Live Insurance News

Scam travel insurance claims are becoming more commonplace

March 25, 2016March 23, 2016 Julie Campbell

According to recent data the most rapidly growing coverage segment is also a massive target for scams. Though auto policies have traditionally been the area in which insurers have traditionally had to be the most vigilant in watching for scammers, travel insurance has suddenly started to see the emergence of a new trend in false claims. The General Insurance Association (GIA) has reported that this insurance sector is growing exceptionally fast. The GIA has noticed this trend as a growing number of people travel overseas and recognize the importance of…

New auto insurance legislation may undermine the insurance industry in Minnesota

March 25, 2016March 23, 2016 S.Vagus

American Insurance Association opposes new legislation proposed in Minnesota New legislation in Minnesota may change the way auto insurance is regulated in the state and it has received opposition from the American Insurance Association (AIA). AIA Midwest region vice president Steve Schneider has provided testimony to the Minnesota State Senate Commerce Committee, highlighting the fact that the AIA is opposed to the legislation taking hold. The organization has expressed concern that the legislation would completely rework state law without taking into account how this would affect the solvency of the…

Liability insurance coverage needs spike with popularity of drones

March 24, 2016March 23, 2016 H. Cutner

liability Insurance industry policy for drones

As businesses start to find a use for these unmanned flying devices, insurers are selling more policies. Commercial uses for drones are practically limitless and as businesses start to come up with reasons to use these flying devices, insurers are getting calls to make sure the appropriate liability insurance coverage is in place to cover the various perils that could be associated with them. Particularly the case in the United States for the last year, but other countries like Canada are s seeing similar trends. According to the Insurance Bureau…

Citizens wants to address the rising cost of homeowners insurance coverage

March 24, 2016March 23, 2016 Nordstrom

Florida homeowners insurance, Citizens Property

Citizens may petition governor to investigate rising homeowners coverage premiums A member of Florida’s Citizens Property Insurance’s governing board has suggested that the state-run insurer should ask Governor Rick Scott to convene a special panel to address concerns regarding rising water damage costs. The panel would also highlight litigation that may be leading to higher homeowners insurance premiums in South Florida. Citizens Property Insurance is concerned that such litigation is eroding the financial standing of insurance companies throughout the state. Insurers are facing major financial risks due to rising costs…

Millennials aren’t interested in insurance jobs, despite the openings

March 23, 2016March 22, 2016 Julie Campbell

A recent Hartford survey has revealed that this generation simply doesn’t seem to want to be a part of it. Employment may be improving in many regions across the country, but it remains a challenge for many, and despite the fact that insurance jobs are widely available, Millennials don’t seem to want them. The insurance industry is scrambling to try to find qualified, driven people to fill its many job openings. The industry has taken it upon itself to try to change the lack of interest the Millennial generation has…