Tag: insurance products

California Insurance Commissioner Announces Game-Changing FAIR Plan Reform

Live Insurance News
California insurance commissioner Ricardo Lara- State Farm rate increase hearing

LOS ANGELES — In a significant move to address California’s ongoing insurance crisis,unveiled a breakthrough agreement to modernize the California FAIR Plan Association (FAIR Plan), the state’s “insurer of last resort.” This initiative is a key component of Lara’s Sustainable Insurance Strategy, marking the largest insurance reform since Proposition 103 was passed in 1988. Modernizing the FAIR Plan “Modernizing the FAIR Plan is a crucial step in our strategy to stabilize California’s insurance market,” said Commissioner Lara. “It’s critical for Californians to understand that a growing FAIR Plan contributes to…

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Growth is coming to the gulf insurance industry, but it won’t be easy

Julie Campbell
insurance industry data report survey

A new survey has shown that the region will see steady increases in product penetration but with challenges. Spending from Middle Eastern governments on non-oil projects and a strong increase in coverage products will provide considerable support for Gulf insurance industry growth across all six of the Gulf Cooperation Council countries, said a new survey. The non-life sector was predicted to see a stronger growth performance than life insurance. The reason is that there have been some new regulations in the Gulf insurance industry such as the mandatory purchase of…

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OneBeacon teams with Equifax to provide data breach coverage

S.Vagus
usage based insurance data security

OneBeacon announces partnership with Equifax to protect against hackers OneBeacon Professional Insurance, a division of the OneBeacon Insurance Group, has announced that it is updating its Network Security and Privacy Liability Policy. The insurer has teamed with Equifax, a leading consumer credit reporting agency, to provide data breach services to its policy. Data breach is becoming a very serious issue for large companies that have a wealth of consumer information stored in servers. If this information were to be stolen by a hacker or otherwise compromised, it could mean serious…

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Chubb introduces new insurance product focused on cybercrime and fraud

S.Vagus
Cyber Insurance industry popularity

Chubb aims to provide health care provider with new protections The Chubb Group of Insurance Companies, the eighth largest property/casualty insurer in the U.S., has announced the launch of a new insurance product that is aimed at helping small to mid-sized health care organizations manage cybercrime and fraud. Data breach has been a serious issue for many industries and may soon become a serious problem in health care. Per the Affordable Care Act, most health care records are to be stored electronically. The law also paves the way for a…

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