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Mercury Arizona home insurance adding new coverage and discounts

November 24, 2021November 23, 2021 G. Turner

The added protection will include eco-friendly advantages and discounts will help reduce premiums. Mercury has announced that it is adding to its Arizona home insurance coverage and discounts available to policyholders. There will be five new coverages available to homeowners and three new types of discounts. Arizona home insurance consumers will be able to access these new coverages and discounts. New coverage provides additional protection with an option for replacement products that are environmentally friendly. The discounts are for homeowners who are already taking steps to be environmentally friendly who…

FedNat Holding Company withdrawing from Louisiana home insurance market

November 15, 2021November 13, 2021 Marc

The insurer is the fourth largest in the state and is leaving due to hurricane-related losses. The fourth largest Louisiana home insurance company, FedNat Holding, has announced that it will stop renewing policies due to the losses it has suffered over the last 15 months from hurricane claims. The homeowners’ insurer has stated that it will also be making its way out of Texas for the same reason. According to the announcement from FedNat, made by its CEO Michael H. Braun, it will be leaving the Texas and Louisiana home…

Lloyd’s CEO calls climate change the insurance industry’s ‘biggest single opportunity’

November 11, 2021November 11, 2021 Nordstrom

Insurance industry - changing climate and weather

From global warming to flooding and extreme storms, the events are already getting started. John Neal, CEO of the world’s oldest insurance industry marketplace, Lloyd’s of London, has called climate change the “ultimate systemic risk” but also a huge opportunity for insurers. In a recent media interview, the Lloyd’s CEO compared climate change with the impact of the pandemic. At the same time that Neal called climate change a risk in the CNBC interview, he also referred to it as the “biggest single opportunity the insurance industry has ever seen.”…

The Allstate Corp sells $570 million in loans to Wintrust Bank

November 10, 2021November 9, 2021 G. Turner

The deal also made the bank the national preferred loan provider to the insurer’s agents. The Allstate Corp and Wintrust Bank have come to an agreement in which $570 million of loans have been sold to the bank, and that financial institution has become the preferred national provider of loans to the insurer’s agents. In total, the bank will be purchasing 1,800 loans to agents across the country. The bank, which is based in Rosemont, Illinois, has branches in Lansing, Dyer, and across the southern suburbs in the state. It…

Appeals court shuts down California home insurance ruling

November 9, 2021November 5, 2021 H. Cutner

Consumer advocates say they’ll be bringing the case to the California Supreme Court. A California home insurance ruling has been overturned in appeals court, but consumer advocates say they’ll take the case to the state supreme court to reverse that decision. Consumer advocates said the ruling undermines the ability of the state to order billions in refunds. The state appeals court in San Diego rejected a 2016 finding from the state insurance commissioner, which found that a subsidiary of State Farm was overcharging on its California home insurance rates. The…

California workers’ compensation Q3 insurance rate cuts get the nod

November 8, 2021November 5, 2021 Marc

The state has given its approval for the largest rate reductions of any US state. California workers compensation insurance rates have received their official approval, reducing them more than any other state in the third quarter. All 10 of the most notable rate reductions within that quarter received state approval. The announcement was initially made by an S&P Global Market Intelligence analysis. These California workers’ compensation rate cuts followed September 1’s reduction of the 1.41 percent pure premium benchmark issued by the state Department of Insurance. The rate reduction that…

2021 Demonstrated the Value of Captive Insurance: CIC Services Shares the 30-Day Countdown

November 2, 2021November 2, 2021 PR Article

KNOXVILLE, Tenn. – November 2, 2021 – 2020 proved to be a challenging year for many businesses as they navigated the fall out of the pandemic. As 2021 unfolded and COVID cases decreased, many experts felt this was the light at the end of the tunnel and an end to COVID woes. But unfortunately, that wasn’t the case. 2021 has had its own obstacles. Although businesses have been able to reopen and, in most cases, resume business as usual minus some concessions, businesses have still been plagued by supply chain…

Category: Insurance Industry News