Wells Fargo personal insurance business to shut down in Q1 2018

wells fargo personal insurance business exit

The firm announced its intention to exit this sector and will start phasing out marketing immediately. Wells Fargo & Co announced it will be leaving the personal insurance business and will start reducing its marketing in that area. The exit from that market should be complete at some point during the first quarter of next year. Until it has fully exited the personal insurance space, it will continue selling and supporting those products. The company has stated that it intends to keep making personal insurance products available until it completely…

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Auto insurance silence remains commonplace among rideshare drivers

auto insurance fraud

Many participants in these programs are confused about the rules and are uncertain as to what to tell insurers. Despite the fact that the regulations with regards to the auto insurance coverage required by the drivers for rideshare programs such as Lyft and Uber have improved throughout 2014, and many cities have legalized the mobile app based transportation service, Forbes recently reported that many drivers are perplexed by the mixed messages that they have received and continue to opt for silence when it comes to informing their insurers. This is…

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New Chubb iPad App Puts Desktop in Agents’ Hands

mobile phone video insurance industry technology

WARREN, NJ – A new iPad application from Chubb Personal Insurance makes it easy for agents and brokers who are out of the office to access Chubb policies, marketing materials and the status of claims. The free @chubb Mobile app enables agents to use their password-protected Chubb ID to access Chubb’s Masterpiece® homeowners’ policy processing system; real-time claims information; rule and rate manuals from each state; and coverage summaries. A resource center provides links to www.chubb.com/personal, where agents can find product and service information, loss prevention tips and available discounts.…

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Understanding what is – and is not – covered by tornado insurance

The surge of destructive and deadly twisters last week has put the spotlight on tornado insurance once more, as consumers attempt to understand the type of coverage that it will provide, including why many homeowners are still forced to pay repair bills related to tornado damage regardless of their policies. The Insurance Information Institute has said that the majority of insurance policies for homeowners, businesses, and vehicles will include tornadoes as an element of their standard severe weather and wind coverage. Typically speaking, renters’ and homeowners’ insurance will cover the…

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Catastrophic tornados trample the South and Midwest, claiming 33 lives

An outbreak of deadly and devastating tornadoes wrought havoc in many Southern and Midwest states over the weekend. The disasters began on Friday last week. The tornadoes struck a major blow to four states: Kentucky, Indiana, Ohio and Alabama. The people in these states had little warning of the storms, which manifested at an alarmingly fast pace. The tornadoes quickly grew in intensity and caused a significant amount of damage to everything in their path. When the winds finally calmed after hours of fury, approximately 33 people were found dead.…

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Hurricane Irene expected to birth higher insurance premiums in the East Coast

Hurricane Irene has come and gone but the storms effects may linger for several years. To date, the storm accounts for an estimated $7 billion in damages throughout the East Coast, making it one of the most costly natural disasters to strike the nation. The costs of damage are expected to influence property insurers who have long been leery of offering coverage to homes and businesses in risk prone areas. Consumers may be seeing higher premiums this year as a result of the hurricane. Higher premiums have been the theme…

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Could be just the beginning as deadly storms rip through the U.S.

Spring storms tore through the southern portion of the states last week leaving massive damage and loss of life in its aftermath. Virginia is no stranger to bad weather; over the last sixty years, they’ve had almost 600 tornados. But the previous storms were not like this one. Initial figures have eleven deaths total, and over 7.5 million in damages in one county. Virginia is used to getting thunderstorms and even tornados. However, most are EF1, or an EF2 and short lived. They don’t stay formed for very long and…

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