Live Insurance News

FDIC Calls for Review of US Bank Deposit Insurance System

May 3, 2023May 3, 2023 G. Turner

Deposit insurance - US Flag - US dollars

The process is launching fresh debate over whether an expansion of government protections is appropriate. The Federal Deposit Insurance Corp. (FDIC) has published a comprehensive overview of the federal system this week, sparking debate once again regarding the need – or lack thereof – for additional government protections on bank deposits. The overview is also taking another look at how much additional coverage might be required. This review represents the third report the FDIC has published since the collapse of Silicon Valley Bank (SVB) and Signature Bank earlier this year.…

Rising home insurance rates are causing real estate buyers to think twice

April 26, 2023April 26, 2023 G. Turner

Home insurance - Rising rates - Arrow wooden homes

A recent report pointed to skyrocketing premiums as a deterrent to purchasing homes in Florida. Rising home insurance rates are nothing new to property owners in Florida, but recent hikes have been particularly high, and with an additional 1% emergency assessment fee to be applied to policies, real estate agents are seeing increased hesitation from customers. The state has been attempting to come up with a strategy to overcome a coverage crisis. The emergency assessment fee was announced earlier this month and is intended to help deal with the issues…

Britain launches deposit insurance program review to boost confidence in banks

April 20, 2023April 19, 2023 Nordstrom

The Bank of England is looking into whether “improvements” need to be made to the program. The Bank of England (BoE) has stated that it is currently considering making “improvements” to the deposit insurance program that currently protects depositors who are customers of smaller banks. The coverage allows depositors at smaller banks to recover the money in their accounts if those banks fail. The country’s central bank has not yet released any details regarding what part of the deposit insurance program it is examining or what it is considering changing.…

Unemployment insurance payments are slower than they were pre-pandemic

April 6, 2023April 4, 2023 Nordstrom

The difference varies from one state to the next, but overall, things are slower since COVID-19 hit. Not long aver the pandemic hit, the rate of joblessness in the United States spiked, sending millions of people to seek unemployment insurance benefits. The systems in every state were required to issue checks following a spike in claims handling. Because there was a sudden and sharp influx of unemployment insurance claims, the systems in place to manage them were not prepared for the numbers. This left people waiting for weeks – or…

Insurance spending will double in the next decade, says Lloyd’s of London

March 28, 2023March 27, 2023 H. Cutner

Insurance Spending - Lloyd's of London Building

Chief exec John Neal has predicted that a greater risk perception like bank failures will drive the trend. Global insurance spending will probably reach the point that it has doubled in the coming decade, mainly driven by an increased risk perception, said Lloyd’s of London CEO John Neal. Climate change and bank failures have reminded the world of the size of potential risks. “Financial risk,” on the heels of bank failures in Europe and the United States, in addition to systemic risks, such as climate change and pandemics, are expected…

Lawmakers consider raising FDIC deposit insurance cap after SVB collapse

March 22, 2023March 21, 2023 G. Turner

The Silicon Valley Bank collapse has some believing that $250,000 is not enough protection. Some lawmakers in the United States consider the Silicon Valley Bank collapse to be an eye-opening experience and are now tinkering with the idea of raising the Federal Deposit Insurance Corporation’s coverage cap of $250,000 in case of another catastrophic bank failure in the future. Raising the FDIC cap would provide greater protection to the customers of a failed bank. “I think that lifting the FDIC insurance cap is a good move,” said Senator Elizabeth Warren…

9 Louisiana insurance companies apply for new incentive program

March 20, 2023March 17, 2023 Marc

Commissioner Donelon released an update about the strategy to take the pressure off Citizens. Louisiana Insurance Commissioner Jim Donelon recently held a news conference during which he released an update about the new incentive program in the state. The announcement revealed that 9 insurers selling in the state have applied for the program. The Louisiana insurance program announcement was a follow up to the $45 million funding bill state legislators passed to allow the Department of Insurance in the state to form an incentive program to draw more insurers to…