Live Insurance News

Louisiana Insurance Commissioner Jim Donelon won’t seek a 5th term

March 17, 2023March 15, 2023 G. Turner

In the midst of a property coverage crisis, he has stated that he won’t be running again. While Louisiana continues to scramble to keep on top of a property coverage crisis, Insurance Commissioner Jim Donelon has announced that he does not intend to seek re-election to a fifth term in the fall. This announcement is likely to generate greater interest in what will already be a heated race. The unexpected announcement arrived in the midst of Donelon’s efforts to keep Louisiana out of a potential property insurance market collapse. Since…

Silicon Valley Bank lacked deposit insurance in 85 percent of cases

March 15, 2023March 14, 2023 Marc

Deposit insurance - Person making a deposit - Business

Customers are seeking to find out what this means for the funds they had in their accounts. Last week, Silicon Valley Bank became the second largest bank failure in American history and new reports have revealed that over 85 percent of its deposits were without deposit insurance. The FDIC has been tasked with returning money to the bank’s customers where applicable. The Federal Deposit Insurance Corporation has taken over about $175 billion in customer accounts and will be returning money to customers where it can. That said, over 85 percent…

Citizens provides home insurance to three times the Floridians it used to

March 14, 2023March 13, 2023 Logan B.

As the state sinks further into a coverage crisis, the insurer of last resort’s use is ballooning. The recent inflation and regular severe hurricanes have caused massive home insurance challenges in Florida, forcing many homeowners to turn to the insurer of last resort, Citizens Property Insurance, for coverage. Lawmakers have been working to change regulations to dig out of the crisis, but the crisis is continuing. Both availability and price of home insurance coverage is becoming increasingly problematic in Florida, to the point that many property owners don’t have any…

Consumers are shopping for better auto insurance rates more than ever before

March 13, 2023March 10, 2023 H. Cutner

Auto insurance - Shopping for car insurance

A new JD Power study showed that comparison shopping has reached an all-time high among consumers. More than ever before, consumers have been comparison shopping for better auto insurance rates, according to a new JD Power report. The report showed that over 40 percent of drivers had experienced an increase in cost after using telematics. The report also indicated that some drivers are finding that there are fewer new rates available to them than they expected. Consumers hit by rising auto insurance rates have been searching for cheaper alternatives more…

The insurance industry is broadly investing in chatbots

March 10, 2023March 9, 2023 Logan B.

Insurers are looking for new ways to improve their customer experience amidst a hiring shortage. The insurance industry worldwide is investing in AI-powered insurance chatbots to help boost the customer experience they can provide, even as they face their largest ever hiring shortage. Inflation, rising interest rates and greater global economic pressures have increased the drive insurers have to look at alternative opportunities to keep their customers this year. Many consumers find that it is preferable to interact with chatbots for completing many tasks. According to 2019 data (the most…

Good News Long-Term Care Insurance Agents Should Be Sharing

March 9, 2023March 9, 2023 Jesse Slome

long term care insurance agents have good insurance news

Agents tired of the seemingly endless negative news that has plagued the long-term care insurance industry finally have some good news to share. Actually, two pieces of welcome news. Costs for long-term care insurance protection are down from the prior year. In some instances, costs are as much as 15 percent lower. Considering all the negative news focused on rising prices and their impact on consumers, especially older Americans, this is a bit of welcomed, good news. The data comes from the just released 2023 Long-Term Care Insurance Price Index…

Harford Mutual and ClearPath Mutual insurance companies announce merger

March 9, 2023March 8, 2023 Nordstrom

The insurers have created a merger plan and have announced their intention to move forward as one. The Harford Mutual Insurance Group (HMIG) and ClearPath Mutual Insurance companies have announced that they have agreed to a plan to merge. The commercial property and casualty insurer and the monoline workers’ compensation carrier will be merging. The insurers stated that this was an opportunity that allowed them to align their strategic goals. “We are constantly seeking opportunities that complement our strategic goals and provide our policyholders and independent agents with the products…