Live Insurance News

The Serious Illness Insurance Market Will Reportedly Hit $354 Billion By 2031!

February 17, 2023 Guest Author

On a global scale, the serious or critical insurance market is reported to remain on a rise! Advancements in science and medicine makes it easier than ever for consumers to consider the possibility of having to live with cancer, heart disease or kidney failure during their lifetimes. By understanding more about common diseases, it appears that consumers are also wanting more insurance coverage to adequately address potential future medical emergencies. Allied Market Research was able to release their 2021 findings that clearly stated that the serious illness insurance market generated…

$13.5 Billion in Long-Term Care Insurance Claims Paid In 2022

February 17, 2023 G. Turner

long term insurance claims report just in

Insurers paid out $13.25 Billion in long term care insurance claims during 2022 according to a new report released this week by the American Association for Long-Term Care Insurance (AALTCI). “Consumers need to understand that long-term care insurance companies have paid benefits to millions of Americans over the past decades,” says Jesse Slome, AALTCI’s director. “In fact, each year, insurers pay more in claim benefits to more beneficiaries than the prior year.” According to Slome, some $12.3 Billion in claim benefits was paid out in 2021. “The over $1 Billion increase…

State Farm insurance company provides customers with free Ting sensors

February 17, 2023February 15, 2023 G. Turner

The insurer is distributing more than one million devices in an effort to help prevent electrical fires. State Farm insurance company has announced that it’s offering its policyholders over one million free Ting sensors as a part of a strategy to reduce the risk of electrical fires. The smart sensor provides home electricity monitoring to help spot hazards that could spark a fire. The insurance company is offering over one million of the Ting sensors to its customers to help those policyholders to be able to detect hazards in their…

Millions of Americans could lose Medicaid health insurance as pandemic eases

February 16, 2023February 14, 2023 Nordstrom

As uninsured figures reach record lows, the expiration of pandemic policies is now looming. Health insurance experts are wondering if the massive gains in reducing the number of uninsured people there are living in the country will be lost as pandemic policies start coming to an end. The uninsured rate has dipped to yet a new low, having reached approximately 8 percent of the population. Some of that considerable achievement is the result of the policies put into place as a result of the pandemic. The government launched a range…

Florida motorists now pay the most for their auto insurance

February 15, 2023February 14, 2023 Marc

Though Michigan had been the most expensive state for coverage, Florida drivers now shell out more. Drivers in Florida have a new reason to groan over the cost of vehicle ownership in the state, as the cost of auto insurance there is now more expensive than anywhere else in the country. Everything from the price of gas to the cost of vehicle repairs is on the rise, and so is coverage. The cost of auto insurance is increasing across the United States. Florida certainly isn’t alone in that. What has…

Insurance payouts made via instant payments reached $227 billion last year

February 14, 2023February 10, 2023 Logan B.

Insurance payouts - A person paying someone else

Insurers sent about 20 percent of all payments to policyholders using this digital method. Last year, nearly one in five consumers received insurance payouts at least one time, and among those 49 million policyholders, a larger number than ever before received the funds via instant payments. That meant 2022 represented the third consecutive year of increases for the use of this method of payments. The rising interest in and use of instant insurance payouts indicates that insurers will be increasingly required to provide customers with options from which they can…

Wells Fargo agrees to $3M shareholder settlement over unnecessary auto insurance sales

February 13, 2023February 10, 2023 H. Cutner

The bank agreed to settle a lawsuit from shareholders claiming the bank pushed car loan customers to buy. Wells Fargo & Co. has agreed to a $300 million settlement in order to settle a lawsuit from shareholders, accusing the bank of having pushed unnecessary auto insurance on loan customers, according to recently filed US court documents. The class action suit was launched by the Construction Laborers Pension Trust for Southern California. The auto insurance suit led to a class action brought on behalf of investors. The Construction Laborers Pension Trust…