Live Insurance News

Cyber insurance market grows by over a third last year

June 27, 2017June 24, 2017 H. Cutner

computer keyboard cyber insurance market

A recently released Fitch Ratings report suggests that this digital coverage grew by 35 percent. A new Fitch Ratings report suggested that the cyber insurance market’s premium exposure, estimated to be $1.35 billion, is greater than predicted. Fitch pointed to natural obstacles to differentiating the cyber related premium from other forms of multi-line coverage products. High profile hacking cases making headlines are driving interest in the cyber insurance market. “Take-up rates for cyber insurance are increasing with frequent reports of computer hacking incidents, including: network intrusions and data theft, as…

Auto insurance statistics show collisions are greater in states with legalized marijuana

June 26, 2017June 24, 2017 G. Turner

Medical Marijuana Auto insurance statistics

The data is in and it’s not good news for the states that have legal pot, as car crashes are more common. Recent auto insurance statistics from an industry study has linked a spike in car accident claims with the legalization of recreational pot use. The findings are the result of a Highway Loss Data Institute analysis. The insurance research group reported an average 2.7 percent increase in crashes where marijuana is legal. Washington, Colorado and Oregon have all seen a considerable increase in their auto insurance statistics regarding traffic…

Strange insurance claims rise as a result of fur, feathers and creepy-crawlies

April 4, 2017March 30, 2017 Julie Campbell

bedbug animal related strange insurance claims

Everything from peacocks to bedbugs are leading to a rise in filings with insurers in the United States. Strange insurance claims resulting from animal-related incidents are on the rise in the United States. Everything from aggressive peacocks to hotel room bedbugs are sending people to their insurers for reimbursement of their losses. This insurance data was published by Allianz SE in a report based on a recent study it conducted. Strange insurance claims in the United States involving bedbugs rose by 50 percent from 2014 to 2015, according to Allianz…

Home insurance policies should be reviewed as holiday shopping begins

November 30, 2016November 28, 2016 Nordstrom

homeowners home insurance policies christmas holidays

Even before the Christmas tree goes up, coverage should be consulted to be sure it’s enough. The last thing a homeowner wants to do is to make a claim on home insurance policies over the holiday season. However, this coverage can play an integral role in putting things right if the worst should happen. The risks of peril and of loss usually spike over the holidays. Therefore, homeowners are being advised to make sure the coverage they have is enough for their needs. Burning candles, piles of gifts, icy sidewalks…

Auto insurance claims still need human participation, J.D. Power

October 31, 2016October 28, 2016 G. Turner

According to a recent customer satisfaction study, consumers love tech but still need human interaction. While consumers may love technology for many interactions, auto insurance claims still need that human touch. The J.D. Power 2016 U.S. Auto Claims Satisfaction Study showed tech hasn’t fully replaced people. The research showed that Generation Y is less satisfied by the insurance claim process than any other generation. The study defined Generation Y as people born between 1977 and 1994. They found the auto insurance claims process to be the least satisfactory of any…

Cyber security is becoming risky for the insurance industry

July 22, 2015July 21, 2015 S.Vagus

Survey shows that insurers are becoming more concerned about cyber risks The Cyber Security Forum Initiative, alongside the Pew Research Center, has released the results of a new survey that highlights the risks that the insurance industry is facing. According to the survey, cyber risk and interest rates are now among the top risks that insurers are experiencing in the global market. Regulatory risks continue to be a significant concern for the insurance industry, but the rise in cyber attacks and other digital issues are beginning to cause concern for…

New service sheds light on ratings for the insurance industry

May 18, 2015September 19, 2020 S.Vagus

Fitch Ratings has launched its Ratings Navigator for Insurance service Fitch Ratings, a prominent statistical rating organizations, has launched a new service called Ratings Navigator for Insurance. The new service is meant to provide more information about the insurance industry, offering insight into how the organization’s ratings work and what affects these ratings on insurance companies. Some 50 insurance companies are categorized in the service, with these insurers operating in various parts of the world and offering numerous forms of insurance coverage. Service aims to shed some light on the…