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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New York Department of Financial Services issues insurance company fines to 4 insurers

Insurance company fines - US dollars

Allstate, State Farm, AIG Property Casualty Company, and Tri-State Consumer Insurance must all pay over $10.6 million. A ruling has been issued for a lawsuit the New York Department of Financial Services filed against four insurers has resulted in fines of more than $10 million in insurance company fines for customer restitution. The lawsuit was filed following the violation of insurance statutes and regulations in the state. The NY State Department of Financial Service Superintendent Linda A Lacewell made the announcement of the lawsuit against the insurers. The affected insurers…

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Health care importance is high in the American Presidential Vote

Health care importance - I Voted American Sitcker

77 percent of survey respondents said this was a significant factor and 35 percent said it was critical. The results of a recent survey have revealed the health care importance when voting for the next US president. The survey was conducted by Insure.com and discussed the connection between this factor and the country’s politics. Over three quarters of the survey’s respondents felt that it was a significant election issue this year. At the highest level of health care importance was reducing the costs, said the participants in the survey. The…

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Allstate points to Better Arguments project to avoid toxic conversations

Better Arguments Project - woman, man facing away from one another

The insurer issued a news release stating that toxicity in communications are “threatening our future.” Allstate Insurance recently issued a news release praising the strategies of The Better Arguments Project. This strategy is meant to help Americans to better navigate the current environment which consists of the “deepest political and cultural divides in our nation’s history.” The insurer acknowledged that the divisions are only worsened by the COVID-19 pandemic crisis. According to Allstate, “our collective future depends on Americans’ ability to come together.” However, at the same time, it didn’t…

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National Flood Insurance Program problems remain despite recent extension

National flood insurance program problems - signing of document

NFIP continues to be riddled with challenges even as the White House pushed its expiry date. Last week, the White House signed a resolution to extend NFIP, but the National Flood Insurance Program problems are still there regardless. NFIP’s latest extension will keep it from expiring until September 30, 2021. Of course, giving it another year hasn’t made all the other National Flood Insurance Program problems disappear. Still, at least it has purchased another twelve months in which to protect those in high risk areas from having to go without…

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Insurance industry diversity challenges addressed at WSIA 2020 Virtual Annual Marketplace

Insurance industry diversity - Hands - business

Leaders from government agencies and insurers alike acknowledged the current problem. Insurance industry diversity challenges were recently addressed at the WSIA 2020 Virtual Annual marketplace. The Wholesale & Specialty Insurance Association (WSIA) holds the event annually. The event coincided with the WSIA’s announcement of its formation of the Insurance Industry Diversity Foundation (IIDF). The goal of the IIDF is “to promote and attract diversity in race, gender, sexual orientation and disability and to influence meaningful progress in the diversity of the insurance industry and its talent pipeline.” The panel discussion…

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New Hampshire workers compensation insurance proposal approved

New Hampshire workers compensation - Stamp - Approved

The state Insurance Department has given the nod to a reduce voluntary loss costs proposal. The New Hampshire workers compensation market will keep up its historically low rates right into 2021, according to a new decision made by the NH Insurance Department. The department issued a press release explaining its approval of a new proposal for the market. The NH Insurance Department gave its approval to a rate proposal filed by the National Council on Compensation Insurance (NCCI). This will reduce New Hampshire workers compensation voluntary loss costs by an…

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