Author: Logan B.

Allstate Corporation July losses offset by substantial income generation

Logan B.
Allstate Corporation - Money - Puzzle

Though there were a number of catastrophic events, PG&E subrogation recoveries made up for it. Allstate Corporation has reported that even though it faced a spectrum of catastrophic events during July 2020, the losses it experienced were more than offset by its incomes. The insurer faced losses of $145 million in July due to catastrophic events of various forms. The losses faced by Allstate Corporation were more than offset to the PG&E subrogation recoveries income generation that occurred during that same month. In July, the catastrophic event losses were quite…

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Allstate Q2 report shows a strong 49 percent increase in profit

Logan B.
Allstate Q2 - person holding money

Despite the impact of the pandemic, the insurance giant reported a $1.2 billion net income. The Allstate Q2 earnings report has revealed that the company brought in a net income of $1.2 billion and saw a 49 percent increase in profits over the second quarter of 2019. The insurer saw a $904 million underwriting income, which is a 146 percent year over year rise. The 146 percent increase in the Allstate Q2 underwriting income brought the company’s income from last year’s second quarter at $537 million to $904 million this…

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Adequate unemployment insurance extension increases odds of finding “better jobs”

Logan B.
Unemployment insurance extension - Person leaping

A new study found that given more time, people are more likely to find employment suited to qualifications. Unemployed workers are more likely to find “better” jobs to suit their qualifications with an unemployment insurance extension, say new study results. This research indicates the opposite effect suggested in arguments made by Republican leaders. The Congressional debates over the next coronavirus stimulus package include the type of unemployment insurance extension that will be employed. Republican leaders have been cautioning against the added $600 per week in federal benefits for those who…

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Kentucky health insurance marketplace prepares to restart

Logan B.
Kentucky health insurance marketplace - file - stethoscope

The state intends to restart Kynect, its own exchange allowing residents to enroll in plans. Governor Andy Beshear has announced the state’s intention to reopen Kynect, the Kentucky health insurance marketplace. The exchange makes it possible for residents who don’t have coverage through an employer to enroll in a plan or sign up for Medicaid if they are eligible. The exchange was originally dismantled in 2017 by former Governor Matt Bevin. Kentucky Voices for Health director of policy advocacy Cara Stewart explained that state residents who want to purchase coverage…

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Chinese insurance industry takes moves away from centralized supervision

Logan B.
Chinese insurance industry - Office Buildings in China

The country is moving to decentralize the oversight of its $3.1 trillion industry. China is making the first moves to decentralize the oversight of the $3.1 trillion Chinese insurance industry as it seeks to enhance efficiency levels. The CBIRC has produced new guidelines granting local regulators more supervisory power. The China Banking and Insurance Regulatory Commission (CBIRC), the national Chinese insurance industry regulator, issued all new guidelines granting new supervisory powers to local regulators who will now be responsible for certain segments of the sector. This decision is expected to…

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