Arkansas places moratorium on tornado insurance policies to protect homeowners

Tornado insurance policies - Tornado - Storm

The 60-day moratorium stops insurers from being able to cancel coverage to residents affected by Saturday’s twister. The Arkansas Insurance Department has issued a 60-day moratorium on the cancellation of tornado insurance policies. This move was made following the Jonesboro tornado that ripped through homes, a mall and other buildings. This is meant to stop insurers from cancelling coverage of affected Craighead County residents. Residents affected by the Jonesboro twister cannot have their tornado insurance policies cancelled due to non-payment for another 60 days. That said, it is only affected…

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CFCEF petitions California auto insurance companies to lower rates or issue refunds

California auto insurance companies - Truck on road in California

Non-profit consumer advocate, Consumer Federation of California Education Foundation launched the action. The Consumer Federation of California Education Foundation (CFCEF) has petition the state insurance commissioner to require California auto insurance companies to reduce their rates, issue credits, or issue refunds. The CFCEF says that insurers in the state have been making massive profits at the expense of drivers. The CFCEF’s petition accused California auto insurance companies of “making windfall profits” as a result of the stay-at-home requirements in the state. Those orders were made on March 19, keeping millions…

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Lighthouse Property to acquire Prepared Insurance of Florida

Prepared Insurance of Florida - home insurance

The acquisition remains subject to official regulatory review as well as approval before it is finalized. Prepared Insurance of Florida, a domiciled P & C carrier in that state and Louisiana is to be acquired by Lighthouse Property Insurance Co. of Louisiana. This move doesn’t come as a surprise as efforts have been made for the acquisition since 2017. Lighthouse is authorized to write coverage in Louisiana as well as North Carolina, South Carolina and Texas. Prepared Insurance of Florida is authorized for writing in Florida as well Louisiana. The…

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US health insurance gaps may accelerate COVID-19 spread

US health insurance gaps - COVID-19 Testing

Over 27 million people across the United States lack coverage, which can reduce testing and treatment. The substantial US health insurance gaps that remain across the country could feed the spread of the novel coronavirus. As about 9 percent of the American population – around 27 million people – lack a health plan, testing and treatment comes with a cost they may not be able to afford. Without coverage people may delay going to get tested or treated or they may not do it at all. In the state of…

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Lloyd’s of London backs new Coincover cryptocurrency insurance for online wallets

Cryptocurrency insurance - Cyrptocurrency

The coverage is meant to protect digital currency owners against theft from being hacked. Lloyd’s of London is now backing a new type of cryptocurrency insurance policy meant to help protect owners of online wallets against theft resulting from hacks. The coverage is sold by crypto “lifestyle” service provider, Coincover. Atrium, a Lloyd’s insurance syndicate, is underwriting the cryptocurrency insurance, according to an announcement made by Coincover last weekend. The coverage is being defined as a new form of liability policy. It functions dynamically with a limit that rises and…

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Lloyd’s of London’s first electronic insurance exchange to begin testing

Electronic insurance exchange - Lloyd's of London Building

The massive British marketplace will be piloting this new online technology strategy. Lloyd’s of London has announced the start the testing phase for its first electronic insurance exchange. The technology is meant to handle simple coverage risks, said the marketplace in a strategy update earlier this week. The 330-year old company is seeking to take important steps to modernize itself. Lloyd’s, which first opened in 1686 out of a coffee house, is seeking to use modern strategies to become considerably more efficient. It is looking to use technology to reduce…

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Arizona State career development program gets a boost from State Farm donation

State Farm Donation - Arizona State University (ASU)

ASU received $30 million from the insurer for its “Pathways for the Future” program. Arizona State University (A.S.U.) has received a substantial $30 million State Farm donation directed right into the new “Pathways for the Future” career development program. The university’s new program offers students with financial aid when they enroll in online courses. Students from A.S.U. and Maricopa County Community College can use the program to receive financial aid when they register for online courses at the university. Other students who can benefit from the State Farm donation to…

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