Tag: COVID-19 pandemic

45,000 Affected in Root Insurance Data Breach – NY Attorney General Takes Action

Angela Linders
Root Insurance Data Breach

Auto Insurer Root Fined $975,000 Over Data Breach Impacting Thousands of New Yorkers When it comes to handling sensitive information, insurance companies shouldn’t just be crossing their fingers and hoping for the best. Root Insurance recently learned this lesson the hard way. The New York Attorney General’s Office imposed a stinging $975,000 fine on the auto insurer after a data breach compromised the personal information of 45,000 New Yorkers. Let’s unpack what this means for Root, the industry, and the road ahead. Regulatory Actions Hit Hard After Serious Breach New…

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Allstate Insurance CEO Reveals Hidden Cause of Rising Auto Insurance Rates

Marc
Allstate Insurance - A woman looking surprised - auto rates increase

In a recent interview with CNBC, Tom Wilson, CEO of Allstate Insurance, shed light on the underlying reasons for the spike in auto insurance rates. He pointed to a crucial factor that has often flown under the radar—the dramatic increase in used car prices over the past few years. This revelation connects the dots between the surge in vehicle costs and the consequential rise in insurance premiums. The Surge in Used Car Prices “The price of used cars skyrocketed by 60% between 2020 and 2022,” noted Wilson. This substantial increase…

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Mental health was an important investment for people in the US during the pandemic

H. Cutner

Americans increased their spending in this area of wellness according to a JAMA Health Forum study. A new study published in the JAMA Health Forum scientific journal has shown that mental health was a priority for Americans during the pandemic, leading to an increase in spending with private insurance. Even after telehealth platform popularity evened out, spending and demand for other services continued. The spending on mental health continued to increase even after telehealth platform popularity stopped growing. This increase in demand suggested a rising crisis in this area of…

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Life insurance customer satisfaction drops as pandemic fears ease

Marc
Life insurance - Medical Mask - Computer

JD Power survey shows that that annuity customer satisfaction has also dropped for the same reason. Individual life insurance and annuity products have arrived at a customer engagement problem according to a recent JD Power study. The research showed that customer satisfaction with those products drops rapidly after purchase. The JD Power 2022 US Individual Life Insurance Study and the JD Power 2022 US Individual Annuity Study were both released last week and showed that customer satisfaction with both those products begins to drop quite quickly after their purchase. This…

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More kids have health insurance now than before the pandemic

Logan B.
American Health insurance - Kids

Coverage levels rose throughout the COVID-19 pandemic, likely due to a congressional provision. The percentage of American children who didn’t have health insurance coverage decreased notably throughout the pandemic, likely due to a congressional provision that stopped states from dropping anyone with Medicaid throughout the worst of it. The uninsurance rate among children in 2021 was 5.4 percent compared with 5.7 percent in 2019. The year before the pandemic struck, the percentage of kids without health insurance coverage was 5.7 percent. That figure fell to 5.4 percent last year, already…

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NHL team files $125M COVID-19 reimbursement lawsuit against insurance companies

Logan B.
Insurance Companies - COVID-19 Lawsuit

The Calgary Flames organization is pursing payment for “massive losses” it experienced during 2 seasons. The Calgary Flames have filed a $125 million lawsuit against their insurance companies. The NHL team is seeking reimbursements for “massive losses” it suffered due to the two hockey seasons that have gone by during the COVID-19 pandemic. The NHL initially brought its operations to a halt on March 12, 2020, due to the pandemic. Since the NHL placed its operations on hold, teams calling Canada home were particularly impacted by the Canadian government’s mandates…

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Maryland health insurance open enrollment extended until February 28

H. Cutner
Maryland on Sign - Health insurance

The state has extended the opportunity for residents to enroll due to the public health emergency. Maryland has announced that it is extending its health insurance open enrollment period, making possible for residents of the state to continue signing up for their coverage at the state’s marketplace. Residents of the state will be able to keep enrolling for coverage through the Maryland Health Connection. The state’s health insurance marketplace will stay open for enrollment until the end of February. The original deadline had been January 15. Governor Larry Hogan announced…

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