Author: Nordstrom

Morris purchases new cyber insurance policy

Nordstrom
Cyber Insurance policies commissioners industry

City of Morris has acquired cyber insurance protection to guard against digital risks Morris, Illinois, residents will now be protected by cyber insurance coverage. The Morris City Council voted earlier this week to purchase $2 million in cyber insurance protection from the HCC Insurance Group. According to the city council, this coverage will cost approximately $7,183 a year. The policy that the city has purchased will ensure that residents will have access to services that can aid them if the city’s information system where every compromised by a cyber attack.…

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Missouri officials ban insurance industry from using price optimization

Nordstrom
Missouri insurance industry

Department of Insurance bans the use of controversial price optimization practice The Missouri Department of Insurance has officially banned the use of price optimization among insurance providers. Insurance Commissioner John Huff has issued a warning to insurers using this pricing method that they will be faced with severe penalties if they continue to do so. This decision affects the insurance industry in the state, applying to a variety of companies, especially property and casualty insurance companies. Price optimization continues to cause problems for the insurance industry Price optimization has become…

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California homeowners are purchasing flood insurance aggressively

Nordstrom
flood insurance policies

Worries over El Nino lead to an increase in the acquisition of flood insurance coverage Homeowners in California are beginning to show worry over the coming of El Nino. This year, El Nino is expected to be much stronger than it has ever been, which may place many homeowners in serious danger of having their properties damaged. Much of this damage is likely to come from flooding, which has lead more homeowners to purchase flood insurance coverage. According to the Federal Emergency Management Agency (FEMA), there has been an influx…

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Price optimization being used by auto insurance companies in Oklahoma is coming under fire

Nordstrom
auto insurance car

State senator aims to put price optimization to rest Oklahoma drivers have been seeing their auto insurance premiums steadily grow over the past few years, and one of the state’s legislators want to put an end to a practice that has contributed to this problem. In Oklahoma, many insurers use price optimization as a way to price coverage, which leverages a consumer’s credit score as a factor in determining premiums. Senator Rob Standridge intends to introduce new legislation that will prevent insurers from using price optimization. Senator to introduce new…

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Auto insurance premiums continue to rise in the U.S.

Nordstrom
allstate auto insurance

Falling gas prices bring more drivers to the roads Auto insurance premiums are on the rise in the United States, and this may be due to falling gas prices. Global oil prices have been falling, which has resulted in lower gas prices for drivers in the U.S. As such, many consumers have been traveling more frequently. According to the Maine Turnpike Authority, some 16 million cars passed through tolls this year, which is the highest number of vehicles passing through tolls that the organization has ever recorded. More drivers on…

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