Life Insurance and Annuity Growth in Focus: Key Trends Shaping the US Insurance Market

Live Insurance News
Life Insurance and Annuity Growth

Modest Growth Expected for U.S. Life/Annuity Insurance Sector Through 2025 Despite market volatility and economic uncertainties, the U.S. life and annuity (L/A) insurance sector is projected for modest growth over the next two years. According to Best’s Market Segment Report, the industry will see a boost of approximately $48 billion in capital and surplus combined through 2024 and 2025. Additionally, net income is expected to climb to $51.1 billion in 2025, exceeding pre-pandemic levels by a significant margin. However, while the numbers signal progress, the challenges ahead are as thought-provoking…

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Louisiana’s Roof Upgrade Secret That Could Cut Your Insurance Costs by Nearly a Quarter

Angela Linders
Louisiana Fortify Homes Program

Fortified Roofs in Louisiana: A 22% Cut in Home Insurance Premiums For homeowners in Louisiana, the rising cost of home insurance has been a cause for concern, especially in hurricane-prone regions. However, fortified roofs are providing a glimmer of hope. Recent findings by the Louisiana Legislative Auditor reveal that upgrading to a fortified roof can slash home insurance premiums by an average of 22%, equating to annual savings of approximately $1,250. What Are Fortified Roofs? Fortified roofs are designed to withstand severe weather conditions, particularly high winds associated with hurricanes.…

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Allstate Bonus Plans in the Spotlight Over Storm Claim Rejections

Tate Ellison
Allstate Storm Claim Rejections

Court Orders Transparency in Storm Claim Denials A federal court has handed down a milestone decision requiring Allstate Insurance to disclose key internal documents related to its handling of storm damage claims. The ruling, tied to a lawsuit filed in Louisiana, sheds light on the often opaque processes surrounding insurance claims. The plaintiff, Reed Chenevert, accused Allstate of arbitrarily denying his roof damage claim after a storm, citing bad faith and breach of contract. Central to the dispute is whether Allstate’s internal policies, including incentive plans for adjusters and managers,…

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How a Policyholder Took on USAA in Court and Won Big

Logan B.
USAA in Court

A Shocking Decision: $100 Million in Punitive Damages, $14 Million in Compensatory Damages Insurance giant USAA has landed in the spotlight after a Nevada jury handed down a monumental $114 million verdict in a bad faith lawsuit. The award, which includes $100 million in punitive damages and $14 million in compensatory damages, arose from its handling of a claim for policyholder Timothy Kuhn following a car accident in 2018. The jury’s decision underscores a growing tension between insurers’ claims-handling practices and their legal obligations to their customers, raising questions about…

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From Trucks to Trains: Why Rail Theft Is the Fastest-Growing Cargo Crime

H. Cutner
Cargo crime

The Escalating Battle Against Cargo Theft in the U.S. Cargo theft is surging across the United States, posing a significant threat to supply chains, logistics companies, insurers, and consumers alike. Driven by organized crime and opportunistic criminals, this issue is causing losses of up to $35 billion annually. With the frequency and sophistication of thefts on the rise, experts project a steep 22% increase in incidents this year, underscoring the urgent need for stakeholders to address the problem collectively. The Rising Threat of Cargo Theft Cargo theft in the U.S.…

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Tornado Outbreak in the Midwest Leaves Devastation in Its Wake

Marc
Tornado Outbreak

The Human Cost of Tornado Devastation Over the course of three harrowing days, a series of tornadoes tore across nine states in the Midwest and South, leaving heartbreak and destruction in their wake. The storm system, which spawned over 50 tornadoes ranging in strength from EF-2 to EF-4, claimed more than 40 lives. Communities—from small towns in Missouri to remote hamlets in Mississippi—are now grappling with the aftermath of this natural disaster. Among the hardest-hit areas was Mississippi, where an EF-3 tornado tore through the small community of Plantersville. Winds…

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Why FEMA’s Flood Insurance Program Is Making Headlines Again

G. Turner
FEMA’s Flood Insurance Program

Senate Bill to Extend the National Flood Insurance Program Until 2027: A Game Changer for Flood-Plagued Communities Understanding the shifting landscape of federal flood insurance can feel like deciphering a complex puzzle. But for millions of homeowners living in flood-prone areas, clarity may finally be on the horizon. A newly proposed Senate bill seeks to extend the National Flood Insurance Program (NFIP) through December 31, 2026. This legislation would bring an end to the exhausting cycle of short-term extensions that have burdened the program for years. Here’s why this matters…

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