General Electric seeks to divest itself of insurance business

Insurance Business - Long Term Care

GE wants to step away from the long term care insurance that is now costing it far too much. General Electric Co. is currently seeking to unload its troubled insurance business. The American multinational conglomerate has been working with investment bankers to identify opportunities. The company’s insurance branch took on a wealth of expenses following shareholder lawsuits. GE’s insurance business was required to cover extensive charges at the same time it faced lawsuits from its shareholders. The company was also the subject of an investigation by United States regulators, according…

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Mayo Clinic downsizing leads to heath insurance unit sale

Health Insurance Unit - Medicine - Doctor - Heart rate - health

Corporate downsizing has led the highly reputed organization to take a new direction with its coverage. The Mayo Clinic has sold its health insurance unit in western Wisconsin. Patients covered by those policies will be offered a new option for their coverage. The policyholders were not without warning as the Mayo Clinic has been discussing it for years. The Mayo Clinic sold its health insurance unit to WEA Trust, a public employee insurer. The academic medical center decided within the last couple of years that it would put its health…

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Cyber insurance providers may face greater risk than natural disasters

Cyber insurance providers - cyber attack - internet - online - Hacker

Data increasingly shows that the cost of a massive cyberattack can be more costly than a hurricane. It took a number of years for cyber insurance providers to be taken seriously. However, with the rising frequency and cost associated with high-profile and widespread attacks, that situation is changing. Insurance policies against hacking and data breaches are becoming the standard among large businesses. A recent PYMNTS report outlined the rising trend toward this type of coverage. Moreover, it pointed out that, moving forward, cyber insurance providers will face major risks. They…

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Georgia purchase largest US cyber insurance policy

Cyber insurance policy - Hacker - malware - online attack

The state is adding to its protection against hackers following a massive March ransomware attack. Georgia has added a new layer of protection against hackers by purchasing the largest cyber insurance policy in the United States. The coverage is a component of the state’s new strategy against cyberattacks. Last March it fell victim to a ransomware attack. The Georgia Department of Agriculture’s website was taken down unless the state would pay. Hackers demanded $50,000 in the ransomware attack. Despite the hackers’ demands, the state would not pay the ransom. Instead,…

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Royal wedding excitement reminds couples to review insurance and important documents

Royal Wedding Excitement - UK flag - wedding rings - hearts

This weekend’s marriage between Prince Harry and Meghan Markle was an important reminder to everyone. Couples around the world swept up in royal wedding excitement are encouraged to look at their own relationships. All the details surrounding the royal wedding were a great reminder to check our own important details such as insurance coverage and wills. We may not need billions in hired security, but we do need to keep our affairs in order. Prince Harry and Meghan Markle planned their wedding over months. Details included everything from the standard…

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Toothbrush startup acquires dental insurance company for total tooth care

Dental Insurance Company - Toothbrush and Dental Tools

Quip has announced its intentions to purchase Afora, taking the next step in its unique business model. Electric toothbrush startup, Quip, is acquiring Afora, a dental insurance company. Quip first started selling its toothbrushes online back in 2015. It has, since that time, built a substantial consumer network. The toothbrush company offers subscriptions for direct-to-consumer personal care products. As popular as its toothbrushes have become, Quip is lining up to become more than a toothbrush brand. Instead, it is expanding to be able to become a dental insurance company, too.…

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Open source insurance policy becomes Lemonade’s new way to stand out

Open source insurance - Lemonade - Lemons

This unique new form of coverage allows anyone to be able to edit the wording and design. AI-powered insurer, Lemonade, has launched a new open source insurance policy. This represents a first in the world. Lemonade is known for its innovative strategies and is often associated with world’s firsts. The policy is meant to be open to the “wisdom of the crowd” in its writing and creation. The insurance company has launched what it calls Policy 2.0, according to a Lemonade press release. The idea behind this new open source…

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Hawaii lava damage will be covered, says Insurance Commissioner

Hawaii lava damage - Volcano lava flowing

Destroyed homes will be covered by standard homeowners policies, according to Gordon Ito. The Hawaii lava damage caused by Kilauea’s eruption will be covered by homeowners insurance policies, said Hawaiian Insurance Commissioner, Gordon Ito. Ito made it clear that homes damaged or destroyed by the lava flow into a Big Island neighborhood will be covered. This should come as a relief to homeowners previously uncertain as to their coverage, as reported by Live Insurance News. Ito has been Hawaii’s insurance commissioner since 2010 and is NAIC Western Zone chair. Ito…

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National Rifle Association sues state of New York over insurance crackdown

Insurance crackdown - Gun Insurance - Guns

The pro-gun group accuses New York of conducting an unconstitutional “political blacklisting campaign.” The National Rifle Association (NRA) has filed a lawsuit over the New York insurance crackdown reported by Live Insurance News last week. The NRA sued state Governor Andrew Cuomo as well as New York’s financial Regulators. It accuses them of an unconstitutional “political blacklisting campaign” to halt banks and insurance companies from partnering with the group. The NRA filed its lawsuit against the state in the U.S. District Court for the Northern District of New York. The…

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Insurance industry hiring to hit record levels in 2018, survey

Insurance industry hiring - Leaping for Job

A new outlook survey predicts this year will see insurers working to fill more jobs than ever before. Insurance industry hiring is taking off at a powerful rate, causing insurers to face a number of challenges. They are working to fill positions such as actuaries, underwriters and in claims and sales. A new survey shows that these employers are facing a string of challenges bringing in new hires. The 2018 Insurance Industry Employment and Hiring Outlook Survey predicted a trend toward record insurance industry hiring this year. However, experienced talent…

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