Allstate pay-per-mile auto insurance spikes in popularity

Pay-per-mile auto insurance - car dashboard

COVID-19 shutdowns and lockdowns have changed the way consumers shop for coverage. Shutdowns across the United States in response to the COVID-19 pandemic have caused interest in pay-per-mile auto insurance. Allstate has watched its registration in this type of car coverage take off since the lockdowns set in. Allstate’s Milewise lets people pay for their car premiums based on the amount of driving they do. In this way, customers are able to use pay-per-mile auto insurance to reflect their reduced driving since the start of the pandemic, said Allstate personal…

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FEMA unveils NFIP Risk Rating 2.0 with potential for cheaper flood insurance

NFIP Risk Rating 2.0 - Piggy Bank - Savings

The Federal Emergency Management Agency is promising reduced rates for its policyholders. The Federal Emergency Management Agency (FEMA) has unveiled its NFIP Risk Rating 2.0 pricing strategy. This is an update to the way it calculates its National Flood Insurance Program rates for its 5 million policyholders. FEMA promises that many homeowners will see a reduction in their premiums. The new NFIP Risk Rating 2.0 strategy will mean that about two out of every three older homes will see a reduction in their premiums, according to FEMA. At the same…

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California bill would create new dependent parent health plan regulations

Dependent parent health plan - grandparents

As adult children care for aging family members, insurance law may adapt health care coverage. A new dependent parent health plan bill has been making California insurance news. The idea behind Assembly Bill 570 is to allow caregiver children to add their parents to their policies. Twelve percent of US parents with a child under 18 years are also caring for another adult. As the population ages, a growing number of families are taking care of older family members. The new dependent parent health plan bill would make it possible…

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Allstate catastrophe losses for February 2021 announced

Allstate catastrophe losses - ice on house

The insurance giant has published its estimates for last month, reaching $577 million, pre-tax. The Allstate catastrophe losses for February 2021 have been released, estimating that they reached about $577 million, pre-tax, or $456 million, after-tax. There were two primary events that contributed to the insurer’s totals for last month. The two events creating the majority of the Allstate catastrophe losses in February reached $590 million, pre-tax ($466 million, after-tax). That said, those figures were also partially offset by prior period reserve re-estimates that were favorable. Of the two events…

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Progressive Insurance CMO Jeff Charney announces his retirement

Progressive Insurance CMO - Change in Business

Having been in the position since 2010, he expects his last day to be in January 2022. Progressive Insurance CMO Jeff Charney has announced that he will be retiring from his position at the company at the start of next year. Charney has been Chief Marketing Officer for the insurer since 2010 and is leaving time for a successor. The early announcement of the Progressive Insurance CMO is making it possible for the company to take its time to find the right successor for the job. Charney expects to retire…

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GEICO reports over 20 percent drop in property damage and collision claims last year

Property damage - car accident - damage

The auto insurer’s data showed its claims fell through the floor throughout the first year of the pandemic. In a recent statement from the company, GEICO shared data showing that its collision claim frequency fell by “twenty-three to twenty-four percent” and property damage dropped by even more. The dropping claims frequency during the pandemic’s first year led to far greater year-over-year profits. The onset of the COVID-19 crisis in 2020 vastly reduced the property damage and collision claims, allowing GEICO to more than double its profitability when compared to 2019.…

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HSB rolls out new small business workplace violence insurance coverage

Workplace violence insurance - person looking stressed

The Munich Re company has developed a new type of product for small- and mid-size companies. Munich Re company, HSB, has announced the creation of a new type of workplace violence insurance it is offering to small- and mid-size businesses. The coverage is meant to help a company and its employees to recover after a violent event. The new HSB workplace violence insurance provides the company’s employees with crisis communications, counseling, security services and lost business income coverage. The purpose is to support companies and their employees in their response…

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