California bill would create new dependent parent health plan regulations

Dependent parent health plan - grandparents

As adult children care for aging family members, insurance law may adapt health care coverage. A new dependent parent health plan bill has been making California insurance news. The idea behind Assembly Bill 570 is to allow caregiver children to add their parents to their policies. Twelve percent of US parents with a child under 18 years are also caring for another adult. As the population ages, a growing number of families are taking care of older family members. The new dependent parent health plan bill would make it possible…

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Allstate sells off the last of its life insurance business

Life insurance business - sale - business deal

The insurer from Northbrook, Illinois is taking steps for a final exit from that industry sector. Allstate has decided to make a complete departure from the life insurance business, selling off the rest of what remained of its shrunken coverage unit. The giant announced that it had come to a deal with Wilton Re to sell the rest of the life unit. To close this deal, Allstate chose to book a $4 billion loss in the first quarter. In it, the company has sold the last of its life insurance…

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Allstate Corporation P/C IFS Rating A+ from Fitch

Allstate Corporation - Allstate Business

As positive as the insurance news is for property and casualty, life entities are still watch rated. Fitch Ratings has affirmed the Insurer Financial Strength (IFS) A+ (strong) status of the core property and casualty insurance subsidiaries at Allstate Corporation. This is positive insurance news for the company that has faced massive natural disaster losses. Overall, the Rating Outlooks issued for the company are Stable. That said, at the same time that the insurance news was positive for Allstate Corporation P/C, Fitch maintained the Negative Watch on Allstate Life Insurance…

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Top 10 Mothers Day gift ideas for working moms

mothers day gift ideas for the working mom

All these great presents can conveniently be ordered online on sites like Amazon. When you’re shopping for Mothers Day gift ideas for working moms, the best presents are the ones that help to save time and money, that are indulgent, or that get the job done without any effort. Shopping early helps you to know you’ll have time to find the best gift ideas for working moms. The good news is that you’ve found this list of the top 10 gift ideas for working moms.  This will let you find…

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Trapped Suez Canal ship Ever Given insurance providers face millions in claims

Ever Given Insurance - Image of Cargo Ship

The owner of one of the largest container ships in the world is making massive insurance industry news. The Ever Given insurance claims following the container ship’s disastrous blockage of the Suez Canal are expected to total millions of dollars. In fact, insurance industry news sources were already predicting that total even if the massive ship had been rapidly refloated. The 247,000-ton, 1310-foot ship ran aground last Tuesday morning after it lost its steering. A dust storm and high winds contributed to the container ship’s loss of control, according to…

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Washington insurance rate calculation for property coverage cannot use credit scores

Washington insurance rate calculation - person holding credit card and using computer

Commissioner Kriedler has banned the use of this factor for three years following the pandemic’s end. State Commissioner Mike Kreidler’s office has announced that he has issued an emergency rule banning Washington insurance rate calculation from using credit scores as a factor. This rule will remain in place for property insurers for three years following the declaration of the end of the current COVID-19 pandemic. The new emergency rule will be applicable to homeowners, renters, and auto insurance premiums. “The insurance industry’s dependency on the discriminatory practice of credit scoring…

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CNA struck by “sophisticated” insurance cyberattack

Insurance cyberattack - cyberattack

The insurance giant’s website was down for an extended time this week following the breach. CNA was the victim of a “sophisticated” insurance cyberattack on March 21 and the website remained down until Wednesday, as of the writing of this article. The Chicago based insurance giant issued a statement regarding the attack on Tuesday evening. At that time, CNA said the insurance cyberattack had “caused a network disruption”. It said that this disruption had affected a number of the company’s systems, including its corporate email. Among the disruptions also included…

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