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Inflation, Supply Chain and Riskier Insured Behavior Putting Pressure on Rates, Profitability, New Insurance Information Institute/Milliman Report Shows

February 16, 2022

NEW YORK, Feb. 16– The Insurance Information Institute issued the following news release:. Michel Leonard, PhD, CBE, vice president, senior economist, and head of Triple-I's Economics and Analytics Department, discussed key macroeconomic trends impacting the property/casualty industry results. Dale Porfilio, FCAS, MAAA, Chief Insurance Officer, Triple-I noted…

Change in Long-Term Care Costs in Maine Mixed; Labor Market Shifts and Continued COVID-19 Pressure Affect Future Costs

February 16, 2022

Nationally, labor market shifts drove increased wages and COVID-19 intensified providers’ existing challenges to meet the increasing demand for long-term care services, according to Genworth’ s 2021 Cost of Care Survey. “The Cost of Care Survey has once again underscored the importance of planning ahead for long-term care costs and highlighted the need to…

Increase in Long-Term Care Costs in Maryland Mirror National Trends; Labor Market Shifts and Continued COVID-19 Pressure Affect Future Costs

February 16, 2022

Nationally, labor market shifts drove increased wages and COVID-19 intensified providers’ existing challenges to meet the increasing demand for long-term care services, according to Genworth’ s 2021 Cost of Care Survey. “The Cost of Care Survey has once again underscored the importance of planning ahead for long-term care costs and highlighted the need to…

Change in Long-Term Care Costs in Massachusetts Mixed; Labor Market Shifts and Continued COVID-19 Pressure Affect Future Costs

February 16, 2022

Nationally, labor market shifts drove increased wages and COVID-19 intensified providers’ existing challenges to meet the increasing demand for long-term care services, according to Genworth’ s 2021 Cost of Care Survey. “The Cost of Care Survey has once again underscored the importance of planning ahead for long-term care costs and highlighted the need to…

Change in Long-Term Care Costs in Kentucky Mixed; Labor Market Shifts and Continued COVID-19 Pressure Affect Future Costs

February 16, 2022

Nationally, labor market shifts drove increased wages and COVID-19 intensified providers’ existing challenges to meet the increasing demand for long-term care services, according to Genworth’ s 2021 Cost of Care Survey. “The Cost of Care Survey has once again underscored the importance of planning ahead for long-term care costs and highlighted the need to…

Change in Long-Term Care Costs in Indiana Mixed; Labor Market Shifts and Continued COVID-19 Pressure Affect Future Costs

February 16, 2022

Nationally, labor market shifts drove increased wages and COVID-19 intensified providers’ existing challenges to meet the increasing demand for long-term care services, according to Genworth’ s 2021 Cost of Care Survey. “The Cost of Care Survey has once again underscored the importance of planning ahead for long-term care costs and highlighted the need to…

Increase in Long-Term Care Costs in Georgia Mirror National Trends; Labor Market Shifts and Continued COVID-19 Pressure Affect Future Costs

February 16, 2022

Nationally, labor market shifts drove increased wages and COVID-19 intensified providers’ existing challenges to meet the increasing demand for long-term care services, according to Genworth’ s 2021 Cost of Care Survey. “The Cost of Care Survey has once again underscored the importance of planning ahead for long-term care costs and highlighted the need to…

Change in Long-Term Care Costs in Florida Mixed; Labor Market Shifts and Continued COVID-19 Pressure Affect Future Costs

February 16, 2022

Nationally, labor market shifts drove increased wages and COVID-19 intensified providers’ existing challenges to meet the increasing demand for long-term care services, according to Genworth’ s 2021 Cost of Care Survey. “The Cost of Care Survey has once again underscored the importance of planning ahead for long-term care costs and highlighted the need to…

Change in Long-Term Care Costs in Delaware Mixed; Labor Market Shifts and Continued COVID-19 Pressure Affect Future Costs

February 16, 2022

Nationally, labor market shifts drove increased wages and COVID-19 intensified providers’ existing challenges to meet the increasing demand for long-term care services, according to Genworth’ s 2021 Cost of Care Survey. “The Cost of Care Survey has once again underscored the importance of planning ahead for long-term care costs and highlighted the need to…

