Author: Marc

State Farm Faces Unprecedented Claims Surge as Hurricane Beryl Breaks Records

Marc
State Farm Claims soar from hurricane damage

Hurricane Beryl Smashes Records, Unleashing Insurance Claim Surge Hurricane Beryl has left an unprecedented mark in its wake, driving State Farm to handle over 16,000 insurance claims—a record for the company. This surge in claims was set off when Beryl struck Texas, marking the first U.S. landfall of the 2024 Atlantic Hurricane season, according to a report by AM Best. The financial fallout from this historic storm is projected to reach into the billions, reflecting widespread damage to properties and vehicles across multiple states. Initially impacting the U.S. as a…

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State Farm Tech An Unseen Side of the Insurance Giant

Marc
State Farm - Technology - Digital

State Farm Goes Beyond Insurance State Farm Insurance is widely known for its slogan, “Like a good neighbor, State Farm is there.” However, the insurance giant has gradually unveiled a different side to its business—technology. While many may associate State Farm with auto, home, and life insurance, the company is making significant strides in the tech industry, offering an array of patented innovations for sale. Which includes technologies ranging from auto telematics and smart home tech to unmanned aerial mission systems and adjustable virtual scenario-based training environments, has sparked a…

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Allstate Insurance CEO Reveals Hidden Cause of Rising Auto Insurance Rates

Marc
Allstate Insurance - A woman looking surprised - auto rates increase

In a recent interview with CNBC, Tom Wilson, CEO of Allstate Insurance, shed light on the underlying reasons for the spike in auto insurance rates. He pointed to a crucial factor that has often flown under the radar—the dramatic increase in used car prices over the past few years. This revelation connects the dots between the surge in vehicle costs and the consequential rise in insurance premiums. The Surge in Used Car Prices “The price of used cars skyrocketed by 60% between 2020 and 2022,” noted Wilson. This substantial increase…

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Cyber insurance claims smash previous North American records

Marc
Cyber Insurance - Generic Insurance Claim Form

According to broker Marsh, claims in 2023 bashed through all previous records After receiving more than 1,800 cyber insurance claim reports from US and Canadian clients in 2023, Marsh announced that last year broke all previous records for this type of claim filing. The broker went on to identify driving factors Among the reasons for the rising number of cyber insurance claims, according to Marsh, included that the sophistication of these digital attacks is rising.  Moreover, the MOVEit file transfer supply chain incident’s sheer scale drove up claims.  Privacy claims…

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Health insurance gone for 24,000 kids on Kansas Medicaid

Marc
Health Insurance - Kids dropped from Medicaid

As the state continues its “unwinding review”, thousands of children have lost coverage The massive Medicaid “unwinding” review in Kansas has resulted in a massive number of children losing their health insurance coverage from the state program. Almost half of those who lost coverage were kids In fact, estimates show 47 percent of those who lost their health insurance following the Kansas Medicaid eligibility unwinding were children aged 18 years old or younger.  Kansas Action for Children senior policy advisor Heather Braum predicted in a recent Kansas Reflector report that…

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