Live Insurance News

Homeowners insurance sector may be in for some changes in North Carolina

May 13, 2015May 11, 2015 Nordstrom

Legislation aims to bring about significant changes to the homeowners insurance sector Major changes could be coming to the homeowners insurance sector in North Carolina. A new legislation, called the Property Insurance Fairness Act, has managed to make its way through the first few steps of the legislative process, making its way through the state’s House of Representatives. Lawmakers supporting the bill are looking for ways to mitigate the impact of what are known as “once in a century storms,” major events that can cause significant damage to properties. Legislation…

Florida-run homeowners insurance provider sheds more policies

May 13, 2015May 11, 2015 S.Vagus

Florida homeowners insurance, Citizens Property

Citizens Property Insurance removed more policies More than 30,000 homeowners insurance policies have been removed from Florida’s Citizens Property Insurance. These policies were removed as depopulation efforts continue by the insurer. These efforts are meant to reduce the overall number of policies that Citizens is responsible for, thereby reducing its financial responsibilities and making the insurer more sustainable in the future. The depopulation was sparked by serious issues the insurer faced in the wake of serious natural disasters that it did not have the financial capability to handle on its…

Smartphones insurance trends are spreading across the country

May 12, 2015May 11, 2015 Julie Campbell

New Jersey has just become the latest among many states to approve electronic proof of coverage. New Jersey Governor Chris Christie has recently signed A-3905/S-2680 into law, allowing the state to join into one of the fastest growing insurance trends in which consumers will be allowed to display a proof of their coverage over a mobile device screen in addition to the traditional paper format. This provides only one more reason that the smartphone has become a more central part of the lives of the average American. It will now…

Life insurance industry growth in Singapore flattens

May 12, 2015May 9, 2015 H. Cutner

The results from the first quarter of this year have shown that the total weighted premiums stumbled by 1 percent. Life Insurance Association Singapore has released its data from the first quarter of 2015 and what it has shown is that the industry has experienced a flattened growth rate at the same time that its total weighted premiums fell by a small 1 percent when compared to the same quarter in 2014. When all was said and done, the total weighted life premiums in Q1 arrived at about US$488.68 million…

Self-driving cars could lead to the end of the auto insurance industry

May 12, 2015May 9, 2015 Logan B.

Automated vehicles could be a significant risk for insurers, but not in the traditional sense Automated driving could place the auto insurance industry at risk, at least to some degree. Self-driving cars are already a reality, but such vehicles are currently only available for testing purposes. These vehicles are praised as being safer than their conventional counterparts, largely because they are not operated by humans. Human error is the leading cause of most car accidents, and removing people from the driving equation could have a major impact on the auto…