Tag: insurers

Washington Judge Overturns Insurance Rate Credit Scoring Ban

credit score concept on the screen of smart phone, checking payment history in bank

A judge on Friday overturned a Washington state rule prohibiting insurers from using credit scoring to set rates for auto, homeowner and renter insurance. Insurance Commissioner Mike Kreidler adopted the rule in February, immediately drawing a legal challenge from insurer groups. The rule, which was set to take effect March 4, was paused while the… Continue reading Washington Judge Overturns Insurance Rate Credit Scoring Ban

Consumer Watchdog Urges Tougher U.S. Oversight of Insurance Costs, Discrimination

Happy african american young couple first time home buyers having fun unpacking laughing on moving day, excited wife riding sitting in cardboard box while black husband push it in new house apartment

U.S. regulators should strengthen their oversight of insurers to prevent potential overcharging and discrimination in selling coverage for cars and homes, a consumer watchdog group said on Thursday. The campaign by the Consumer Federation of America (CFA) comes after an industry group removed protections that required rates for coverage to reflect the costs, a principle… Continue reading Consumer Watchdog Urges Tougher U.S. Oversight of Insurance Costs, Discrimination

Oil Sands Pipeline Wins Bid to Hide Insurers from Activists

Pipelines and climate risk

Trans Mountain Pipeline LP’s effort to keep its insurers’ names confidential was accepted by regulators in a setback for environmental groups fighting to prevent development of the Canadian oil sands. “Trans Mountain has satisfied the requirements for confidentiality,” Canada Energy Regulator said in its decision Thursday. “The names of Trans Mountain’s insurers could reasonably be… Continue reading Oil Sands Pipeline Wins Bid to Hide Insurers from Activists

ACORD Solutions Group Launches Data Exchange Platform with First-of-Its-Kind Implementation

ACORD Solutions Group (ASG), the industry-owned subsidiary of ACORD, the standards-setting body for the global insurance industry, today announced the successful implementation of its ADEPT platform to perform automated, real-time premium accounting reconciliation between insurers and brokers. This market capability was developed working closely with some of the industry’s largest stakeholders, with the first data… Continue reading ACORD Solutions Group Launches Data Exchange Platform with First-of-Its-Kind Implementation

Businesses Call on U.S. Insurers to Ditch Fossil Fuel Underwriting

Open pit mine. Aerial view of extractive industry for coal. Top view. Photo captured with drone.

A group of about 60 American businesses on Thursday urged their insurers to stop providing coverage to and investing in fossil fuel producers. In a letter, companies including outdoor-gear producer Patagonia and ice-cream maker Ben & Jerry’s, a unit of Unilever, called on U.S. insurers to drop ties to coal, oil and gas. “The insurance… Continue reading Businesses Call on U.S. Insurers to Ditch Fossil Fuel Underwriting

Connecting Climate Change Nuisance Suits to Insurance Recovery

Superfund bill passed in NY

Over the past few years a wave of lawsuits has sought to hold fossil fuel companies responsible for the societal costs associated with climate change. For the most part, these lawsuits have been brought by cities, counties, and one state in which the plaintiffs have pressed novel claims of public nuisance and other state laws… Continue reading Connecting Climate Change Nuisance Suits to Insurance Recovery

Will New Law Expose Links to Climate Risk?

Superfund bill passed in NY

Connecticut Insurance Investigation On March 5, Connecticut lawmakers will have a public hearing on whether insurance companies should be forced to disclose their involvement in the fossil fuel industry. A bill is working its way through the state senate that would assign the state insurance commissioner to investigate insurance companies concerning climate issues. The commissioner… Continue reading Will New Law Expose Links to Climate Risk?

Coal Power Becoming ‘Uninsurable’ As Firms Refuse Cover

Power plant

The number of insurers withdrawing cover for coal projects more than doubled this year and for the first time US companies have taken action, leaving Lloyd’s of London and Asian insurers as the “last resort” for fossil fuels, according to a new report. The report, which rates the world’s 35 biggest insurers on their actions… Continue reading Coal Power Becoming ‘Uninsurable’ As Firms Refuse Cover

The Global Insurance Industry’s $6 Billion Existential Threat: Coal Power

Smoke from the power station.

Insurance companies face catastrophic damage from climate change, yet they continue insuring and funding the biggest cause of those damages instead of preventing the “existential threat” of inaction on climate policy. Extreme weather driven by climate change is creating record losses for insurers and their customers, and if left unchecked, those losses could triple within… Continue reading The Global Insurance Industry’s $6 Billion Existential Threat: Coal Power

Insurers Come Up Short for Independent Agents Despite Critical Role Agents Play in Driving Business, J.D. Power Finds

MGAs insurance companies

The more satisfied independent insurance agents are with a carrier, the more business they will conduct with that carrier. Despite this fact, which is clearly evident in the J.D. Power 2019 U.S. Independent Insurance Agent Satisfaction StudySM released today, overall agent satisfaction with the service they receive from insurers is among the lowest of business… Continue reading Insurers Come Up Short for Independent Agents Despite Critical Role Agents Play in Driving Business, J.D. Power Finds