senate. It applies new restrictions to insurance companies that write workers compensation policies. The insurance legislation passed the state Senate this week in a vote of 34 to 21. This Illinois workers compensation legislation is a mirror image of one that was approved by lawmakers in the state last year. However, when that proposal reached Governor Bruce Rauner’s desk, he vetoed it. This…

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Colorado mental health insurance bill to help consumers navigate the system

Colorado Mental Health Insurance - Stressed Adult

A new measure introduced this week may make it simpler for state residents to receive mental health care. A new Colorado mental health insurance bill introduced this week could make it easier for state residents to receive the care they need. The idea is to form a state ombudsperson’s office. The goal of the office is to assist Colorado residence in navigating the insurance system for mental health care. Many people struggle to understand their rights and to whom they should direct their questions. Individuals find the current Colorado mental…

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State Farm homeowners insurance not required to cut rates, says judge

State Farm homeowners insurance - State Farm Office

The California Department of Insurance has been fighting a legal battle with the insurer over premiums. The California insurance commissioner was wrong in saying that State farm homeowners insurance rates had to lower. A judge ruled that the insurer was not required to charge its home and renter policyholders less. The decision stepped around a current unresolved question regarding Proposition 103 and its reach. Proposition 103’s author was among those who criticized the decision regarding State Farm homeowners insurance rates. California Insurance Commissioner Dave Jones accused State Farm of profiting…

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Insurance fraud fighting gets a boost in North Carolina

Insurance Fraud - North Carolina Boosts number of Insurance Fraud Agents

The state’s Insurance Department has added 15 agents to its team of scam hunters. The North Carolina Department of Insurance has announced the expansion of its insurance fraud investigation team. Fifteen new special agents will take part in criminal investigations. North Carolina Insurance Commissioner Mike Causey made the announcement. The additional insurance fraud investigating team members have doubled the previous size of the department, said Causey. The N.C. Insurance Commissioner has implemented a new strategy for eliminating scams and fraudulent activities involving insurance in North Carolina. The expansion of the…

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California health insurance premiums may spike, analysis

California health insurance premiums - American and Californian flag

Covered California predicts a possible spike in rates residents are paying for policies. California health insurance premiums may sharply rise over the next few years. In fact, Covered California’s own analysis predicts a 35 percent increase by 2021. When compared to the current rates, Californian consumers may pay 35 percent more over three years. The state is among a total of 15 predicting average rate hikes of 35 percent by 2021 compared to their current rates. Across the United States, consumers purchasing coverage on an insurance exchange may pay more.…

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