Live Insurance News

Worldwide aerospace insurance renewals season could bring change

January 18, 2023January 17, 2023 Marc

The industry is facing an opportunity to look again at pricing, policy conditions and retention levels. This year’s aerospace insurance and reinsurance renewal season is arriving and is providing the opportunity to make changes for more favorable retention and pricing levels as well as policy conditions, said reinsurance broker Gallagher analysts. The global market is facing several a number of changes and renewal season is an opportunity to adapt. The aerospace insurance and reinsurance renewal season can open the door to adapt is a way that will allow insurers and…

Medigap insurance policies are frequently overlooked despite the benefits they offer

January 9, 2023January 7, 2023 Marc

About 14 million Americans own a Medicare Supplement policy, including seniors for whom it is viable. Medigap (Medicare Supplement) insurance is often left out of the spotlight when compared to Medicare Advantage, though it has a considerable amount to offer Americans, including seniors, for whom it is a very viable option. Medicare Supplement policies are carried by millions of Americans, but not all options are equal. This year, the American Association for Medicare Supplement Insurance has focused on the delivery of two central messages for consumers regarding Medigap coverage. The…

Disability insurance challenges face many long COVID patients

January 4, 2023January 3, 2023 Marc

Employees are experiencing claims denials when applying for short- or long-term benefits in these cases. Workers who are battling with long COVID have found that they are also struggling with their disability insurance, as many claims for short- and long-term benefits have been denied when they involve that condition. Even short-term claims that are approved are often later denied for long-term benefits. According to a recent CNBC report, experts have found that disability insurance policyholders who are approved for short-term benefits can still find it difficult to receive long-term benefits.…

Florida property insurance market must tackle substantial issues before special session

December 7, 2022December 6, 2022 Marc

Another special session will take place later in December, but some challenges must be handled first. Former Republican Florida Senator Jeff Brandes, who launched a petition calling for lawmakers to convene this spring to tackle Florida’s critical property insurance market, is now calling for additional reforms to take place ahead of this month’s additional special session. The former senator has been making these moves from the sideline to try to push more reforms along. “It’s the most urgent pocketbook problem facing Florida today,” said former Senator Brandes, who previously represented…

State Farm announces its first Task Force on Climate-Related Financial Disclosures

November 28, 2022November 25, 2022 Marc

The insurer issued a release discussing the ways in which it is addressing climate risks. State Farm has announced the creation of its first Task Force on Climate-Related Financial Disclosures (TCFD) report. The goal is to provide transparency regarding its climate risk strategies for policyholders and its own business. In the release, State Farm recognized that climate change is bringing about greater risk and uncertainty for policyholders, particularly in terms of the severity, frequency, and location of catastrophic weather events. As such, the insurer has acknowledged its primary role as…

Auto insurance premiums to climb by double digits again in 2023

November 14, 2022November 14, 2022 Marc

Auto insurance premiums - Cost of car insurance going up 2023

The cost of insuring a vehicle in the United States is rapidly rising due to several factors. If there’s anything Americans are getting used to seeing at the moment, it’s increases in their auto insurance premiums. Looking back at the trends from 2022 and looking forward to what is expected in 2023 has meant considerably higher costs associated with insuring a new or used vehicle. This year has seen the largest rate increases recorded in the United States since 2019. As was recently reported by Live Insurance News, there have…

State Farm insurance company sues Amazon over patent infringement

November 9, 2022November 8, 2022 Marc

According to the insurer, the online marketplace willfully infringed on patented tech. The State Farm insurance company has filed a lawsuit against Amazon, accusing the ecommerce giant of having “willfully infringed” on State Farm patented technology at the core of Elder Care Technology in order to offer a competing product. The insurer filed the lawsuit against Amazon and affiliated companies for patent infringement. The insurance company’s lawsuit has to do with the tech innovations incorporated into the Sundial product. This represents the first time the insurer has ever filed a…