Live Insurance News

State Farm settles life insurance suit with $65 million payment

June 26, 2024June 25, 2024 G. Turner

The insurer has agreed to pay tens of millions to settle the suit involving overcharges State Farm Life and Accident Assurance Company are issuing life insurance settlement checks as pay out for a class action lawsuit against the companies. The lawsuit was filed in a federal court and involved overcharging accusations Attorneys representing the class action lawsuit accused State Farm in a Missouri federal court of having overcharged its customers for life insurance policies. The massive settlement involves allegedly overcharging about 450,000 policyholders who purchased universal coverage between 1986 and…

State Farm is keeping some California home insurance customers after all

June 12, 2024June 11, 2024 G. Turner

Home Insurance California covered by State Farm

Still, the coverage that they will be receiving won’t be the same as what they’re used to State Farm has announced that it will be making it possible for some California home insurance customers to renew their policies, after having previously announced that it would no longer be selling or renewing property coverage in the state. That said, there is an important change to the coverage it will be providing While this does mean that homeowners will be able to keep their home insurance coverage, they should be aware that…

USAA insurance company is profitable again after a bad 2022

June 10, 2024June 8, 2024 Marc

Insurance company - 2022 loss - 2023 profit

That year was the first time in the insurer’s 102 years that it failed to bring in a profit The USAA insurance company has announced that it brought in a net income of $1.2 billion in 2023, following a rough 2022, in which it posted a net loss of $1.3 billion. The figures were released this month Even though the insurance company faced similar challenges that caused it to post a loss in 2022, it still managed to turn a profit. The 2022 losses were the first time in the…

Warren Buffett thinks cyber insurance market could see “huge losses”

June 6, 2024June 5, 2024 Marc

Berkshire Hathaway and its head see a chance that this market will experience struggles Berkshire Hathaway recently held its annual shareholder meeting in Omaha, and there, top exec Warren Buffett and top insurance exec Ajit Jain said that cyber insurance is too risky for the company. That particular market is currently quite profitable At the meeting, Jain underscored that while cyber insurance is profitable at the moment and has become “a very fashionable product,” the risks associated with investing in it are quite high. He said that to date for…

What was behind Berkshire Hathaway’s Chubb insurance company purchase?

May 29, 2024May 28, 2024 Logan B.

Warren Buffett’s company has been hiding a massive insurer purchase Berkshire Hathaway started buying again in Q3 2023 and has finally unveiled the largest publicly traded purchase that it has kept from the spotlight: Chubb insurance company. The Securities and Exchange Commission permitted the secret The Securities and Exchange Commission made it possible for Berkshire Hathaway, and its owner Warren Buffett, to maintain the secrecy of the purchase while the position was being arranged. Then, after the May 15 market close, the first quarter 13F was filed and revealed that…

Marsh offers tax insurance to support American clean energy investing

May 22, 2024May 20, 2024 Logan B.

Marsh has announced its new solution to help boost available capital for investing Marsh recently announced the launch of its new tax insurance solution that it is calling its Tax Investment Default Insurance. It is a new solution created to boost available capital for investments into federal tax credits associated with renewable energy projects in the United States. The new solution is meant to promote renewable energy investments As the Inflation Reduction Act of 2022 increasingly supports efforts such as clean energy and a hydrogen economy in the United States,…

Florida homeowners’ insurance customers are giving up on coverage

May 21, 2024May 18, 2024 Nordstrom

Insurance customers - Florida - No thank you

Skyrocketing rates have sent many property owners to choose to skip policies altogether A recently released report has underscored the continuation and growth of a trend in Florida in which home insurance customers have chosen not to pursue coverage anymore due to sharp increases in the premiums they would need to pay in order to keep up their policies. The trend among insurance customers started to take off following Hurricane Ian For many property owners in the state, the premiums they are required to pay to remain insurance customers have…