New York Life Releases 2021 Diversity, Equity, And Inclusion Report

February 16, 2022

New York Life, America’ s largest 1 mutual life insurer, reports how its approach to Diversity, Equity and Inclusion underscores its commitment to employees, agents, policy owners, and communities in its 2021 DE&I Report. From continuing to provide spaces for difficult but necessary conversations about race, to our Cultural and Target Markets agents providing…

Change in Long-Term Care Costs in the District of Columbia Mixed; Labor Market Shifts and Continued COVID-19 Pressure Affect Future Costs

February 16, 2022

Nationally, labor market shifts drove increased wages and COVID-19 intensified providers’ existing challenges to meet the increasing demand for long-term care services, according to Genworth’ s 2021 Cost of Care Survey. “The Cost of Care Survey has once again underscored the importance of planning ahead for long-term care costs and highlighted the need to…

Change in Long-Term Care Costs in Connecticut Mixed; Labor Market Shifts and Continued COVID-19 Pressure Affect Future Costs

February 16, 2022

Nationally, labor market shifts drove increased wages and COVID-19 intensified providers’ existing challenges to meet the increasing demand for long-term care services, according to Genworth’ s 2021 Cost of Care Survey. “The Cost of Care Survey has once again underscored the importance of planning ahead for long-term care costs and highlighted the need to…

Risk Strategies Acquires Joyce Insurance Group

February 16, 2022

–Risk Strategies, a leading national specialty insurance brokerage and risk management firm, today announced it has acquired the retail brokerage operations and assets of Joyce Insurance Group, including Joyce Jackman Bell, and Joyce Haggerty Bell. Founded in 1955 by Joseph Joyce Sr. and headquartered in Pittston, Pennsylvania, Joyce Insurance Group has…

Farmers Insurance opens in Gladwin

February 16, 2022

Farmers Insurance has opened up in the old Pale Blue Smoking Co. building located at 121 E. Cedar Ave. in downtown Gladwin. In Gladwin, Fratzen spent nine months as a Farmers Insurance protege and learned how to effectively run an insurance agency. Farmers Insurance in Gladwin is open from 8:30 a.m. until 5 p.m., Monday through Friday.

Cowbell Cyber Completes SOC 2 Type 1 Compliance Certification

February 16, 2022

–Cowbell Cyber, the industry's first AI-powered cyber insurance provider for small to medium enterprises, today announced the successful completion of its Service Organization Control 2 Type 1 certification. The SOC 2 is an auditing standard developed by the American Institute of Certified Public Accounts. "Achieving SOC 2 Type 1 certification allows us to…

GeoX partners with Sompo Japan to develop AI-based automated underwriting platforms

February 16, 2022

This partnership will support Sompo Japan as it develops an automated underwriting methodology utilizing state-of-the-art AI technology. Sompo Japan and GeoX have been working together since January 2021 on developing and introducing methodologies of assessing customer risks by utilizing external data and various advanced digital technologies.

Genworth’s 2021 Cost of Care Survey: Long-Term Care Costs Increase Due to Labor Market Shifts and Costs Associated with Continued COVID-19 Response

February 16, 2022

The cost of long-term care services increased across all provider types in 2021 and increased more substantially for certain settings, according to Genworth’ s 18 th annual Cost of Care Survey. The most substantial increases occurred in home health aide and homemaker services costs. The core driver of increases in the costs of care services remains the…

ADVOCATES CALL CAR INSURANCE STANDARDS DISCRIMINATORY

February 16, 2022

By the time Cuqui Rivera had to renew her car insurance policy in December 2019, the longtime activist had only heard about some of the reasons she– a Hispanic female with a high school diploma– may pay more than her white, college-educated neighbors. Her annual policy with Liberty Mutual cost $2,997, Rivera said. The result of using these "income proxies" in…

– Insurance Commissioner Jessica Altman to Depart Wolf Administration

February 16, 2022

Governor Tom Wolf announced that the Pennsylvania Insurance Department Commissioner Jessica Altman will resign her position with the commonwealth on Friday, February 25. "Commissioner Altman has been a steadfast leader for Pennsylvanians throughout her tenure in state government including protecting access to high-quality, affordable health care by…

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