Author: Live Insurance News

Exxon and Guyana accused of oil spill insurance breach

Live Insurance News
Oil spill insurance - Tanker on water

A Guyanese court recently ruled against the energy company and the country’s environmental agency. A unit of Exxon Mobil has been ruled to be in breach of oil spill insurance for its first Guyana offshore oil project, partly because of errors made by the country’s environmental regulator, according to a Guyanese court. The government of Guyana has rejected the ruling made by the court against its environmental regulator. According to High Court Justice Sandil Kissoon in the ruling, Exxon “engaged in a disingenuous attempt” to shrink its environmental permit obligations…

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State Farm aims to raise California auto insurance rates by $264 million

Live Insurance News
Auto insurance rates - Cash

The insurer is now catching up to other companies in raising their rates to pre-pandemic levels. Drivers in California who have been enjoying lower auto insurance rates than they were paying before the pandemic are likely to be losing that price advantage in the near future. The insurer will be returning the premiums it charges back up from the lows they hit after 2020. As motorists have stopped sheltering in place and are back on the roads, and the majority of people who had been working remotely are now headed…

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California homeowners overcharged for wildfire insurance to be refunded

Live Insurance News
Wildfire insurance - person holding money that's on fire

State Commissioner Ricardo Lara has announced that there will be about $1.5 million in refunds. California Commissioner Ricardo Lara has announced that Kemper Independent Insurance Company overcharged its policyholders for their wildfire insurance coverage. As a result, that insurer has issued $1.5 million in refunds to thousands of homeowners. The Department of Insurance determined that the insurer had been overcharging for that risk. Both Kemper and Unitrin Auto and Home Insurance Company, its affiliate insurer, have also agreed to pay $617,200 to the General Fund as a combined penalty and…

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Tax Season Is Marketing Opportunity For Medicare Insurance Agents

Live Insurance News
tax season medicare insurance options

April 15 is just around the corner and millions of seniors will be preparing their annual tax filings. For agents and brokers who focus on Medicare solutions, this is another ideal opportunity to solidify your role as the ‘go-to local Medicare professional’. The competition for Medicare business has never made it harder for independent insurance agents. Anyone taking the time to watch daytime television knows that one Medicare-focused commercial is almost immediately followed by another. You can’t beat the ability of these large entities to spend millions of dollars generating…

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Car insurance rose by at least 25 percent last year in three US states

Live Insurance News
Car insurance - Rise in cost 25 percent

American drivers are braced for more increases in the premiums they’re paying on their auto policy. Across the US, there were three states that experience car insurance price increases by 25 percent last year, and experts are cautioning American motorists that the premiums are expected to continue rising. As much as auto premiums rose last year, 2023 is likely to see policies getting more expensive. Interest rate increases, inflation, the volatility of gas prices, and a spectrum of other causes have sent car insurance rates skyward in the last year.…

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State Farm releases winter preparedness tips for auto insurance customers

Live Insurance News
Winter preparedness - Winter Driving

The insurer is hoping to support its policyholders in avoiding becoming stranded during holiday travel. State Farm is hoping that this holiday season will be easy on its policyholders and has issued winter preparedness tips to its auto insurance policyholders to help them to get where they want to be safely and without finding themselves stranded along the way. Poor road conditions will happen but being ready for it can make all the difference to safety. State Farm has issued a list of helpful tips and tools that all drivers…

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4 Reasons Why Every Small Business Needs Insurance

Live Insurance News
small business owner insurance

Small firms confront numerous hazards and would be better off being covered than uninsured. Here are five compelling arguments for why insurance is essential for small businesses. There are around 30,7 million small enterprises in the U.S. If you are the owner of one of these small enterprises, you know that running a firm requires significant effort. Would your business be secure if something unexpected happened? Due to the fact that not all small enterprises have enough insurance, they are in danger. For instance, if you own a trucking business,…

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