Live Insurance News

Confused by Your Life Policy Illustration? The New Rules That Simplify It All

April 2, 2025April 1, 2025 Marc

NAIC Proposes Bold Changes to Life Insurance Policy Illustrations to Enhance Transparency and Accuracy The National Association of Insurance Commissioners (NAIC) has unveiled a suite of updates aimed at improving the transparency and accuracy of life insurance policy illustrations. These changes will not only impact insurers but will also provide consumers with clearer expectations regarding policy performance. Here’s what you need to know about this potentially game-changing move for the life insurance industry. Why Life Insurance Illustrations Need an Overhaul Life insurance policy illustrations have long been a source of…

Auto Theft in Michigan Breaks Records—The New Plan to Reverse the Trend

February 11, 2025February 10, 2025 Marc

Michigan Strengthens Fight Against Auto Theft with Expanded Task Force Michigan is taking a decisive stand against the surge in auto theft, transforming its Auto Insurance Fraud Unit into the newly-expanded Auto Fraud Task Force (AFTF). Spearheaded by Michigan Attorney General Dana Nessel, this initiative comes in response to alarming state-wide trends in vehicle theft, which have risen by 48.4% over the last five years. Auto Theft in Michigan Reaches Record Numbers Residents across Michigan have felt the effects of climbing auto theft rates. Recent data reveals that the number…

Catalytic Converter Theft Drops by 74%: State Farm Insights

September 12, 2024September 12, 2024 Loreen

Auto insurance claims - catalytic converter - hands

A Significant Decline in Catalytic Converter Thefts Brings Relief to Car Owners In a remarkable turnaround, catalytic converter thefts in the United States have seen a substantial decline in the first half of 2024. State Farm, the nation’s leading auto insurer, reports a 74% drop in catalytic converter theft claims compared to the same period in 2023. This is a welcome relief for car owners and insurance holders who have been grappling with rising theft incidents over the past few years. Understanding the Impact Catalytic converter thefts have been a…

Allstate’s $2 Billion Deal: What Investors and Policyholders Need to Know About the Big Sell-Off

August 16, 2024August 15, 2024 Ester Adams

Allstate Divests Employer Voluntary Benefits Business for $2 Billion: Impact on Investors and Policyholders In a strategic move that sent ripples through the insurance sector, Allstate has sold its Employer Voluntary Benefits business to StanCorp Financial Group, known as The Standard, for $2 billion. This transaction marks the beginning of Allstate’s plan to divest its Allstate Health & Benefits units, including Employee Voluntary Benefits, Individual Health, and Group Health, in a bid to unlock their growth potential by merging them with companies having complementary strengths. The announcement has been met…

Ransomware: To Pay or Not to Pay

August 14, 2024August 13, 2024 David Derigiotis

When one threat actor group is taken down another one appears in its place ready to devastate organizations. The number one cyber threat? Ransomware. By 2031, ransomware will cost victims an annual total of $265 billion. Until recently, the largest ransomware payment was $40 million by CNA Financial to regain control of their systems. Now, Dark Angels—one of the top cyber threat groups to watch—broke the record for the largest ransomware payment by almost double the largest payment at $75 million. With ransomware attacks increasing and becoming more costly, the…

Nationwide Insurance to End Coverage for Pet Policies in Major Overhaul

June 18, 2024June 17, 2024 G. Turner

Nationwide Insurance Cancels Pet Insurance Coverage

Nationwide Insurance to Non-Renew Pet Insurance Policies In a surprising move, Nationwide Insurance has announced it will be non-renewing approximately 100,000 pet insurance policies across the United States. The decision, attributed to the rising costs of veterinary care and other financial pressures, was disclosed in a company statement on June 14. The announcement has left many pet owners scrambling, especially those with pets suffering from pre-existing conditions. Nationwide, which began its pet insurance operations under the name Veterinary Pet Insurance (VPI) in 1982, has long been a leader in the…

California’s Insurer of Last Resort on the Brink Amid Wildfire Crisis

March 26, 2024March 25, 2024 Angela Linders

Catastrophic Wildfires Upend Insurance Landscapes The California Fair Access to Insurance Requirements (FAIR) Plan, established as a safety net for homeowners in high-risk fire zones, faces an unprecedented threat of insolvency amid a flurry of catastrophic wildfires and increasing claims. This predicament has sparked intense scrutiny and discussions on sustainable insurance strategies while leaving many to wonder about the future of fire insurance availability in the state. The Increasing Burden on California FAIR Plan With an exodus of insurers from California’s market, the FAIR Plan has swelled to double its…