Allianz highlights importance of managing complex hydrogen fuel storage risks

Hydrogen fuel storage - Allianz building

The insurance giant sees the importance H2 will play in decarbonization but also recommends risk management. Hydrogen fuel storage, production and transportation have made their way into spotlights worldwide as governments fund massive programs for greener fuels and energy sources. While Allianz understands that alternatives to fossil fuels such as coal and oil are necessary, it has also issued a reminder of the importance of recognizing and managing potential risks surrounding those processes. Allianz specifically points to fire and explosion risks, but also business interruption. According to the insurance company production,…

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Chubb insurance company withdraws takeover pursuit of The Hartford

Insurance company - Hartford Connecticut Skyline

The insurer has announced that it will no longer seek to acquire the financial services group. Insurance company giant Chubb Ltd. recently announced that it has dropped its pursuit of acquiring The Hartford Financial Services Group. This decision has concluded two turbulent months of offers and rejections between the firms. Over the last couple of months, the Chubb insurance company made three takeover offers to The Hartford Financial Services Group, each of which was turned down. The end of the insurer’s acquisition attempts also means that the city of Hartford…

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Study shows insurance shopping saved Americans 76%

Insurance shopping - Piggy Bank

A survey showed that people who put in a few minutes of research notably saved. Many consumers who practice good insurance shopping habits ahead of purchasing a policy or before renewing an existing one know that rates aren’t the only factor worth considering. However, at the same time, a recent survey showed that American consumers who put in 15-30 minutes of time to compare policies were able to save money on their monthly premiums. These study findings suggest that there is a lot to be said about comparing rates…

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Oregon wildfire insurance may continue through Lloyd’s of London

Oregon Wildfire Insurance - Forest Fire in Portland, Oregon

As the risk of another fire season approaches, the state will rely on its unique policy again in 2021. As the state’s traditional fire season approaches, Oregon wildfire insurance will be provided by the unique $25 million policy through Lloyd’s of London. The oldest insurance marketplace in the world has been providing this coverage since 1973. The state Department of Forestry has purchased the Oregon wildfire insurance against losses for nearly fifty years. This is a unique coverage as no other state has coverage against wildfires. “It’s a catastrophic firefighting…

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State Farm rates are headed higher for drivers shortly after reductions

State Farm rates- Person Driving

The auto insurance rates were recently cut but are now headed for an increase in some states. Shortly after State Farm rates were cut for motorists across the country, some auto insurance customers will now be seeing higher premiums on their monthly bills. Only months after the last decreases it issued for auto insurance, the insurer has received a hike approval. The increases were requested in certain states. For instance, Louisiana recent approved of the request for a State Farm rates increase. The insurer is now increasing its rates by…

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Insurance apps must perform better in these areas to keep millennial customers

Insurance apps - young woman using mobile phone

A new Mobiquity report revealed the areas in which applications can be elevated to avoid customer loss. Digital offerings such as insurance apps play a key role in customer retention, and a recent report from Mobiquity has identified the areas in which these applications must improve. People don’t use their insurer’s application every day, so the limited usage time must perform. Customers who are willing to switch to another company can be convinced to stay with the right digital offerings. Equally, having insurance apps that exceed those of a rival…

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Progressive Insurance earnings report shows substantial year-over-year growth

Progressive Insurance earnings - coins - clock - earnings

The company’s premiums written and income for March showed that it has leapt forward since 2020. The recently released Progressive Insurance earnings report showed that the insurer experienced notable year-over-year growth from March 2020 to the same month in 2021. That said, the company’s day-to-day operations profitability still left room for improvement. The report on the Progressive Insurance earnings showed that premiums written, and March’s monthly income saw sizeable year-over-year growth. It was the day-to-day operations profitability after accounting for total incurred losses that didn’t hold quite as much appeal.…

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