Live Insurance News

Innovative Food Truck Launches “Seagull Insurance” on Isle of Man

August 22, 2024August 21, 2024 Live Insurance News

In a quirky insurance news twist, Hawkins BBQ, a popular food truck on the Isle of Man, has introduced “seagull insurance” to protect its customers from a particularly pesky problem—theft by herring gulls. Birds swooping in to snatch snacks have become a frequent issue at the coastal pop-ups, sometimes occurring up to three times a week. A Unique Solution Co-owner Charlotte Smith revealed that the introduction of the £1 daily insurance policy aims to ensure that customers can enjoy their meals without fear of losing them to opportunistic seabirds. “We…

Car Insurance Costs Explode in 2024 with an Overall Jaw-Dropping 26% Hike

August 21, 2024August 20, 2024 H. Cutner

Car Insurance Premiums Surge in 2024 Car insurance premiums skyrocketed by an average of 26% in 2024, pushing the national average cost for full coverage to a staggering $2,543 per year. This marks a significant rise from $2,014 in 2023 and $1,771 in 2022. Several factors contribute to this surge: The Bureau of Labor Statistics notes that while overall annual inflation was 3.2%, car insurance rates spiked 20.6%. States differ in rate increases, with New Jersey and Missouri seeing hikes of 45.69% and 44.16%, respectively. Florida and California remain among…

Catastrophe Losses in 2024: A Challenging Year for the Insurance Industry

August 20, 2024August 19, 2024 Elizabeth Price

2024’s Insurance Industry Turmoil: State Farm and Others Navigate the Aftermath of Hurricanes Debby and Beryl The year 2024 has proven to be a tumultuous period for the insurance industry, with back-to-back natural disasters resulting in substantial financial losses for major insurers. Hurricanes Debby and Beryl have left a trail of destruction across multiple states, posing significant challenges for companies like State Farm and Allstate as they navigate the aftermath. Hurricane Debby made landfall as a Category 1 hurricane in Florida’s Big Bend region on August 5, 2024. With maximum…

Top Insurance Companies: Unpacking Auto Insurance Claims Criticisms

August 20, 2024August 19, 2024 John Bowers

Top Performers in Auto Claims Handling Amica leads in auto insurance claims handling, securing the top spot in J.D. Power’s 2023 Auto Claims Satisfaction Study with 909 out of 1,000 points. Customers praise Amica for quick and efficient claims processing and excellent customer service. Erie Insurance ranks second with a score of 902. Customers highlight the insurer’s professionalism and fast claims process. Erie offers a unique benefit: Coverage for pets injured in accidents Up to $500 per pet $1,000 per accident State Farm stands out for its user-friendly online claims…

Unlock Insider Secrets: Essential Tips for an Epic Labor Day Road Trip

August 16, 2024August 15, 2024 Nordstrom

Last Minute Labor Day Road Trip Tips for a Safe and Fun Family Journey As the end of summer approaches, many Americans are gearing up for one last adventure: the Labor Day road trip. This year, as many as 75% of Americans are expected to hit the road, making it one of the busiest travel weekends of the year. With the holiday quickly approaching, it’s crucial to prioritize safety and enjoyment for the whole family. Here are some essential tips to ensure you have a memorable and smooth journey. Tire…

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…

Ricardo Lara’s Reforms: Can They Save California’s Property Market from Fire Risks?

August 15, 2024August 14, 2024 Marc

Commissioner Lara’s Reforms to Rescue California’s Property Market In a bid to rescue California’s beleaguered property market, Insurance Commissioner Ricardo Lara has announced a series of reforms aimed at addressing the growing crisis in the state’s insurance sector. The situation has reached a critical point, with many insurers either pausing or severely limiting new policies, particularly in high-risk areas prone to wildfires. The Roots of the Crisis The current crisis is partly rooted in the 1988 voter-passed Proposition 103, which mandates that insurance companies obtain approval from the California Department…