Commissioner Lara doesn’t want easier rate changes for home insurance companies

Home insurance companies - home, money, calculator

The California Insurance Commissioner is siding with consumer activists to halt legislation. California Insurance Commissioner Ricardo Lara is taking the side of consumer activists in an effort to stop a bill that would make it faster and easier for home insurance companies to change their rates. AB 2167 passed the state Assembly on Monday by a vote of 56-3. That said, the bill’s opponents say that this would set the stage for home insurance companies to impose substantial premiums spikes for homeowners in parts of the state hardest hit by…

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New Jersey Senate passes bill for COVID-19 dependent benefits

COVID-19 dependent benefits -nurse wearing mask

The bill will provide a weekly supplement to family members of essential workers who die from the virus. The New Jersey Senate has just passed a bill for providing COVID-19 dependent benefits supplements when essential workers in the state die from having the coronavirus. SB 2476 passed on Monday by a vote of 38-1 and will use the NJ Second Injury Fund. Essential workers whose dependents would qualify should the worst happen from coronavirus infection include fire, police and other first responders. They also include medical and other health care…

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Police liability insurance mandate central to Minneapolis reform suggestions

Police liability insurance - Police vehicle vanadalism - George Floyd Protests

A number of advocacy groups have issued law enforcement practice reform recommendations. A police liability insurance mandate was a key component of recommendations made by a number of advocacy groups regarding Minneapolis reform law enforcement practices. These recommendations were made following the City Council’s support for abolishing the police department. Twelve members of the City Council showed support for the police department’s complete abolishment after the death of George Floyd, an unarmed Black man who was in police custody at the time. Two chapters of Black Lives Matter, the Minneapolis…

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Business interruption insurance bill moves ahead in Louisiana Senate

Business interruption insurance - Agreed

The bill is meant to provide improved transparency in regard to this commercial coverage. Louisiana’s state Senate has advanced a business interruption insurance bill to provide greater transparency with this type of coverage. Over several weeks, many companies were surprised to discover their coverage didn’t cover pandemics. Senator Rick Ward (R-Port Allen) informed his colleagues that the dismay due to the lack of transparency in business interruption insurance was all too commonplace. The bill was introduced to try to improve the clarity of a policy’s coverage. Insurers have responded by…

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Louisiana business interruption bill may change coverage due to COVID-19

Business interruption insurance - COVID-19 Test

Legislators are reviewing the bill to decide if insurers should be forced to pay pandemic claims. Legislators in Louisiana are reviewing a business interruption insurance bill. It may require insurers with operations within the state to have to cover claims connected to the coronavirus pandemic. The legislature recently went into session following about 2 months of suspended work due to COVID-19. Both the House and the Senate will need to complete as much as they can by June 1, 2020. The delay they’ve already faced over the last two months…

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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…

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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…

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