Berkley One (a Berkley Company), an insurance provider for modern, sophisticated individuals and families, has expanded its personal insurance portfolio to Delaware, Montana, South Carolina and Wyoming. Insurance solutions from Berkley One are now available in 29 geographies. “Always moving forward is not only our brand promise but also our approach to accelerating our expansion… Continue reading Berkley One Expands Into Four New States
Tag: auto insurance
Usage-Based Auto Insurance Front and Center as Satisfaction Flatlines, J.D. Power Finds
A record number of serious collisions, skyrocketing used-car prices, and surging repair costs have put auto insurers in an unenviable position: raise rates or go out of business. It should come as no surprise that the J.D. Power 2022 U.S. Auto Insurance Study, released today, finds that customer satisfaction with auto insurance prices has declined… Continue reading Usage-Based Auto Insurance Front and Center as Satisfaction Flatlines, J.D. Power Finds
Allstate Profit Weakens as Accidents, Claim Costs Increase
Allstate Corp. reported a 61 percent drop in its closely watched adjusted net income compared to the previous year, as the auto-insurance industry in the United States grapples with rising accident volumes and sharply higher claims costs. Allstate’s first-quarter adjusted income fell to $726 million from $1.87 billion a year earlier, primarily because of the… Continue reading Allstate Profit Weakens as Accidents, Claim Costs Increase
Tesla Insurance Has Potential to Become a Top-10 Carrier: Morgan Stanley Analysts
According to Morgan Stanley analysts, Tesla Insurance, which began underwriting its own policies in three states last month, could pose a long-term challenge to traditional auto insurers. Analysts believe that Tesla, cites Reinsurance News, becoming a top 10 auto insurance carrier is not a “far-fetched expectation,” and that insurance premium forecasts for Tesla yield about… Continue reading Tesla Insurance Has Potential to Become a Top-10 Carrier: Morgan Stanley Analysts
NY Coalition Launches to Improve Access to Auto Insurance
NY First, a coalition of auto insurance carriers and independent agents and brokers, today launched a campaign to reduce obstacles and eliminate outdated requirements for consumers seeking auto insurance coverage. The unified coalition of insurance professionals supports bipartisan legislation sponsored by Senator Neil Breslin (D-Albany) and Assemblyman Ken Zebrowski (D-Rockland) that will allow auto insurance… Continue reading NY Coalition Launches to Improve Access to Auto Insurance
Ford, State Farm Partner for Car Insurance Program
Tesla is not the only automaker that will provide auto insurance to its customers. Ford has entered the insurance market through a collaboration with State Farm. Drive Safe & Save Connected Car is the name of the insurance program. It is only available to Ford and Lincoln owners and, at the time of launch, only… Continue reading Ford, State Farm Partner for Car Insurance Program
APCIA Warns PIP Repeal Legislation Could Have Substantial Financial Impact on Florida Drivers
The American Property Casualty Insurance Association (APCIA) today issued the following statement, attributed to its assistant vice president of state government relations Logan McFaddin, regarding the House Civil Justice and Property Rights Subcommittee’s passage of House Bill 1525 relating to Motor Vehicle Insurance. “APCIA is disappointed the bill to reform Florida’s no-fault auto insurance system… Continue reading APCIA Warns PIP Repeal Legislation Could Have Substantial Financial Impact on Florida Drivers
Commercial Auto Claims Costs Fueled by Attorney Involvement: Study
According to a study conducted by the American Property Casualty Insurance Association (APCIA) and Milliman, attorney involvement in commercial auto insurance claims has increased in recent years, as have costs and resolution times. The report discovered a 21.3 percent increase in total losses between 2015 and 2019, bringing the average cost to $149,494 after analyzing… Continue reading Commercial Auto Claims Costs Fueled by Attorney Involvement: Study
Traffic Fatalities Continued to Rise at Record Pace in First Nine Months of 2021
U.S. Department of Transportation’s National Highway Traffic Safety Administration released its early estimate of traffic fatalities for the first nine months of 2021. NHTSA projects that an estimated 31,720 people died in motor vehicle traffic crashes from January through September 2021, an increase of approximately 12% from the 28,325 fatalities projected for the first nine… Continue reading Traffic Fatalities Continued to Rise at Record Pace in First Nine Months of 2021
Columbus-based Root Insurance Lays Off 330 Employees, Citing Inflation and Supply Chain
Root Insurance is laying off approximately 20% of its workforce due to rising inflation costs and other pandemic challenges. According to the Columbus-based auto insurer, approximately 330 employees would be affected. The majority of the affected employees were notified on Thursday, with the majority of job cuts taking place before the end of the month.… Continue reading Columbus-based Root Insurance Lays Off 330 Employees, Citing Inflation and Supply Chain