16 More insurance companies file lawsuits against Pacific Power

Insurance companies - Lawsuit filed

The joint lawsuit against the utility and its parent company PacifiCorp is connected to the Archie Creek Fire. An additional 16 insurance companies have filed a joint lawsuit against PacifiCorp as well as Pacific Power, its subsidiary, for reasons relating to damages caused by the Archie Creek Fire. The lawsuit was filed by the insurers on January 5 in the Douglas County Circuit Court. The insurance companies are pursuing a combined $14.2 million from the electric utility and its subsidiary. The 16 insurers are based in eight different states, including…

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Auto insurance rates will rise in 2022, regardless of COVID-19

Auto insurance rates - Increase 2022

No matter what the pandemic decides to do this year, drivers will be paying more than in 2021. Auto insurance rates were broadly discounted, refunded and otherwise reduced over the last couple of years, starting in 2020 when the pandemic began and sent employees home to work remotely or, in less fortunate cases to be furloughed or laid off. The lack of drivers on roads meant that the risk of crashes decreased, reducing the cost to insure vehicles. As it became clear that it was less costly to insure people’s…

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Insurers and licensees alike concerned over Michigan cannabis liability insurance

Cannabis liability insurance - cannabis growers

The state’s new legislation could force insurers and licensees to suddenly jump through complex hoops. Michigan’s new cannabis liability insurance legislation has now become effective and may unintentionally force companies and their insurers in the state to have to scramble to ensure they are compliant with the mandatory and complex changes. The state moved forward in quite a surprising way with the requirements without consulting the insurance industry. The Michigan cannabis liability insurance regulations went into effect quite suddenly without consultation with the insurance industry on the mandates’ feasibility. Many…

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InsurTech NY Opens Third Annual Early-Stage InsurTech Competition

Insurance News for InsurTech Early Stage Competition 2022

InsurTech NY has opened the application window for its third annual InsurTech Early-Stage Competition (www.insurtechny.com/competition). Three winning teams will split $200,000 in prizes. InsurTech startups will be selected as finalists based on their growth potential and market opportunity. The top teams will be invited to present at the InsurTech Spring Conference held on March 7th at the New York Marriott Marquis. Finalists from the previous years’ competitions gained broad industry recognition and were able to raise investment rounds shortly following the competition conclusion. Honeycomb Insurance (2020) and Delos Insurance (2021)…

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GEICO Executive Chair Tony Nicely retiring at the end of 2021

Geico Executive - Retirement

The announcement was made that he would be stepping down at the end of the year after a 60-year career. GEICO Executive Chair Tony Nicely has announced his retirement and that he will be stepping down from his position at the end of the year following his 60-year career in the industry. Before taking his current position with the insurance company, Nicely had been chair and CEO for 25 years. Under Nicely as CEO, chair and GEICO executive chair, the insurance company experienced its most powerful growth period, becoming one…

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Nationwide pet insurance Hambone Award winner announced

Pet insurance - Image of German Shephard

The thirteenth annual award went to a dog that survived a 400-foot fall and has fully recovered. Nationwide has announced the winner of the 13th annual Hambone Award, which is given to the animal that brought about the most extraordinary pet insurance claim of the year. The insurer gave this year’s award to a claim that was filed for the care of Bruin, a German Shephard. Bruin’s pet insurance claim resulted from the multiple injuries he sustained when he fell 400 feet into a canyon in California. The community searched…

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Toyota Auto Insurance launches with an option to opt-out of OEM parts

Toyota Auto Insurance - Toyota dealership sign

The automaker has started selling TAI in five states, with the intention of widening its availability. Toyota Auto Insurance (TAI) is now available to drivers in five states across the US, with assurances from the automaker’s coverage arm that its availability will become more widespread. The coverage is available to drivers of vehicles made by the automaker as well as other manufacturers. Toyota Auto Insurance can be purchased by drivers of vehicles made by that automaker. That said, it is also available to people driving cars made by other manufacturers…

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