As large insurers step out of many of the federal exchanges, the state is looking to lead the way with alternative options. California Insurance Commissioner Dave Jones supports a new state-level strategy that could enhance health insurance marketplace competition. The intention is to implement a public option within the state which could possibly make California a guinea pig for launching similar ideas in the rest of the country. “I think we should strongly consider a public option in California,” said Jones. California Insurance Commissioner Jones explained that the state is…
Read MoreCan Peer to peer insurance startups really insure a home for $35?
P2P companies are beginning to cause a disruption in an industry worth over a trillion dollars. New peer to peer insurance startup strategies that had never earned much notice are starting to become disruptive to the industry. Among those new insurers is Lemonade, a peer to peer lender. It recently obtained its New York state license as an insurance carrier. Lemonade will be selling exceptionally inexpensive homeowners and renters insurance. The intention of the new Lemonade peer to peer insurance company is to sell policies for well below the standard…
Read MoreAllstate recognizes Life Insurance Awareness Month with reminder to consumers
The insurance company has used September to underscore the financial security benefits of the coverage. September is Life Insurance Awareness Month and Allstate has recognized it by spreading the word. The insurer has been sharing information about the ways in which this type of policy can boost a family’s financial security. There are two primary ways upon which Allstate has been focusing to take advantage of life insurance benefits. The first is the central component of Life Insurance Awareness Month: buying a policy. That said, it recommends purchasing a policy…
Read MoreAuto insurance premiums in the U.S. may slide with driverless cars
As autonomous vehicles roll out – and as that continues into the future – coverage rates will plummet. A new report from Aon Benfield addressed auto insurance premiums in a world of self driving cars. It examined the insurance rate trends that will occur with the expected increasing popularity of autonomous vehicles. The report suggested car owners will be paying a lot less for coverage when cars drive themselves. The predictions are that the “industry pure premiums” will fall a full 20 percent from last year through 2035. This forecast…
Read MoreNatural disaster damage is causing the insurance industry to struggle
Insurers are facing growing challenges with the cost of environmental catastrophes from fire to flooding. A new statement from the Insurance Bureau of Canada has underscored the challenges caused by natural disaster damage to insurers. The insurance companies in Canada are struggling with a rising number of environmental catastrophes. The statement pointed out that the most at-risk property owners will likely find themselves paying more for coverage. This situation is hardly one that is exclusive to the country as insurance companies worldwide face costly challenges. The Insurance Bureau of Canada’s…
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