Category: Insurance News Articles

Posting the most up to date insurance news for both consumers and industry professionals. Learn more about what is going on in your world just by checking out our featured headlines section.

Unveiling the Mechanics Behind the Huge Insurance Rate Hikes in the Past Year

Live Insurance News
home and auto insurance record rate increases

The economic terrain is experiencing a significant transformation, with insurance premiums on the rise and the looming financial implications of the climate crisis. In this article, we’re delving into the reasons behind your recent financial strain and what future developments you might expect. Reinsurance Rates: The Behind-the-Scenes Increases Christian Mumenthaler, the CEO of Swiss Re, which is the second-largest reinsurance company globally, has emphasized that his company’s mission is not to arbitrarily inflate prices. Instead, they aim to provide a fair valuation of risks. This implies that in recent years,…

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Rising ship insurance in the Red Sea causes US investors pain

Live Insurance News
Ship insurance - Rates Rising

Underwriters have been steeply raising premiums to US, UK, and Israeli firms due to risks. Ship insurance companies have been hiking premiums by as much as 50 percent for US, UK, and Israeli firms sailing through the Red Sea due to the increased risks associated with those vessels in that region. Some providers are avoiding that business due to Houthi targeting. The increased ship insurance premiums and avoidance of business traveling through the Red Sea has to do with the chance that certain vessels could be targeted by Houthis from…

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Medical tourism industry suffers as health insurance companies stop paying some bills

G. Turner
Health insurance - Medical Tourism

Insurers have begun excluding certain procedures for patients out of the country. American health insurance companies have started placing a limit on the procedures they will cover for patients traveling to other countries to get them. Patients had been traveling to cities such as Tijuana to receive their medical procedures. According to the Tijuana Convention and Tourism Committee, medical tourism has plummeted as US health insurance companies have started limiting the procedures their policyholders are covered for outside the country. The new regulations implemented by the insurers are impacting both…

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Allstate and Other Insurers Seek Approval for Huge Premium Hikes in Florida

G. Turner
florida home insurance rates

Allstate, the second-largest home insurance provider in the United States according to the Insurance Information Institute (Triple-I), is known for its comprehensive coverage for homeowners across the country since 1931. However, two insurance companies, including one owned by Allstate, are currently seeking approval for significant premium increases exceeding 50% for homeowners in Florida. Castle Key Indemnity Company Proposes a 53.5% Rate Increase Castle Key Indemnity Company, an Allstate subsidiary that provides insurance for condominium owners, has proposed a substantial rate hike of 53.5%. An Allstate spokesperson confirmed to WESH 2…

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State Farm slapped with $2 million fine for underpaying auto insurance claims

Marc
Auto insurance Fine - gavel money

State Farm has agreed to pay a $2 million fine for having underpaid auto insurance claims. The fee was the result of a Montana Commissioner of Securities and Insurance (CSI) investigation into the insurer that lasted about two years. If corrections aren’t made, the insurer will be required to pay double the fine. State Farm is required to change its claim handling practices in order to avoid continuing to underpay auto insurance claims. If it fails to do this, it will need to pay an additional $2 million beyond the…

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