Will insurance industry giants continue to be “too big to fail”?

Insurance Industry Giants - Metlife Building New York

A new memo is currently circulating to propose legislation removing that status from massive insurers. Representative Jeb Hensarling (R-Texas) is circulating a memo to remove insurance industry giants from their “too big to fail” designation. The memo stated that proposed legislation would take that status away from even the biggest insurers in the country. The designation was granted to MetLife, AIG and Prudential immediately following the recent financial crisis. A regulatory consortium, the Financial Stability Oversight Council, deemed the insurance industry giants as “systematically important” to the American economy. That…

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Insurance industry takes considerable interest in commercial drones

liability Insurance industry policy for drones

Insurers have started catching onto what many other sectors have been doing with these flying devices. Across the United States, Canada and several other countries, the insurance industry has been watching the use of commercial drones by real estate agents for listings, farmers for crop monitoring and even mapping for the oil sands, as the use of these flying devices does come with a certain degree of risk. Insurance companies have spotted this risk and are coming up with products to help protect businesses using drones. Drones can offer amazing…

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Insurance Commissioner Jones calls for the insurance industry to divest in coal

Dave Jones California insurance commissioner insurance industry rates

Commissioner Jones asks insurers to cut their investments in the coal industry California Insurance Commissioner Dave Jones has issued a call to the insurance industry, encouraging companies to divest from the coal industry. Commissioner Jones is working to require insurers to disclose their investments in coal companies as well. The use of coal among utilities has fallen sharply over the past few years due to federal emissions regulations, but coal companies still receive strong financial support from both the public and private sectors. By divesting from coal, the insurance industry…

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

health insurance industry employer work

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…

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Insurance losses could be as high as $70 billion in the US from one peril

auto insurance losses power grid electricity blackout electric car

According to a report from Lloyds, if the power grid in the United States were to be attacked the cost would be massive. Lloyds of London has now released a new report that has shown that if the Northeast U.S. power grid were to fall victim to a cyber attack, the insurance losses would be tremendous and far-reaching. The economic losses that would occur from such an event could actually reach a trillion dollars. Beyond financial disruptions, there would also be issues with water supply and transportation. The insurance losses…

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Insurance industry is uncertain that Boston can cover the 2024 Olympic Games

Olympics insurance news

Boston aims to have as much coverage as possible for the upcoming Olympics Boston will host the 2024 Olympic Games and the city is promising that it will be the most insured Games in history. The City of Boston has acquired some 25 policies accounting for more than $128 million in premiums. The coverage is meant to provide effective protection for the Olympic Games itself as well as those attending the event. As a major sporting event, there are concerns that the Olympic Games could be targeted by terrorist plots,…

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Largest health insurance acquisition ever of Humana by Aetna

Health Insurance company merger Aetna

This is the largest deal that the industry in the company has ever experienced, as the rivals combine. American health insurance company, Aetna Inc. has now announced that it will be purchasing its smaller competitor, as it enters into the largest industry deal that the country has ever seen. The purchase is being made for approximately $37 billion in cash and stock, according to initial reports. Once these two health insurance companies are joined, it will bring Aetna considerably closer to the second place position that is currently held by…

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Ohio law to bring changes to state’s insurance industry

Ohio Insurance industry

Insurance changes coming to Ohio thanks to new law Ohio lawmakers have approved a new budget that will bring major changes to the state’s insurance law. The change reduces the amount of money that insurance companies will receive from injury cases in which consumers are found at fault and cannot pay the full amount they owe. The change to the law has received significant support from lawmakers, with supporters suggesting that some companies in the insurance industry could be exploiting the old law for financial gain. Insurance companies will receive…

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Insurance industry has trouble engaging millennials

Health Insurance industry young millennial

Insurers find it difficult to connect with a new generation of consumers The insurance industry has been providing coverage across a wide variety of sectors for countless years, but never before in history have insurers had to deal with a generation of consumers that are obsessed with technology and their invincibility. Gallup conducted a survey recently highlighting the difficulty insurers are having with connecting with millennial consumers, those born in 1980 through 1996. These consumers have proven difficult to engage, which has left the insurance industry somewhat disconnected from this…

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School uses web-cast technology to help students enter the insurance industry

cyber insurance industry

Web-cast technology will be used to help students learn about the insurance industry and prepare them for licensing exams The Cyber Insurance School, an organization that offers educational resources concerning the insurance sector, has begun using web-cast technology to offer real-time resources to students and insurance professionals. Using this technology could be a boon for those interested in various types of insurance coverage. Using these resources, individuals could become more prepared for taking licensing exams, which will allow them to serve as insurance industry representatives. Cyber Insurance School continues to…

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