Live Insurance News

Over 1 in 2 drivers feel they’re paying too much for auto insurance

June 2, 2022June 1, 2022 Nordstrom

Almost 1 in 3 motorists have recently switched their insurers for cheaper coverage. The majority of drivers believe they are paying too much for their auto insurance coverage, and a large number of them are aiming to remedy the issue by switching insurers according to a recent Forbes Advisor survey. The survey involved the participation of 2,000 drivers in the United States who have a car policy. The Forbes Advisor survey showed that 58 percent of drivers feel they’re overpaying for their auto insurance. A large number of those policyholders…

Insurance rates spike for businesses with exposures to the Russian war in Ukraine

June 1, 2022May 31, 2022 G. Turner

Premiums have doubled or more for certain companies most affected by risks from the conflict. Insurance rates for businesses with exposures to the Russian invasion of Ukraine have doubled or more. This is particularly true of shipping firms and certain airlines. Throughout the first quarter of 2022, global commercial coverage premiums rose by 11 percent. The 11 percent insurance rates increase was announced by broker Marsh, which said that the Russian war in Ukraine was placing upward pressure on the premiums businesses are paying. That said, the overall hike in…

Customers are decreasingly impressed with digital insurance offerings, JD Power study

May 31, 2022May 30, 2022 H. Cutner

Insurers aren’t capturing the approval of their customers as much as they used to be. According to a recent J.D. Power study of the property and casualty industry, customer satisfaction with digital insurance offerings is taking a dive, even though insurers have been investing heavily in their mobile apps and customer-facing websites. Customer satisfaction fell quite a bit – by 16 points – when compared to last year’s survey results. The J.D. Power study found that customer satisfaction fell to 499 out of 1,000 points this year. The company attributed…

Florida passes homeowners insurance bill including $10k for home hardening

May 30, 2022May 28, 2022 Marc

State residents could receive $2 for every $1 they pay for upgrades to protect their homes from damage. Florida state lawmakers have passed a bill to update homeowners insurance regulations and bring back a 16-year-old program that would pay an owner as much as $10,000 for home hardening upgrades. The goal of the legislators was to help ease the sharply increasing rates residents are paying for coverage. The new program meant to help reign in the skyrocketing homeowners insurance rates is called My Safe Florida Home. It has been designed…

The Next Step For Decentraland Is Insurance

May 27, 2022May 30, 2022 Elizabeth Price

Given the current hype surrounding the metaverse, Decentraland has emerged as one of this relatively new industry’s leaders since its launch in February 2020. A fully decentralized virtual world, Decentraland’s growth has been among the most successful. Even its most recent 14% dip in value has done little to quell the buzz investors and high-profile entities have shown. Case in point, in March, IMA Financial Group announced that it was launching the first-ever metaverse insurance and risk management research and development facility in Decentraland. This bold move aims to set new industry services that…

What is the Silent Generation?

May 27, 2022May 26, 2022 Julie Campbell

While Boomers, Millennials and Gen Z are regularly in the spotlight, this group is often overlooked. The Silent Generation is a term referring to people who were born between the years 1925 and 1945. Though they’re not in the spotlight as often as other age groups, they have defined needs and preferences in how they are served by the insurance industry. As popular as technology is, this group is less inclined to use it to obtain the services they require. The Silent Generation is among the least inclined to use…

Is crop insurance worsening the United States food crisis?

May 26, 2022May 25, 2022 Nordstrom

The price of nearly everything at the grocery store is on the rise and coverage might be exacerbating it. Federally subsidized crop insurance programs have incentives built in that can, in certain circumstances, make it more profitable for farmers to abandon their attempts to grow than it is to plant a field of food. The weather conditions this year are playing into those circumstances, further risking the US food supply. Unusually cold and wet weather in many Midwestern states, such as Minnesota, have meant that only a small percentage of…