Live Insurance News

Hurricane Ian sends Florida homeowners insurance company into insolvency

February 23, 2023February 23, 2023 Nordstrom

Insurance company - Hurricane Ian destruction

United Property & Casualty Insurance Co. experienced larger losses than expected from the storm. United Property & Casualty Insurance Company was hit harder than predicted by Hurricane Ian and regulators have now taken steps to place the insurer into receivership after the storm sent it into insolvency. The process has now been triggered to obtain court approval to send the insurer into receivership. Interim Insurance Commissioner Michael Yaworsky issued a letter to Jimmy Patronis, Florida’s Chief Financial Officer, to launch the process to obtain approval from the courts to place…

Allstate insurance company announced $307 million in catastrophe losses in January

February 21, 2023February 17, 2023 H. Cutner

The US primary insurer said that most of the losses were associated with nine events. The Allstate Corporation insurance company recently announced that its January 2023 pre-tax catastrophe losses were $307 million ($243 million after tax). The nine events that caused the majority of the January 2023 losses were mainly in Texas and California. According to a news release issued by the insurance company, part of the losses it experienced in January 2023 were offset by favorable reserve estimates for prior events. “Allstate continued to implement significant auto insurance rate…

Insurance payouts made via instant payments reached $227 billion last year

February 14, 2023February 10, 2023 Logan B.

Insurance payouts - A person paying someone else

Insurers sent about 20 percent of all payments to policyholders using this digital method. Last year, nearly one in five consumers received insurance payouts at least one time, and among those 49 million policyholders, a larger number than ever before received the funds via instant payments. That meant 2022 represented the third consecutive year of increases for the use of this method of payments. The rising interest in and use of instant insurance payouts indicates that insurers will be increasingly required to provide customers with options from which they can…

Wells Fargo agrees to $3M shareholder settlement over unnecessary auto insurance sales

February 13, 2023February 10, 2023 H. Cutner

The bank agreed to settle a lawsuit from shareholders claiming the bank pushed car loan customers to buy. Wells Fargo & Co. has agreed to a $300 million settlement in order to settle a lawsuit from shareholders, accusing the bank of having pushed unnecessary auto insurance on loan customers, according to recently filed US court documents. The class action suit was launched by the Construction Laborers Pension Trust for Southern California. The auto insurance suit led to a class action brought on behalf of investors. The Construction Laborers Pension Trust…

Auto insurance rates aren’t likely to drop with inflation

February 8, 2023February 9, 2023 G. Turner

Even as rates have started dropping, it is unlikely that drivers will see their premiums easing. Though drivers might be inclined to believe that as inflation starts to fall, auto insurance rates aren’t likely to get any cheaper. In fact, premiums are expected to rise, and in some areas, they’ll be increasing by quite a bit. The average cost of full coverage is $2,014 in the United States, which is 14 percent higher than last year. According to the True Cost of Auto Insurance Report by Bankrate, the average cost…

Lisa Marie Presley had a $35 million life insurance policy when she died

February 1, 2023January 31, 2023 Marc

Tabloids have been speculating about family turmoil regarding the policy’s multimillion dollar payout. Though news reports have focused on the many millions of dollars in debt Lisa Marie Presley was facing by the end of her life, it seems that she was also covered by a $35 million life insurance policy worth $35 million. According to media reports, Lisa Marie Presley had taken out two separate policies. The media reports have indicated that the life insurance policies Lisa Marie Presley had taken out were for $25 million and for $10…

Regulator lets insurance companies buy green bonds as infrastructure investments

January 19, 2023January 17, 2023 Nordstrom

India’s top industry authority will classify the purchases as an investment into domestic infrastructure. The Insurance Regulatory and Development Authority of India has announced that insurance companies will be permitted to treat their sovereign green bond purchases as the equivalent to making infrastructure investments. The regulator recently released the decision in a circular, including its purpose for making it. In the circular, the regulator said that it made the decision to allow insurance companies to categorize their green bond purchases this way for the purpose of “de-concentration and diversification” of…