Category: Latest Insurance News Articles

The latest headlines, on all lines of insurance, will be updated and listed here.

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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Nearly 3 in 10 Americans lost health insurance last year, says study

H. Cutner
Lost health insurance - person wearing mask looking distressed

A ValuePenguin study revealed that 29 percent lost their plans in 2020, and many remain uninsured. Twenty-nine percent of Americans lost health insurance coverage during 2020, say the results of a ValuePenguin healthcare study. Among those who did lose their coverage, more than half continue to be uninsured in 2021. It should be noted that the study was a limited one, involving only 2,000 participants. Therefore, the accuracy of its representation of nationwide trends has been called into question. That said, the research suggested that 45 percent of consumers seeking…

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Cyber insurance companies could lose $90 million to SolarWinds hack

G. Turner
SolarWinds Hack - Hacker - Computer

Insurers will need to foot the bill for many costs such as incident response and forensic services. The SolarWinds hack is expected to cost cyber insurance companies about $90 million total for covering forensic services and incident response services for compromised clients. That said, many experts are saying that this expense could have been significantly higher. “Although the SolarWinds attack is a cyber catastrophe from a national security perspective, insurers may have narrowly avoided a catastrophic financial incident to their businesses,” said BitSight director of insurance programs and partnerships, Samit…

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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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Aon insurance broker ends relationship with Trump Organization

G. Turner
Aon Insurance Broker - Goodbye street sign

This breaks the coverage relationship with the company’s hotel, luxury residence, and golf course business. The Aon insurance broker has ceased its business relationship with the Trump Organization. This includes the hotel, luxury residence, and golf course business run by Donald Trump Jr and Eric Trump. The broker has acted at a time when companies and New York City are severing ties with Trump-owned businesses. At the time this article was written, the details of the Aon insurance broker’s withdrawal from the Trump Organization have not yet been revealed. However,…

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How to Get Insurance to Pay for Water Damage Restoration

Guest Author
Insurance to Pay for Water Damage Restoration

Water can cause a lot of damage to your home. Whether it’s a flood, sewer backup, or a burst pipe, it can cause quite a bit of destruction. Luckily, insurance companies will pay for most of the unexpected water damage that occurred in your home. Still, if you want to make sure your claim is successful, there are a few things you should be mindful of. Here’s what you can do if you’re wondering how to get insurance to pay for water damage restoration: How to Get Homeowners Insurance to…

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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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