Car insurance savings from pandemic likely to disappear and rates may rise

Car insurance savings - parked car

Many insurers are likely to begin requesting rate increases, particularly in states such as Florida. Millions of drivers across the United States have been benefiting from car insurance savings in different forms since the start of the pandemic crisis. Some insurers issued refunds, while others provided rebates and yet others lowered their rates. That said, it appears that rates may be returning to normal and some may even be increasing. A recent ABC Action News report pointed to at least one major insurer that would be seeking to raise auto…

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New Hampshire workers compensation insurance proposal approved

New Hampshire workers compensation - Stamp - Approved

The state Insurance Department has given the nod to a reduce voluntary loss costs proposal. The New Hampshire workers compensation market will keep up its historically low rates right into 2021, according to a new decision made by the NH Insurance Department. The department issued a press release explaining its approval of a new proposal for the market. The NH Insurance Department gave its approval to a rate proposal filed by the National Council on Compensation Insurance (NCCI). This will reduce New Hampshire workers compensation voluntary loss costs by an…

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Assessing the damage after Tropical Storm Laura thundered across Arkansas farms

Tropical Storm Laura - Old Farm House in Decay

Farmers continue to calculate the size of the destruction left behind by the winds and rain. After the hurricane left a catastrophe behind in Louisiana, it moved inland, becoming Tropical Storm Laura. From there, its high winds, downpours and tornadoes smashed through Northeast Arkansas and large amounts of farmland. This was the first time Arkansas ever faced a tropical storm warning, said the National Weather Service. Farmers experienced extensive damage from Tropical Storm Laura, as drone footage revealed massive sections of “lodged” or flattened plants across the rice growing regions…

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Many US homeowners are shocked at how high their flood risk score really is

Flood risk score - person shocked

Every American homeowner is finding out how much of a risk their property is truly facing. This month, every current and potential homeowner in the United States has access to the flood risk score of their property (or one they are considering for purchase). Many find themselves amazed at how high their property’s risk of flooding has been assessed to be. America’s flood risk score is being reassessed by First Street. This is a part of a broader effort to provide current homeowners and prospective home buyers, and the real…

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Tencent’s WeSure insurance platform faces misleading marketing fine

WeSure Insurance - Tencent Tower

The Chinese parent company behind WeChat and QQ is facing disciplinary action from Beijing. Chinese tech giant Tencent owns an insurer called WeSure insurance, which lets consumers purchase various forms of coverage online. They can make these purchases via QQ or WeChat, the company’s social media networks. That insurer has been slapped with a fine for running a marketing campaign that was misleading. The fine is a reflection of Beijing’s determination to firmly regulate the largest internet market in the world. That said, the fine against WeSure insurance was only…

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Wildfire prone property insurance bill in California due for hearing

Wildfire prone property - home on fire - firefighters

The bill is expected to be heard in upcoming weeks as opposing sites prepare for major battle. A new California bill, the outcomes of which will have a lot to say about coverage for wildfire prone property in the state, will soon be headed for hearing. The hearing is expected to be a heated one as strong opposing opinions have the opportunity to be voiced. Opponents of this bill are calling it a direct attack on consumer protections in insurance. That said, proponents of the bill claim it is the…

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Morgan Stanley insurance offerings move into P&C coverage

Morgan Stanley insurance - hand holding bubble with house inside

The firm’s partner brokers will be offering wealthy clients these new coverage products. Morgan Stanley insurance products now include a range of P&C products designed for high net worth clients and their families. The brokerage has partnered with Marsh Private Clients Services, HUB International, and Willis Towers Watson to add to its available products. Support for the brokerage’s insurance clients will be provided through “dedicated service teams.” According to Barron’s, “dedicated service teams” will provide Morgan Stanley insurance customers with service. Clients will also be able to benefit from a…

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