Younger Americans are seeking long term care insurance policies

Long Term Care Insurance Policies - Hospital room

vA MassMutual survey showed that the demand continues to remain solid among consumers. Long term care insurance policies continue to hold their appeal among younger Americans, according to the results of a recent MassMutual survey. Insurers have been withdrawing from this market which comes with expensive chronic care benefits. Despite the concerns among insurers, many consumers are still very interested in investing in long term care insurance policies. The research showed that consumers also like the idea of being able to purchase this coverage as a part of a package…

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Commissioner Lara doesn’t want easier rate changes for home insurance companies

Home insurance companies - home, money, calculator

The California Insurance Commissioner is siding with consumer activists to halt legislation. California Insurance Commissioner Ricardo Lara is taking the side of consumer activists in an effort to stop a bill that would make it faster and easier for home insurance companies to change their rates. AB 2167 passed the state Assembly on Monday by a vote of 56-3. That said, the bill’s opponents say that this would set the stage for home insurance companies to impose substantial premiums spikes for homeowners in parts of the state hardest hit by…

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IIHS Autonomous vehicle risk study criticized by automakers

Autonomous vehicle risk - car crash

The low crash estimates from new research underestimate the tech’s capabilities, say critics. Automakers involved in developing and manufacturing self-driving cars have criticized recent insurance industry research measuring the autonomous vehicle risk of crashes. The study suggested that only about one third of crashes on American roads would be prevented if the cars were driving themselves. The automakers argue that the study doesn’t take into account the full capability of the technology. The research was conducted by the Insurance Institute for Highway Safety (IIHS). It involved an analysis of 5,000…

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Missouri homeowners insurance rates rise 76 percent in ten years

Missouri homeowners insurance - coins and house

A new analysis has revealed that residents are watching premiums rise faster than most other states. Missouri homeowners insurance rates have been climbing at a faster rate than most other US states over the last ten years due to the severe weather affecting the region. A new analysis has measured the growth in rates Missourians are paying as 7th fastest in the country. The QuoteWizard analysis measured the Missouri homeowners insurance rate growth at 76 percent across the last decade. “When insurance companies take a loss, they compensate for that…

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Cannabis business insurance options weak despite thriving marketplace

Cannabis Business Insurance - Cannabis being weighed

Only six large insurers in the United States are currently offering this type of coverage. Despite the fact that 32 states have legalized medical and/or recreational marijuana use, it remains challenging to obtain cannabis business insurance for companies in this market. There are a number of difficulties that are holding insurers back from selling this coverage. Among the top hurdles in the way of cannabis business insurance is the fact that medical and recreational marijuana use remains illegal on a federal level. As a result, despite the fact that it…

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Michigan seeks to broaden addiction treatment insurance coverage

Addiction treatment insurance - syringe - pills

The goal is to offer more to residents addicted to opioids and to boost opioid reversal medication availability. Michigan is working on expanding its addiction treatment insurance coverage. The idea is to make sure there is more help available for those addicted to opioids and to ensure that reversal medications are more accessible. The state plans to make this widened coverage available to its residents in 2022. The reason the state wants to broaden its addiction treatment insurance coverage is that it wants to reduce the number of people dying…

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No growth in pet health insurance claims for respiratory issues

Pet health insurance - Dog and Cat

Trupanion has been monitoring the nature of claims for cats and dogs through the pandemic. Trupanion, the pet health insurance company based in Seattle, has stated that it is monitoring the types of claims it is receiving. As of yet, it has not noticed an increase in claims relating to respiratory issues in cats and dogs. The insurer has been watching for changes in claims of that nature since the start of the pandemic. Back in March, the company released a statement that there were “no unusual increases or changes…

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