Live Insurance News

Consumer advocates say home insurance is still available in California without State Farm

June 5, 2023June 2, 2023 Marc

They are assuring property owners that other insurers will be able to help them find coverage. State Farm recently announced that it would no longer be accepting new home insurance and business insurance applications in California, due to the increasing frequency of wildfires and the rising cost of repairs. Many property owners are now wondering how they will be able to find coverage in the state. According to consumer advocate groups, there are still opportunities to find home insurance coverage in the state, though some are hoping that since State…

State Farm will no longer sell home insurance in wildfire-prone California

May 31, 2023May 30, 2023 Julie Campbell

The giant has announced that it is leaving the state’s homeowners’ market due to high risk and construction costs. State Farm has announced that due to spiking wildfire risks and construction costs, it is leaving selling in California’s home insurance market altogether. The insurer is stopping new sales of the coverage in the state, which it says has become too expensive. State Farm issued an official media release to announce its withdrawal from the home insurance market in California. It stopped accepting business and personal applications on May 27. That…

Positive marijuana test results following workplace accidents reaches 25-year high

May 29, 2023May 26, 2023 Marc

Positive marijuana test - Workplace accident - marijuana leaves

Results in the finance and insurance industry rose by a considerable 38.5% in five years. Workforce positive marijuana test results after accidents have reached a 25-year high, according to the recently published results of the Quest Diagnostics Drug Testing Index. The rise among the general workforce in the United States aligned with early recreational pot legalizations. Last year, the percentage of US workers who have had a positive marijuana test result after a workplace accident had increased to the highest level recorded in 25 years. This, according to a new…

Exxon and Guyana accused of oil spill insurance breach

May 9, 2023May 9, 2023 Live Insurance News

A Guyanese court recently ruled against the energy company and the country’s environmental agency. A unit of Exxon Mobil has been ruled to be in breach of oil spill insurance for its first Guyana offshore oil project, partly because of errors made by the country’s environmental regulator, according to a Guyanese court. The government of Guyana has rejected the ruling made by the court against its environmental regulator. According to High Court Justice Sandil Kissoon in the ruling, Exxon “engaged in a disingenuous attempt” to shrink its environmental permit obligations…

Will Fox News’ insurance policies cover its record $787.5 million Dominion settlement?

April 21, 2023April 20, 2023 Logan B.

The channel has agreed to the payout to the voting systems company, but it might have coverage for that. Fox News has agreed to a tremendous $787.5 million settlement payment to Dominion Voting Systems, though its insurance policies might provide coverage for much of that stunning amount. The payment represents the largest publicly known US defamation case settlement in history. As considerable as the figure is, it is unlikely to cause significant damage to Fox News. Fox Corp. reportedly already had almost $4.1 billion in cash available according to a…

Horse insurance sales rise with cost of veterinary care

April 13, 2023April 12, 2023 Nordstrom

As medical services become increasingly expensive, especially for emergency calls, coverage is appealing. Over the last few years, pretty much everything has become considerably more expensive, and this includes the cost of veterinary care for horses, resulting in a growing interest in horse insurance coverage. Medical coverage for the animals can help to keep emergency veterinary calls affordable. Owners are increasingly choosing to purchase horse insurance coverage for their animals in order to protect their investment and make sure that they don’t need to face a time when it would…

Workplace accident trends offer supplemental insurance sales opportunity for agents

April 7, 2023April 5, 2023 Logan B.

With rates of workplace accidents as high as they are in Northern US states, businesses are shopping. Recent reports are showing that Northern US states are experiencing high rates of workplace accidents, providing agents in these areas with an opportunity to offer supplemental insurance to protect their business customers. Businesses can offer these additional policies to their employees in case they are hurt on the job. The research was conducted by High Rise Financial based on the most recent data from the US Bureau of Labor Statistics. Their analysis provided…