Live Insurance News

Credit history may have a major impact on auto insurance premiums

August 3, 2015July 31, 2015 S.Vagus

Survey shows that credit history is playing a major role in the cost of insurance coverage Consumer Reports has released the results of a recent survey run in the United Stated concerning auto insurance quotes. The survey shows that credit history plays a major role in how much insurance coverage will cost drivers. Credit history may, in fact, have a larger influence on premiums than a person’s driving record, according to the survey. Consumer Reports’ Margot Gilman suggests that this is the case in many states, where poor credit history…

More affordable auto insurance alternative sought by Detroit mayor

June 2, 2015June 2, 2015 Julie Campbell

Mayor Mike Duggan has now asked the Michigan Legislature to give the nod to this type of coverage. Last week, Detroit Mayor Mike Duggan spoke to the State Senate Insurance Committee with regards to a plan that he believes would make it possible for residents of his city to opt out of the Michigan Catastrophic Claims Association and to be able to buy a lower but more affordable type of medical plan to comply with the auto insurance laws. The mayor has referred to this type of new alternative coverage…

Ohio insurance industry hit by severe weather

May 29, 2015May 27, 2015 Marc

climate change weather storm insurance industry

Recent storms put some financial pressure on insurance companies operating in Ohio Recent storms have had a major impact on the insurance industry in Ohio. Recently, a tornado struck Green County, causing several thousands of dollars in damages. Though insurers do not expect losses to be to the degree of severe storms in the past, the recent storm is yet another blow to the insurance industry, which has begun to show concern for the increase in frequency of natural disasters. Some of these concerns are related to the potential effects…

Earthquake insurance is too expensive to be worth the risk in California

September 1, 2014August 31, 2014 Julie Campbell

For many people in the state, the premiums are higher than the perception of the threat. Just over a week ago, the Napa Valley of California was shaken by a 6.0 magnitude tremor that led to surprising amounts of damage, particularly in terms of broken bottles of alcohol, but at the same time, on the whole, homeowners and business owners still feel that earthquake insurance is too expensive to be worthwhile. Even some of the companies most affected were not convinced that insurance coverage would be worth the price. Despite…

Insurance industry may see more losses due to earthquakes

August 27, 2014August 25, 2014 S.Vagus

New report highlights the growing risks associated with earthquakes The Insurance Information Institute has released a report predicting that losses associated with earthquakes will continue to rise in the U.S. There are many factors contributing to growing losses, including a higher degree of urban development in areas of the country that are seismically active. Older buildings are also exposed to earthquake damage due to the fact that they do not comply with current building codes. This factors are driving up the financial burden that earthquakes represent for the insurance industry.…

Earthquake insurance policies held by as few as 6% in Napa, California

August 25, 2014August 25, 2014 Julie Campbell

Despite the risk that is present in that part of the country, very few homes and businesses are covered. Even though Californians live in a state that is known to be located on active fault lines, the vast majority of residents and business owners still are not buying earthquake insurance. This fact came into the spotlight as a quake shook the Napa Valley region over the weekend. Northern California was shaken by a 6.1 magnitude tremor early on Sunday, taking people in populated areas quite off guard. Fires started, buildings…

Insurance news reveals that Connecticut is losing its industry share

July 25, 2014July 22, 2014 Julie Campbell

A new analysis has shown that employment recovery has been occurring nationally, but is declining in the state. The results of a recent analysis making insurance news have shown that while the industry is showing employment improvements across the country, Connecticut’s own share has been on its way down. Jobs within the life insurance sector of the industry have been plummeting in the state for 5 years. Traditionally in Connecticut employment market, the financial and insurance sectors have played very important roles. In fact, Hartford is often the center of…