Live Insurance News

Hawaii’s Governor Green Ignites State Farm Debate and Disaster Fee Proposal

September 5, 2024September 4, 2024 H. Cutner

Governor Green critizising the insurance industry

Governor Green Proposes Visitor Impact Fee for Disaster Insurance Amid Maui Wildfire Recovery In the aftermath of the devastating Maui wildfires on August 8, 2023, which claimed 102 lives and destroyed nearly 4,000 structures, Hawaiian Governor Josh Green has proposed a visitor impact fee to fund state disaster insurance. This initiative aims to ensure Hawaii’s resilience in the face of future natural disasters while addressing the immediate needs of those affected by the recent fires. Criticism of the Insurance Industry With an Emphasis on State Farm Governor Green has criticized…

Grapefruit-Sized Hail? Climate Change Could Bring Giant Ice Stones

September 3, 2024September 2, 2024 Ester Adams

Introduction to the Giant Hailstones Study A new study published in the journal npj Climate and Atmospheric Science covered by USA Today predicts an increase in ice stones larger than two inches as a result of climate change. This situation could pose challenges for individuals with hail-damaged cars, including dents and shattered windshields, as well as for the auto insurance industry, which has been implementing record rate increases in 2024. Is there a connection between these two issues? Climate Change and Hailstone Growth The study, co-authored by Victor Gensini, an…

The Elusive Nature of Time: Does It Really Speed Up with Age?

September 2, 2024September 2, 2024 Logan B.

Have you ever felt that time seems to fly by faster as you get older? You’re not alone. Many adults report feeling that the years pass by more quickly with age, leading to the common perception that time accelerates as we grow older. But is there any truth to this feeling, or is it just an illusion? Let’s explore the scientific and psychological insights into time perception and uncover the factors that contribute to this phenomenon. Understanding Time Perception Time perception is a complex cognitive function that is influenced by…

From Whiskers to Warthogs: The Wild World of Unusual Pet Insurance Claims

August 30, 2024August 29, 2024 Marc

Pet insurance might sound like a serious business, but when you delve into the world of claims, it’s anything but dull. From mischievous mutts to curious kittens, our furry friends seem to have an uncanny knack for getting into the most bizarre predicaments. Let’s explore some of the most unusual pet insurance claims that have left both pet owners and insurers scratching their heads. The Case of the Golden Retriever and the Golden Ring Meet Max, a lovable golden retriever who quite literally has a taste for the finer things…

California, Colorado and Texas Face Billion-Dollar Home Insurance Dilemma

August 27, 2024August 26, 2024 Nordstrom

California’s Growing Wildfire Risk for Home Insurance Market California homeowners face a growing problem: over 1.2 million homes are at moderate or high risk of wildfire damage, with reconstruction costs exceeding $760 billion. According to CoreLogic’s Wildfire Risk Report, this is particularly concerning for those living in the Wildland Urban Interface (WUI), especially in areas like Los Angeles, San Diego, and Riverside. Climate change is a significant factor, with NOAA’s data showing the number of acres burned each year has nearly doubled since the early ’80s. Reconstruction costs for damaged…

State Farm Faces Setback as Class Action Lawsuit Progresses in Federal Court

August 26, 2024August 25, 2024 John Bowers

State Farm Lawsuit Advances After Motion to Dismiss Denied In a significant legal development, U.S. District Judge Virginia Kendall has denied State Farm’s motion to dismiss a class action lawsuit, allowing the case to proceed in the U.S. District Court for the Northern District of Illinois. The lawsuit accuses the insurance giant of systematically undervaluing and underpaying policyholders for totaled vehicles, raising concerns among policyholders and industry analysts alike. Challenges to State Farm’s Valuation Methods and Practices The lawsuit, originally filed in March 2022, challenges State Farm’s vehicle valuation methods,…

Skyrocketing Car Insurance Rates Drive Drivers to Pay Repairs in Cash

August 23, 2024August 22, 2024 H. Cutner

As car insurance premiums continue to soar, drivers are finding alternative ways to manage their expenses. With rates expected to rise by at least 20% in 2024, many are opting to bypass the claims process altogether and pay for repairs out of pocket. Understanding the Shift: Why Drivers Are Avoiding Claims A recent survey by LendingTree reveals that about 40% of drivers are choosing to skip the traditional claims process, opting instead to handle minor repairs in cash. This trend is largely driven by the fear of increased premiums and…