The use of digital tools in the insurance industry lags behind similar fields. Although more people are digitally managing their insurance policies, there's still room for improvement, particularly among younger generations. While nearly 60% of 18- to 39-year-olds use mobile apps for banking, less than one-third use these apps to manage their insurance.
Volkswagen has warned customers that one of its vendors was recently affected by a data breach which potentially exposed the information of some 3.3 million customers in the US and Canada.
Customer data collected from 2014 to 2019 was affected by the hack.
FEMA's new rating methodology will increase flood insurance rates for 3.8 million homeowners, according to an analysis by ValuePenguin.com. Not every NFIP policyholder will see a rate increase, however. Some may experience no change in rates while the cost for flood insurance will decrease for some 1.2 million homeowners.
Aon's proposed $30 billion acquisition of Willis Towers Watson has hit a major roadblock, with the U.S. Department of Justice suing to block the deal. The DOJ's civil antitrust lawsuit argues that the merger, which would bring together two of the “Big Three" global insurance brokers, could harm competition and raise prices. What's more, the deal could also harm innovation for American businesses, employers and unions that rely on both companies' services, the suit alleges.
Insurance giant GEICO's effort to certify an interlocutory appeal in a lawsuit over overcharged auto premiums was denied by a federal judge earlier this week, according to a Law360 report.
The class action suit was filed by plaintiff Briana Siegal against GEICO in July and alleges that the insurer overcharged auto premiums by deceptively marketing its “GEICO Giveback" discount program at the start of the pandemic in 2020.
During the COVID-19 pandemic, auto insurers have returned more than $18 billion in premiums to address the drastic reduction in driving. It turns out all that extra money didn't make consumers any happier, if they even knew about it at all. Overall customer satisfaction with insurers is flat after four years of steady improvement, according to the J.D. Power 2021 U.S. Auto Insurance Study.
Innovative carriers are up and running. They have a deep understanding of their customers. The top P&C insurance carriers know 98% of insurance agents consider ease of business critically important to their placement decision. Agents are mixed, however, on those who want self-service options for their customers and those who don't.
Connecticut is poised to become the 19th state to legalize adult, recreational use of cannabis, now that a long-awaited bill has cleared the General Assembly and Democratic Gov. Ned Lamont has said he'll sign it into law. While it will be legal as of July 1 for adults 21 years and older to possess up to 1.5 ounces (42.5 grams) of marijuana, it's likely going to take at least a year before an industry is up and running.
As ransomware attacks surge, the FBI is doubling down on its guidance to affected businesses: Don't pay the cybercriminals. But the U.S. government also offers a little-noticed incentive for those who do pay: The ransoms may be tax deductible.
As the world inches closer to a post-pandemic economy, businesses will face a new risk landscape shaped by the challenges of the past year and a half. The hard market conditions continue to affect property and casualty business lines. However, even in a tough market, businesses can take steps to improve their risk profiles, reduce costs and ultimately increase profitability.