Cosmetic surgery insurance claims way down as millions of procedures postponed

Cosmetic surgery insurance - Surgeons operating

Elective procedures have been delayed by weeks, months, or longer due to the pandemic. Cosmetic surgery insurance claims have ground to a virtual halt as elective surgeries face massive postponement waits due to the pandemic crisis. Hospitals are battling with months of backlog for surgeries to meet medical requirements. Around the world, hospitals and clinics have had to cut back on the number of routine procedures they are able to perform in order to maintain patient and staff safety, said a report in the Economist. This measure was also taken…

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Secondary catastrophic perils on the rise from climate change, says Swiss Re

Secondary catastrophic perils - tornado destruction

Global economic losses from disasters (natural and human-caused) last year reached $146 billion. Secondary catastrophic perils are rising in a measurable way as a result of climate change, said a recent Swiss Re Institute sigma. The sigma was titled “Natural catastrophes in times of economic accumulation and climate change”. Severe weather events were the primary driver of losses overall last year, as was the case in years prior. Last year, worldwide economic losses from disasters broke the $146 billion mark. This represented a fall from 2018’s $176 billion. The ten-year…

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Allianz and Generali intend to dump their life insurance assets

Life insurance assets - Euros

Two of the largest insurers in Europe are planning to sell business worth as much as $9.9 billion. Allianz and Generali, two of the largest insurers in Europe, are preparing to sell billions of euros worth of life insurance assets. Allianz SE intends to sell as much as 9 billion euros worth of these assets in countries such as Italy. Sources familiar with the matter report that Allianz SE is looking to sell off life insurance assets worth as much as $9.9 billion in countries including Italy. The German insurer…

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Most residents of high-risk flood zones don’t have flooding insurance, analysis

High-risk flood zones - Flooding in neighborhood

A recent study has shown that an average of 6 in 10 affected homeowners aren’t covered. Severe weather events don’t plan to take a break just because of the COVID-19 pandemic, but a new analysis shows that 6 in 10 homeowners in high-risk flood zones don’t have insurance against overland water damage. The Atlantic hurricane season starts today, and severe flooding has already started in some areas. Central Michigan, for instance, has already been affected by considerable flooding in many regions. ValuePenguin.com recently published the results of an analysis it…

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RV rental insurance rises as people take social distancing vacations

RV rental insurance - Recreational Vehicle in forest

As flights, train rides and buses are out of the question for travel, recreational vehicles have become popular. As travel remains broadly restricted across the country and around much of the world, RV rental insurance has seen a sudden increase as Americans look to alternate ways to take their vacations. Renting recreational vehicles has always been popular, but this year is seeing an uptick due to regulations. Campers and recreational vehicles have typically appealed the most to one or two demographics, particularly the newly retired. However, this year it has…

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Another Allstate auto insurance rebate is likely to be issued to policyholders

The insurer is moving to provide drivers with further relief as the pandemic continues to slash miles. The Allstate Corp insurer will likely issue another auto insurance rebate to its policyholders as a result of decreased driving habits throughout the pandemic, said the company’s CEO Tom Wilson. This additional reduction will be meant as a reflection of the ongoing driving reduction in certain areas. Allstate announced its first auto insurance rebate wave on April 6. At that time, it was returning over $600 million in premiums to its policyholders. The…

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Workers compensation insurance market starts to feel the COVID-19 pinch

Workers Compensation insurance - Coronavirus - mask

The coronavirus is now making itself felt in this additional part of the industry. Workers compensation insurance companies are now working quickly to keep up with the sudden influx of claims resulting from the coronavirus pandemic. This has been made all the more complex as the regulatory landscape shifts throughout the country. Many states have been changing the regulations to which the workers compensation insurance companies must adhere in the face of COVID-19. For instance, the state commission for this coverage gave its unanimous approval to repeal a controversial emergency…

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