Category: Insurance Industry News

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State Farm halts all federal campaign donations in light of the Capitol riots

Nordstrom
Federal campaign donations - Federal campaign donations - US Capitol Building

The insurer has been among the largest local corporate donators to United States lawmakers. Top rival insurance giants State Farm and Allstate have been among the largest sources of local corporate federal campaign donations. However, the former of the two has announced that it has stopped giving to those causes. State Farm had been a heavy hitter for donations, including to lawmakers voting against Biden’s win certification. The insurance company is also one of the top sources of federal campaign donations among all Illinois corporations. However, State Farm has announced…

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Deep fake insurance losses will test cyber policies, cautions CyberCube

H. Cutner
Deep fake insurance losses - artificial intelligence - mask

A cyber analytics specialist is cautioning of the danger and cost of these videos and audio files. CyberCube, cyber analytics specialist, is cautioning the industry that deep fake insurance losses may test the strength of insurers selling cyber coverage. It pointed out that these videos and audio files are increasingly found in cyberspace and could cause a major threat to covered businesses and their insurers alike. According to the report, the threat could become a major one within the next couple of years. This technology provides cyber criminals with powerful…

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State Farm runs Red Cross donation matching until Friday

Marc
Red Cross Donation Matching - Red Cross

The insurer is dollar-for-dollar matching donations January 11 to 15 to a limit of $100,000. State Farm has announced that it is running a Red Cross donation matching campaign for the length of this week, ending on January 15, 2021. The insurer chose to focus on helping this charity following an extremely difficult year for fundraising. The pandemic has made life very difficult and while businesses of many forms struggle, charities have found it exceptionally challenging to bring in the donations they need, as many types of traditional fundraising became…

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Trip cancellation insurance purchased in 95 percent of 2021 travel policies

Logan B.
Trip cancellation insurance - woman traveler

A recent Squaremouth.com analysis showed that nearly all travelers buying coverage include that option. The COVID-19 pandemic crisis has had an astounding impact on the travel industry, including the trend toward purchasing trip cancellation insurance. Following the global lockdowns, purchased travel policies now nearly always include options to cancel. The analysis was conducted by Squaremouth.com. That firm reported that among all the travel policies it has sold for 2021, about 95 percent include trip cancellation insurance. “Trip cancellation has always been the primary driver of travel insurance purchases,” said Megan…

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NAIC to develop new pet insurance regulatory standards

Logan B.
Pet Insurance regulatory standards - dog receiving veterinary care

The National Association of Insurance Commissioners is creating a model law for animal health policies. The National Association of Insurance Commissioners (NAIC) is currently working on a new model pet insurance regulatory standards law. NAIC’s Pet Insurance Working Group has been tasked with developing the shape of this law. The new pet insurance regulatory standards are expected to impact that part of the insurance industry, depending on whether states adopt them and how they do so. It may also alter the way veterinarians discuss coverage with their clients. The NAIC…

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Allstate Corporation acquisition of National General Holdings Corp closes

Marc
National General Holdings Corp - signing contract - business deal

The insurer announced the closing of the deal, which was made for $4 billion. The Allstate Corporation recently announced the closing of its acquisition deal for National General Holdings Corp, for $4 billion. This new purchase is the latest in a number of strategic moves being made by the insurance company. “The acquisition of National General advances our strategy of growing personal lines insurance with an increase of 1 percentage point in market share. Independent agents will now have more protection offerings for customers, with a strong technology platform creating…

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Gay couples often struggle to obtain fertility treatment insurance coverage

H. Cutner
Fertility treatment insurance - Couple walking holding hands

Reproductive advocates call for an update to the definition of infertility as it is used by insurers. Gay couples across the United States are struggling to obtain fertility treatment insurance coverage. The reason is that the term “infertility” is typically defined by insurers using heterosexual terms. Conventional coverage requires couples to try to conceive for a year via intercourse to be eligible. In the majority of states, fertility treatment insurance will require a woman who doesn’t have a male partner to attempt intrauterine insemination as many as one dozen times…

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