Pet insurance popularity takes off, covers over 2 million in North America

Pet Insurance Popularity - Dog in Cone

The industry has now reached the $1 billion point, according to a new NAPHIA report. As pet insurance popularity grows as it never has before, it has now become a $1 billion industry, says a North American Pet Insurance Association (NAPHIA) report. The report states that the average year over year growth rate has been nearly 17 percent, says the 2018 NAPHIA State of the Industry Report (SOI). This year also represented the first time the industry surpassed the $1 billion threshold. Pet insurance popularity drove the industry’s gross written…

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California Commissioner encourages insurers to sell cannabis industry insurance

Cannabis Industry Insurance - Cannibas Scale - legal system

Dave Jones is once again urging insurance companies to sell products to the legalized cannabis ecosystem. California Insurance Commissioner Dave Jones has previously urged insurers to sell legalized cannabis industry insurance products. He is now renewing this call on the heels of recent reports that President Donald Trump has ignored federal law enforcement policies put in place by Attorney General Jeff Sessions. The Commissioner has been trying to encourage insurance company involvement since November 2016. At that time, Californian voters chose to make adult recreational cannabis use legal. Since that…

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Allstate Insurance named Best of the Best Corporation for Inclusion for 2018

Best corporation for inclusion - Allstate Insurance Honoured with Title - 1st Place Award - Trophy

The National LGBT Chamber of Commerce and National Business Inclusion Consortium issued the title. Allstate Insurance has received the proud title of Best of the Best Corporation for Inclusion for 2018. The National LGBT Chamber of Commerce (NGLCC) and National Business Inclusion Consortium (NBIC) collaborated to designate the insurer with this title. This title is meant as a celebration of a company committed to broad spectrum inclusion and diversity. The NGLCC and NBIC consider companies for the title of Best of the Best Corporation for Inclusion based on several factors.…

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AIG underscores travel insurance shortfalls in current ecosystem

Travel insurance shortfalls - Hand - Airplane

The changing nature of the travel industry as a whole has caused coverage to fall short of what it should be. AIG recently released a report on the current travel insurance shortfalls as travelers leave their agents behind. The report was titled “Insuring Travellers in the Digital Age.” The current travel comparison trend is boosting convenience but is leaving travelers under-insured. The AIG report pointed out that the average traveler will visit 28 websites throughout the 53 day period before they book their trips. The internet is offering them tools…

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UK insurance industry unprepared for Brexit, less than a year away

Insurance Industry - UK insurance industry not ready for Brexit - Domino

Without access to the European Union’s single market, U.K. financial firms will face unprecedented struggle. Ireland’s Central Bank Deputy Governor Ed Sibley voiced his concern about the financial and insurance industry challenges following Brexit. He stated that with less than a year before the United Kingdom withdraws from the European Union, banks and insurers remain unprepared. Sibley said the EU should not attempt to stop U.K. banks and insurance companies from the single market. Sibley’s financial and insurance industry warning is in direct opposition to certain E.U. opinions. Some E.U.…

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Distracted drivers pay as much as 41 percent more for auto insurance

Distracted Drivers Pay More for Auto Insurance - Driver texting

Talking on a mobile phone, texting, checking a location on a map, and eating distracts motorists. It doesn’t come as much of a surprise to find out that distracted drivers are extremely commonplace on the road. Some are talking on their mobile phones. Others send texts. Some fuss with their coffee cups or drive-thru meals. Others are turned around to shout at their misbehaving children in the back seat. Whether you’re surfing through radio stations or choosing your GPS locations, you may pay more. Those distracted drivers may or may…

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Allstate drops below third place in the auto insurance market

Auto Insurance Market - Allstate Drops in the auto insurance market - graph down trend

The car policy provider recently lost significant ground according to recent NAIC data. Allstate has lost its previous coveted spot in the auto insurance market. The insurance company had previously been in third place in the country. That said, the National Association of Insurance Commissioners (NAIC) released data showing the provider’s downward slide. Allstate was the third auto insurance company in the United States but fell to fourth place. The reduction of Allstate’s position in the auto insurance market occurred when its share dropped 0.43 points to control 9.29 percent…

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Active shooter insurance increasingly popular among schools

Active Shooter Insurance - Gun and Bullets

As the number of shootings in schools rises, interest in coverage is growing as well. Active shooter insurance has found itself in the spotlight as schools become increasingly interested in the coverage. For instance, since the February 14 Florida high school shooting, seven South Florida school districts have purchased these insurance policies. The active shooter coverage is a relatively recent product for many agencies. The primary market for active shooter insurance has traditionally been event halls, office buildings and other places where large numbers of people come together. This type…

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Insurance fraud fighting gets a boost in North Carolina

Insurance Fraud - North Carolina Boosts number of Insurance Fraud Agents

The state’s Insurance Department has added 15 agents to its team of scam hunters. The North Carolina Department of Insurance has announced the expansion of its insurance fraud investigation team. Fifteen new special agents will take part in criminal investigations. North Carolina Insurance Commissioner Mike Causey made the announcement. The additional insurance fraud investigating team members have doubled the previous size of the department, said Causey. The N.C. Insurance Commissioner has implemented a new strategy for eliminating scams and fraudulent activities involving insurance in North Carolina. The expansion of the…

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Uninsured driver rate rises across the United States

Uninsured driver rate on the rise - graph

The number of motorists without auto insurance is increasing, particularly in five states. Almost one in every eight Americans on the road are a part of the current uninsured driver rate, said a new study. This trend is placing insured drivers at an increased financial risk in the case of a collision, said the research. The research was based on the latest information available regarding auto insurance coverage. The Hanover Insurance Group co-sponsored the research. The Insurance Research Council (IRC) directed the study. Thirteen percent of all American motorists were…

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