As of this week, homeowners in Georgia now have access to Home Value Protection, which is the only insurance product available in the United States that will protect homeowners from the potentially financially crippling effect of the falling home prices. This form of insurance coverage provides the owners of a home with protection for the market value of their home so that their equity is covered in the case that housing prices continue to fall – a serious issue within that state since the middle of 2006. This is the…
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Satmetrix benchmark study reveals loyalty leaders in American insurance industry
Net Promoter software company, Satmetrix, which is the customer experience program marketplace leader, has released its 2012 Net Promoter Industry Benchmarks for 22 different industries, including the insurance sector. As a whole, the study was broader than it has been in previous years, involving the participation of over 30,000 American consumers who provided their rating feedback about over 200 brands across the various industries. The benchmarks that it creates are based upon the survey responses from consumers across the United States who rated their various experiences with the top brands…
Read MoreSupreme Court to begin litigation on Affordable Care Act this month
This month, the U.S. Supreme Court will begin litigation on the controversial Affordable Care Act. The federal law seeks to radically change the structure of the country’s health care industry and introduces new insurance regulations that are aimed at benefiting consumers. The Act was signed into law in 2010 and has since been a point of contention for political leaders and legislators throughout the U.S. Many states have backed the Affordable Care Act, but others have filed lawsuits against the federal government, accusing the law of being unconstitutional. The Supreme…
Read MoreHiscox report shows that “super losses” are becoming more common in the U.S.
A new report from Hiscox, a specialist health insurance company in the U.S., shows that so called “super losses” are having an impact on the country’s health insurance industry. Super losses is a term that refers to claims that exceed $50 million. The report notes that these costly claims are becoming more common in the health care sector. Because these claims hold such a large price tag, they often find their way to courts. Juries often side with consumers in these cases and in the past two years have awarded…
Read MoreTornadoes and storms in Oklahoma create difficult insurance marketplace for consumers and companies alike
The National Tornado Preparedness Summit in Oklahoma City – an event sponsored by the Oklahoma Insurance Department, the National Weather Center, and the National Association of Insurance Commissioners – is expected to draw almost 800 representatives from the insurance industry. According to the Oklahoma Farm Bureau Insurance vice president of public affairs, John Wiscaver, the harsh reality for the state is that throughout the last five years, the marketplace has faced the highest historic loss levels among all organization histories. He stated that earthquakes, hailstorms, tornadoes, and wildfires have all…
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