Choosing A Top Accounting Firm Based On Your Required Services

Choosing A Top Accounting Firm Based On Your Required Services

Accounting is more than just mathematics and numbers and adjusting payments. For any business to be successful, it needs the best resources. The struggle of choosing the best accounting firm is something that a lot of business owners know. You have so many options out there and you might not know which one could be the best for you. You could be looking at the top accounting firms having no idea about finalizing one to do your work. If you’re going through a similar dilemma then don’t worry, we’re here…

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Credit score ban for insurance premium calculation leads to massive lawsuit

Insurance premium calculation - law - gavel

American Property Casualty Insurance Association has filed a suit against the Washington regulator. The American Property Casualty Insurance Association (APCIA) has filed a lawsuit against the regulator in Washington state over the ban against using credit scores for insurance premium calculation. Commissioner Mike Kreidler issued an administrative ban against using that factor for underwriting policies. The office of Commissioner Mike Kreidler defended its ban against using credit scores for insurance premium calculation. It released a statement calling the practice “inherently unfair” and that the ban protects customers. The commissioner has…

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Allstate shifts focus toward digital insurance while streamlining its business

Digital insurance - person using computer

The giant is setting itself up for growth on acquisitions, divestitures and technology investments. The Allstate Corporation is aligning itself with a growth plan based on business streamlining, which will include digital insurance technology investments, acquisitions, divestitures, and other initiatives for long-term growth. The nationwide insurer has experienced revenue increases every year – including last year – since 2011. Last year, Allstate still grew its revenue by 0.3 percent. The company’s efforts to remain in positive growth last year was an impressive one when considering the difficult circumstances that it…

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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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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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