Iranian state-controlled insurance company sees tanking net profits

Insurance Company - Net Loss - Iran flag

The first insurer of its kind in the country experienced substantial losses last year. The first Iranian government-controlled insurance company saw considerable net profit losses next year, when it dropped by 300 percent when compared to its 2021 figures. The insurer was first established in 1935 and has locations around the globe, including the United Kingdom. The insurance company had already been seeing losses in previous years, but last year marked a new level of loss in its profits under the management of political appointees. In 2014, the market share…

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Pedestrians hit by cars in Illinois to face fewer auto insurance struggles

Auto insurance - Pedestrians walking across road

The state Supreme Court has issued a ruling to help victims to be able to better access cost coverage. This month, the Illinois Supreme Court ruled to make it easier for pedestrians struck by vehicles to be able to have their medical costs covered by auto insurance. The ruling was meant to help reduce the number of barriers in the way of victims having costs covered. It isn’t uncommon for auto insurance companies to initially deny claims filed by pedestrians because they aren’t passengers in a covered vehicle. Therefore, while…

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US Senate Budget Committee is taking a closer look at Florida Citizens Insurance

Citizens Insurance Focus - home insurance

The Senate Panel is seeking to answer big questions about the insurer’s exposure if a storm hits. The US Senate Budget Committee has requested a slew of documents and information from Florida’s Citizens Insurance, the home insurer of last resort in the state. The investigation has raised questions regarding climate risk and whether a major hurricane would cause the insurer to have to obtain help from the federal government. The committee is aiming to learn more about the insurer’s ability to pay claims in worst case situations. Governor Ron DeSantis…

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Nevada holds public webinar to address high auto insurance rates

Auto insurance - Nevada Highway Sign

The state scheduled the webinar to be open to the public to address rapidly rising premiums. The Nevada Division of Insurance recently held a live webinar to provide the public with an opportunity to discuss the rising cost of auto insurance in the state. The event on the subject was held on November 1 and ran from 10:00 am through until 11:30 am. The webinar was meant to address the rapidly rising auto insurance rates in the state, which have been climbing as has been the case across the country.…

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No-fault auto insurance overhaul bill passes Michigan Senate

Auto insurance - No Fault - Car accident

The state’s Legislature held its first vote to modify the system near the end of last week. The Michigan Legislature voted on a bill to modify the no-fault auto insurance system in the state, approving changes meant to reduce the cost of coverage for drivers while overcoming some of the challenges left behind by the overhaul made in 2019. The 2019 changes cause certain medical providers to stop providing care to car crash victims. The new legislation voted on last week passed the Senate. It was meant to boost reimbursement…

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