State Farm partners up with an Arizona autonomous vehicle consortium

Autonomous vehicle - Arizona Gov. Doug Ducey

The partnership makes the insurer the first one to join forces with this automotive technology group. The Institute for Automated Mobility (I.A.M.) and State Farm Insurance have announced that they are entering into an autonomous vehicle partnership. The consortium was launched a year ago and was formed to move ahead the development of automated vehicles. The partnership represents the first entry of an insurer into this effort. Governor Doug Ducey made the first announcement of this new tech and insurance partnership. Arizona Governor Ducey made the announcement that State Farm…

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Allstate insurance analytics prepare for anticipated transportation industry changes

Insurance analytics - Cars in Rush Hour

The insurer has gone all-in to work the data ahead of widespread expected automotive changes. Allstate has gone for it with the development of an insurance analytics company. The goal is to use it to be prepared for a massive overhaul of the transportation that it anticipates in the not-too-distant future. Roadways have become very dangerous as they are increasingly used and congested at all times. A recent Forbes report focused on an interview with Gary Hallgren, the president of Arity, a company Allstate created in 2016 in order to…

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Natural disaster damage sends homeowners insurance rates skyward

Natural Disaster Damage - Tornado destruction

Insured losses resulting from claims relating to Mother Nature have been climbing sharply. Natural disaster damage has been sending homeowners insurance claims upward and, as a result, it has meant that rates for policies have been rising, too. A new analysis showed that severe storms and other catastrophes are becoming more common. Over the last ten years, natural disaster damage has become more commonplace and more expensive for homeowners and insurers. According to a new analysis, this is causing home insurance rates to head sky high. The analysis was done…

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Tencent takes more of Indian insurance market with 10% Policybazaar stake purchase

Indian Insurance Market - Tencent HQ

The Chinese tech giant has acquired a minority state in the home, auto and life comparison company. Tencent Holding Ltd. has just taken more of its first steps into the Indian insurance market with an acquisition of a 10 percent stake of Indian online insurance aggregator Policybazaar. This values the Indian company at $1.5 billion. The Chinese technology giant has been working to grab a piece of India’s growing insurance sector. The 10 percent Policybazaar stake was obtained through a purchase of half of Tiger Global Management LLC’s stake in…

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Janitorial insurance provides cleaning businesses affordable and necessary coverage

Janitorial Insurance - Industrial - Woman Worker

This coverage is designed to protect against the unique risks faced by this type of business. When you have a home or office cleaning business, janitorial insurance is among the first things you’ll need to investigate as you get started. This coverage is a group of different policies that are packaged together for anything from residential maid services to commercial cleaning businesses. The risks you need to cover depend on the type of cleaning services your company provides. Depending on the size of your business and the nature of the…

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Allstate spikes Illinois homeowners insurance rates for almost 200K policyholders

Illinois Homeowners Insurance Rates - neighborhood of houses

The second largest home insurer in the state is raising rates by 8 percent in early 2020. Allstate will be increasing its Illinois homeowners insurance rates by the largest amount the state has seen in several years. By early next year, policyholders will be paying an average of 8 percent more for their coverage than they are this year. The Illinois Department of Insurance announced the rate hike in a filing they issued on Halloween. Allstate is the second largest home insurance provider in the state. It has just about…

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State of California takes over control of former Berkshire insurance unit

Berkshire Insurance Unit - Warren Buffett of Berkshire Hathaway

The Department of Insurance said that it never gave its approval to the sale of the company. The California Department of Insurance have seized a former Berkshire insurance unit. The regulators claim that the sale of California Insurance Co. was in violation of state regulations. This is the latest step in the ongoing controversy regarding the sale of the unit. Earlier this week, the California Department of Insurance said that it had not given its approval to the sale of the Berkshire insurance unit with Applied Underwriters, a workers’ compensation…

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