Tag: insurance companies

Nestle is selling its Gerber Life Insurance for $1.55 billion

Julie Campbell
Gerber Life Insurance - Handshake - Business - Money

The transnational firm has announced its plans to sell the unit to Western and Southern Financial Group. Nestle announced this week that it intends to sell off its Gerber Life Insurance unit. Western and Southern Financial Group has agreed to purchase the life insurance unit for $1.55 billion in cash. Nestle chose to sell the insurance unit in order to send its attention back to its core businesses. The transnational company decided to let the Gerber Life Insurance firm go to place its focus back on the consumer health, food…

Read More

Allstate releases its catastrophe loss estimate for July 2018

G. Turner
Catastrophe loss estimate - Destruction - American Flag

The American insurance giant released the announcement of loss as well as its future predictions. The Allstate Corporation recently released its catastrophe loss estimate for July 2018. Throughout that month, it estimates having experienced loss from catastrophes reaching a pre-tax $262 million. This figure converts to $207 million after taxes are taken into consideration. The Allstate Insurance catastrophe losses were the result of 15 individual events in July. The July 2018 catastrophe loss estimate were the outcome of 15 separate catastrophic events. They brought with them losses of $220 million…

Read More

Canadian man legally changes gender for cheaper auto insurance premiums

Julie Campbell
Budgeting Smart for Your Next Car

A motorist fed up with paying more because he was male has found a loophole in a new law in Canada. A driver in Canada seeking cheaper auto insurance rates legally changed his gender from male to female in order to dupe the system. Gender-based car insurance premium calculations charge male drivers far more than females. The man wasn’t just chasing slightly cheaper auto insurance rates. In fact, he discovered that by changing his gender from male to female, he would save almost $1,100 (CAD) per year. The man, whose…

Read More

Chubb insurance strategy braces for Brexit through corporate structure conversion

Logan B.
Insurance strategy - Brexit

Chubb European Group S.E and Ace Europe Life S.E have both converted to Societas Europaea. As of July 19, 2018, both Chubb European Group S.E and Ace Europe Life S.E have been converted to Societas Europaea as a part of the insurance strategy for coping with Brexit. The move makes it possible for the insurers to shift their E.U. jurisdiction out of the United Kingdom. At the same time, this insurance strategy still makes it possible for the insurers to continue to operate and do business within both the United…

Read More

Auto insurance customer satisfaction reaches new record, says J.D. Power

Julie Campbell
Auto insurance customer satisfaction - Thumbs Up

Considerable improvements to policyholder support and services have made the difference. Auto insurance customer satisfaction has reached an all time high, says a new J.D. Power study. The J.D. Power 2018 Auto Insurance Study said there were a number of improvements that led to this positive result. Insurance companies are starting to find their balance with customer interaction, said the study. The study results showed the difference was made by improvements in billing and payments, digital interactions, and offerings. The auto insurance customer satisfaction is improving due to a better…

Read More

Insurance companies to feel climate change effects most, but aren’t investing that way

Julie Campbell
Climate Change effects - Hands - globe - world

Insurers will be hit hardest by rising global temperatures, but their investments aren’t low-carbon. The insurance industry will feel climate change effects more powerfully than most other industries. That said, a new Forbes report suggests insurers are failing to invest into the low-carbon economy. The insurance sector is most threatened by droughts, floods, extreme heat and severe storms. However, the report shows that climate change effects don’t appear to be enough motivation to change investing habits. These firms are some of the largest investors in the world and stand to…

Read More

California Department of Insurance estimates suggest $1.05 billion in wildfire damage

Julie Campbell
forest fire California wildfire loss

Official estimates indicate that the devastating wildfires that plague the state will create billion dollar losses. The California Department of Insurance has released an estimate for the damages left behind by the catastrophic wildfires that have left historic damages in the state. The department believes the insured wildfires losses will reach at least $1.05 billion. This estimate is based on the claims received so far from the eight largest Californian insurance companies. Following that estimate, the California Department of Insurance also revealed that it expects the figure to grow. By…

Read More