Live Insurance News

The Rise of Non-Admitted Carriers in High-Risk States Like California

March 6, 2025March 6, 2025 Nordstrom

Kin Insurance Expands into California, Bringing Solutions to a Challenged Market California homeowners have long faced an uphill battle when it comes to securing affordable and comprehensive home insurance. This struggle has only been amplified by the growing threat of wildfires and other extreme weather events. With traditional insurers retreating from high-risk areas, the gap in coverage has widened. However, Kin Insurance, a direct-to-consumer insurtech player, has stepped in with a promise to tackle these challenges head-on. The California Insurance Crisis For years, large insurance companies have been reducing their…

Texas Class Action Lawsuit Accuses GEICO of Failing to Honor Accident Forgiveness Program

March 5, 2025March 4, 2025 Tate Ellison

A class action lawsuit has been filed against GEICO in Texas, claiming the insurance giant misrepresented its Accident Forgiveness program, resulting in significant financial hardships for some policyholders. The lawsuit, brought by Texas resident Christopher Cude on February 25, alleges that GEICO raised his auto insurance premium by over 91% following a minor, first at-fault accident involving his wife. According to court documents, Cude’s premium increased from $1,358 to $2,664 upon policy renewal, despite the fact that his policy included Accident Forgiveness, which GEICO promotes as a safeguard against rate…

Can Allstate Balance Growth and Risk in Today’s Unpredictable Insurance Landscape?

November 27, 2024November 27, 2024 Logan B.

Allstate Corp. (NYSE:ALL): Facing Challenges and Opportunities in Insurance Allstate Corp., one of the largest insurance companies in North America, is navigating a mix of opportunities and challenges in today’s evolving market. Valued at roughly $53.88 billion as of late 2024, the company has spent the last five years shifting its focus to better connect with customers, particularly through its direct-to-consumer (D2C) offerings. Recent earnings reports show that Allstate is performing well in some areas, with profits coming in higher than expected. However, these successes have been overshadowed by large…

Wildfires are Getting Worse – Geospatial Data Can Help

November 21, 2024November 21, 2024 Antoine Rostand

How Wildfires Are Transforming America’s Landscape As I write this, fires burn in the north-eastern United States. More than 500 wildfires have broken out in New Jersey alone this autumn, and in recent weeks there have been fires in Connecticut and Pennsylvania, too. A 5,000-acre fire has been burning for over a week on the New York border. And that’s just one region, in one country. I could mention Portugal or Australia, California or Greece. This isn’t normal. Wildfires are getting worse. Why? Because of climate change. Thanks to global…

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

July 29, 2024July 28, 2024 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…

Leveraging Allstate Drivewise for Safer Driving Amid Rising Accident Rates

April 18, 2024April 17, 2024 Nordstrom

Allstate Drivewise - Car Accident Increase

Significant Safety Enhancements for Drivewise Users Allstate has uncovered significant safety improvements for drivers who actively use their Drivewise feature, according to a joint analysis with their mobility information and data. The findings indicate that Allstate customers who opt into Drivewise, accessible via the Allstate app, are substantially safer on the road. The program’s data shows a compelling 25% reduction in severe collisions for Drivewise users compared to non-users. Furthermore, an Arity study on driving behavior supports the idea that Drivewise customers are generally more cautious drivers. They are less…

Insurance companies look to artificial intelligence for a spectrum of tasks

June 30, 2023June 29, 2023 Logan B.

From due diligence to identifying cyber threats and even part of the underwriting process, AI is rising in use. Insurance companies are discovering that artificial intelligence (AI) has the potential to improve the efficiency of the underwriting process, as well as to provide added security and due diligence assistance. While cyber criminals are using AI to try to convincingly defraud insurers, insurers are also using the tech. Generative artificial intelligence is moving quickly, and insurance companies are moving to try to work it into their underwriting process as cyber threats…