Live Insurance News

Allstate to Scale Back in New York and New Jersey Following Lower Rate Increases

February 13, 2024February 12, 2024 Loreen

Allstate’s Partial Auto Rate Increase Approval and Its Impact Allstate Insurance, a titan in the auto insurance industry, has recently been thrown into a strategic conundrum. After receiving approval for lower-than-requested rate hikes in both New York and New Jersey, the company is now reconsidering its presence in these states. Despite lobbying for a 29% rate increase in New Jersey and an 18.3% hike in New York, regulatory authorities only concurred to rate increases of just under 17% and 14.6%, respectively. This partial approval has led Allstate to question its…

Boxing event insurance will soon be available in New York

December 15, 2016December 14, 2016 Marc

The sport’s promoters have found themselves placing one date after the next on hold due to a lack of coverage. Boxing event insurance is finally on its way to New York to reduce the struggles faced by the sport’s promoters in the state. At least four dates have already been postponed or placed on hold with the New York State Athletic Commission between January and March. The reason is that it wasn’t clear whether or not it would be possible to obtain coverage for them. Without the right insurance coverage,…

New York auto insurance companies may be stopped from asking a person’s occupation

December 2, 2016November 30, 2016 Julie Campbell

The state regulator is considering implementing a ban on the use of a customer’s job to calculate premiums. New York auto insurance premiums calculations may soon deviate from strategies used by most U.S. states. The industry regulator is currently deciding whether or not to ban the practice of using a customer’s occupation as a factor in calculating rates. The New York Department of Financial Services has asked leading insurers why the practice is used. It has requested this information from Allstate Corp., the Geico unit at Berkshire Hathaway Inc., Progressive…

PolicyGenius establishes another foothold in the insurance industry through latest round of funding

January 19, 2016January 17, 2016 Logan B.

Company has raised $15 million in funding PolicyGenius, a comparison insurance brokerage based in Brooklyn, New York, has announced that it has raised $15 million in its latest round of funding. The funding will allow the company to extend its insurance comparison insurance services, allowing it to provide consumers with better access to price comparisons and quotes. PolicyGenius specializes in life insurance, long-term disability insurance, renters insurance, and pet insurance. Companies like PolicyGenius are beginning to find more success in various markets and the overall insurance industry is beginning to…

Legislation in New York secures health insurance access for pregnant women

December 30, 2015December 29, 2015 S.Vagus

Governor signs bill allowing pregnant women to enroll for coverage through state’s exchange New legislation signed by New York Governor Andrew Cuomo will ensure that pregnant women will be able to enroll in the state’s health insurance exchange whenever they please. Originally, pregnant women would have to wait for the exchange’s open enrollment period in order to find coverage. Those with qualifying life events can enroll for coverage whenever they want, but the state did not consider pregnancy to be such an event until the new legislation was signed into…