Tag: COVID-19

Progressive Insurance CMO Jeff Charney announces his retirement

Nordstrom
Progressive Insurance CMO - Change in Business

Having been in the position since 2010, he expects his last day to be in January 2022. Progressive Insurance CMO Jeff Charney has announced that he will be retiring from his position at the company at the start of next year. Charney has been Chief Marketing Officer for the insurer since 2010 and is leaving time for a successor. The early announcement of the Progressive Insurance CMO is making it possible for the company to take its time to find the right successor for the job. Charney expects to retire…

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GEICO reports over 20 percent drop in property damage and collision claims last year

Nordstrom
Property damage - car accident - damage

The auto insurer’s data showed its claims fell through the floor throughout the first year of the pandemic. In a recent statement from the company, GEICO shared data showing that its collision claim frequency fell by “twenty-three to twenty-four percent” and property damage dropped by even more. The dropping claims frequency during the pandemic’s first year led to far greater year-over-year profits. The onset of the COVID-19 crisis in 2020 vastly reduced the property damage and collision claims, allowing GEICO to more than double its profitability when compared to 2019.…

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Low independent film insurance availability due to COVID-19 causes struggles

Nordstrom
Independent film insurance - movie set

Major insurers are unwilling to take on the risk of production delays and shutdowns in the pandemic. A lack of easy availability of independent film insurance amid the pandemic has added a new level of challenges to the substantial effort of lining up financing. Finding coverage to cover interruptions as a result of COVID-19 has become painful for these creators. The primary challenge with independent film insurance is that while major insurers are hesitant to sell it, lenders require it. It has made the situation difficult enough that many productions…

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The percentage of kids without Pennsylvania health insurance is rising

Nordstrom
Pennsylvania health insurance - children sitting on bench

The trend had been steady in 2018, but the segment of uninsured children in the state has climbed. In 2018, Pennsylvania health insurance data showed that the rate of uninsured kids had been holding study. However, last year, showed that the trend broke and more children were going without coverage. There are concerns that this situation could worsen as families face COVID-19 pandemic fallout. The Pennsylvania health insurance uninsured rate among children aged 18 years and younger hit 4.6 percent. That grew by 0.2 percent from 2018 and 2019, according…

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Is vaccine insurance ready to take on upcoming pandemic shipments?

G. Turner
Vaccine insurance - vaccination

Airlines will represent the first step toward ensuring inoculations make their way around the world. As research continues to vaccinate the world against COVID-19, companies are getting closer to finding a potential candidate and vaccine insurance will need to cover various stages of transportation, often starting with the aviation industry. The insurance industry is gearing up for the time when the aviation industry will require coverage. That said, vaccine insurance will require the industry to identify and understand the unique risks that may be created as a result of what…

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Health insurance plan enrollment has shifted due to the pandemic

Marc
Health insurance plan enrollment - pandemic - American flag on face mask

As is the case with everything else, signing up for coverage has been impacted by COVID-19. As has been the trend with virtually everything in 2020, health insurance plan enrollment has been impacted by the presence of the pandemic. The coverage and benefits have altered due to the impact of the pandemic on health care. As insurers, employers, and even Medicare have seen the needs of policyholders change throughout the pandemic, they have made changes to coverage in an effort to better respond COVID-19. Consumers are also taking a closer…

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Pandemic forces Lloyd’s of London insurance contracts into review

G. Turner
Insurance contracts - Lloyd's of London building reflected in glass

The massive marketplace is re-examining the way coverage products are designed due to COVID-19. Lloyd’s of London has launched a new review of its insurance contracts, taking a new look at the way products are created and sold. The purpose is to develop simpler products in response to the COVID-19 pandemic. Insurers have suffered considerable reputational damage due to the complexity of their products. This complexity in insurance contracts has made it difficult for businesses to understand. The result has been a wave of court cases meant to decide whether…

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