Tag: Travelers

Big data is becoming a priority for the insurance industry

Logan B.
US Big Data insurance industry

Executives come together to highlight the importance of big data Insurance technology executives from AIG, Chubb, Travelers, and several other insurance organizations recently came together during a seminar in Philadelphia to highlight the importance of big data in data management. Big data has become quite important within the insurance industry, with executives suggesting that there is no other industry that can benefit more from the use of big data. During the seminar, executives suggested that prioritizing big data may be able to help insurers better manage the risks associated with…

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Hurricane Sandy spawns class-action lawsuit against insurers

Nordstrom
New Jersey homeowners insurance law

New Jersey victims file suit against insurers in wake of Hurricane Sandy Hurricane Sandy continues to cause problems along the East Coast. Though the storm is long over, its effects can still be felt in numerous states. Insurers may soon feel another financial impact as a result of the storm, but it will be coming from consumers instead of the storm itself. Hurricane Sandy victims from New Jersey have filed a class-action lawsuit against nine insurance companies. The suit claims that these insurers denied claims through the misinterpretation of something…

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Hurricane Sandy slams East Coast

S.Vagus
Hurricane Sandy Insurance News

Hurricane Sandy makes landfall and insurers scramble to mitigate impact Hurricane Sandy has hit  the East Coast of the U.S. after building in strength throughout the majority of the past week. U.S. Insurers have been working to prepare for the hurricane, which is expected to cause a significant amount of damage as it passes through densely populated cities in the northeastern region of the country. Claims teams and insurance adjusters have been mobilized to areas that are expected to see the most damage ahead of the storm in an attempt…

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Homeowners should expect their insurance rates to rise

Nordstrom

Many of the largest homeowners insurance providers in the country, including Travelers, Allstate, and State Farm, will be increasing their rates this year following losses in 2011 that were far greater than had been predicted by the industry. The second biggest homeowners insurance company in the United States, Allstate, has already announced that it will be boosting its rates by 5.6 percent between now and September 30, 2012. They have also indicated that policyholders should expect other increases, as well. Travelers has also discussed the increases that will be experienced…

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Commercial insurance market is on the cusp of a new growth

Jay Fishman, the chief executive of Travelers Cos. spoke at a financial services conference for Goldman Sachs, and announced that the insurer had boosted their business insurance prices in October by 5.2 percent, and in November by 5.8 percent, which are the most significant increases that have been made in a number of years. Travelers is known for painting a brighter image of prices than other insurance companies, and this latest announcement doesn’t appear to have changed that fact. However, at the same time, when the insurer said that it…

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Auto insurance based on mileage, IntelliDrive, can offer greater savings to drivers

Recent data has been suggesting that a growing number of consumers are attempting to save money by reducing the amount of driving that they’re doing. Though the main reason for this is to decrease the amount of gas that is used, and lower the amount of maintenance needed on the vehicle, Travelers is now offering another incentive to customers to keep their mileage down. The new IntelliDrive insurance product rewards low-mileage drivers with discounts of up to 5 percent at the time of enrollment, and an additional discount of up…

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Massachusetts motorists to receive refunds for overly priced motorcycle insurance

S.Vagus

Motorcyclists in Massachusetts are about to receive refunds from insurance companies that may have overcharged for coverage this week. State insurance regulators have been investigating the issue for the best part of two years. Last year’s settlements brought motorists nearly $35 million in payouts. This year, three insurance companies have agreed to settle outstanding claims, which will bring an additional $5.7 million to motorcyclists in the state. According to Attorney General Martha Coakley, Travelers, Fireman’s Fund and the Electric Insurance Company have all agreed to issue refunds for overly inflated…

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