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NAMIC Looks At What’s Driving Auto Insurance Costs

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INDIANPOLIS, Dec. 14, 2021/ PRNewswire/– The National Association of Mutual Insurance Companies today released its issue analysis "Cost Drivers: How Riskier Roads, Rising Repairs, and Reckless Driving are Increasing Insurance Costs." "There's an important story to be told, and it starts with the fact that most costs involved in providing auto insurance are driven…

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Whether you are a public official, a local business owner or a Florida homeowner trying to protect your most valuable investment– your home– it comes as no surprise that Florida is facing a crisis and it's time policymakers put homeowners ahead of billboard trial lawyers. Nothing demonstrates why Florida is in this crisis more than looking at how Florida stacks…

FEMA's open call for comments from the public will last until Jan. 27, and participants will have the opportunity to write in and attend a virtual meeting this week. But FEMA's call for public input and a recent announcement that the agency is looking at several aspects of the insurance program are hopeful signs, said Joel Scata, a water and climate attorney with…

WASHINGTON- In the past year, the southwestern Louisiana city of Lake Charles weathered two hurricanes, intense rainfall that sent water gushing down streets and a deep freeze that burst pipes. ' "said Eastman, a real estate agent whose annual policy is scheduled to climb from $600 to $2,500 over the next several years. It is a working coast in our state, "said Jim…

Los Angeles, CA December 10, 2021—- A 65- year-old man who lives to age 90 faces a 51 percent likelihood of needing long-term care according to the American Association for Long-Term Care Insurance. A woman living to age 90 faces a 58 percent likelihood. "Living a long life comes with the increased risk of needing long-term care," says Jesse Slome, director of the…

CVS, the parent company of health insurer Aetna, said it expects revenue of at least $290.3 billion, up from previous guidance of between $286.5 billion and $290.3 billion. It expects adjusted operating income of at least $16.6 billion, to increase from $16.4 to $16.6 billion. And it expects revenue next year of between $304 billion and $309 billion, up as much as…

Toyota Auto Insurance offers consumers a quick, easy and flexible policy purchase process via Toyota's state-of the-art mobile app, call center agents, participating Toyota dealerships and the ToyotaAutoInsurance.com website. The product seamlessly integrates with Toyota vehicle benefits such as Toyota Care Roadside Assistance, so customers won't…

State Auto Financial Corporation today announced the intention of Liberty Mutual Insurance to appoint Kim Garland, currently senior vice president of personal& commercial lines and managing director of State Auto Labs, as president of State Auto following the completion of Liberty Mutual’ s pending acquisition. Kim Garland, who will become president of…

VYRD Insurance Company, based in St. Petersburg, will be selecting up to 42,045 Citizens customers from every region of the state to form its initial "book of business." The new company, created with $46 million in investment capital, will be led by David Howard, a former executive of Tampa- based Lighthouse Property Insurance and Boca Raton- based Edison Insurance.

MCLEAN, Va.,& BEDFORD, Mass.—- The MITRE-Harris Poll Survey on Health Insurance Literacy and Perception finds 75% of health-insured individuals in the United States have some level of concern about financial hardship due to medical bills— nearly matching 77% of uninsured sharing that same worry. “These survey results highlight the challenges that people across…

Dec. 5— A wave of retirements is sweeping over the Buffalo Niagara region— and it's one of the big reasons why "Help Wanted" signs are almost as common as holiday light displays. Those retirements mean experienced workers are leaving the workforce at a time when thousands of other local workers are sidelined because of factors ranging from child care issues and…

An early halt to the Fed’s bond-buying program, which has helped keep long-term interest rates low and thereby supports the economy, would open the door for the central bank to make the more impactful decision to start raising short-term interest rates.
Insurers are drawn to analytics to grow business.

Virtually across the board— but most noticeably in pricing, underwriting and claims— insurers reported that their use of and plans for advanced analytics have been reignited over the past two years.

Insurance experts in Florida are warning that it’ s the result of the latest billing strategy by repair contractors that leaves homeowners vulnerable to surprisingly high invoices, liens against their homes and lawsuits if insurers fail to pay. The trend is the latest salvo in an ongoing battle between contractors and home insurance companies in Florida.

Just before 6:15 p.m. on a Thursday in October 2015, a midsize sedan collided with a charter bus on Interstate 10 outside New Orleans, according to court documents. The whole accident, in fact, was staged by the driver of the sedan and his passengers in a ruse to defraud the bus company and its insurer, the U.S. Attorney’ s Office in New Orleans said.

Nov. 18— RALEIGH— A Raleigh man who claimed to have been served a burger with a hair in it now faces an insurance fraud charge, officials said Wednesday. Ronnie Bernard Truesdale, 41, was arrested Tuesday and charged with insurance fraud and attempting to obtain property by false pretense, which is a felony, the North Carolina Department of Insurance said in a news…

–The Penn Mutual Life Insurance Company, a Fortune 1000 company, recently introduced the Guaranteed Minimum Accumulation Benefit Rider II as an optional benefit to its Smart Foundation Variable Annuity products. "The GMAB II Rider is one of the most client-friendly, flexible guaranteed minimum accumulation riders in the marketplace," said Heather Yonosh,…

–Over a year and a half into the COVID-19 pandemic, most Americans agree that it's more important than ever to stay in their home for long-term care. According to the tenth annual Nationwide Retirement Institute ® Long-term Care survey of 1,812 U.S. adults aged 24 or over and 706 caregivers, conducted by The Harris Poll in October 2021, the vast majority of…

–BriteCo jewelry insurance released today a new engagement ring research report highlighting consumer spending and buying influences entitled, Buying and Protecting Your Engagement Ring: 2021 State of Art Survey and Report. 60% spent from $2,500 up to $10, 000+ on their engagement ring 38% said the engagement ring was their biggest purchase outside of…

NEW YORK- November 16, 2021-. Northwestern Mutual: Many people don't realize what tax implications can come from going on short term disability. Is short term disability taxable?

