Auto insurance company points to vehicle mileage for fraud detection

Auto Insurance - ODO Fraud

State Farm underscored the importance of spotting odometer fraud when purchasing a used car. Although the majority of vehicle fraud headlines point to the theft of catalytic converters, but the State Farm auto insurance company showed that odometer fraud is also an important issue to keep in mind. Though this type of fraud is tougher to spot, there are a number of strategies that can be used to find it. State Farm published a news release to help people to spot odometer tampering while considering a used vehicle for purchase.…

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Average wildfire insurance claim is $224,000, says State Farm

Wildfire insurance Claims

The insurer recently released its most recent data in the category as well as damage reduction tips. According recently released State Farm data, the average wildfire insurance claim payment is currently $224,000, which is an increase of 8 percent over what it was in 2021. The states from which the majority of claims have been made in recent years are California, Oregon and Colorado. National Interagency Fire Center (NIFC) data showed that last year, there were almost 59,000 wildfires in the United States. They burned a total of about 7…

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Auto insurance companies could face another wonky year in 2022

Auto insurance companies - Bumpy Road

According to a recent LexisNexis Risk Solutions report, the industry is showing “signs of revolution”. As 2022 reaches the point that its well underway, new analyses are starting to identify trends suggesting that auto insurance companies could be facing another bumpy ride. The trends appear to indicate that both shopping volatility and increased claims severity will continue. The analysis was conducted by LexisNexis Risk Solutions, which released a report indicating that auto insurance companies and the industry as a whole is facing a critical phase. Both heightened claims severity and…

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Insurance industry official calls for more climate change risk assessment

Insurance industry - Risk Assessment Climate Change

At the same time, the III CEO said that what is not needed is for politics to get in the way. Insurance Information Institute (III) CEO Sean Kevelighan has said that it’s time for the insurance industry to focus on assessing climate risk while putting aside politics that stand in the way of assisting communities most vulnerable to those risks. The non-profit III has a focus on public education and outreach with over 60 insurer members. The III, also known as Triple-I, has been working hard to educate and support…

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State Farm holds virtual career fair for insurance jobs with the company

Insurance jobs - keyboard - Jobs key

The positions to be filled include both hybrid and 100% work-from-home opportunities. State Farm has announced that it has so many insurance jobs available that it is holding a virtual career air this week with both full- and part-time opportunities available. Positions also include bilingual opportunities in underwriting in hybrid and remote working locations. The insurance jobs will be discussed during four different time slots on Thursday. This is a substantial opportunity for people across the country who have recently lost – or left – prior employment. Insurers have been…

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Tesla Insurance rolls out driver safety score to Californian customers

Tesla Insurance - Driver - Tesla steering wheel

The electric carmaker insists that the tally is being used exclusively for “educational purposes.” Tesla Insurance recently announced that it has rolled out its controversial driver safety score to its customers in California, the largest market for the coverage. The score is based on real-time tracking of driver behaviors while using the vehicle. According to Tesla Insurance, the driver safety score’s purpose is for education only, and that it will not impact driver premiums for the moment. The electric automaker has been selling its coverage in California for some time…

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Florida Citizens Insurance rates might be climbing higher soon

Citizens Insurance - Higher Rates Florida

The insurer of last resort might become less affordable to people across the state. Homeowners in Florida could soon find that even insuring themselves with Citizens Insurance, the last resort coverage in the state, will lead to higher premiums. The state’s battered homeowners market is forcing policies into the state-backed insurer’s hands. As a growing number of homeowners leave Florida or find themselves in liquidation, many property owners find that they don’t have a choice other than to turn to Citizens Insurance for coverage. This has left the insurer covering…

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