Category: Financial News

The financial insurance news being updated every day will keep investors as well as professional abreast to industry and the many changes that are occurring in today’s business world.

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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Many families in Louisiana are reaching home insurance desperation

Logan B.
Home Insurance - Stressed at high rates

The state has reached a crisis point in its property coverage market with prices headed steadily skyward. Families affected by the hurricanes that have hit the state in many years have already been facing rapidly climbing home insurance rates, but at the same time, they’re also battling with insurers to pay for the costs they’ve paid to make their homes livable again. Insurers in the state have gone bankrupt, leaving policyholders floundering While settlements from some home insurance companies are protected through the state-backed guaranty association, the process can take…

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State Farm General Downgraded by AM Best Amidst Weakening Balance Sheet

Live Insurance News
State Farm Insurance Building - A downgrade to B

Overview of State Farm Downgrade In a move that has caught the attention of policyholders and investors alike, AM Best has downgraded the Financial Strength Rating (FSR) of State Farm General Insurance Company (State Farm General). This marks a significant shift from an ‘A’ (Excellent) rating to a ‘B’ (Fair) classification, while the Long-Term Issuer Credit Rating (Long-Term ICR) dropped from “a” (Excellent) to “bb+” (Fair). Implications of Ratings – Balance Sheet Strength Assessed as Weak The Credit Ratings issued by AM Best take into account a variety of factors…

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Will this disaster break Lloyd’s of London’s marine insurance record?

G. Turner
Marine Insurance - Disaster - Francis Scott Key Bridge

The bridge collapse in Baltimore is a complex disaster and could be the largest ever The collapse of the Francis Scott Key Bridge in Baltimore at the end of last month could prove to be the largest marine insurance payout that Lloyd’s of London has ever had to make. In fact, it could be the largest insured catastrophe of its kind The loss of the bridge and all the related impacts associated with the collapse could lead to the largest ever marine insurance payout, according to Lloyd’s of London’s Chair…

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Biden-Harris administration calls for reduced commercial insurance drug costs

Ben Jones
Commercial Insurance - Prescription Drug Costs

This would mean changes to the way the Inflation Reduction Act affects prescription medications. The Inflation Reduction Act prescription drug law developed by the Biden administration went into effect August 16, 2022, and now the president is seeking to use it to scale back prices for commercial insurance as well. The law provides relief for people with Medicare The Inflation Reduction Act lowers prescription drug costs for people with Medicare, while solidifying this program for its users moving ahead. The portion of the law reducing the cost of prescription drugs…

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