Category: Insurance Industry News

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Property owners are increasingly purchasing minimum homeowners insurance policies

H. Cutner
Homeowners insurance - How much house can I afford

Consumers are increasingly choosing to buy the smallest possible amount of coverage. When the vast majority of people purchase homes, they do so with a mortgage that requires them to carry a certain minimum amount of homeowners insurance coverage. That said, to an increasing degree, consumers are deciding to buy no more than the minimum allowable amount of coverage. Property buyers are facing a rapidly growing total of costs, leaving little room for extras. While homeowners insurance is required – and will provide exceptionally important coverage in the case of…

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Social Security Administration struggling with disability insurance overpayments

Logan B.
Disability insurance Form

The SSA hasn’t been adjusting the benefits of people going back to work after having been unable to. The Social Security Administration is facing struggles with overpaying benefits to disability insurance beneficiaries. The coverage is meant to provide benefits when an individual’s disabilities stop them from working. However, the Social Security Administration (SSA) has not been adjusting disability insurance benefits for some people when they return the work. The result is that they risk being overpaid. As nice as that might sound, beneficiaries who are overpaid may have to repay…

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USAA and Farmers homeowners insurance rates spike by almost 15 percent

G. Turner
Homeowners insurance - Rates rising

A new S&P Global Market Intelligence report showed that the insurers were charging much higher premiums. The United States Automobile Association (USAA) and Farmers Insurance Group have raised their homeowners insurance rates by an average of almost 15 percent in 2023, according to a recent report. That increase is notably higher than all other major insurers in the United States. According to the October 3 S&P Global Market Intelligence report, the average increase in homeowners insurance rates across the country up to August was 8.8 percent. That said, through to…

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Auto insurance challenges expected to ease, says S&P US report

Logan B.
Auto insurance - Woman sitting in car, frustrated

Though rates have been rising sharply during the pandemic recovery, that trend will level out. According to the S&P Global Market Intelligence US Auto Insurance Market Report, private insurer results are expected to improve from where they stood last year, when the combined ratio of 112.2 percent was the worst seen in decades. That said, according to the report, the improvements won’t occur as quickly as the industry had hoped. The private auto insurance results are still expected to improve, though not as fast as was previously predicted. “The post-pandemic…

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Israeli airlines gets $6 billion war insurance coverage from Israel’s government

Nordstrom
War insurance - Israel Flag - Airplane

The country’s parliamentary finance committee has given the nod to covering the policy. The parliamentary finance committee of Israel has green lighted a strategy to offer a $6 billion state guarantee to cover war insurance against risks to Israeli airlines, said the country’s Finance Ministry. This plan will help to make certain that airlines in the country will have financial protection. The guarantee framework will make it possible for Israeli airlines to obtain war insurance policies against such risks. In this way, the goal is to keep up regular flights…

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National Western Life and Prosperity Life insurance companies to merge

H. Cutner
Issuance Companies - business- merger

The insurers issued a joint statement that they had just inked a $1.9 billion cash merger agreement. National Western Life Group, Inc. and Prosperity Life Group, have announced that a definitive Merger Agreement has been signed between them. This will involve the acquisition of National Western by an affiliate of Prosperity Life Group. Oe of Prosperity Life Group’s affiliates, the S. USA Life Insurance Company, Inc., will be acquiring National Western. The deal between the insurance companies will be entirely in cash in a transaction valued at about $1.9 billion.…

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Insurance rates are climbing sharply in hurricane-affected US states

Marc
home Insurance rates on the rises in hurricane states

Insurers are leaving or reducing their selling activities in states where severe storms are common. Though Florida has been the state most commonly in the spotlight as its insurance rates skyrocket due to the increasing risk and cost associated with the rising frequency and severity of hurricanes, other states affected by these storms are also experiencing climbing premiums. Climate change has been raising the risk of hurricane damage while inflation drives up repair costs. This means that while property owners continue to face rising expenses for everyday products and services,…

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