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Report examines how climate change will challenge Vermont’s insurance industry
The Winooski River flows across Bridge Street in Richmond on Friday, November 1, 2019. Photo by Glenn Russell/VTDigger With a warmer and wetter climate in Vermont’s future, severe weather events are projected to increase in frequency, and the property and casualty insurance industries may face new challenges as a result, says a report issued Monday by the Vermont Department of Financial Regulation. Michael Pieciak, the department’s commissioner, said he hopes the report will spur conversations involving the state’s insurance industry, but he also highlighted how findings could affect everyday Vermonters. Pieciak said severe weather accounts for “the vast majority” of
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Truist/CRC Adds Major Wholesale Insurance Clout with Constellation Acquisition
Truist Insurance Holdings and its wholesale insurance subsidiary CRC Group have closed on the acquisition of Constellation Affiliated Partners, an insurance distribution platform operating seven managing general agents (MGAs) and program managers. The transaction, first announced in May, will add approximately $160 million of annual revenue to Truist Insurance Holdings’ wholesale division. Truist acquired Constellation from RedBird Capital Partners. Financial terms were not disclosed The addition of Constellation Affiliated Partners more than doubles the size of the premium placement of CRC Group’s Specialty Programs Division and creates one of the largest program managers in North America. CRC Group’s new Specialty
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Should truckers say no to broker ‘additional insured’ demands?
Longtime independent owner-operator and business consultant W. Joel Baker has seen it time and again. A broker he’s about to do business with asks to be added as an “additional insured” on Baker’s business’s own insurance policy. Every time he asks just why, furthermore, he gets one of two answers, as he made note of in this blog post at his LearntoTruck.com website. Adding the broker will allow it to keep tabs on the carrier’s required policy’s currency and renewal deadlines. “It’s just what our company requires from carriers and truck owners.” As the second of these suggests, the practice
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Wegovy’s Promise As An Effective Treatment For Obesity Now Depends On Insurers : Shots
Health conditions exacerbated by obesity include heart disease, stroke, Type 2 diabetes and certain types of cancer, according to the CDC. Researchers say the newly approved drug Wegovy could help many who struggle with obesity lose weight. adamkaz/Getty Images hide caption toggle caption adamkaz/Getty Images Health conditions exacerbated by obesity include heart disease, stroke, Type 2 diabetes and certain types of cancer, according to the CDC. Researchers say the newly approved drug Wegovy could help many who struggle with obesity lose weight. adamkaz/Getty Images When a promising new drug to treat obesity was approved by the Food and Drug Administration
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Car insurance rates are skyrocketing, but why?
HOUSTON – Some drivers may or may not have noticed, car insurance rates are going up, but why is that? It seems to be a combination of pre-pandemic price points and traffic levels together making a comeback. This year, car insurance rates nationwide went up almost 17% during the month of May, according to the Insurance Information Institute. To get the best rate, you need to shop for it. “Your insurer doesn’t have a rate or a rate for your county or zip code, they have hundreds of rates,” says Stephanie Goodman of the Texas Department of Insurance. Wide, empty
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Flood damaged car, basement might not be covered by insurance
The aftermath of summer storms, such as those that hit many neighborhoods and freeways in metro Detroit, often includes many angry consumers who soon discover what their insurance policies do — and don’t cover — in these types of emergencies. Some cars that ended up submerged in water on Interstate-94, for example, might not be covered for those damages by insurance. J. Robert Hunter, director of insurance for the Consumer Federation of America, said drivers will need to have comprehensive insurance coverage on their auto policy when there is flooding or water damage. You’d pay the deductible out of pocket,
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John Oliver on healthcare ministries: ‘They are not health insurance’ | Late-night TV roundup
On Last Week Tonight, John Oliver dove deep into American health insurance – more specifically, healthcare sharing ministries, organizations in which members share healthcare costs that are often misleadingly billed as health insurance, centered on a common religious faith, and ripe for misuse. “The most important thing to know about healthcare sharing ministries isn’t just that they can be cheaper than health insurance, which they can,” Oliver explained. “It’s that they are also not health insurance. Generally they are nonprofits where people who share religious beliefs, usually Christianity, agree to help cover each other’s medical bills.” Healthcare sharing ministries have
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Cyber insurance isn’t helping with cybersecurity, and it might be making the ransomware crisis worse, say researchers
Ransomware is one of the biggest cybersecurity issues facing organisations today but, as claims mount and cyber insurers look at the coverage they are offering, changes may be coming. Cyber insurance is designed to protect organisations against the fallout of cyberattacks, including covering the financial costs of dealing with incidents. However, some critics argue that insurance encourages ransomware victims to simply pay the ransom demand that will then be covered by the insurers, rather than have adequate security to deter hackers in the first place. Insurers argue that it’s the customer that makes any decision to pay the ransom, not
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