Live Insurance News

Pet Insurance Gets a Facelift in California with The Latest Legislation

October 2, 2024September 30, 2024 Marc

In a significant move towards better pet care and protection for pet owners, California Governor Gavin Newsom recently signed two pivotal bills aimed at reforming the state’s pet insurance industry and enhancing veterinary services. These legislative actions promise to bring about much-needed transparency and accessibility in pet healthcare. SB 1217: Enhancing Transparency in Pet Insurance Introduced by State Senator Steven Glazer, SB 1217 is a groundbreaking piece of legislation designed to reform the opaque pet insurance market. The bill mandates that pet insurers provide clear and comprehensive information regarding coverage…

Surging Insurance Costs Drive Record Shopping Rates: Analyzing the Key Trends

September 25, 2024September 23, 2024 Marc

Overview of Rising Home and Renters Insurance Costs In a striking revelation from the J.D. Power 2024 US Home Insurance Study, the costs of homeowners and renters insurance have surged beyond the rate of inflation, marking a significant shift in the insurance landscape. This uptick not only surpasses the average rate increases seen in auto insurance but also reflects a broader trend of rising insurance expenses nationwide. As these costs continue to climb, consumers are increasingly prompted to re-evaluate their existing policies, leading to a record high in shopping rates…

From Whiskers to Warthogs: The Wild World of Unusual Pet Insurance Claims

August 30, 2024August 29, 2024 Marc

Pet insurance might sound like a serious business, but when you delve into the world of claims, it’s anything but dull. From mischievous mutts to curious kittens, our furry friends seem to have an uncanny knack for getting into the most bizarre predicaments. Let’s explore some of the most unusual pet insurance claims that have left both pet owners and insurers scratching their heads. The Case of the Golden Retriever and the Golden Ring Meet Max, a lovable golden retriever who quite literally has a taste for the finer things…

Ricardo Lara’s Reforms: Can They Save California’s Property Market from Fire Risks?

August 15, 2024August 14, 2024 Marc

Commissioner Lara’s Reforms to Rescue California’s Property Market In a bid to rescue California’s beleaguered property market, Insurance Commissioner Ricardo Lara has announced a series of reforms aimed at addressing the growing crisis in the state’s insurance sector. The situation has reached a critical point, with many insurers either pausing or severely limiting new policies, particularly in high-risk areas prone to wildfires. The Roots of the Crisis The current crisis is partly rooted in the 1988 voter-passed Proposition 103, which mandates that insurance companies obtain approval from the California Department…

Japan’s Heat Stroke Insurance Boom Amid Record Temperatures Could Signal New Trends for US Market

August 6, 2024August 5, 2024 Marc

With record temperatures soaring above 40°C (104°F) in various locations, Japan has experienced a surge in heat-related illnesses this summer. This unprecedented heat wave has led the Japan Meteorological Agency to issue widespread alerts against heatstroke and heat exhaustion, urging residents to stay indoors during peak daylight hours. A Growing Demand for Heat Stroke Insurance The extreme weather has not only impacted daily life but has also driven a significant increase in the demand for heat-related illness insurance. Over 12,000 people were hospitalized across Japan in just one week due…