At the National Council of Insurance Legislators “Summer” Meeting in Alexandria, Va., the organization adopted the NCOIL Private Primary Residential Flood Insurance Model Act.
When asked why they don’t have life insurance, almost four in 10 (38%) said it would be too expensive. However, the survey suggests most people probably overestimate the cost. For example, a 20-year, $250,000 term policy would cost roughly $200/year for a healthy 30-year-old male and $185 for a healthy 30-year-old female.
LL Global, Inc., the parent organization for LIMRA and LOMA, today announced it has hired John Carroll to lead its National Accounts team.
Rates for individual plans were held essentially flat, with an average increase of 0.01%, down from the average requested increase of 6.29%.
Life insurance application activity jumped shot up 9.1% in August in a year-over-year comparison by MIB Life Index.
COVID-19 definitely affected life insurance sales this quarter, a LIMRA executive says. Despite the decline in new premium, nearly half of companies reported growth in policy sales, citing increased consumer interest due to the pandemic and their ability to sell products without meeting face-to-face.
A new U.S. consumer auto insurance shopping study provides key insights to help insurers improve their engagement strategies in order to help increase policyholder retention.
The U.S. single premium buy-out sales totaled $2.3 billion in the second quarter, down 46% from second quarter 2019, according to the Secure Retirement Institute U.S. Group Annuity Risk Transfer Sales Survey.
The life/annuity industry’s net income fell by 66% in the first half of 2020, compared with the year-ago period, A.M. Best reported today, driven by a major reinsurance agreement inked between Jackson National and Athene. The deal had the effect of moving approximately $27 billion of premium out of the U.S. statutory industry population.
The ongoing pandemic combined with new principles-based reserving rules to keep life insurance sales down for the second quarter, Wink Inc. reports. The future is brighter for some products, whole life, in particular, said Wink CEO Sheryl Moore.
Law firm Grant & Eisenhofer has filed a pair of class actions against 11 insurance companies who denied coverage claims for business shutdowns due to COVID-19.
When it comes to the economy, consumers are similarly split along political lines, LIMRA reports in a new survey. Sixty-eight percent of consumers who identify as liberal continue to be highly concerned about the economy while just 44% of conservatives show this level of concern.
Queen’s iconic rock opera “Bohemian Rhapsody” knocks out Journey’s “Don’t Stop Believin’” as the top driving song this year, according to a new survey from Insurance.com.
Kent Sullivan has notified Governor Greg Abbott that he will resign as Texas Insurance Commissioner in September to return to the private sector.
Industry trade associations applauded a new rule today from the Trump administration requiring retirement plans to provide an illustration of the amount of monthly income that might be generated by an individual’s retirement savings.
British insurer Prudential Plc. will spin off its American businesses, which include Jackson National Life Insurance Co., in order to focus on operations in Asia and Africa. Jackson was the leading seller of annuities in the U.S. market for 2019, although the insurer has struggled financially in 2020.
Morningstar said that the DOL could go further to protect all investors receiving rollover advice in a variety of contexts. The DOL should revisit the “regular basis” prong of the five-part test to either eliminate this requirement or presume that it is satisfied in the context of a rollover.
The surplus for the private U.S. property/casualty insurance industry dropped by $75.9 billion in the first quarter of 2020—its largest-ever quarterly decline—as the stock market suffered a major downturn.
Total annuity sales were $48.8 billion in the second quarter, down 24% from second quarter 2019, according to preliminary results from the Secure Retirement Institute annuity sales survey. The ongoing COVID-19 pandemic is being blamed for slowed sales, in part by preventing face-to-face contact.
The National Association of Insurance Commissioners announced a special committee on race in a news release today. The new committee comes as insurance regulators on several committees and task forces continue to discuss whether “proxy discrimination” needs further attention.
The New York State Department of Financial Services today filed charges against First American Title Insurance Co., claiming the company exposed millions of documents containing personal information of clients.
A new study by Secure Retirement Institute finds American workers who lost their jobs or experienced a drop in income due to the COVID-19 pandemic were at least twice as likely to take money from their qualified retirement savings accounts as those who weren’t impacted.
After pandemic-related declines in March thru April, U.S. life insurance application activity rose for the second consecutive month, up 1.2% in June year over year, according to the MIB Life Index.
Employers — many who are dealing with the potential of lower revenue and managing remote work arrangements and the uncertainty of when things will return to normal — may choose to delay or cancel plans to put their defined contribution (DC) plans out to bid. This would significantly impact DC plan sales in 2020.
Prolific insurance executive and author John (Jack) A. Bogardus Jr., 92, died June 28 in Scottsdale, Ariz.
Health insurers are far more interested in offering dental benefits now than they were two years ago, according to a new report. The percentage of health insurers offering dental insurance products has risen from 68% in 2018 to 80% today.
This merger positions the firm as a leading provider of advisory services to its targeted niche of retirement advisors. The combined company will retain the Brookstone name, executives said in a news release, and will reflect the best that each firm has to offer, including exclusive and expansive state-of-the-art technologies.
Remote work has been a challenge for advisors trying to serve clients during the COVID-19 pandemic, a recent study revealed. More specifically, nine out of 10 advisors said that not being able to meet with clients in person has had the biggest impact to their business while social distancing measures are in effect.
