State Farm settles life insurance suit with $65 million payment

G. Turner
Life Insurance - Lawsuit - Gavel

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…

Read More

2024 Medigap Insurance Rate Increase Data Can Help Agents Compete

Logan B.
Medigap Insurance Data

Insurance agents striving to stand out and compete in the crowded Medicare solutions market can utilize the latest data regarding Medigap rate increases. The just-reported data revealed that year-over-year increases for policyholders with Medigap Plan G coverage in 2024 ranged to as much as 20%. The new analysis was reported by the American Association for Medicare Supplement Insurance (AAMSI) and KLC Actuarial, LLC. “Competition in the Medicare market is intense with large call centers and marketing entities spending hundreds of millions annually on lead generation marketing,” explains Jesse Slome, director…

Read More

What kind of animals does exotic pet insurance cover?

H. Cutner
Exotic Pet Insurance Coverage - Iguana

Coverage for cats and dogs is commonplace, but what about other animal family members? Exotic pet insurance might sound like it’s intended for animals such as tigers or pythons, but it’s actually the type of policy intended for common animals aside from dogs and cats. Many people keep animals such as birds and rodents By purchasing exotic pet insurance, animal owners can carry the same type of veterinary care coverage enjoyed by dogs and cats. This means that owners will have financial protection in case that animal is unexpectedly sick…

Read More

Cyber insurance claims smash previous North American records

Marc
Cyber Insurance - Generic Insurance Claim Form

According to broker Marsh, claims in 2023 bashed through all previous records After receiving more than 1,800 cyber insurance claim reports from US and Canadian clients in 2023, Marsh announced that last year broke all previous records for this type of claim filing. The broker went on to identify driving factors Among the reasons for the rising number of cyber insurance claims, according to Marsh, included that the sophistication of these digital attacks is rising.  Moreover, the MOVEit file transfer supply chain incident’s sheer scale drove up claims.  Privacy claims…

Read More

$350M Ukraine war insurance available from Aon, Development Finance Corp

G. Turner
War Insurance - Recovery Economy - Ukraine Flag

The coverage program is designed to support capital investment and economic recovery in the country Aon and the US International Development Finance Corporation are collaborating to offer a $350 million war insurance program meant to help Ukraine with capital investment and economic recovery. The program is in two main parts The program includes $300 million in coverage for the healthcare and agriculture sectors in Ukraine, and another $50 million in war insurance, that is, additional coverage for the insurers providing protection there. The reinsurance strategy was designed in a partnership…

Read More