Category: News for Agents

Agents and brokers should be keeping up on the latest within the industry. Featured new products, agency education along with marketing information that will help further any insurance career.

Storm Chasers: The Unseen Threat Driving Your Insurance Premiums Sky-High

John B.
Storm chasers targeting vulnerable homeowners

Insurance Industry Battles Surge in Roof Damage Claims and Fraudulent Practices The property and casualty insurance sector faces unprecedented challenges as the frequency and cost of roof damage claims soar, largely attributed to increasingly severe and unpredictable weather patterns. This situation is intensified by fraudulent activities perpetrated by unscrupulous contractors, colloquially known as “storm chasers,” who exploit the system and contribute to escalating insurance premiums for policyholders. Rising Claims Amid Severe Weather In recent years, natural disasters such as hailstorms, hurricanes, and intense winter weather have become more frequent, causing…

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Catalytic Converter Theft Drops by 74%: State Farm Insights

Loreen
Auto insurance claims - catalytic converter - hands

A Significant Decline in Catalytic Converter Thefts Brings Relief to Car Owners In a remarkable turnaround, catalytic converter thefts in the United States have seen a substantial decline in the first half of 2024. State Farm, the nation’s leading auto insurer, reports a 74% drop in catalytic converter theft claims compared to the same period in 2023. This is a welcome relief for car owners and insurance holders who have been grappling with rising theft incidents over the past few years. Understanding the Impact Catalytic converter thefts have been a…

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Medicare Agents Should Prepare For Very Busy And Confusing AEP

Ben Jones
Agents preparing for Medicares Annual Enrollment Period

Challenges Loom for Agents During Medicare’s Annual Enrollment Period Amid Major Plan Withdrawals Medicare’s Annual Enrollment Period (AEP) is always a busy time for Medicare agents. “This year will likely be worse,” predicts Jesse Slome, director of the American Association for Medicare Supplement Insurance. “Several things are all happening at once that will impact seniors,” Slome shares. “A number of major Medicare Advantage plan providers have already announced plans to cease offering coverage. Humana, for example, said this could impact 500,000 plan participants.” Several other major insurers, for example Aetna,…

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Hawaii’s Governor Green Ignites State Farm Debate and Disaster Fee Proposal

H. Cutner
Governor Green critizising the insurance industry

Governor Green Proposes Visitor Impact Fee for Disaster Insurance Amid Maui Wildfire Recovery In the aftermath of the devastating Maui wildfires on August 8, 2023, which claimed 102 lives and destroyed nearly 4,000 structures, Hawaiian Governor Josh Green has proposed a visitor impact fee to fund state disaster insurance. This initiative aims to ensure Hawaii’s resilience in the face of future natural disasters while addressing the immediate needs of those affected by the recent fires. Criticism of the Insurance Industry With an Emphasis on State Farm Governor Green has criticized…

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Grapefruit-Sized Hail? Climate Change Could Bring Giant Ice Stones

Ester Adams
Grapefruit-Sized Hail

Introduction to the Giant Hailstones Study A new study published in the journal npj Climate and Atmospheric Science covered by USA Today predicts an increase in ice stones larger than two inches as a result of climate change. This situation could pose challenges for individuals with hail-damaged cars, including dents and shattered windshields, as well as for the auto insurance industry, which has been implementing record rate increases in 2024. Is there a connection between these two issues? Climate Change and Hailstone Growth The study, co-authored by Victor Gensini, an…

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