New auto insurance legislation may undermine the insurance industry in Minnesota

S.Vagus
auto insurance ridesharing

American Insurance Association opposes new legislation proposed in Minnesota New legislation in Minnesota may change the way auto insurance is regulated in the state and it has received opposition from the American Insurance Association (AIA). AIA Midwest region vice president Steve Schneider has provided testimony to the Minnesota State Senate Commerce Committee, highlighting the fact that the AIA is opposed to the legislation taking hold. The organization has expressed concern that the legislation would completely rework state law without taking into account how this would affect the solvency of the…

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Liability insurance coverage needs spike with popularity of drones

H. Cutner
liability Insurance industry policy for drones

As businesses start to find a use for these unmanned flying devices, insurers are selling more policies. Commercial uses for drones are practically limitless and as businesses start to come up with reasons to use these flying devices, insurers are getting calls to make sure the appropriate liability insurance coverage is in place to cover the various perils that could be associated with them. Particularly the case in the United States for the last year, but other countries like Canada are s seeing similar trends. According to the Insurance Bureau…

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Citizens wants to address the rising cost of homeowners insurance coverage

Nordstrom
Florida homeowners insurance, Citizens Property

Citizens may petition governor to investigate rising homeowners coverage premiums A member of Florida’s Citizens Property Insurance’s governing board has suggested that the state-run insurer should ask Governor Rick Scott to convene a special panel to address concerns regarding rising water damage costs. The panel would also highlight litigation that may be leading to higher homeowners insurance premiums in South Florida. Citizens Property Insurance is concerned that such litigation is eroding the financial standing of insurance companies throughout the state. Insurers are facing major financial risks due to rising costs…

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Millennials aren’t interested in insurance jobs, despite the openings

Julie Campbell
millennial insurance jobs

A recent Hartford survey has revealed that this generation simply doesn’t seem to want to be a part of it. Employment may be improving in many regions across the country, but it remains a challenge for many, and despite the fact that insurance jobs are widely available, Millennials don’t seem to want them. The insurance industry is scrambling to try to find qualified, driven people to fill its many job openings. The industry has taken it upon itself to try to change the lack of interest the Millennial generation has…

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Cyber insurance is becoming more important throughout the world

S.Vagus
cyber insurance theft id higher rates

Report highlights the growing demand for cyber protection IDC Financial Insights has released a new report highlighting cyber insurance as an excellent opportunity for insurers due to the growing demand for this form of coverage. Cyber insurance is becoming more important as companies become more reliant on digital technology. These companies face serious risks that could result in severe financial losses if they do not adequately protect the sensitive information of consumers. Demand for cyber protection is on the rise and insurers may find promising opportunities in this emerging market.…

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