Alfa, one of Alabama’s largest property-casualty insurers, makes clear it has no plans to move into the health insurance business: A hotly debated bill in the state Legislature would allow the Alfa-affiliated Farmers Federation to offer a health plan to some members , and some news out of Alabama this week suggests that Alfa Insurance … Read more
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By Ludwig Burger Frankfurt: Germany’s public health insurance scheme may cover certain patients at risk of heart disease or strokes to take the weight-loss drug Wegovy, a major boost to Novo Nordisk’s efforts to convince governments of its wider medical benefits. The European Union’s medicines regulator is reviewing the wider use of the hugely popular … Read more
California’s home insurance crisis deepens as the largest private insurer, State Farm, announced it will end coverage for 72,000 homeowners starting this summer, the peak of wildfire season. The Illinois-based insurer issued a press release Wednesday saying it would not renew policies on 30,000 homes and 42,000 condos in California, which the company said represents … Read more
Ping An Insurance (Group), China’s largest insurer by market capitalization, said its 2023 earnings fell to a five-year low as strong sales of new policies were offset by setbacks in their asset management businesses and technology investments. Its net profit fell 23 percent year-on-year to 85.67 billion yuan ($11.9 billion), according to a stock exchange … Read more
As we’ve seen over the past few years, one of the biggest drivers of inflation has been car insurance – with the cost of car insurance rising by over 20% in the past year alone. In five years, rates have risen 88% in Florida and 50% in New York, Nevada and Colorado, to name a … Read more
PETER HANCOCK, JENNIFER FULLER and ALEX ABEDUTO Capitol News Illinois SPRINGFIELD — The proposal by Gov. J. B. Pritzker’s sweeping reforms to the state’s health insurance industry passed a committee Thursday and will soon reach the full House for consideration. Pritzker first outlined the proposal in his State of the State address in February, insisting … Read more
A Pennsylvania insurance agency is denying allegations that it is responsible for denying a 2023 fire insurance claim by the owners of a Pittsburgh apartment building and voiding the property’s policy due to misrepresentations related to a shooting at the property in 2022. The independent insurance agency said the building owners never told them about … Read more
Finally, someone is hiring the insurance companies. Illinois Secretary of State Alexi Gianolias has drafted a bill that would base car insurance rates on driving records and not socioeconomic factors that could discriminate against consumers. Under current state law, insurance companies can use data from sources like social media to charge higher insurance premiums based … Read more
Underwriters often have hundreds of pages of documents to sort through but probably not for long. Insurance carriers are using generative AI as copilots in back-office operations. Copilots can act as chatbots, virtual assistants, search engines and productivity tools. Deloitte principal Sandi Suhrada said the technology can be used across the value chain in insurance, … Read more