A State Farm car insurance rate increase coming to 8 states

Car insurance rate increase - Car - money symbols - arrow

Over the summer, the insurer issued decreases since people weren’t driving as much in the pandemic. Drivers in at least 8 states may see a State Farm car insurance rate increase, according to recent filings the insurer made with state regulators. These higher premiums will follow months of decreases due to reduced miles driven. Over the summer, State Farm cut its auto policy rates across many states in the US to reflect the lower risk of coverage due to the pandemic. When the COVID-19 crisis struck, lockdowns, workers staying at…

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The 2021 average annual cost of health insurance for Americans will fall by 1.59 percent

Annual cost of health insurance - medicine - money

According to a recent study, the average yearly premiums to be paid across the US will be $5,952. As Americans look to their 2021 coverage options, a recent ValuePenguin study shows that the average annual cost of health insurance will be falling. The amount individual households will pay will vary from one state and one home to the next. The study showed that Americans, on average across the country, will be paying nearly $500 per month for their plans. The annual cost of health insurance as a national average was…

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State farm fire prevention project tests electrical wiring sensors for problems

State Farm fire prevention - wires in walls

The insurance company is sending homeowners sensors in a pilot testing for electrical defects. A new State Farm fire prevention program pilot has launched. It will use sensors to detect electrical wiring hazards in 40,000 homes in California, Texas, and Arizona. The goal is to provide consumers with a way to prevent electrical wiring fires and measure savings. The State Farm fire prevention pilot will send the sensors to the homeowners to measure customer acceptance and potential savings if the program were to be broadened. The insurer’s vice president and…

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The Allstate Corporation boosts support to business ownership diversity

Allstate Corporation - Diversity and Equality in Business

The insurance company has focused on a corporate bond offering comprised exclusively of MWVBEs. The Allstate Corporation recently priced $1.2 billion of 5-year and 10-year senior notes via a syndicate comprised of exclusively minority-, women-, and veteran-owned business enterprises (MWVBEs). The insurance company’s move represents a first of its kind bond offering of this size. The Allstate Corporation’s bond offering is the first of this size with exclusive management by MWVBEs. It represents a substantial step in underscoring the insurance company’s focus on diversity and equality. “It is time to…

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Travel insurance coverage purchasing is on the rise among Americans

travel insurance coverage - trip details

A Generali Global Assistance survey says 51 percent are now buying these policies. Generali Global Assistance (GGA) published its travel insurance coverage survey finds, showing that Americans are purchasing these policies more often when they head away from home. This, according to the Holiday/2021 Travel Sentiment Survey held from October 26 to November 5. The GGA travel insurance coverage survey involved the participation of 1,138 travelers in the United States. It asked about their upcoming plans and preferences for heading away. The findings showed that 74 percent who said that…

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Pandemic insurance losses were bigger than what Lloyd’s of London expected

Pandemic insurance losses - mask - money

The cost on a global scale for 2020 will be greater than what the insurance marketplace estimated. Bruce Carnegie-Brown, chairperson at Lloyd’s of London, announced that the global pandemic insurance losses this year will be higher than what they had previously estimated. Sixteen different business insurance lines are facing claims at the 334-year-old Lloyd’s of London. Chairperson Carnegie-Brown recently spoke at the Reuters Events Future of Insurance USA conference. There, he stated that the pandemic insurance losses would be comparable with the price tag associated with the catastrophes that struck…

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The percentage of kids without Pennsylvania health insurance is rising

Pennsylvania health insurance - children sitting on bench

The trend had been steady in 2018, but the segment of uninsured children in the state has climbed. In 2018, Pennsylvania health insurance data showed that the rate of uninsured kids had been holding study. However, last year, showed that the trend broke and more children were going without coverage. There are concerns that this situation could worsen as families face COVID-19 pandemic fallout. The Pennsylvania health insurance uninsured rate among children aged 18 years and younger hit 4.6 percent. That grew by 0.2 percent from 2018 and 2019, according…

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