Author: H. Cutner

Florida Senate attempts another bill to eliminate no-fault auto insurance system

H. Cutner
No-fault auto insurance - People after car crash

The system has been plaguing the state and is blamed for keeping rates among the highest in the US. The Florida Senate recently introduced a new bill in an attempt once again to take down the no-fault auto insurance system in the state. The required coverage means that drivers must use their own policy when accident claims are made. In addition to the mandatory no-fault auto insurance coverage, drivers must also carry a minimum of $10,000 in personal injury protection coverage. Though the system was developed to help eliminate a…

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Consumers are shopping for better auto insurance rates more than ever before

H. Cutner
Auto insurance - Shopping for car insurance

A new JD Power study showed that comparison shopping has reached an all-time high among consumers. More than ever before, consumers have been comparison shopping for better auto insurance rates, according to a new JD Power report. The report showed that over 40 percent of drivers had experienced an increase in cost after using telematics. The report also indicated that some drivers are finding that there are fewer new rates available to them than they expected. Consumers hit by rising auto insurance rates have been searching for cheaper alternatives more…

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Private health insurance customers get 70% Eli Lilly insulin drug discount

H. Cutner
Private health insurance - Money - medical

The drugmaker will cap the monthly cost of the medication at $35 per month for those policyholders. Pharmaceutical company Eli Lilly & Co. has announced that it will reduce the price tag on its most commonly prescribed insulin products for private health insurance customers. This discount is by 70 percent, with a cap at $35 per month at certain retail pharmacies. The price of the Lispro injection will be discounted to $25 per vial, starting on May 1, 2023. Lilly also announced that it would be reducing the price of…

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Pet insurance is becoming more popular. Here’s why!

H. Cutner
Pet Insurance - Woman with dog, using computer

A combination of several factors has come together to make this coverage far more appealing. Pet insurance has seen a steady but rather slow growth rate in the United States, even as countries in other parts of the world, such as Europe, have been purchasing it much more quickly. That said, the trend in the US appears to be speeding up, and there are a number of reasons to explain it. As inflation sends the cost of food and other necessities upward, many Americans are seeking relief. This has included…

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Allstate insurance company announced $307 million in catastrophe losses in January

H. Cutner
Insurance company - money losses

The US primary insurer said that most of the losses were associated with nine events. The Allstate Corporation insurance company recently announced that its January 2023 pre-tax catastrophe losses were $307 million ($243 million after tax). The nine events that caused the majority of the January 2023 losses were mainly in Texas and California. According to a news release issued by the insurance company, part of the losses it experienced in January 2023 were offset by favorable reserve estimates for prior events. “Allstate continued to implement significant auto insurance rate…

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Wells Fargo agrees to $3M shareholder settlement over unnecessary auto insurance sales

H. Cutner
Auto insurance - Wells Fargo

The bank agreed to settle a lawsuit from shareholders claiming the bank pushed car loan customers to buy. Wells Fargo & Co. has agreed to a $300 million settlement in order to settle a lawsuit from shareholders, accusing the bank of having pushed unnecessary auto insurance on loan customers, according to recently filed US court documents. The class action suit was launched by the Construction Laborers Pension Trust for Southern California. The auto insurance suit led to a class action brought on behalf of investors. The Construction Laborers Pension Trust…

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Protection and indemnity insurance required by oil tankers in Turkish Straits

H. Cutner
Protection and Indemnity - Turkish Flag

The coverage requirement started this week following the EU embargo on seaborne Russian oil imports. Starting this week, Turkey is now requiring oil tankers traveling through the Turkish Straits to be covered by protection and indemnity insurance, in a move following the start of the European Union’s embargo on Russian oil imports by sea. The EU also established price caps on Russian oil products alongside the start of the embargo. Not unlike the Russian crude price cap of $60 per barrel already in place, a price cap on oil products…

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