This state now has the most expensive car insurance (no, it’s not Michigan)

Most expensive car insurance - United States Map

A new report has revealed that Michigan has broken its 7-year streak at the top of the high-priced list. Michigan has long been the state in which the drivers have had to face the most expensive car insurance premiums. However, according to the results of a new data analysis published in a report by insure.com, that state has now slipped into second place and a new one has taken the costly lead. As Michigan has stepped down into second place, Louisiana drivers now find themselves paying the most. Louisiana drivers…

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Unemployment fraud up 17,000 percent says Allstate Identity Protection

Unemployment fraud - man using computer - binary code - scam

AIP found that as the pandemic sent more Americans online, cybercriminals took advantage of the opportunity. Since the start of the COVID-19 pandemic, Americans used the internet more frequently and for more purposes than ever before, while cybercriminals took the chance to steal identities for unemployment fraud. The simple fact that people were using the internet so often and broadly opened many doors to criminals. According to Allstate Identity Protection (AIP) data, unemployment fraud took off by over 17,000 percent year over year, a staggering figure to say the least.…

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LexisNexis US Auto Insurance Trends reveals pandemic’s impact

Auto insurance trends - Cars with break lights

The market was affected by dangerous driving increases, shopping volatility, fewer claims and policy renewal delays. LexisNexis Risk Solutions recently released its 2021 US Auto Insurance Trends report, which examined a spectrum of data revealing the directions certain activities are taking in this market. The report helps insurance carriers to better understand their evolving landscapes. In the 2021 US Auto Insurance Trends report, there was an analysis of the 2020 data, which provided insight into the impact of the COVID-19 pandemic on this industry. This included measures of change in…

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Allstate Q1 revenue driven skyward by National General acquisition

Allstate Q1 Revenue - Revenue increase

The insurer’s revenues rose 26 percent during the quarter, though saw an overall $1.4 billion loss. In an Allstate Q1 revenue statement, the insurer reported that it saw a substantial 26 percent rise from its National General acquisition and premium gains. This at the same time that the insurer dropped its life and annuity businesses leading to losses. The insurance company experienced an overall $1.4 billion net loss as the Allstate Q1 revenue simultaneously took off. Comparatively, in the same quarter of 2020, it saw an overall $513 million net…

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Auto insurance comparison habits ignored brands during pandemic: study

Auto insurance comparison - Money - Car

A J.D. Power study showed that consumers weren’t interested in specific brands. Though auto insurance comparison shopping was a common activity during the COVID-19 pandemic, consumers were typically uninterested in specific brands, said the results of the J.D. Power 2021 U.S. Insurance Shopping Study. Over half of consumers didn’t do any price comparing at all throughout the majority of the pandemic. The survey revealed that 54 percent of consumers didn’t try auto insurance comparison shopping for the purpose of improving their premiums during the pandemic. Of the 46 percent who…

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Allianz highlights importance of managing complex hydrogen fuel storage risks

Hydrogen fuel storage - Allianz building

The insurance giant sees the importance H2 will play in decarbonization but also recommends risk management. Hydrogen fuel storage, production and transportation have made their way into spotlights worldwide as governments fund massive programs for greener fuels and energy sources. While Allianz understands that alternatives to fossil fuels such as coal and oil are necessary, it has also issued a reminder of the importance of recognizing and managing potential risks surrounding those processes. Allianz specifically points to fire and explosion risks, but also business interruption. According to the insurance company production,…

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Chubb insurance company withdraws takeover pursuit of The Hartford

Insurance company - Hartford Connecticut Skyline

The insurer has announced that it will no longer seek to acquire the financial services group. Insurance company giant Chubb Ltd. recently announced that it has dropped its pursuit of acquiring The Hartford Financial Services Group. This decision has concluded two turbulent months of offers and rejections between the firms. Over the last couple of months, the Chubb insurance company made three takeover offers to The Hartford Financial Services Group, each of which was turned down. The end of the insurer’s acquisition attempts also means that the city of Hartford…

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