Allstate Study: Discounts for Prepared Customers Could Save Millions

Allstate - Climate Resilience savings

Economic Study Highlights Massive Savings Through Climate Resilience Investments As natural disasters become more frequent and severe, Americans face a growing number of billion-dollar calamities each year. A recent economic study by Allstate, in collaboration with the U.S. Chamber of Commerce and the U.S. Chamber of Commerce Foundation, reveals that proactive investments in climate resilience and preparedness could save both communities and insurers substantial sums. The study shows that for every dollar spent on resilience and preparedness, communities can save $13 in damages, cleanup costs, and economic impacts. This finding…

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State Farm Tech An Unseen Side of the Insurance Giant

State Farm - Technology - Digital

State Farm Goes Beyond Insurance State Farm Insurance is widely known for its slogan, “Like a good neighbor, State Farm is there.” However, the insurance giant has gradually unveiled a different side to its business—technology. While many may associate State Farm with auto, home, and life insurance, the company is making significant strides in the tech industry, offering an array of patented innovations for sale. Which includes technologies ranging from auto telematics and smart home tech to unmanned aerial mission systems and adjustable virtual scenario-based training environments, has sparked a…

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Hurricane Beryl Impact on the Insurance Industry: An Early Test of Resilience

Hurricane Beryl

Hurricane Beryl has made history as the earliest Category 5 hurricane on record, marking a turbulent start to the 2024 Atlantic hurricane season. Despite its initial strength and the potential for significant impact, the insurance industry has so far weathered the storm relatively well. However, the season’s outlook suggests that insurers may need to brace for more challenging weather ahead. Early Strength and Managed Impact Beryl’s rapid intensification caught the attention of meteorologists and industry experts alike. The hurricane’s path through the Caribbean caused concern, but the damage trajectory ultimately…

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State Farm Seeks Major Rate Increase in California

state farm insurance news

State Farm, California’s largest insurer, is proposing sizable rate increases for its residential insurance policies in the state, potentially impacting millions of homeowners and renters. The company has filed for a 30% rate hike for its homeowners’ insurance, a 52% increase for renters, and a 36% escalation for condominium owners. This marks the third major change for State Farm in California within a year. State Farm’s Justification In a statement, State Farm indicated that these rate increases are necessary for the long-term sustainability of its California subsidiary, State Farm General.…

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Mercury Insurance recognized as a top US workplace for mental wellbeing

Mercury Insurance wins Newsweek Award for Mental Wellbeing of its employees

Newsweek named the insurers among its Greatest Workplaces for Mental Wellbeing 2024 Mercury Insurance recently announced that it had been recognized by Newsweek as one of America’s Greatest Workplaces for Mental Wellbeing 2024. This represents the publication’s first year for issuing the recognitions Newsweek named Mercury Insurance in its inaugural year for the award.  Only 15 companies in non-health coverage were selected out of a total 750 businesses that received recognition in this awards process. “We continue to be humbled and honored by the recognition our employee care and empowerment actions…

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