Missouri homeowners insurance rates have increased 76 percent in ten years

Missouri homeowners insurance - home - money - calculator

Consumers in the state are experiencing some of the fastest increases in the US due to severe weather events. A new analysis of Missouri homeowners insurance rates has shown that consumers in the state are paying an average of 76 percent more this year than they did a decade ago. The severe weather that is striking the state on a more regular basis is to blame for the rate hikes. The Missouri homeowners insurance rate hike is the seventh largest percentage increase in the country. As severe weather events become…

Read More

Consumer groups call for higher auto insurance rebates in the US

Auto insurance rebates - Driving

The Consumer Federation of America and Center for Economic Justice say insurers aren’t doing enough. The Consumer Federation of America (CFA) and the Center for Economic Justice (CEJ) have recalculated their figures for insurers and say auto insurance rebates are not large enough. Some insurers have issued discounts and credits to policyholders in the face of COVID-19. However, the CFA and CEJ have concluded that some of the largest insurers have fallen short of fairness in the auto insurance rebates they’ve issued in the United States. Both consumer groups calculated…

Read More

Allstate AI technology helps spot and stop fraud

Allstate AI - Technology - Hand

The insurance company is using artificial intelligence to reduce its payments to fraudulent claims. New Allstate AI technology is being used to help slash the number of times fraudsters get away with making claims. Insurance fraud has become an $80 billion industry in the United States, forcing premiums skyward. Fraudulent claims in the U.S. are currently estimated to be worth more than $80 billion every year. Legitimate customers are required to cover the cost of the payments that scammers are receiving through higher premiums. Among the reasons that insurance fraud…

Read More

Insurance Companies Piling on the Losses During COVID-19. What are the Tax Implications for Them?

Insurance News

The novel coronavirus, COVID-19, was first discovered towards the end of December 2019. It is a zoonose. In other words, it jumped from an animal host, more than likely a bat, to a human host. Once in its human host, it evolved to the form that we now know and started spreading rapidly via person-person transmission. At least, this is how scientists presume COVID-19 originated. Unfortunately, very little is known about this virus, excepting the following three points: COVID-19 causes a respiratory illness that can either be mild or so…

Read More

Chubb CEO calls COVID-19 coronavirus biggest event in insurance industry history

Evan Greenberg cautioned that the pandemic’s impact will cause insurers to face their largest challenges. Chubb Ltd Chief Executive Officer Evan Greenberg released a statement warning that the coronavirus will be the largest event in insurance industry history. The insurance company recorded $13 million in losses linked to COVID-19 during the Q1 2020. Greenberg stated that “this event will be the largest event,” in insurance industry history, on an earnings call in which he shared Chubb’s first quarter results for 2020. The CEO pointed to both the direct impact of…

Read More

MassMutual to gift $3 billion in life insurance policies to front line workers

Life Insurance Policies - healthcare workers

This is the latest in a string of announcements insurers have made in the face of COVID-19. Massachusetts Mutual Life Insurance Company has launched a $3 billion life insurance policies assistance program for Connecticut and Massachusetts health care workers. This assistance effort is called the MassMutual HealthBridge program for workers in health care. The MassMutual HealthBridge program will offer health care employees up to $25,000 in free, three-year term life insurance policies. It will be available to active employees of urgent care centers, licensed hospitals, or emergency medical services providers…

Read More

22 million unemployment insurance claims were filed in a 4-week span

Unemployment insurance - Closed Business Sign

As businesses continue to remain closed because of the pandemic, workers are steadily laid off. The steady stream of layoffs resulting from businesses temporarily closing due to the coronavirus pandemic has led to millions of additional unemployment insurance claims. In April’s first full week, an additional 5.2 million workers submitted their first week’s filing for benefits. US Department of Labor data showed that the total number of Americans who have filed their first unemployment insurance claims is 22 million in four weeks following March 14. This represents approximately 13.5 percent…

Read More