2020 Atlantic Hurricane Season predictions suggest an active year

2020 Atlantic Hurricane Season - Hurricane seen from above

Colorado State University experts predict an above average level of storm activity. Meteorological experts at Colorado State University have released their 2020 Atlantic Hurricane Season predictions. They predict that the six months starting in June will be more active than average. Last year was a particularly catastrophic year for storms from June through November. The most devastating was Hurricane Dorian, which came to a near rest over the Bahamas for 36 hours, leaving catastrophe behind. That was a massive Category 5 hurricane. It broke tropical storm intensity records for striking…

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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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IIHS calls for driver assistance and autonomous vehicle safety regulations

Autonomous vehicle safety regulations - Inside of Tesla car

The insurance group says that the GM Super Cruise and Tesla Autopilot require regulatory guidance. The Insurance Institute for Highway Safety is calling for the development of autonomous vehicle safety regulations. These are meant for cars with driver assistance or that are completely self-driving. The IIHS feels that better regulations are needed for Tesla’s Autopilot and GM’s Super Cruise. The IIHS, which receives its funding from the auto insurance industry, recommended raised driver monitoring to make certain they remain engaged, restricting the use of the automated and semi-automated systems to…

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Coronavirus insurance losses span several industry sectors

Coronavirus insurance losses - vendors wearing masks

COVID-19 is affecting businesses and consumers with various types of coverage to protect them. Coronavirus insurance losses are could prove to be quite high, as the industry starts to take a look at how many of its sectors could be implicated. The illness has already disrupted the lives of millions by infecting tens of thousands of people. China has already experienced significant economic implications from COVID-19 as many large businesses including Disney’s parks in Shanghai and Hong Kong, Starbucks, McDonald’s, Apple, Pizza Hut, and KFC have all closed locations there.…

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Dropping insurance underwriting in Q4 2019 struck Berkshire Hathaway where it hurts

Insurance underwriting - Warren Buffett

Warren Buffett’s company was able to recover last year despite those dragging results. Berkshire Hathaway was able to see substantial recovery in the last quarter of 2019, but that was in spite of the group’s lagging insurance underwriting result. The recovery was an important one as the same quarter in 2018 saw a significant loss overall. Warren Buffett’s multinational conglomerate issued a release last weekend. In it, they revealed that their insurance underwriting brought in a $857 million operating loss. Berkshire Hathaway’s income through insurance investing, utilities, railroad and energy,…

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Lemonade pet insurance products are in the making

Lemonade Pet Insurance - Dog and Cat

The homeowners and contents policy provider will be expanding into an all new market. Lemonade pet insurance is about to become the next offering from the industry disrupting homeowners and contents insurer. The company has managed to raise $480 million and is now set to cover cats and dogs. It is not yet clear when the Lemonade pet insurance policies will start selling. So far, the insurer has announced its intentions to step into that category. It is also making its way through the regulatory process of selling coverage for…

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Allstate agent commissions and insurance advertising comprise top growth plan focus

Allstate agent commissions - Allstate Insurance Businessv

The insurer first disclosed its Transformative Growth Plan at the end of 2019. Two primary components of the Transformative Growth Plan unveiled in December 2019 include Allstate agent commissions as well as the company’s insurance advertising. The plan is meant to completely overhaul the insurer’s strategy toward business, efficiency and expenses. The insurance company’s plan includes details regarding the changes it is making to how it does business, how it is increasing its efficiency and cutting its expenses. Thomas Wilson, the insurer’s chairperson, president and C.E.O. discussed the plan during…

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