Live Insurance News

Many consumers may be losing faith in their property insurance providers

August 11, 2015August 8, 2015 Logan B.

Accenture report highlights falling satisfaction among consumers Accenture has released a new report highlighting the findings of a survey of those living in 33 different countries. The report aimed to determine how satisfied people living in these countries were with their property insurance provider and their life insurance provider. The report shows that loyalty among consumers has declined somewhat and many people are becoming more likely to seek out new insurance providers in order to find better deals or better coverage options. Only 29% of consumers are satisfied with their…

Berkshire Hathaway is pulling back from the property insurance space

July 17, 2015July 16, 2015 Marc

Lloyd’s insurance claims - Home office building

Lower claims and financial losses are good news for insurance providers This year, damage caused by natural disasters has gone down, which has provided property insurance providers with some breathing room in terms of claims payments. While some countries have experienced fairly catastrophic disasters, these events have been somewhat mild when compared to what the insurance industry had to deal with last year, according to a report from Munich Re. Though claims payments are going down, so are premiums, which means that insurers are still seeing some financial stress in…

Lawmakers seek to reduce cost of property insurance in North Carolina

March 13, 2015March 12, 2015 S.Vagus

New legislation targeting property insurance has been introduced in North Carolina Lawmakers in North Carolina are looking to reduce property insurance rates by changing the state’s initiative to cover catastrophic losses caused by natural disasters. A new legislation has been introduce that would establish a public bonding authority, which will be part of the North Carolina Coastal Property Insurance Pool. The legislation would also require insurers to provide information concerning the costs they must bear by providing coverage to coastal properties and how much money they are making from these…

New legislation brings more clarity to property insurance

February 18, 2015February 16, 2015 S.Vagus

Mississippi legislation aims to bring more clarity to the property insurance sector Mississippi lawmakers are attempting to bring more clarity to the property insurance space. A new legislation, which has won support from the House of Representatives, is set to appear before the state’s Senate. The legislation is designed to bring more transparency to homeowners insurance and provide clarity on the premiums that insurance companies collect. Called the Property Insurance Clarity Act, the legislation is gaining strong support. Last year, a previous version of the legislation was struck down by…

Citizens Property Insurance continues to release homeowners insurance policies

February 13, 2014February 11, 2014 Marc

Florida homeowners insurance, Citizens Property

Citizens falls below 1 million policies for the first time since 2006 Florida’s Citizens Property Insurance has announced that it has successfully reduced the number of policies it is responsible for to less than 1 million for the first time since 2006. The state-run insurer has been working to depopulate itself per the whims of the state Legislature. Lawmakers believe that depopulating the insurer of policies will help address several problematic financial issues. As such, the policies being released by Citizens are being acquired by private homeowners insurance companies throughout…

Citizens launches new initiative to shed homeowners insurance policies

January 31, 2014January 28, 2014 S.Vagus

New initiative may help Citizens send policies to private companies Florida’s Citizens Property Insurance has launched a new initiative that is designed to further depopulate itself of costly homeowners insurance policies. The state-run insurer had been suffering from serious financial issues in the past, which are associated with the state’s exposure to natural disaster and the disasters that had visited the state in the past. Citizens has overcome many of its past issues, but is still working to shed policies and the organization is encouraging policyholders to find coverage from…

Social media could be a powerful tool for the property insurance sector

July 1, 2013July 1, 2013 S.Vagus

Property insurance marketing could get easier with the help of social media The value of social media as a marketing platform is often understated and underestimated, especially in the property insurance sector. Social media represents millions of potential consumers interacting with one another on a regular basis. While these people primarily use social media platforms as a way to stay connected to friends and family, they have shown that they are willing to connect with companies as well. According to the Insurance Technologies Corporation, a Texas-based company specializing in various…