WASHINGTON, Nov. 16– Public Citizen issued the following statement on Nov. 15, 2021:. In June, Public Citizen, in partnership with 24 other organizations, submitted comments on the state's draft guidance, calling on DFS to adopt a precautionary approach, address insurers' contributions to climate-related risk, and monitor the effect insurers' risk management…

Nov. 16— Though many policyholders already are aware, Insurance Commissioner Jim Donelon told a task force Monday that auto insurance rates have gone up since a new law went into effect that limits access to the courts and was sold with the promise of lowering the rates. "Oh okay, and rates are going up, this year, actually, 2% to date, through October," Donelon told the…
Washington state's new long-term care insurance benefit is the first of its kind.

The WA Cares Fund requires workers in Washington state to pay a premium of 0.58% of their total pay per paycheck, meaning an employee with a salary of $50,000 will pay $290 a year into the fund.

Lambda Legal announced on November 1 that the Justice Department has dismissed two appeals pending at the San Francisco- based Ninth Circuit Court of Appeals, opening the way for enforcement of orders by federal courts in Washington State and Arizona in favor of Lambda's claim that surviving same-sex partners who would have married their spouses prior to…
The pandemic has many older Americans concerned about retirement security.

One in four employer-sponsored retirement plan participants ages 45 and older reporting that the pandemic has caused them to push back their retirement or prevented them from ever retiring at all.

Midwest Holding Inc. announced that its subsidiary American Life & Security Corp. has launched its first multi-year guaranteed annuity product…
Long-term care insurance is getting squeezed out as Americans plan for retirement.

According to the American Association for Long-Term Care Insurance (AALTCI), the number of individuals who purchased traditional LTCI products declined last year.

New Mexico state law requires all motorists to carry a minimum level of liability insurance. In New Mexico, the figure is 21.8%, which doesn't even make us the worst in the nation. When you buy car insurance in New Mexico, you'll get uninsured motorist coverage unless you specifically decline it.

Gretchen Whitmer on Monday called on the auto insurance industry to send refunds that could total billions of dollars to all insured motorists in the state. Refunds should be issued by the Michigan Catastrophic Claims Association, she said. Whitmer said in a Monday letter to Kevin Clinton, the executive director of the MCCA, that financial reports show the…

New Orleans- based Ochsner Health System is the first hospital system in Louisiana to create its own health insurance arm selling Medicare Advantage policies. Before rolling out statewide, Ochsner wants to sell plans in the New Orleans and Baton Rouge region, which includes the following parishes: Ascension, East Baton Rouge, East Feliciana, Iberville,…

–The Penn Mutual Life Insurance Company, a Fortune 1000 company, announces the introduction of two whole life insurance products that bolster its industry-leading portfolio. Guaranteed Whole Life II and Survivorship Whole Life provide guaranteed benefits and flexibility backed by more than 170 years of financial strength and consistent dividend…

Prudential Financial, Inc. today announced its commitment to achieve net zero emissions across its primary domestic and international home office operations by 2050. These actions are aligned with the latest climate science of limiting global warming to 1.5 degrees Celsius or lower, as specified in the Paris climate accord. The company’ s home office…

As the changing climate makes extreme weather more common, more and more people are dealing with damage to their homes and property. In 2020, nearly 40% of all insurance claims were for weather-related damage, according to a new report out from LexisNexis Risk Solutions. "And that means that consumers need the protection of insurance more than ever," said Carolyn…

The pandemic continues to put pressure on businesses’ bottom lines. And part of that equation now includes the risks of having unvaccinated workers. JPMorgan says it will start deducting pay from unvaccinated workers to cover the cost of COVID testing. And that begs the question: How much are unvaccinated workers costing companies?

The National Flood Insurance Reauthorization Act of 2021 is being introduced by U.S. Sen. The Federal Emergency Management Agency's Risk Rating 2.0 could lead to rate hikes of 5% to 18% a year— or 25% a year for vacation homes— until the cost is in line with what FEMA says is the actual flood risk and value of each individual property. FEMA manages the flood insurance…

Starting in January, most workers in Washington will see a 0.58% payroll deduction on their paychecks that will go toward funding the WA Cares Fund, the state's first-in-nation public insurance program which intends to help older residents age in their own homes without having to spend down their savings. Once they opt out they are permanently excluded from…

A new poll reveals that the Global Financial Crisis of 2008 had the most profound impact on investors—but they continue to struggle with the financial fallout of the COVID-19 Pandemic—driving their desire for guided advice and need for comprehensive financial planning.

Transamerica today announced the expansion of its workplace-focused benefit solutions with the introduction of Individual Coverage Health Reimbursement Accounts (ICHRAs)….