Allstate drops below third place in the auto insurance market

Auto Insurance Market - Allstate Drops in the auto insurance market - graph down trend

The car policy provider recently lost significant ground according to recent NAIC data. Allstate has lost its previous coveted spot in the auto insurance market. The insurance company had previously been in third place in the country. That said, the National Association of Insurance Commissioners (NAIC) released data showing the provider’s downward slide. Allstate was the third auto insurance company in the United States but fell to fourth place. The reduction of Allstate’s position in the auto insurance market occurred when its share dropped 0.43 points to control 9.29 percent…

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Connecticut liability insurance makes coverage more expensive for drivers

Connecticut liability insurance

Auto policy premiums rose by an average of 4.1 percent for drivers in the state last year. Connecticut liability insurance is making coverage more expensive for drivers throughout the state, according to data from the Insurance Department. In fact, it is also sending homeowners insurance rates higher, though not by as much. Last year, homeowners insurance rates increased by an average of 2.4 percent in Connecticut. Drivers saw a 4.1 percent rise in their premiums because of the Connecticut liability insurance regulations. The Connecticut Insurance Department is responsible for an…

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Insurance market in Nigeria will see solid growth this year

africa insurance market life industry growth

Experts are predicting that, regardless of the challenges in the country, the industry will be growing faster. A recent analysis has been published by KPMG and has predicted that the insurance market in Nigeria will see its growth picking up speed despite some of the challenges it has been facing over the last while. The forecast was made based on its expanding use of ICT and telecom facilities for sales, as well as the population density. The analysis results were published in “The African Insurance Market at a Glance” report…

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Price optimization being used by auto insurance companies in Oklahoma is coming under fire

auto insurance car

State senator aims to put price optimization to rest Oklahoma drivers have been seeing their auto insurance premiums steadily grow over the past few years, and one of the state’s legislators want to put an end to a practice that has contributed to this problem. In Oklahoma, many insurers use price optimization as a way to price coverage, which leverages a consumer’s credit score as a factor in determining premiums. Senator Rob Standridge intends to introduce new legislation that will prevent insurers from using price optimization. Senator to introduce new…

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Insurance commissioners across the U.S. seek to combat the cyber attack threat

Cyber Insurance policies commissioners industry

They are now working with American federal legislators to help to combat the evolving nature of data breaches. State insurance commissioners have announced that they will be working in partnership with federal legislators in order to try to improve defenses against the damage being caused by the rapid evolution of cyber threats. At the same time, these industry regulators aren’t seeking to adopt new national regulations or legislation over their own authority. The insurance commissioners do want to try to combat the increasing threat from cyber attacks and data breaches,…

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Privacy breach may have some impact on the insurance industry in Illinois

Illinois Insurance industry

State agency announces privacy breach, revealing Social Security Numbers of health care providers The Illinois Department of Insurance has announced that it has mistakenly allowed the Social Security Numbers of health care providers to be publicly posted. The number of health care providers affected by this privacy breach has not yet been disclosed, but the event may have some impact on the insurance industry. State officials recently learned of the privacy breach after receiving complaints. It is unclear how long the Social Security Numbers of health care professionals were visible…

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Cybersecurity insurance news buzzes with new NAIC industry guidance

cybersecurity insurance

The National Association of Insurance Commissioners has now taken on twelve new regulatory guidance principles. The National Association of Insurance Commissioners (NAIC), has recently announced its adoption of twelve Principles for Effective Cybersecurity Insurance Regulatory Guidance. This is an important move from this standards setting organization which is made up of regulators from across the country. These twelve cybersecurity insurance principles have come at a time in which the threats to the industry have been receiving a tremendous amount of time in the spotlight, particularly following the Anthem data breach.…

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Insurance industry may need to take climate change seriously

climate change weather storm insurance industry

Insurance regulators are calling for insurers to become more prepared for climate change Insurance regulators in the United States may be growing more supportive of efforts to combat climate change. This climatic phenomenon has the potential to be the most disruptive force that the insurance industry has faced in its long history. Regulators throughout the country, represented by the National Association of Insurance Commissioners, are calling for the insurance industry to take climate change more seriously and help businesses prepare for the potential impact of this phenomenon. Regulators are becoming…

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US regulator task force to target cyber insurance

cybersecurity insurance

Cyber insurance will be the focus of a new task force launched by the National Association of Insurance Commissioners The National Association of Insurance Commissioners has created a new task force that will be focused on cyber security. The task force is meant to increase consumer protection, introducing new regulations that target the insurance industry. Insurers collect valuable information from their customers, but new risks are emerging in the digital world that put this information in danger of theft and exploitation. The new task force could help foster further innovation…

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Homeowners insurance becomes a hot topic in the search for Texas’ next Governor

homeowners insurance

Wendy Davis and Greg Abbott agree that insurance coverage is too expensive Homeowners insurance has become a political platform in Texas. The state’s Attorney General, Greg Abbott, and Senator Wendy Davis are campaigning to be the next Governor of Texas, and the two candidates are divided on many issues, apart from insurance coverage. Both candidates agree that more must be done to slow the constant increase in homeowners insurance rates throughout the state. Texan homeowners have seen their premiums grow by a significant amount for the past several years, and…

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