Climate change is likely increasing flood insurance rates quite a bit this year

Increasing flood insurance rates - Flooding in neighborhood - shops & cars

The federal government is examining the cost of coverage on April 1, with data suggesting premium hikes. Much of the country is expected to see increasing flood insurance rates this year in order to cover rapidly rising costs resulting from climate change, according to new data that will create a substantial political struggle for the Biden administration. NFIP would need to raise its premiums by four times for covering high-risk homes in floodplains. The National Flood Insurance Program (NFIP) will need to send its premiums sky high in certain areas…

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Lloyd’s warns of Internet of Things device threat to insurance industry cyber risk

Insurance Industry Cyber risk - Computer code - Security Alert

IoT gadgets are raising the threat of attacks and breaches to industrial and manufacturing businesses. Internet of Things (IoT) devices are raising insurance industry cyber risk, according to a new Lloyd’s report published in conjunction with CyberCube cyber analytics specialist, and Guy Carpenter reinsurance broker. As digital threats become increasingly complex, insurers are warned to better understand emerging risk. The Lloyd’s report was titled “The Emerging Cyber Threat to Industrial Control Systems”. It outlined the need for insurers to better understand the evolution of threats and how this sophistication changes…

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Keep Track Of Your Money With These Simple Bookkeeping Tips

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Don’t fancy working with numbers and bookkeeping much? Consider cultivating these practices as growing pains you must bear to grow your brainchild. Plus, a strong accounting function can add tremendous value to all businesses, no matter the size of operations.  According to financial experts, an entrepreneur’s financial literacy. Such knowledge of accounting concepts plays a critical role in determining their survival. Besides helping you understand your business’s cash position, bookkeeping lets you stay on top of tax deadlines, including filing for returns. Contrary to popular belief, bookkeeping doesn’t revolve around…

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Should I Decrease My Car Insurance Coverage While Working from Home?

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Now that so many of us are working from home, our daily commutes have been altered drastically. Once we may have been driving over an hour or more to and from work everyday, where now we only stop by the grocery store every week or so. Auto insurance is designed to reflect your current circumstances and cover you from the risks you face on your everyday commute. Well, that commute may not look the same as it once did.  Auto insurance is still an essential financial protection as it covers…

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HSB rolls out new small business workplace violence insurance coverage

Workplace violence insurance - person looking stressed

The Munich Re company has developed a new type of product for small- and mid-size companies. Munich Re company, HSB, has announced the creation of a new type of workplace violence insurance it is offering to small- and mid-size businesses. The coverage is meant to help a company and its employees to recover after a violent event. The new HSB workplace violence insurance provides the company’s employees with crisis communications, counseling, security services and lost business income coverage. The purpose is to support companies and their employees in their response…

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Allstate homeowners insurance rates increase following 191 hike approvals

Allstate homeowners insurance rates - Home Money - Rates

The insurer has the green light to raise its premiums for property owners across 43 states. Following the receipt of 191 approvals from state regulators in 2020, Allstate homeowners insurance rates can rise in as many as 43 states. This would produce a premiums increase of an estimated $222.3 million, according to an S&P Global Market Intelligence analysis. Conversely, State Farm’s filings suggest that they will be reducing their premiums in 17 states. At the same time that Allstate homeowners insurance rates filings were seeking to increase premiums, State Farm…

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Zurich Insurance Group shares 2020 performance results

Zurich Insurance Group - Business - Results

The Swiss firm has become the latest insurer to unveil its data from a unique time last year. Zurich Insurance Group has joined several other insurers in sharing its insurance industry 2020 performance. The chief executive of the group, Mario Greco, has expressed confidence moving forward, despite seeing dropping results across all the insurer’s primary business lines. The insurer’s net income attributable to shareholders fell by 8 percent in 2020 compared to 2019. That said, despite the fact that it saw an 8 percent year over year reduction, it still…

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