Will State Farm lose its US auto insurance dominance to Geico?

US Auto insurance - Hands and car

If current trends continue, the United States will have a new top vehicle insurer by 2022. For decades, State Farm has held onto the top spot among US auto insurance companies. That said, if recent trends keep up as they have been, it won’t be long before it loses its crown to a much younger rival. State farm has suffered business losses as a result of several steep rate hikes in recent years. The leader in US auto insurance has suffered steep losses after a spectrum of notably large rate…

Read More

FCA watchdog issues serious warning to the UK insurance industry

UK Insurance industry - Lloyd's of London

The Financial Conduct Authority’s caution follows on the heels of major admissions at Lloyd’s. The Financial Conduct Authority has issued a stern warning to the UK insurance industry to clean up its act. It warned insurer bosses that they had better eliminate their unacceptable behaviors and improve diversity among their numbers. The FCA’s warning comes with a threat to the jobs of the commercial insurance company bosses. This warning to the UK insurance industry arrives shortly after the 2019 admission from Lloyd’s of London of cases of sexual harassment and…

Read More

The Hartford to restrict insurance coverage for fossil fuel companies

Fossil fuel companies - Factory

The major insurer has announced its intention to limit available protection, citing climate change concerns. The Hartford major insurance company revealed that it will be limiting the coverage it sells to fossil fuel companies. The insurer cited concerns about climate change to explain its decision to restrict coverage. Among the new limitations, the Hartford Financial Services Group Inc. revealed it won’t cover businesses that earn more than a quarter of their revenue as fossil fuel companies. This includes coal mining earnings or energy production with coal as a fuel source.…

Read More

Allstate sustainability report reveals 14 percent GHG emissions reduction

Allstate Sustainability - Hand holding world - green

The insurer released the results of its 2018 report which also showed substantial corporate waste cuts. The Allstate sustainability report has been published, revealing the progress the insurer has been making toward its environmental goals. The Allstate Corporation’s report underscored its achievements in eco-friendliness and social responsibility. The Allstate sustainability report underscored the company’s achievements in decreasing its carbon footprint, while boosting its workforce diversity and strengthening its communities. This report was based on the data it collected about its progress throughout 2018. The report follows the framework of the…

Read More

Viral Progressive Insurance meme targets insurer with slew of false info

Progressive Insurance Meme - Incorrect Info

The politicized meme is spreading like wildfire but contains outdated or outright incorrect information. A Progressive Insurance meme has gone viral, politicizing the insurer through the use of false and misleading information. The image makes claims that are inaccurate right down to the naming of the company’s owner. The viral Progressive Insurance meme makes statements such as that the insurer “is owned by Peter Lewis who donates millions” to left-leaning organizations and to the Democratic Party. That said, Lewis has been dead since 2013. Moreover, though he had once been…

Read More

$500,000 care insurance fraud ring suspects arrested in California

Car Insurance Fraud Ring - damaged car

Four suspects have been arrested in this case for reportedly scamming insurers out of half a million dollars. Investigators in California have arrested four suspects for their alleged involvement in a car insurance fraud ring. Their alleged activities cost scammed insurers $500,000 until they were found out by the California Department of Insurance, San Diego County District Attorney’s Office, and the California Highway Patrol. The four arrests were made earlier this month following a substantial investigation into the scam. According to reports, the car insurance fraud ring involved dealers buying…

Read More

US insurance industry isn’t moving away from coal at the rate of EU insurers

US Insurance Industry - Power plant and wind turbine

A new report determined that insurers in the Unites States are falling behind their European counterparts. Though the number of companies in the US insurance industry that have moved away from coal has doubled this year, a new report shows that American insurers remain far behind those in Europe. Insurance companies in Europe have withdrawn support for coal at a substantially higher rate. The report, called “Insuring Coal No More,” looked at the European and US insurance industry. It scored the two regions for the third consecutive year according to…

Read More