Live Insurance News

Is crop insurance worsening the United States food crisis?

May 26, 2022May 25, 2022 Nordstrom

The price of nearly everything at the grocery store is on the rise and coverage might be exacerbating it. Federally subsidized crop insurance programs have incentives built in that can, in certain circumstances, make it more profitable for farmers to abandon their attempts to grow than it is to plant a field of food. The weather conditions this year are playing into those circumstances, further risking the US food supply. Unusually cold and wet weather in many Midwestern states, such as Minnesota, have meant that only a small percentage of…

The Easiest Ways To Get LEI

April 6, 2022 Guest Author

Complicated modern financial regulation The list is long and easy to put off. LEI Worldwide gets it. You may be under pressure to disclose LEI numbers on time, or to learn that a deal has been prohibited due to an expired LEI. We’re here to help. We’ve helped hundreds of people and businesses get LEIs for their clients. We know how to issue LEIs in minutes, not days. Local Operating Units assign LEIs (LOUs). A Local Operating Unit is a GLEIF-accredited or ROC-endorsed organization (Regulatory Oversight Committee). The LOU issues…

Lloyd’s aims to cancel insurance policies of sanctioned Russian businesses

March 28, 2022March 25, 2022 Marc

Insurance policies - Lloyd's of London Building reflected in glass

This move has arrived as the massive marketplace steps back into profitability after pandemic losses. Lloyd’s of London has announced that it is working with the government of the United Kingdom for the implementation of sanctions against Russian firms due to the war in Ukraine, including cancelling their insurance policies. Shortly after announcing the return to profit, the largest insurance market in the world sees a tough year ahead. According to the market, the war in Ukraine will present a “major claim” for the industry as it seeks to cancel…

NHL team files $125M COVID-19 reimbursement lawsuit against insurance companies

March 25, 2022March 25, 2022 Logan B.

The Calgary Flames organization is pursing payment for “massive losses” it experienced during 2 seasons. The Calgary Flames have filed a $125 million lawsuit against their insurance companies. The NHL team is seeking reimbursements for “massive losses” it suffered due to the two hockey seasons that have gone by during the COVID-19 pandemic. The NHL initially brought its operations to a halt on March 12, 2020, due to the pandemic. Since the NHL placed its operations on hold, teams calling Canada home were particularly impacted by the Canadian government’s mandates…

Concirrus Launches AI-based Quest Property in US to Speed Claims Process

March 22, 2022March 21, 2022 PR Article

Concirrus, a leading insurtech that harnesses the power of AI, machine learning and data analytics to improve insurance… today announced the launch of its Quest Property solution in the US market available for both residential and commercial properties. Quest Property uses AI to process satellite and aerial imagery quickly and accurately, determining loss severity within hours of data acquisition. By giving greater control to the insurer, Quest Property significantly reduces the time and resources that go into the claims process while mitigating additional claim loss due to risk of fraud,…

Almost 3 in 4 employees would change their health insurance plan to save money

March 21, 2022March 21, 2022 Marc

Health insurance plan - employees - business

A new Centivo survey of workers with employer-sponsored coverage revealed this trend. The results of a recent Centivo survey of employees with an employer-sponsored health insurance plan showed that those workers would be willing to take less coverage to save money. The research aimed to find out how willing workers are to alter their coverage if it improved affordability. What the survey found was that 73 percent of the survey respondents would be willing to modify the core features of their health insurance plan if it meant that they would…

Insurance company loses first federal Hurricane Laura court case

March 18, 2022March 17, 2022 Logan B.

A jury decided against the insurer in a victory for a Lake Charles commercial property owner. The first ever Hurricane Laura case heard by a federal court has ended in a decision against an insurance company and in favor of Joey Odem, the plaintiff who is the owner of a commercial property near Lake Charles’ Petro Point. This case represents only the first one heard in a federal court from among more than 3,000 filings. This was the first Hurricane Laura jury trial case, and it was not a win…