State Farm says hail insurance claims rose by $1 billion in 1 year

G. Turner
Hail Insurance - Person holding hail

The insurer has released its annual claims figures showing the impact of increased filings and inflation. State Farm recently released its hail insurance claims data, revealing that there was a $1 billion increase in filings for damage from that cause in 2022 when compared to the figure for 2021. The insurer has pointed to more claims and rising inflation to explain this massive spike. Compared to 2021, the number of hail insurance claims rose by nearly 45,000 in 2022. That said, as large as that jump may be, it wasn’t…

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Insurance spending will double in the next decade, says Lloyd’s of London

H. Cutner
Insurance Spending - Lloyd's of London Building

Chief exec John Neal has predicted that a greater risk perception like bank failures will drive the trend. Global insurance spending will probably reach the point that it has doubled in the coming decade, mainly driven by an increased risk perception, said Lloyd’s of London CEO John Neal. Climate change and bank failures have reminded the world of the size of potential risks. “Financial risk,” on the heels of bank failures in Europe and the United States, in addition to systemic risks, such as climate change and pandemics, are expected…

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It’s that sewer backup insurance time of year again

Marc
Sewer backup insurance - Flooded sewer

Springtime is a big reminder of why this type of additional coverage can be very worthwhile. Springtime comes with melting snow and heavy downpours while the ground is already saturated with moisture, reminding many people of the importance of sewer backup insurance for their homes and businesses. This is a common time of year for people to find that there is water on the lower level of their homes. Basements are at a particularly high risk but in some areas, where the water levels are high enough, the ground floor…

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Highly Ignored Impact of Increasing Petrol Prices on Two-Wheeler Owners in India

Guest Author
motorcycles in india

Petrol prices in India on two-wheelers have been on a consistent rise for quite some time now. Despite the Indian government announcing a reduction in these prices, they remain stagnantly high. This has started to affect two-wheeler owners dramatically, making them break the bank.  Essentials like commodities and transportation costs are not being met conveniently due to this spike in petrol prices. But there is so much more that is happening due to this problem. Is there any hope for relief from this anytime soon? Let us find out!  The…

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This auto insurance company was rated the top option by Consumer Reports

Logan B.
Auto insurance - Top Rated Company

The most recent survey identified a spectrum of new trends including the top four insurers. Consumer Reports has conducted two recent auto insurance surveys, one of which had a more limited sample, while the second had a notably more substantial number of participants. Each of the surveys looked into the way consumers feel and interact with their insurers. The first Consumer Reports survey was limited to its own subscribers, thought that is still a respectable figure higher than 40,000 people. The participants offered almost 50,000 responses on factors associated with…

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Cyber insurance is not a priority among many small and midsize businesses

Nordstrom
Cyber insurance coverage - Digital

SMBs often don’t see the need for the coverage because they don’t expect to be affected by such incidents. According to the results of a new poll, approximately half of the small and midsize businesses (SMBs) operating out of Singapore don’t feel that they need cyber insurance or are undecided as to whether it offers them any potential benefit. This trend aligns with those in the United States, according to several past polls. The SMBs feel that they are not at risk because they don’t store sensitive data online. According…

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Lawmakers consider raising FDIC deposit insurance cap after SVB collapse

G. Turner
Deposit insurance - Money - Law

The Silicon Valley Bank collapse has some believing that $250,000 is not enough protection. Some lawmakers in the United States consider the Silicon Valley Bank collapse to be an eye-opening experience and are now tinkering with the idea of raising the Federal Deposit Insurance Corporation’s coverage cap of $250,000 in case of another catastrophic bank failure in the future. Raising the FDIC cap would provide greater protection to the customers of a failed bank. “I think that lifting the FDIC insurance cap is a good move,” said Senator Elizabeth Warren…

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