Live Insurance News

Record-Breaking Auto Insurance Shopping Trends: The Game-Changer Insurance Agents Can’t Ignore

August 1, 2024 Angela Linders

The national auto insurance shopping and quoting rate reached a record high between April and June of 2024, signaling significant shifts in consumer behavior. According to a new J.D. Power report, this increased activity could have varying implications for insurance agents across the country. Record-Breaking Trends The report highlighted that May 2024 matched the ongoing study’s all-time high monthly shopping rate, with 13.5% of U.S. drivers seeking new quotes. Additionally, 4.2% of drivers switched insurers, setting a new monthly high. This intensified shopping and switching activity reflects consumers’ responsiveness to…

California Homeowners Face 34% Rate Hike as Allstate Follows State Farm’s Lead in Insurance Shakeup

July 31, 2024July 30, 2024 Archie Walsh

California Homeowners insurance rates going up

LOS ANGELES: In a move that mirrors State Farm’s recent actions, Allstate is seeking a substantial increase in its California homeowners insurance premiums. First reported by the Los Angeles Times, Allstate aims to raise rates by an average of 34%, marking the largest rate hike in the state this year. If approved by the California Department of Insurance, this increase will impact over 350,000 policyholders. This latest development follows State Farm’s request for significant rate increases, including a 50% hike for renters and a 30% hike for homeowners. The six-largest…

State Farm settles life insurance suit with $65 million payment

June 26, 2024June 25, 2024 G. Turner

The insurer has agreed to pay tens of millions to settle the suit involving overcharges State Farm Life and Accident Assurance Company are issuing life insurance settlement checks as pay out for a class action lawsuit against the companies. The lawsuit was filed in a federal court and involved overcharging accusations Attorneys representing the class action lawsuit accused State Farm in a Missouri federal court of having overcharged its customers for life insurance policies. The massive settlement involves allegedly overcharging about 450,000 policyholders who purchased universal coverage between 1986 and…

State Farm is keeping some California home insurance customers after all

June 12, 2024June 11, 2024 G. Turner

Home Insurance California covered by State Farm

Still, the coverage that they will be receiving won’t be the same as what they’re used to State Farm has announced that it will be making it possible for some California home insurance customers to renew their policies, after having previously announced that it would no longer be selling or renewing property coverage in the state. That said, there is an important change to the coverage it will be providing While this does mean that homeowners will be able to keep their home insurance coverage, they should be aware that…

USAA insurance company is profitable again after a bad 2022

June 10, 2024June 8, 2024 Marc

Insurance company - 2022 loss - 2023 profit

That year was the first time in the insurer’s 102 years that it failed to bring in a profit The USAA insurance company has announced that it brought in a net income of $1.2 billion in 2023, following a rough 2022, in which it posted a net loss of $1.3 billion. The figures were released this month Even though the insurance company faced similar challenges that caused it to post a loss in 2022, it still managed to turn a profit. The 2022 losses were the first time in the…