Live Insurance News

Blue Cross claims Ford’s health insurance lawsuit was filed too late

September 1, 2023August 31, 2023 Logan B.

According to the insurer, the automaker took too long to file the suit accusing them of conspiracy. Blue Cross Blue Shield Association and that health insurance company’s Michigan affiliate are seeking to have a US judge dismiss a lawsuit filed against them by Ford Motor Co. Ford accused the insurer of an artificial inflation conspiracy for how much the automaker paid in premiums. The automaker stated that the insurer was recording higher health insurance premiums and other commercial medical coverage services expenses that were being paid. The lawsuit included two…

Insurance companies face probe into fossil fuel industry funding behaviors

June 19, 2023June 17, 2023 Julie Campbell

Insurance Companies - Fossil Fuel Investments

US lawmakers are investigating a possible contradiction in investments made by insurers. Insurance companies have been whittling down the coverage they provide in states facing extreme climate risks because the risks in those locations are considered to be too costly for their businesses to survive. However, lawmakers say several insurers are making these claims despite continuing to invest in fossil fuels. US lawmakers have therefore launched an investigation into seven large US insurance companies for pointing to climate change as a reason for reducing coverage in certain states, while continuing…

Catastrophic claims fees to take effect in Michigan auto insurance rates

June 16, 2023June 15, 2023 Logan B.

Drivers across the state will need to start paying the additional fees starting with July premiums. Michigan drivers are going to be paying more for their auto insurance starting in July, when higher catastrophic claims fees go into effect. This is the case even for motorists who have opted out of catastrophic no-fault coverage. Last year, the Michigan Catastrophic Claims Association (MCCA) decided to increase its annual per-vehicle assessments on all auto insurance policies in the state. The fee hikes resulting from that decision will become effective as of July…

Nature Conservancy adds $2 million insurance coverage for Hawaii’s coral reefs

June 14, 2023June 14, 2023 Julie Campbell

Insurance coverage - Coral Reefs in Hawaii

The Central Pacific hurricane season is already underway, and the state is preparing for damage. The Central Pacific hurricane season has started, and this year, the Nature Conservancy has purchased $2 million in insurance coverage to protect against potential damage to the coral reefs in Hawaii. This represents the first time the Nature Conservancy has purchased this type of policy. This insurance coverage is the first of its kind in the United States, in an important move that acknowledges the impact of climate change on increasingly common and destructive hurricanes…

Can Floridians afford another 40% property insurance rate hike?

May 25, 2023May 24, 2023 Nordstrom

Some experts are saying that premiums could experience another massive spike this year. Homeowners in Florida are already paying some of the highest property insurance rates in the United States, but experts are cautioning that even these high levels are likely to see significant increases this year. Some homeowners are already paying three times the national average for their coverage. The Florida Legislature recently passed a number of measures in the hopes of making a long-term impact that will gradually reduce property insurance rates. That said, while those advantages have…

Massive Wefox insurtech company gets $110M backing from JPMorgan and Barclays

May 23, 2023May 20, 2023 H. Cutner

Insurtech company - Hands exchanging money

The German firm has announced that it has raised fresh funding from huge financial backers. Wefox, an insurtech company from Germany, has announced that it recently raised $110 million in new funding from big-name backers that included Barclays and JPMorgan. This reveals a notable confidence boost in the rapidly growing insurance technology sector. The insurtech company is based in Berlin and has a primary focus on personal insurance products such as auto, home, and personal liability policies. Instead of underwriting claims, the firm links users with brokers and partner insurers…

Auto insurance affordability is a concern for 40% of US drivers

May 19, 2023May 17, 2023 Logan B.

A recent survey has found that the cost is a major cause of stress for many motorists. The combination of the high annual inflation rate means that the cost of living is a growing challenge for Americans, and auto insurance has become a stressful concern. A recent survey showed that 43 percent of insured drivers had experienced a rate hike since last year. The survey was conducted by PolicyGenius. It showed that 43 percent of drivers were paying more in 2023 for their auto insurance coverage than they did in…