Category: Auto Insurance

News articles concerning car and auto insurance nationwide for both insurance brokers and insurance customers. Learn about changes happening in your state or even global insurance matters.

US insurance company Allstate issues catastrophe losses and new rates report

G. Turner
US insurance company - Business - Reports

The insurer has published its February 2024 report on its catastrophe losses and implemented rates. The US insurance company Allstate Corporation (NYSE symbol ALL) recently released its catastrophe loss data for February 2024. In the report, it announced its catastrophe losses were lower than the reporting threshold The US insurance company’s announcement showed data that illustrated that the insurer was under the $150 million reporting threshold for that month. The data shared by the insurer in a recent news release also delved into its rate increase for the auto coverage…

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State Farm announces new insurance company CEO

Logan B.
Insurance Company - Jon Farney Elected as State Farm CEO effective June 1, 2024 - Image Source - State Farm Insurance YouTube

The company’s current president Jon Farney will take on the role of Chief Executive Officer Jon Farney, current President of the State Farm insurance company has now been named the next Chief Executive Officer by the State Farm Mutual Board of Directors Farney will officially start as CEO on June 1 Retiring State Farm CEO Michael Tipsord made the official announcement of Farney’s new position at the insurance company.  In his announcement, he detailed his lengthy professional relationship with Farney and underscored the care Farney has shown for the insurer…

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Bills could force Michigan Catastrophic Claims Association to have auto insurance transparency

Angela Linders
auto insurance - Freedom of Information Act - law

SB 793 and SB 794 will open the MCCA up to public scrutiny if they both pass. New bills in Michigan, SB 793 and SB 794 have the potential to boost transparency for auto insurance claims in the Michigan Catastrophic Claims Association (MCCA). The industry-managed organization manages lifetime medical treatment claims The MCCA is the organization in the state responsible for managing lifetime auto insurance claims payments for medical treatments of over $635,000 resulting from injuries from a catastrophic vehicle collision. Policyholders seeking lifetime coverage for severe injuries obtained as…

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GEICO auto insurance announces partnership with NCAA

H. Cutner
Auto insurance - Partnership between companies

The insurer said the agreement spotlights the company’s commitment to student athletes GEICO and the National Collegiate Athletics Association (NCAA) recently announced that the insurer would be the NCAA’s official home and auto insurance partner. The partnership involves all the NCAA’s men’s and women’s championships The broad partnership includes all 90 of the NCAA women’s and men’s championships, demonstrating the auto insurance company’s commitment to college sports and student athletes. “We are thrilled to welcome GEICO back to the NCAA Corporate Champion and Partner Program,” said NCAA senior vice president…

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GEICO losing auto insurance ground to State Farm and Progressive

G. Turner
Auto insurance Policy - Checkmate

Early data from NAIC indicates that the Berkshire Hathaway-owned insurer is losing market share to competitors. Following a rocky 2023 for the personal auto insurance business in the United States, early data released by the National Association of Insurance Commissioners (NAIC) suggests that auto insurance company GEICO is losing ground to its larger competitors State Farm and Progressive. State Farm has held the top spot for many years in the US While it’s no big news that State Farm is still the largest auto insurance company in the United States…

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