Category: Insurance News Articles

Posting the most up to date insurance news for both consumers and industry professionals. Learn more about what is going on in your world just by checking out our featured headlines section.

Will Illinois auto insurance be more affordable with driving habit-based rates?

Marc
Auto Insurance - Illinois Sign on Road

A bill introduced in the state would require insurers to use a driving record to calculate premiums. A bill newly introduced in Illinois would change the way auto insurance companies calculate rates if it is passed in the state.  It would require insurers to use a policyholder’s individual driving records for their premiums calculations instead of looking to socioeconomic factors. House Bill 4611 aims to reduce what it calls discrimination House Bill 4611 was written to ban auto insurance companies from calculating an individual’s rate using criteria that the bill…

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Florida Homeowners Insurance Market Sees Promising Shift with Depopulation Program

Angela Linders
florida insurance homeowers

The landscape of Florida’s homeowners insurance industry is undergoing significant changes as private insurers have absorbed 275,324 policies from the state-run Citizens Property Insurance Corp so far in 2023. These changes, spotlighted during the recent Citizens Board of Governors meeting, demonstrate a strategic attempt to balance the market through a process called “depopulation.” What Depopulation Means for Consumers For consumers, the depopulation program has a direct impact on their insurance decisions. Here’s what it boils down to: if a private insurance company extends an offer that exceeds a policy owner’s…

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Consumer watchdog considers banning US title insurance

G. Turner
Title Insurance -Ban in question

The Consumer Financial Protection Bureau is thinking about stopping this mortgage lender practice A leading consumer watchdog in the United States is thinking about whether mortgage lenders should be banned from charging borrowers for title insurance. The coverage is meant to add a layer of protection for lenders Charging homebuyers for title insurance has long been a practice among mortgage lenders, who use it to provide themselves with additional protection.  According to people familiar with the Consumer Financial Protection Bureau consumer watchdog matter, as cited in a recent Bloomberg report,…

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A Curious Case of British Columbia’s Ban Amidst US Automation Optimism

Marc
Autonomous Car - BC Ban

While the United States gears up for a driverless future, with expectations set to see fully automated cars by 2025 and beyond, British Columbia takes a surprising detour. The province has instituted a new regulation, effectively banning the use of autonomous vehicles on its roads, raising eyebrows and prompting discussions over safety concerns and the future of the insurance industry. Autonomous Cars – A Green Light in the US, A Red One in BC The cutting-edge narrative of autonomous vehicles—heralded by the U.S. National Highway Traffic Safety Administration (NHTSA) as…

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Lemonade homeowners insurance now available to French property owners

Marc
Homeowners Insurance - French Flag

The artificial intelligence-powered coverage is now being sold in France through an expanded partnership. The headline making home insurance company Lemonade, which is a digital coverage provider powered by artificial intelligence and social impact, recently announced that it has expanded its partnership with BNP Paribas Cardif and this has allowed them to start selling in France. French property owners can now purchase Lemonade policies Millions of property owners across France are now able to purchase extensive home insurance policies through Lemonade, a company known for a seamless digital experience from…

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