Live Insurance News

Auto insurance bill for Uber drivers takes another step forward

March 24, 2015March 21, 2015 H. Cutner

Ride sharing services have now cleared another hurdle in obtaining the right coverage in Minnesota. A bill that will require Uber and other types of ride sharing service companies to provide their drivers with a higher level of auto insurance coverage has now stepped beyond yet another milestone within the Minnisota state Senate. The bill was moved forward, recently, by the Senate Transportation Committee following industry official testimony. Officials from Uber spoke in front of the Senate committee. They were in opposition of the bill, while limo and taxi drivers…

Cyber insurance could lead to growth in the reinsurance industry

March 24, 2015March 21, 2015 Logan B.

Cyber insurance continues to gain attention throughout the world Fitch Ratings has released a new report that highlights cyber insurance as a key growth opportunity for the reinsurance industry. Major cyber attacks have been making headlines recently and the insurance industry is becoming subject to a growing portion of these attacks. Recently, health insurers Anthem and Premera Blue Cross were victims of major data breaches that compromised the information of several million consumers. For the reinsurance industry, the digital world could hold some promise, but also significant risks. Report highlights…

Superstorm Sandy insurance settlements through FEMA get closer

March 23, 2015March 21, 2015 Julie Campbell

The Federal Emergency Management Agency is going to begin direct negotiations with homeowners. Homeowners who were victims of the catastrophe that came with Superstorm Sandy will be negotiating directly with the Federal Emergency Management Agency (FEMA) in order to be able to move ahead toward the resolution of disputes with regards to the compensation settlements. A written agreement has now been created by FEMA that establishes structures that it can apply to lawsuits. There are about 2,200 lawsuits that are still awaiting settlement with regards to the compensation that homeowners…

Senate places a focus on cyber insurance coverage against data breach

March 23, 2015March 21, 2015 G. Turner

cyber insurance companies security mobile

A subcommittee is currently looking into the protection that is required for consumers through those policies. U.S. Senator Jerry Moran (R-Kansas), the chair of the Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security recently held an “Examining the Evolving Cyber Insurance Marketplace” hearing to place the focus on the issue of data breaches. This hearing looked into the market selling policies that are meant to provide consumers with protection against cyber attacks. It examined the rapidly growing cyber insurance market and heard experts speaking about the various challenges,…

Homeowners insurance policies continue to be released by Florida’s Citizens Property Insurance

March 23, 2015March 21, 2015 S.Vagus

State-run insurer finds success with its depopulation efforts Florida’s Citizens Property Insurance, which offers homeowners insurance coverage to consumers, has successfully shed the bulk of its policies over the past year. The state-run organization has been trying to depopulate itself of policies in order to address its financial issues, reducing its exposure to risks while becoming more stable and resilient against future natural disasters. The policies released by the organization have been picked up by private companies, which continue to provide consumers with homeowners insurance coverage. Citizens Property Insurance now…