Tag: us insurance industry

Gainsco insurance company to be acquired by State Farm

Nordstrom
Gainsco insurance - business deal - handshake

The acquisition is reported to be for $400 million, according to a news release last week. State Farm and the Dallas-based Gainsco insurance company have come to an agreement in which the former will be acquiring the latter for $400 million. The 98-year-old industry giant has never acquired another insurer in its entire history. The deal will have State Farm purchasing all of the Gainsco insurance company’s stock. The acquired insurer will continue its operation as a separate business. However, in time, the two companies will start the process of…

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NAIC to address US insurance industry racism and discrimination

H. Cutner
Insurance industry racism - racial equality - typewriter

A special committee has been formed in order to specifically focus on Race and Insurance. The National Association of Insurance Commissioners (NAIC) has announced that it has created a special committee to address insurance industry racism and discrimination. NAIC is seeking to improve the way its systems and coverage reflect and protect society. “Our regulatory system and insurance in general is a reflection of the society it aims to protect, and while state insurance regulators have worked to eliminate overt discrimination and racism, we all have been increasingly aware that…

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US insurance industry isn’t moving away from coal at the rate of EU insurers

Marc
US Insurance Industry - Power plant and wind turbine

A new report determined that insurers in the Unites States are falling behind their European counterparts. Though the number of companies in the US insurance industry that have moved away from coal has doubled this year, a new report shows that American insurers remain far behind those in Europe. Insurance companies in Europe have withdrawn support for coal at a substantially higher rate. The report, called “Insuring Coal No More,” looked at the European and US insurance industry. It scored the two regions for the third consecutive year according to…

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State of California takes over control of former Berkshire insurance unit

G. Turner
Berkshire Insurance Unit - Warren Buffett of Berkshire Hathaway

The Department of Insurance said that it never gave its approval to the sale of the company. The California Department of Insurance have seized a former Berkshire insurance unit. The regulators claim that the sale of California Insurance Co. was in violation of state regulations. This is the latest step in the ongoing controversy regarding the sale of the unit. Earlier this week, the California Department of Insurance said that it had not given its approval to the sale of the Berkshire insurance unit with Applied Underwriters, a workers’ compensation…

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Long term care insurance takes another hit from exiting insurers

Logan B.
Long Term Care Insurance Industry - Insurance companies exiting - Goodbye

Another major player in this sector of the insurance industry has announced its market withdrawal. Amid a slew of existing struggles in the long term care insurance industry, Genworth has now announced that it has stopped selling individual stand-alone policies. Genworth had once been the largest seller of L.T.C. coverage in the United States. Genworth’s cessation of long term care insurance sales is immediate as a part of a broader move. This is becoming an increasing trend in the long term care insurance industry. Genworth is no longer selling individual…

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Over 41% of long-term care insurance policies are in these 10 states

H. Cutner
Long-term care insurance - Woman having blood pressure checked

There are approximately 8 million Americans with L.T.C. coverage, and nearly half reside in 10 states. Newly released American Association for Long-Term Care Insurance (A.A.L.T.C.I.) data shows that approximately 8 million Americans are covered by some form of L.T.C. policy. That said, between one third and one half of those policyholders live in only 10 states across the country. The data is from 2017 but represents the latest issued by the N.A.I.C. annual study findings. The A.A.L.T.C.I. based its data on the National Association of Insurance Commissioners (N.A.I.C.) national study.…

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Insurance companies are struggling with a “Talent Crisis”

Julie Campbell
health Insurance Companies - Skills - Employees

A new report has revealed a considerable struggle among businesses in the industry to hire and keep employees. Insurance companies are facing a significant struggle in overcoming a “talent crisis” across the industry, says a new report. Insurers are finding that they are required to be far more proactive and pay workers more. The report stated that to hire and retain employees, insurance companies are required to be considerably more proactive and pay more than they have before. Increasing retirements and low unemployment rates have created an environment of high…

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