Live Insurance News

Fannie Mae considers forgoing title insurance

March 16, 2023March 15, 2023 Nordstrom

The government-run company is considering eliminating this requirement for some mortgage lenders. Fannie Mae is considering a program that would bypass the need for title insurance and attorney opinion letters, according to a number of recent media reports. The program would allow certain mortgage lenders to be able to waive the requirements for the coverage. The program Fannie Mae is considering would waive required title insurance coverage for some lenders on loans sold to the government-run company, according to a recent The Real Deal report. Fannie Mae backs trillions of…

Silicon Valley Bank lacked deposit insurance in 85 percent of cases

March 15, 2023March 14, 2023 Marc

Deposit insurance - Person making a deposit - Business

Customers are seeking to find out what this means for the funds they had in their accounts. Last week, Silicon Valley Bank became the second largest bank failure in American history and new reports have revealed that over 85 percent of its deposits were without deposit insurance. The FDIC has been tasked with returning money to the bank’s customers where applicable. The Federal Deposit Insurance Corporation has taken over about $175 billion in customer accounts and will be returning money to customers where it can. That said, over 85 percent…

Harford Mutual and ClearPath Mutual insurance companies announce merger

March 9, 2023March 8, 2023 Nordstrom

The insurers have created a merger plan and have announced their intention to move forward as one. The Harford Mutual Insurance Group (HMIG) and ClearPath Mutual Insurance companies have announced that they have agreed to a plan to merge. The commercial property and casualty insurer and the monoline workers’ compensation carrier will be merging. The insurers stated that this was an opportunity that allowed them to align their strategic goals. “We are constantly seeking opportunities that complement our strategic goals and provide our policyholders and independent agents with the products…

Insurance companies sued by NFL over antitrust litigation

March 8, 2023March 7, 2023 G. Turner

The lawsuit has to do with the availability of coverage for a Sunday Ticket action filed back in 2015. The National Football League has a long history of battles with its insurance companies with regard to concussion lawsuits and settlements, but more recently, it has filed a suit for another reason. In this case, it has to do with the availability of coverage for a Sunday Ticket antitrust action that was filed against the league in 2015. The lawsuit was first revealed in November, when sports attorney Daniel Wallach tweeted…

Hurricane Ian sends Florida homeowners insurance company into insolvency

February 23, 2023February 23, 2023 Nordstrom

Insurance company - Hurricane Ian destruction

United Property & Casualty Insurance Co. experienced larger losses than expected from the storm. United Property & Casualty Insurance Company was hit harder than predicted by Hurricane Ian and regulators have now taken steps to place the insurer into receivership after the storm sent it into insolvency. The process has now been triggered to obtain court approval to send the insurer into receivership. Interim Insurance Commissioner Michael Yaworsky issued a letter to Jimmy Patronis, Florida’s Chief Financial Officer, to launch the process to obtain approval from the courts to place…

Allstate insurance company announced $307 million in catastrophe losses in January

February 21, 2023February 17, 2023 H. Cutner

The US primary insurer said that most of the losses were associated with nine events. The Allstate Corporation insurance company recently announced that its January 2023 pre-tax catastrophe losses were $307 million ($243 million after tax). The nine events that caused the majority of the January 2023 losses were mainly in Texas and California. According to a news release issued by the insurance company, part of the losses it experienced in January 2023 were offset by favorable reserve estimates for prior events. “Allstate continued to implement significant auto insurance rate…

Insurance payouts made via instant payments reached $227 billion last year

February 14, 2023February 10, 2023 Logan B.

Insurance payouts - A person paying someone else

Insurers sent about 20 percent of all payments to policyholders using this digital method. Last year, nearly one in five consumers received insurance payouts at least one time, and among those 49 million policyholders, a larger number than ever before received the funds via instant payments. That meant 2022 represented the third consecutive year of increases for the use of this method of payments. The rising interest in and use of instant insurance payouts indicates that insurers will be increasingly required to provide customers with options from which they can…