Another State Farm Louisiana auto insurance rate reduction ahead

Louisiana auto insurance rate - Cars on highway

The insurer has already slashed its rates earlier this year due to the reduced claims during the pandemic. More Louisiana auto insurance rate cuts are on their way from the largest car insurer in the state. The reason for the latest reduction in State Farm premiums is the same as the last. The pandemic lockdowns have taken many cars off the roads, shrinking claims rates. State Farm currently covers about one in every three private vehicles in the state. State Farm provides car insurance to almost one third of all…

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National General to be acquired by Allstate for $4 billion

National General - Business Deal

The insurance giant is making the purchase to expand its auto reach and independent agent business. Insurance giant Allstate Corp announced this week that it will purchase National General Holdings Corp for about $4 billion. This will be a cash purchase, boosting the insurer’s auto insurance business just as the pandemic crisis has made that sector highly profitable. Auto insurance claims are way down due to the smaller amount of traffic on the roads. National General shareholders will be compensated with $32 per share in cash. They will also receive…

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Nationwide starts July as fully independent insurance agency carrier

Independent insurance agency carrier - newspaper, business section

The company has completed its transition which has been ongoing over the last 18 months. Nationwide has announced that as of July 1, it has become an independent insurance agency carrier. The Columbus, Ohio-based insurer has kept its relationships with 99 percent of its formerly captive agents. For 18 months, the insurer has been working on the transition process to become an independent insurance agency carrier. Throughout that time, it has managed to keep over 99 percent of its agents, who were formerly employed by the company. Now, those insurance…

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Special National Association of Insurance Commissioners session to underscore race and diversity

National Association of Insurance Commissioners - Virtual Meeting

The NAIC Summer 2020 National Meeting to seek actions to stop discriminatory practices. The National Association of Insurance Commissioners has announced its intentions to hold a special session focused on race and diversity in the industry. Its NAIC Summer 2020 National Meeting is meant to place the spotlight on these issues in the insurance sector, said its president, Ray Farmer. NAIC is seeking to open a meaningful and needed dialogue on vital issues regarding discrimination. “As leaders, we need to have meaningful conversations about how to stop discriminatory practices against…

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National Guardian Life Insurance Company brings new LTC coverage to California

National Guardian Life Insurance Company - elderly care

The stand-alone LTC insurer is expanding its selling to the state starting on July 6. The National Guardian Life Insurance Company has announced that it will be bringing its EssentialLTC long term care policy to California next month. The stand-alone LTC insurance policy will become available to Californians starting next week. This announcement means that the National Guardian Life Insurance Company long term care policy will have expanded across the entire country aside from New York and Montana. This coverage is sold through traditional associations, distributions and worksite marketing programs.…

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COVID-19 pandemic crisis may be the most expensive event for insurance

Most Expensive Event - Costs - US dollars

Though uncertainty remains regarding the final cost, the coronavirus will be among the costliest. The final total is far from known for the insurance and reinsurance industry in terms of the cost of the pandemic crisis, but it is expected to be one of the most expensive event price tags in history. A new report published by reinsurance broker Guy Carpenter points to record costs. The pandemic is particularly dangerous because of two primary factors. The first is that it comes with ongoing potential for causing unexpected and unpredictable loss…

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Younger Americans are seeking long term care insurance policies

Long Term Care Insurance Policies - Hospital room

vA MassMutual survey showed that the demand continues to remain solid among consumers. Long term care insurance policies continue to hold their appeal among younger Americans, according to the results of a recent MassMutual survey. Insurers have been withdrawing from this market which comes with expensive chronic care benefits. Despite the concerns among insurers, many consumers are still very interested in investing in long term care insurance policies. The research showed that consumers also like the idea of being able to purchase this coverage as a part of a package…

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