Live Insurance News

Tesla Insurance Hires Former Member of GEICO Management to Bridge the Gap

June 5, 2024June 5, 2024 Nordstrom

Tesla, renowned for revolutionizing the automotive industry with its electric vehicles, ventured into uncharted territory back in 2019, where CEO, Elon Musk promised customers “vastly better” service compared to the competition. With the recent hire of Allen Laben, a seasoned executive from GEICO, Tesla aims to tackle the high insurance costs that have burdened its vehicle owners. But can a carmaker successfully navigate the complexities of the insurance industry, and what does this mean for consumers? The Challenge of Transitioning Industries Diving into the insurance sector represents a significant shift…

Could Percentage Deductibles Save a Badly Beaten Property Casualty Market?

June 4, 2024June 3, 2024 Loreen

homeowners insurance percentage deductible

This pivotal question probes whether the shift to percentage deductibles could revitalize a property casualty market suffering from severe strain. The answer hinges on multiple facets that influence the stability and attractiveness of the insurance market. Understanding Percentage Deductibles Percentage deductibles are calculated as a percentage of the insured value of the property, rather than a fixed dollar amount. For instance, if your home is insured for $300,000 and you have a 2% deductible, you would be responsible for $6,000 in the event of a claim. This approach is commonly…

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…

Florida’s home insurance market could suffer deeply if this happens in 2024

May 24, 2024May 22, 2024 G. Turner

If the hurricane season this year is an active one for the state, policyholders will pay the price Florida’s home insurance market has already been in crisis mode for the last few years, worsening with each passing hurricane season. If this year is another active one, it could be “detrimental” to the market in the state. Unfortunately, predictions aren’t good Though predictions are far from fact, the current predictive models are indicating that there will be a number of storms during this hurricane season. This is leading to rising concerns…

Iowa homeowners insurance customers are the next to face this struggle

May 23, 2024May 22, 2024 Marc

homeowners insurance - Person stressed - Iowa Site

California, Florida, and Louisiana property owners can relate to the Iowan coverage issues Homeowners insurance customers across Iowa are discovering that obtaining coverage isn’t as easy as it once was as a number of insurers have decided to take their business elsewhere. The companies have been leaving Iowa recently The homeowners insurance companies that have decided to leave the state say that they are doing so due to the rising number of severe storms the state is facing, and the skyrocketing costs associated with paying for the repairs. According to…

Insurance Exodus Update: Why Iowa is Losing Its Insurers Now

May 21, 2024May 20, 2024 G. Turner

The recent departure of multiple insurance companies from Iowa’s homeowners’ market has sent shockwaves through the state. The New York Times reported that insurers are pulling out due to severe financial losses driven by unprecedented weather patterns. This move raises significant concerns for homeowners and demands a closer look at what has led to this exodus. The Insurance Turmoil Caused by Climate Change The insurance turmoil caused by climate change — which had been concentrated in Florida, California, and Louisiana — is fast becoming a contagion, spreading to states such…

Louisiana Governor Landry signs property insurance package

May 17, 2024May 16, 2024 Logan B.

The package was backed by Louisiana Insurance Commissioner Tim Temple Louisiana Governor Jeff Landry has now signed into law a property insurance package that had the strong backing of the state’s Insurance Commissioner Tim Temple. The goal of the measure is to help the state overcome its current coverage crisis. The package is meant to make the state’s market more industry friendly Four bills were signed by Landry in the hopes of benefitting the property insurance industry by granting new freedoms for raising customer rates, canceling policies, and facing fewer…