A new LIMRA survey find companies have growing interest in modifying their benefits packages, enrollment strategies and their relationships with their carriers. About 25% of employers say COVID-19 has made them more interested in making changes to their insurance benefit programs within the next 18 months.
EDITOR’S NOTE: This is Part 2 of an interview featured in the July edition of InsuranceNewsNet Magazine between InsuranceNewsNet Publisher…
The COVID-19 pandemic triggered ultra-low interest rates, extreme market volatility and record-high unemployment — conditions that generally are unfavorable for annuity sales. The good news is annuity sales should bounce back strong in 2021 and 2022, the Secure Retirement Institute reports.
Even before the COVID-19 pandemic hit, low- and middle-class Americans were less prepared to deal with the death of a main breadwinner, according to a survey taken in January.
Despite the economic craziness — or maybe because of it — Americans are trusting insurance agents and companies more than ever, according to LIMRA data.
The National Association of Insurance Commissioners is converting its Summer Meeting to a virtual format.
Already reeling from coronavirus pandemic losses, the property and casualty industry finds itself engulfed in another national calamity.
Three industry organizations are partnering on a joint mortality experience study that will compare individual life mortality involving COVID-19 now and into the near future. LIMRA, the Society of Actuaries (SOA) and TAI are working on an inaugural report to release later this summer.
The newly unemployed will be looking for health insurance — and not finding it in some states.
About three minutes into the speech, Trump said: “I met with the leaders of health insurance industry, who have agreed to waive all copayments for coronavirus treatments.” A health insurance lobbying group later clarified that the president was partially correct.
America’s Health Insurance Plans is the latest organization to cancel events due to the rapidly spreading coronavirus pandemic.
Total annuity sales of $241.7 billion in 2019 represented the best sales in 11 years as the industry continued to rebound from regulation and other pressures. Sales increased 3% over 2018 results, according to the Secure Retirement Institute Fourth Quarter U.S. Annuity Sales Survey.
Florida legislators moved closer Wednesday to banning life-insurance, long-term care insurance and disability-insurance companies from using customers’ genetic information in changing, denying or canceling policies. The House passed a bill, which now moves to the more difficult state Senate.
A bill introduced by State Sen. Annette Taddeo, D, would make Florida the 12th state to elect its insurance commissioner.
The Secure Retirement Institute surveyed consumers who save in a retirement savings account to find out how they preferred to get their retirement plan information.
New Jersey became the latest state to pass a law to better protect senior citizens from financial exploitation.
A survey by the Insured Retirement Institute (IRI) finds that millennials’ expectations are not well aligned with the retirement planning steps they have taken thus far. Although nearly eight in ten millennials say that they have saved some money for retirement, nearly half – 46 percent – have saved less than $10,000.
The nine most-brazen insurance fraudsters of 2019 were chosen by the Coalition Against Insurance Fraud. The convicted extreme schemers were inducted into the Insurance Fraud Hall of Shame.
LIMRA is now offering My Products, a dashboard that filters data from its Life Compass tool, to allow companies to “compare individual life insurance products with similar competitors’ products, boosting their ability to track their own performance and adapt to evolving market conditions.”
Annuity sales fell in the third quarter 2019, decreasing 8.4% as the combined sales of fixed and variable annuities totaled $55.7 billion, according to data compiled by Beacon Research and Morningstar. Annuity sales are up 7.5% on a year-to-date basis, the report found.
While the third quarter is typically a tough quarter for life insurance sales, this year is was “particularly challenging,” said Sheryl Moore, president and CEO of Wink, Inc. With state insurance commissioners working to tighten up regulation of illustrations, it might remain a tough market.
Variable annuity sales in the third quarter were $21.2 billion, an increase of 1% over the previous quarter. Variable annuities have no floor, and potential for gains/losses that are determined by the performance of the subaccounts that may be invested in an external index, stocks, bonds, commodities, or other investments.
Representing the U.S. Chamber of Commerce, Eugene Scalia played a major role in convincing an appeals court judicial panel to vacate the Obama Labor Department’s fiduciary rule. The DOL is working on a replacement rule to be unveiled by the end of the year.
The Independent Insurance Agents & Brokers of America supports the bill, which would protect agents and brokers who write insurance coverage for legitimate cannabis-related businesses from criminal prosecution and civil liability. The bill passed the House with a vote of 321-103.
The combined sales of fixed and variable annuities totaled $60.7 billion, compared to sales of $57.7 billion in the first quarter of 2019, according to data reported by Beacon Research and Morningstar.
After 20 years and more than 150 commercials, the Geico gecko remains one of the most recognizable commercial characters on television. In fact, the gecko came in third place in a survey of the most recognizable mascots in a recent survey.
Second-quarter annuity sales were up sharply again across the board, continuing a sales rebound that began with the defeat of the Department of Labor fiduciary rule early in 2018. Sales were led by fixed indexed annuities. In the first six months of 2019, FIA sales were $38 billion, an increase of 18%, compared with the first six months of 2018, LIMRA reported.
Ohio National execs say regulations and low interest rates make annuities a tough sell. The company will focus on growing its life and disability insurance lines, as well as expand Latin America operations. The company recently named Christopher A. Carlson as president and CEO.
The change in leadership comes as the institution gets ready to relocate to larger space.
A National Association of Insurance Commissioners committee called a special meeting in Kansas City to hammer out a model law for annuity transactions. But member states have a wide gulf of disagreement to bridge.