Live Insurance News

Geico faces California car insurance class action lawsuit

November 8, 2022November 7, 2022 Logan B.

The insurer has been accused of overcharging its policyholders early in the COVID-19 pandemic. A federal judge recently decided that a California car insurance lawsuit accusing Geico of having overcharged over 2 million drivers in the state on their premiums early in the pandemic can proceed as a class action. The judge rejected the insurer’s arguments that the lawsuit would lead to “insurmountable manageability problems”. US District Judge Beth Labson Freeman of San Jose rejected Geico’s assertions that a group California car insurance lawsuit regarding the unsatisfactory nature of the…

Insurance costs associated with war in Ukraine higher than Iraq war

October 24, 2022October 21, 2022 H. Cutner

Industry sources are saying that coverage is now more expensive and more challenging to organize. Insurance costs associated with journalists, humanitarian workers, engineers and other people traveling to Ukraine are now more expensive and tougher to organize than was the case during the Iraq war. A growing number of insurers have started working their way into providing coverage for this destination. Though insurers had initially been hesitant to provide coverage immediately after Russia invaded Ukraine in February, several have started easing back, according to industry sources. That said, insurance costs…

Farmers Insurance Group rating downgraded by Moody’s Investors Service

October 19, 2022October 18, 2022 G. Turner

Farmers Insurance - Downgrade Ahead sign

The insurer’s IFS rating was slashed from an A3 to an A2, while its rating outlook is stable. Moody’s Investors Service has taken Farmers Insurance Exchange’s insurance financial strength (IFS) rating down a degree from A3 to A2, and its surplus note rating from a Baa2 (hyb) to a Baa3 (hyb). That said, its ratings outlook is expected to remain stable. The ratings downgrade is a reflection of the weakness of the insurer’s underwriting results. Farmers Insurance Group saw week underwriting results and the ratings downgrade was a reflection of…

How safe is Kinesis money?

October 13, 2022 Guest Author

Crypto assets attract users due to the fact that they are not regulated by centralized authorities and national governments. For this reason, they operate autonomously, are better protected against inflation, and require minimal transaction fees. Until now, most crypto-assets have been based on computing technology and production capacity, and it is these factors that have been embedded in the price of coins. However, when we talk about Kinesis crypto, its value is backed by real assets in the form of gold and silver. The foundation of precious metals makes kinesis…

Auto insurance companies won’t be raising rates in California

October 4, 2022October 3, 2022 H. Cutner

Auto insurance companies - Car insurance

Rate increase approvals haven’t been approved in over two years, and that is continuing. According to leading auto insurance companies and associations in California, the state is risking a coverage crisis in the largest market in the country because it continues to deny rate increases. Insurers haven’t been able to raise their rates in California since before the pandemic began. The auto insurance companies have already been making cutbacks and have said that they won’t be able to continue operating at a loss in this way. They have pointed to…

McDonald’s takes down its Irish insurance company in move to Bermuda

September 28, 2022September 27, 2022 Marc

The fast-food chain is moving its global coverage operation from Ireland to the North Atlantic. McDonald’s is moving its global insurance company operations out of Dublin, Ireland and to the British island territory of Bermuda in the North Atlantic. It remains in the process of winding down its Irish business, according to its recently filed accounts. The Irish insurance company unit was managed by Aon in Ireland. That insurer has managed the fast-food giant’s global insurance unit for almost three decades. By the time the entire Irish business has run…

More asset managers addressing insurers investment needs

September 20, 2022 PR Article

CAMRADATA, a leading provider of asset manager research, due diligence, investment data and analysis for institutional investors has just published their US Insurance Asset Manager 2022 Directory, the #1 source of insurance asset management data. This year, CAMRADATA’s US Insurance Asset Manager Directory 2022 concentrates on those asset managers who are currently managing portfolios on behalf of global insurance companies, including US insurers, as provided via CAMRADATA’s online manager research platform, CAMRADATA Live. With over 115 asset managers listed, the US Insurance Asset Manager Directory 2022 is the largest and…