Live Insurance News

Cyber insurance is becoming more common

May 11, 2015May 9, 2015 S.Vagus

Cyber Insurance policies commissioners industry

ABI predicts that the cyber insurance market will become more common in the coming decade Cyber insurance coverage may become the new normal in 10 years’ time. The Association of British Insurers (ABI) has claimed that cyber insurance products will become significantly more common in the United Kingdom and elsewhere by 2025. In early March, a report from Marsh and the UK government showed that only 2% of large businesses in the UK have cyber coverage. This may be a costly problem for these businesses as they face significant risks…

Insurance companies are seeing rising claims following a rough winter

May 8, 2015May 7, 2015 Julie Campbell

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Insurers throughout the northeast are stating that they have a greater loss-report volume. From start to finish, this past winter was a treacherous and highly damaging one in the northeastern United States, and now that it has finally come to a close, insurance companies are starting to see another increase in claims from homeowners who are experiencing a new wave of discovered damages. As the snow and ice melt away, they are revealing the true extent of the destruction that they’ve left behind. So far, claims to insurance companies have…

Fewer people are switching auto insurance carriers

May 8, 2015May 7, 2015 S.Vagus

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More consumers are shopping around for coverage, but not purchasing it More people are shopping around for auto insurance coverage, but fewer are actually changing their carriers, according to the latest J.D. Power 2015 U.S. Insurance Shopping Study. Shopping for insurance coverage has become quite easy, with many consumers choosing to do so from their mobile devices. With shopping becoming easier, consumers are beginning to look for alternatives to their existing auto insurance policies, but they may not be buying new policies even if the policies they find are better…

Massachusetts health insurance exchange finds success

May 8, 2015May 7, 2015 Logan B.

Survey shows that state’s insurance exchange has managed to serve many people in the state The health insurance exchange in Massachusetts may have been a resounding success, according to a new survey from the Center for Health Information and Analysis. The state served as a model for the Affordable Care Act, at least when it comes to the formation of an insurance exchange. Massachusetts enacted extensive health care reform in 2006, which lead to the creation of the Massachusetts Health Connector, which was the state’s first iteration of its insurance…

Warren Buffett makes insurance news with caution in the industry

May 7, 2015May 5, 2015 Julie Campbell

Berkshire Hathaway recently announced its earnings and stated that it is unlikely that an underwriter would be purchased. In recent insurance news, Warren Buffett of Berkshire Hathaway finally put an end to the speculations that have been made about the company for a long time, by saying that they don’t have any real intention to ever purchase a large commercial underwriter, and that the intention is to take a more organic strategy in order to grow their commercial platform. Buffett fielded some heavy questions at the annual shareholder meeting for…