Tag: insurance statistics

State Farm Leads in Digital Tools but Faces New Customer Demands

Ester Adams
State Farm ahead of the digital tools

In the rapidly evolving landscape of property and casualty (P&C) insurance, digital innovation is key to staying ahead. The 2024 P&C Insurance Experience Benchmark report from Corporate Insight has identified State Farm as the leader in providing top-notch digital tools. Yet, despite its dominant position, State Farm faces new challenges as customers demand more detailed coverage information rather than simply the ability to pay bills online. This shift in customer expectations raises questions about the traditional role of insurance agents in an increasingly digital world. State Farm – A Digital…

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Homeowners Insurance Reimagined: The High-Tech Tools That Could Cancel Your Coverage

Marc
homeowners insurance and drones insurance tools

In-Depth Look at New Trends in Homeowners Insurance In today’s world, protecting your home means more than just locking your doors and installing a security system. Homeowners need to be vigilant about potential hazards not just on their property, but also how those hazards are perceived from above. Increasingly, insurance companies are using satellite imagery and drones to assess properties, identifying risks that might previously have gone unnoticed. Trampolines, debris on roofs, and even decorative ivy can now lead to coverage cancellation, often without warning. Nationwide Phenomenon It’s not just…

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The Serious Illness Insurance Market Will Reportedly Hit $354 Billion By 2031!

Guest Author
serious illness costs going up

On a global scale, the serious or critical insurance market is reported to remain on a rise! Advancements in science and medicine makes it easier than ever for consumers to consider the possibility of having to live with cancer, heart disease or kidney failure during their lifetimes. By understanding more about common diseases, it appears that consumers are also wanting more insurance coverage to adequately address potential future medical emergencies. Allied Market Research was able to release their 2021 findings that clearly stated that the serious illness insurance market generated…

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$13.5 Billion in Long-Term Care Insurance Claims Paid In 2022

G. Turner
long term insurance claims report just in

Insurers paid out $13.25 Billion in long term care insurance claims during 2022 according to a new report released this week by the American Association for Long-Term Care Insurance (AALTCI). “Consumers need to understand that long-term care insurance companies have paid benefits to millions of Americans over the past decades,” says Jesse Slome, AALTCI’s director. “In fact, each year, insurers pay more in claim benefits to more beneficiaries than the prior year.” According to Slome, some $12.3 Billion in claim benefits was paid out in 2021. “The over $1 Billion increase…

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Cyber insurance market grows by over a third last year

H. Cutner
computer keyboard cyber insurance market

A recently released Fitch Ratings report suggests that this digital coverage grew by 35 percent. A new Fitch Ratings report suggested that the cyber insurance market’s premium exposure, estimated to be $1.35 billion, is greater than predicted. Fitch pointed to natural obstacles to differentiating the cyber related premium from other forms of multi-line coverage products. High profile hacking cases making headlines are driving interest in the cyber insurance market. “Take-up rates for cyber insurance are increasing with frequent reports of computer hacking incidents, including: network intrusions and data theft, as…

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Auto insurance statistics show collisions are greater in states with legalized marijuana

G. Turner
Medical Marijuana Auto insurance statistics

The data is in and it’s not good news for the states that have legal pot, as car crashes are more common. Recent auto insurance statistics from an industry study has linked a spike in car accident claims with the legalization of recreational pot use. The findings are the result of a Highway Loss Data Institute analysis. The insurance research group reported an average 2.7 percent increase in crashes where marijuana is legal. Washington, Colorado and Oregon have all seen a considerable increase in their auto insurance statistics regarding traffic…

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Strange insurance claims rise as a result of fur, feathers and creepy-crawlies

Julie Campbell
bedbug animal related strange insurance claims

Everything from peacocks to bedbugs are leading to a rise in filings with insurers in the United States. Strange insurance claims resulting from animal-related incidents are on the rise in the United States. Everything from aggressive peacocks to hotel room bedbugs are sending people to their insurers for reimbursement of their losses. This insurance data was published by Allianz SE in a report based on a recent study it conducted. Strange insurance claims in the United States involving bedbugs rose by 50 percent from 2014 to 2015, according to Allianz…

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