Live Insurance News

New Hampshire provides insurance premium support to birthing centers

September 16, 2022September 16, 2022 G. Turner

The state is offering assistance to the centers, and other birthing support and care such as midwives. New Hampshire has announced that they are offering insurance premium assistance to birthing centers and home birth midwives in order to help them to remain in business as rates skyrocket. Malpractice coverage rates have gone through the roof, threatening many businesses in this sector. According to a recent Seacoast Online article, one birthing care provider experienced a $40,000 per year spike in insurance premiums, representing a 250 percent increase over the previous year.…

Louisiana Citizens to sharply hike home insurance rates

September 14, 2022September 13, 2022 Marc

Louisiana Citizens - Home insurance rates hike

The insurer of last resort will be charging substantially more for coverage in a challenging market. Louisiana Citizens, the home insurer of last resort in the state, is setting up for substantial cost hikes that will be notably harder for many homeowners to afford, according to officials. The state’s home insurance market has been deeply struggling to the point of a rising crisis. “Some people’s insurance payments are going to be larger than their mortgage payments,” said a Louisiana Citizens official quoted by a recent report in The Advisor. In…

Florida home insurance soon to include surcharge

September 13, 2022September 11, 2022 Logan B.

The additional fee on monthly bills is intended to cover several insolvent companies in the state. Florida home insurance customers can expect to see a new surcharge on their upcoming monthly bills, to act as coverage for insolvent companies in the state. The surcharge will help FIGA to cover the claims from insurers that have gone into receivership. The added surcharge Florida home insurance customers will be paying is intended to make sure claims made on policies sold by insolvent insurers will still be paid. They will support the claims…

Good Time for Agents to Look Into Long-Term Care Annuities With Equity Performance Potential

September 7, 2022September 11, 2022 Jesse Slome

It’s not news that the Dow Jones Industrial Average (DJIA) and the Standard & Poor’s 500 Index have both plummeted since the beginning of the year. Consumers are understandably worried. Financial advisors and insurance agents are fielding calls from clients concerned about what’s to come. When financial markets decline and uncertainty pervades, it is logical the consumers are wary about big ticket purchases. And, admittedly, long-term care insurance today can be considered one of those big-ticket purchases. LTC is a ‘should have’ rather than a ‘must-have’ purchase. When stock markets…

Inflation sends Illinois auto insurance higher by as much as 30 percent

September 6, 2022September 2, 2022 H. Cutner

Drivers can still find opportunities for savings if they compare plans and watch for discounts. Motorists in Illinois can expect to be paying auto insurance premiums that are as much as 30 percent higher next year than they were this year as a result of inflation. Many drivers are seeking ways to save money by comparing quotes and spotting discounts. With expenses rising on all fronts due to inflation, consumers are struggling to make ends meet while still battling with ongoing pandemic-related supply chain issues. Therefore, at the same time…

Berkshire Hathaway Specialty Insurance loses billions H1 2022

August 26, 2022August 15, 2022 Logan B.

Berkshire Hathaway Specialty Insurance - Billions in losses

Global insurer BHSI has revealed that it has suffered deep losses in both the second quarter and first half. Berkshire Hathaway Specialty Insurance has revealed its second quarter and first half financial results for 2022, showing that it had lost billions during those spans of time. The insurer stated that its net loss attributable to shareholders totaled $43.8 billion in the Q2 2022. Berkshire Hathaway Specialty Insurance lost $43.8 billion during the second quarter that ended on June 30. That said, its attributable net losses for the first half of…

Mercury shares its insurance fraud investigation strategy

August 24, 2022August 15, 2022 G. Turner

The insurer recently published a release describing its Special Investigations Unit for fraudulent claims. Since insurers tend to be very large companies, it’s easy to think that insurance fraud doesn’t cause any harm. That said, this sentiment has become commonplace enough that insurers risk losing a lot of money to it, forcing them to cover that added cost by factoring it into premiums, meaning that all customers pay more. Insurers take scams very seriously and have complex systems in place to detect fraudulent claims. “People might think that unless their…