Tag: insurance industry news

Insurance industry climate needs spur new NOAA and NSF research center

Marc
Insurance industry Needs and Climate Change -

A new agreement between the NOAA and NSF will support the creation of the new facility. The National Oceanic and Atmospheric Administration (NOAA) and National Science Foundation (NSF) have reached an agreement to establish a research center in order to help meet the changing needs of the insurance industry due to climate change. Insurers and reinsurers are among those experiencing the earliest repercussions of climate change. Moreover, the reinsurance and insurance industry are also among those who must develop a specific response to climate change. It must adapt to rapidly…

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The insurance industry is broadly investing in chatbots

Logan B.
Insurance Industry - Chatbot

Insurers are looking for new ways to improve their customer experience amidst a hiring shortage. The insurance industry worldwide is investing in AI-powered insurance chatbots to help boost the customer experience they can provide, even as they face their largest ever hiring shortage. Inflation, rising interest rates and greater global economic pressures have increased the drive insurers have to look at alternative opportunities to keep their customers this year. Many consumers find that it is preferable to interact with chatbots for completing many tasks. According to 2019 data (the most…

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Farmers Insurance Group rating downgraded by Moody’s Investors Service

G. Turner
Farmers Insurance - Downgrade Ahead sign

The insurer’s IFS rating was slashed from an A3 to an A2, while its rating outlook is stable. Moody’s Investors Service has taken Farmers Insurance Exchange’s insurance financial strength (IFS) rating down a degree from A3 to A2, and its surplus note rating from a Baa2 (hyb) to a Baa3 (hyb). That said, its ratings outlook is expected to remain stable. The ratings downgrade is a reflection of the weakness of the insurer’s underwriting results. Farmers Insurance Group saw week underwriting results and the ratings downgrade was a reflection of…

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State Farm lets policyholders receive insurance claim payouts via PayPal

G. Turner
Insurance claim payouts - PayPal app on phone

The new option is a broadening if the insurer’s Digital Pay solution enabled by Fiserv’s Carat. The largest home and vehicle insurer in the United States, State Farm, has announced that it is expanding the insurance claim payouts options available through Digital Pay so that they can be instantly received in a policyholder’s PayPal account. Digital Pay allows customers to have their claims reviewed, approved and paid online. When filing through Digital Pay, policyholders have the opportunity to choose from among several payment methods for insurance claim payouts. These transaction…

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State Farm releases insurance company Environmental, Social and Governance Report

Logan B.
Insurance company - Report from business

The second report the insurer has released updates greenhouse gas reductions and sustainability efforts. State Farm has announced the release of its 2021 Environmental, Social and Governance Report, updating the insurance company’s sustainability efforts and greenhouse gas reductions. The report based on last year’s data is intended to be an illustration of the insurer’s efforts. The insurance company’s commitment to “Good Neighbors. Better World.” was outlined in the second report of its nature. The report outlined the insurer’s ESG framework and its progress on environmental sustainability, as well as social…

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Insurance industry is suffering from the impact of climate change

H. Cutner
Insurance Industry - Climate Change loss

According to a new Capgemini report, only about 8 percent of insurers are adequately preparing. Climate change has been causing harm to the insurance industry, but only about 8 percent of insurers are adequately preparing for the impact of its risks, according to a report published by Capgemini consultants and the Efma industry body. Losses from natural disasters have exploded by 250 percent over the last three decades. The report stated that over the last thirty years, insured natural catastrophe losses have risen by a tremendous 250 percent. Severe storms…

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Insurance industry official calls for more climate change risk assessment

H. Cutner
Insurance industry - Risk Assessment Climate Change

At the same time, the III CEO said that what is not needed is for politics to get in the way. Insurance Information Institute (III) CEO Sean Kevelighan has said that it’s time for the insurance industry to focus on assessing climate risk while putting aside politics that stand in the way of assisting communities most vulnerable to those risks. The non-profit III has a focus on public education and outreach with over 60 insurer members. The III, also known as Triple-I, has been working hard to educate and support…

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