Live Insurance News

Wells Fargo agrees to $3M shareholder settlement over unnecessary auto insurance sales

February 13, 2023February 10, 2023 H. Cutner

The bank agreed to settle a lawsuit from shareholders claiming the bank pushed car loan customers to buy. Wells Fargo & Co. has agreed to a $300 million settlement in order to settle a lawsuit from shareholders, accusing the bank of having pushed unnecessary auto insurance on loan customers, according to recently filed US court documents. The class action suit was launched by the Construction Laborers Pension Trust for Southern California. The auto insurance suit led to a class action brought on behalf of investors. The Construction Laborers Pension Trust…

Auto insurance rates aren’t likely to drop with inflation

February 8, 2023February 9, 2023 G. Turner

Even as rates have started dropping, it is unlikely that drivers will see their premiums easing. Though drivers might be inclined to believe that as inflation starts to fall, auto insurance rates aren’t likely to get any cheaper. In fact, premiums are expected to rise, and in some areas, they’ll be increasing by quite a bit. The average cost of full coverage is $2,014 in the United States, which is 14 percent higher than last year. According to the True Cost of Auto Insurance Report by Bankrate, the average cost…

Lisa Marie Presley had a $35 million life insurance policy when she died

February 1, 2023January 31, 2023 Marc

Tabloids have been speculating about family turmoil regarding the policy’s multimillion dollar payout. Though news reports have focused on the many millions of dollars in debt Lisa Marie Presley was facing by the end of her life, it seems that she was also covered by a $35 million life insurance policy worth $35 million. According to media reports, Lisa Marie Presley had taken out two separate policies. The media reports have indicated that the life insurance policies Lisa Marie Presley had taken out were for $25 million and for $10…

Regulator lets insurance companies buy green bonds as infrastructure investments

January 19, 2023January 17, 2023 Nordstrom

India’s top industry authority will classify the purchases as an investment into domestic infrastructure. The Insurance Regulatory and Development Authority of India has announced that insurance companies will be permitted to treat their sovereign green bond purchases as the equivalent to making infrastructure investments. The regulator recently released the decision in a circular, including its purpose for making it. In the circular, the regulator said that it made the decision to allow insurance companies to categorize their green bond purchases this way for the purpose of “de-concentration and diversification” of…

Allstate insurance company pledges net zero carbon by 2030

January 17, 2023January 17, 2023 Logan B.

Insurance company - Net Zero Emissions by 2030

The insurer also committed to an investment portfolio that is greenhouse gas emission-free. The Allstate Corporation, one of the largest insurance companies in the United States, has announced its new commitment to achieve a string of zero emission targets. The insurer plans zero greenhouse gas emissions from direct, indirect and value-chain sources by 2030. As a closer target, the insurance company has also committed to set a target year for having a net zero portfolio by 2025. The goal is to contribute to the overall effort being made to manage…

Global disability insurance industry expected to hit $9.2 billion by 2031

January 12, 2023January 11, 2023 Nordstrom

A recent report has shown that there will be considerable growth in this market over the next few years. A recent report published by ResearchAndMarkets.com predicted that the disability insurance market is expected to reach $9.2 billion by 2031. The report showed that there is expected to be a CAGR of 11 percent from 2022 through the end of 2031. The report was titled “Disability Insurance Market by Insurance Type, By End User, By Coverage Type: Global Opportunity Analysis and Industry Forecast, 2021-2031.” It showed that the market was valued…

2022 was a big year for weird lawsuits against companies

January 6, 2023January 5, 2023 G. Turner

The US Chamber of Commerce Institute for Legal Reform released a list of some of the oddest suits. With 2022 behind us, it’s a good time to look back at some of the truly weird lawsuits that were filed against companies throughout the year and that help to explain why business insurance is such an important form of coverage. Every year, the US Chamber of Commerce Institute for Legal Reform publishes a list of ridiculous filings. The 2022 list of weird lawsuits showed that last year wasn’t short on ridiculous…