The National Insurance Crime Bureau (NICB) recently released a three-year analysis of insurance claims associated with hail storms in the United States. According to the NICB review of claims data from ISO ClaimSearch®, there were a total of 2.9 million hail loss claims in the United States from 2016 through 2018. The top five states…
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Putting Car Insurance Prices Into Perspective
As car insurers help their customers cope with the pandemic’s economic impact through premium refunds and other relief measures and some groups complain the efforts are insufficient and ask regulators to make insurers pay more, it’s worth noting that the cost of insuring motor vehicles has grown more slowly than inflation over the past 12…
NAIC’s life insurance policy locator finds $92.5 million in lost life insurance policies in its first year
The National Association of Insurance Commissioners (NAIC) announced on Monday that its Life Insurance Policy Locator has matched 8,210 beneficiaries with lost or misplaced life insurance policies or annuities – totaling $92.5 million returned to consumers – since the launch of the consumer tool last November. More than 40,000 consumers have conducted searches since the policy locator…
Earthquakes: More links from Insurance Information Instititute
We posted this look at insurance coverage and earthquakes earlier today. More important links about earthquakes and insurance: A long III background paper on the topic, including discussion of: Economic losses from earthquakes. How earthquake severity is measured. 10 costliest earthquakes in US history in terms of insured losses. 10 costliest earthquakes in world history…
Selfies And Life Insurance
Today’s selfie may already be posted on Instagram, but consider this: one day it could be part of your application for life insurance. NerdWallet reports that several life insurers are testing technology that uses facial analytics and other data to estimate life expectancy. The tech company in focus, Lapetus Solutions, says its product Chronos, would enable…
CORONAVIRUS WRAP-UP: PROPERTY AND CASUALTY (4/16/2020)
Legislation and regulation Democrats Plan Legislation to Force Insurance Companies to Pay Out for Pandemic Losses Thompson Introduces the Business Interruption Insurance Coverage Act Lawmakers Advocate Stimulus Aid to Insurers on Business Interruption SC Proposes Bill Over Coronavirus-related Business Interruption Claims NJ offers grace period for insurance premium expenses Coronavirus Regulations: A State-By-State Week In…
Health hazard exclusions “detrimental” to e-cigarette and vape shop operations
The e-cigarette business just got a shock to the system as the Food and Drug Administration directed five major e-cigarette manufacturers on September 12 to address the use of their products by youth in the next 60 days. If they don’t comply, the agency could require manufacturers to stop selling flavored tobacco pods that appeal…
As wildfires break records what can agents do?
Last year’s wildfires broke records, and the destruction has been repeated again this year. California’s Insurance Commissioner Dave Jones announced on September 06 that the Carr and Mendocino Complex fires topped $845 million in insured residential and commercial losses, marking them as some of the most destructive wildfires in California’s history. As flames level homes…