Category: Latest Insurance News Articles

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

Policyholders will pay 77 percent more in flood insurance rates, says study

H. Cutner
Flood insurance rates - money in water

On the whole, the cost of coverage will rise sharply, but homeowners in poorer neighborhoods will pay less. A new QuoteWizard study showed that changes to US flood insurance rates will be rising by an average of about 77 percent across all policyholders. That said, homeowners living in less affluent neighborhoods will see a reduction in the amount they pay for their coverage. The study was conducted by the Lending Tree financial services provider’s QuoteWizard unit. To complete this study, the unit reviewed the price changes for the approximately 5…

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Insurance coverage increasingly scarce and costly for fossil fuel companies

Logan B.
Insurance Coverage - Oil sands

Oil sands and coal companies are facing rising challenges getting affordable coverage worldwide. Insurance coverage is critical for any large business to operate, but firms centered around oil sands and coal are finding it increasingly challenging to get the policies they require, particularly at an affordable price. A growing number of insurers have stopped underwriting companies in high-polluting fossil fuels. As a result, insurance coverage is harder to find for companies producing, transporting or storing certain fossil fuels that are among the highest greenhouse gas emitters, such as those involved…

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Farmers to begin use of its insurance robot named Spot

Julie Campbell
Insurance robot - Spot Launch - Boston Dynamics Official YouTube

The insurer will use the technology to enhance its catastrophe claims and property inspections. Farmers insurance recently announced its plans to launch a digitally controlled mobile insurance robot for assistance in completing in-field catastrophe claims as well as with non-catastrophe property inspections. The technology, called Spot, is meant to help improve both safety and efficiency. The insurer plans to use the insurance robot for improving the safety of non-catastrophe property inspections and in-field catastrophe claims, as well as to make those processes more efficient. This step also makes Farmers one…

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Mercury General Corporation names Victor Joseph Executive Vice President and COO

G. Turner
Mercury General Corporation - Job Promotion

The company has called this a positive step forward “for a strong and vibrant future”. Mercury General Corporation (NYSE stock symbol MCY) recently announced that it has named Victor Joseph as its Executive Vice President and Chief Operating Officer (EVP & COO). The position was newly created, and Joseph will become the first to hold the title. Joseph will take this new position at Mercury General Corporation as of the start of next year. He was chosen to start with this newly created title on January 1, 2022, as an…

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CAA files lawsuit against insurance company for failure to cover pandemic losses

H. Cutner
Insurance company - Lawsuit filed

This has become the most recent instance of a media and entertainment firm suing an insurer for this reason. CAA has filed a lawsuit against an insurance company in what has become the latest instance of a media and entertainment organization suing an insurer for denying payment on loss claims regarding pandemic shutdowns. The Creative Artists Agency filed a civil suit with the Los Angeles Superior Court. The Hollywood-based agency filed a civil lawsuit against an insurance company. The suit was filed in the Los Angeles Superior Court against Affiliated…

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Mississippi Senator Pushes for One Year National Flood Insurance Program Extension

Marc
National Flood Insurance Program - home floating on life saver

Sen. Cindy Hyde-Smith is seeking legislation to extend NFIP for another year beyond September 30. The National Flood Insurance Program (NFIP) is approaching its expiry date on September 30, but Mississippi Senator Cindy Hyde-Smith is pushing for legislation that will provide another year’s extension. Over five million American families and businesses rely on NFIP protection, many of which are in the state. More than 60 thousand people in Senator Hyde-Smith’s home state depend on National Flood Insurance Program coverage. The senator is one of the NFIP Extension Act of 2021…

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SC lawyer hired hitman to cash in on $10 million life insurance policy for family

Logan B.
Life insurance policy - handing over money

South Carolina attorney Alex Murdaugh arranged for someone to kill him earlier this month. South Carolina lawyer Alex Murdaugh hired a hitman to kill him and make it possible for his child to collect on a $10 million life insurance policy, according to authorities. The scam was an “attempt on his part to do something to protect his child,” said his attorney, Richard Harpootlian. Fifty-three-year-old Murdaugh survived the shooting on September 4. Police said that Murdaugh claimed that he had been shot in the head while he was changing a…

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