Live Insurance News

Michigan auto insurance refund deadline is today

May 9, 2022May 9, 2022 Marc

Auto insurance refund - Refunds keyboard

Insurers are required to issue their $400 checks to applicable policyholders no later than today. The auto insurance refund deadline insurers have to issue the $400 refund checks to their customers has arrived. Michigan Governor Gretchen Whitmer announced last week that $2.2 billion had yet to be issued. During the second half of April, about 1.2 billion in auto insurance refund checks had been issued, according to Michigan Department of Insurance and Financial Services data. Around $3 billion is intended for redistribution to drivers in the state who had active…

Massive insurance battle results from Russia’s seizure of 400 planes

May 2, 2022April 29, 2022 Marc

Aircraft lessors are filing claims for payouts, but insurers don’t agree that coverage extends that far. When Russia invaded Ukraine, it threw a number of markets into turmoil, and in the case of the aircraft market, it has also led to a tremendous insurance battle. Aircraft leasing firms provide approximately half of the 1,000 planes in Russian airline fleets. The aircraft leasing firms are from outside Russia and are finding themselves locked between Russian airlines that refuse to pay and insurers who say they’re not obligated to do so. This…

Drivers are aware of distracted driving and do it anyway

April 25, 2022April 25, 2022 Marc

Motorists are choosing to continue with these behaviors while fully conscious of the danger. Distracted driving is a top cause of traffic fatalities in the United States and while its nearly always avoidable, it is only getting worse. Moreover, drivers know they’re driving dangerously with these distractions and do it anyway. State Farm recently released the results of a new road safety survey which revealed some troubling trends. The distracted driving rates are getting higher throughout the country, but what is disturbing is that motorists are well aware of the…

GEICO insurance company announces new Chief People Officer

April 18, 2022April 15, 2022 Marc

Shannon Hobbs has now joined the insurer and will be overseeing corporate HR among other areas. The GEICO insurance company has recently announced that it has hired a new Chief People Officer, Shannon Hobbs. Hobbs came to work for GEICO following several positions at American Century Investments. As Chief People Officer, Hobbs will be responsible for overseeing the insurance company’s Corporate HR, recruiting, compensation and benefits, continuing education, talent development, diversity and inclusion, leadership/management training, and community engagement efforts. Before Hobbs was hired by GEICO, she had been at American…

GEICO insurance rolls out company-wide education benefit

April 11, 2022April 9, 2022 Marc

In a labor shortage in which insurers already struggled to hire, they are broadening benefits. GEICO insurance has been including itself among the insurers working hard to boost their appeal as employers in a hiring environment that is highly competitive. Insurers were already struggling to appeal to new applicants before the labor shortage began. Over the last several months, GEICO insurance has been evolving and expanding the types of benefits available to its agents and other employees. Now it has rolled out a new education and growth benefit that is…

Flood insurance program overhaul began this month

April 4, 2022April 1, 2022 Marc

Despite opposition, Risk Rating 2.0 has gone into effect with revisions expected for 5 million policies. Opponents to the Risk Rating 2.0 did their best to stop the flood insurance program overhaul from becoming a reality, but those members of Congress were unable to do so, and it became effective as of the start of this month. The federal government program’s change will now impact millions of property owners. The Risk Rating 2.0 restructuring has revised the National Flood Insurance Program (NFIP), impacting the premiums of about 5 million policyholders.…

Lloyd’s aims to cancel insurance policies of sanctioned Russian businesses

March 28, 2022March 25, 2022 Marc

Insurance policies - Lloyd's of London Building reflected in glass

This move has arrived as the massive marketplace steps back into profitability after pandemic losses. Lloyd’s of London has announced that it is working with the government of the United Kingdom for the implementation of sanctions against Russian firms due to the war in Ukraine, including cancelling their insurance policies. Shortly after announcing the return to profit, the largest insurance market in the world sees a tough year ahead. According to the market, the war in Ukraine will present a “major claim” for the industry as it seeks to cancel…