The Chubb Corporation, a massive property insurance organization, has had a difficult time recovering from recent storms in the U.S. The occurrence of natural disasters in the U.S. has been unusually high this year, and the damage caused by these storms has been unprecedented. The storms have imposed gargantuan financial losses on the insurance industry and many companies are still sifting through claims from earlier in the year that are adding to total losses. Chubb officials have warned investors that the company’s third quarter losses may end up being higher…
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Study shows employer-sponsored health insurance is becoming more costly, maybe due to federal insurance mandate
A new study from the Kaiser Family Foundation, a non-profit health care organization, has uncovered a startling trend concerning the cost of employer-sponsored health insurance. The study shows that the cost of health insurance for employers has been rising at a rapid pace this year, which runs contrary to reports citing moderate increases to insurance rates. Exactly why rates are currently soaring to new heights is unknown, but researchers from the foundation speculate that it may be due to the federal insurance mandate which requires all people to have health…
Read MoreState Farm reports losses due to weather-related catastrophes
State Farm, one of the nation’s largest insurance companies has released information regarding the cost of a number of weather-related catastrophes that have caused widespread damage this year. These disasters, coming in the form of floods, hurricanes and earthquakes, have taken a heavy toll on the insurance industry as a whole. Earlier in the year, State Farm attempted to mitigate the damage caused by an outbreak of tornados and hail storms that swept through the Eastern U.S. This past summer brought more trouble, however, with wildfires in Texas and tropical…
Read MoreInsurance market may be softening, but insurers will continue to combat costly health care
The beginning of the year was punctuated with a rash of insurance rate increases coming from many of the nation’s insurance companies. Insurers had defended their weighty rate proposals with the claim that the cost of medical care was rising out of control. Higher rates may also be due to a provision of the Affordable Care Act that requires insurers pay no less than 80% of their collected premiums on health care. While insurers have been quick to propose rates that are, in some cases, astronomically high, industry experts believe…
Read MoreData shows one in seven American drivers is uninsured, despite legal requirement
Regardless of the fact that almost every American state has an auto insurance requirement law, one in every seven drivers is still uninsured. This statistic was assembled by an industry group, which estimated that 13.8 percent of all drivers in the country do not have auto insurance. This number has risen since before the beginning of the economic downturn, as many people struggle to make ends meet and have allowed their coverage to lapse. Vice president David Corum, from the Insurance Research Council – which is an insurer-supported non-profit organization…
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