Live Insurance News

Rising number of Americans turning to their life insurance in financial uncertainty

December 14, 2022December 13, 2022 G. Turner

A growing number of people in the US are using the policies to help get through inflation. The number of Americans turning to their life insurance policies to help get through inflation and economic uncertainty without having to tap into retirement accounts already suffering from 2022’s volatility. There has been a substantial increase in Americans taking out loans or withdrawals from policies. According to Massachusetts Mutual Life Insurance Co data, last quarter showed a 31 percent year-over-year increase in the number of Americans taking out loans from or withdrawing from…

The price of health insurance is rising…but not as fast as goods and services

December 7, 2022December 7, 2022 Logan B.

Despite its growth rate of 20 percent, it is being outpaced by national average goods and services prices. Though higher health insurance prices hardly came as a surprise this year, given the rising price of essentially everything these days, what wasn’t quite expected was that the cost of a plan didn’t rise as fast as the average price of goods and services across the United States. What has yet to be seen is what the impact of rising goods and services prices will eventually have. Since health insurance doesn’t exist…

Allstate insurance company announces new Chief Legal Officer Christine DeBiase

December 1, 2022November 30, 2022 Nordstrom

The insurer issued a news release welcoming DeBiase to her new position in the corporation. The Allstate Corporation has announced that Christine (Chris) DeBiase will be joining the insurance company just after the start of the new year as its new Executive Vice President, Chief Legal Officer, General Counsel and Corporate Secretary. DeBiase will be taking this position with the Allstate Corporation as of January 3, 2023. DeBiase will be taking the head of Law and Regulation as well as the insurance company’s sustainability strategy. She is an outsider from…

Nature Conservancy purchases an insurance policy to cover Hawaii’s coral reefs

November 23, 2022November 22, 2022 Julie Campbell

The nonprofit is the first organization to obtain coverage for the coral’s repair following coastal storms. Coastal storms in Hawaii have been damaging already threatened coral reefs and the Nature Conservancy nonprofit has now purchased an insurance policy to repair that damage. State officials cannot afford to implement the repairs that the coverage will pay the nonprofit to do. This first-of-its-kind insurance policy approach to climate change is an effort to obtain the necessary funding to help the coral reefs in Hawaii to keep up with the worsening storms. This…

Auto insurance premiums to climb by double digits again in 2023

November 14, 2022July 5, 2023 Marc

Auto insurance premiums - Cost of car insurance going up 2023

The cost of insuring a vehicle in the United States is rapidly rising due to several factors. If there’s anything Americans are getting used to seeing at the moment, it’s increases in their auto insurance premiums. Looking back at the trends from 2022 and looking forward to what is expected in 2023 has meant considerably higher costs associated with insuring a new or used vehicle. This year has seen the largest rate increases recorded in the United States since 2019. As was recently reported by Live Insurance News, there have…

Auto insurance rates have risen 17 percent since 2020

November 11, 2022November 10, 2022 G. Turner

American drivers are paying considerably more now for their coverage than a couple of years ago. Drivers across the United States are paying around 17 percent more for their auto insurance than they were paying in 2020, according to the results of a new Insurify study. This year, the average annual premiums for passenger vehicles across the country is $1,750. Michigan was identified as the state where drivers are paying the most for their auto insurance, at an average annual $2,510. The difference between that and what drivers are paying…

State Farm insurance company sues Amazon over patent infringement

November 9, 2022November 8, 2022 Marc

According to the insurer, the online marketplace willfully infringed on patented tech. The State Farm insurance company has filed a lawsuit against Amazon, accusing the ecommerce giant of having “willfully infringed” on State Farm patented technology at the core of Elder Care Technology in order to offer a competing product. The insurer filed the lawsuit against Amazon and affiliated companies for patent infringement. The insurance company’s lawsuit has to do with the tech innovations incorporated into the Sundial product. This represents the first time the insurer has ever filed a…