Tag: insurance statistics

The Serious Illness Insurance Market Will Reportedly Hit $354 Billion By 2031!

Guest Author
serious illness costs going up

On a global scale, the serious or critical insurance market is reported to remain on a rise! Advancements in science and medicine makes it easier than ever for consumers to consider the possibility of having to live with cancer, heart disease or kidney failure during their lifetimes. By understanding more about common diseases, it appears that consumers are also wanting more insurance coverage to adequately address potential future medical emergencies. Allied Market Research was able to release their 2021 findings that clearly stated that the serious illness insurance market generated…

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$13.5 Billion in Long-Term Care Insurance Claims Paid In 2022

G. Turner
long term insurance claims report just in

Insurers paid out $13.25 Billion in long term care insurance claims during 2022 according to a new report released this week by the American Association for Long-Term Care Insurance (AALTCI). “Consumers need to understand that long-term care insurance companies have paid benefits to millions of Americans over the past decades,” says Jesse Slome, AALTCI’s director. “In fact, each year, insurers pay more in claim benefits to more beneficiaries than the prior year.” According to Slome, some $12.3 Billion in claim benefits was paid out in 2021. “The over $1 Billion increase…

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Cyber insurance market grows by over a third last year

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…

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

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…

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

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…

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Home insurance policies should be reviewed as holiday shopping begins

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…

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

G. Turner
Car mechanic auto insurance claims

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…

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