Live Insurance News

State Farm slapped with $2 million fine for underpaying auto insurance claims

February 15, 2024February 14, 2024 Marc

State Farm has agreed to pay a $2 million fine for having underpaid auto insurance claims. The fee was the result of a Montana Commissioner of Securities and Insurance (CSI) investigation into the insurer that lasted about two years. If corrections aren’t made, the insurer will be required to pay double the fine. State Farm is required to change its claim handling practices in order to avoid continuing to underpay auto insurance claims. If it fails to do this, it will need to pay an additional $2 million beyond the…

Cost of health insurance premiums drives UD to seek more funding

February 13, 2024February 12, 2024 H. Cutner

Health insurance - University of Delaware Funding

Officials from the University of Delaware have requested additional money from the state legislature. University of Delaware officials recently issued a request to their state legislature for additional funding to help them to cover increases to health insurance premiums. At the same time, the university is also seeking more money for providing state residents with scholarships. The funding would also help to support a dual degree program between the University of Delaware and Delaware State University. The funding requests arrived at the University of Delaware’s annual Joint Finance Committee (JFC)…

Allstate Insurance Record High: Implications for Investors and Industry

January 24, 2024January 23, 2024 Logan B.

A Titan in the Field of Insurance – Record 52-Week High Share Price Allstate Insurance (NYSE:ALL) is not just a company, but a titan in the field of insurance. With a stronghold in the United States and Canada, it specializes in property and casualty insurance products, safeguarding your valuables against unforeseen circumstances. On Tuesday, Allstate’s share price hit a record 52-week high, escalating to $156.79. This leap mirrors the robust performance and confidence that investors have in Allstate. The proof lies in its impressive market cap of $40.65 billion. This…

Nikola D&O liability insurance problems are holding up settlements

January 23, 2024January 22, 2024 Julie Campbell

The zero-emission vehicle maker intends to resolve claims, but its insurers aren’t budging with approvals. Nikola Corp, the electric and hydrogen fuel cell vehicle company, is resorting to a Delaware court with claims that its directors and officers (D&O) liability insurance companies are getting in the way of settlement proposals from being completed in the Court of Chancery, the District of Delaware, and the District of Arizona. The automaker filed a complaint in the Complex Commercial Litigation Division of the Delaware Superior Court. In Nikola Corp’s suit, it said that…

Health insurance customers comprise most people with medical debt

January 19, 2024January 18, 2024 G. Turner

Health insurance - Past Due Medical Bills

This represents a dramatic shift from a previous time when most debtors were uninsured. The majority of people who have debt to American hospitals are individuals who are covered by health insurance, according to data recently released by medical billing analysts. Patients with coverage are often still unable to pay the bills they receive from hospitals. “We always used to consider bad debt, especially bad debt write-offs from a hospital perspective, those [patients] that have the ability to pay but don’t,” said Kodiak Solutions senior vice president Colleen Hall. Kodiak…