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While Jimmy Patronis and Governor DeSantis trumpet their latest emergency rule as consumer protection following the CBS 60 Minutes Expose noted in CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Altered Hurricane Damage Estimates by Claims Management, the reality reveals a different story.
Most insurance executives surveyed last year believe they have “an ethical obligation” to close the protection gapand also believe that “lack of trust in the insuranceindustry” is a key barrier standing in the way. Economist Impact, a division of …
Connecticut continues to grow its captive insuranceindustry, adding nine new captive insurers in 2024 for a 17% increase over the previous year. In addition to the nine new captives, the state insurance department also approved 17 new captive protected …
The recently issued Emergency Rule 69BER24-4 in Florida creates a concerning conflict with Xactimate’s license agreement, highlighting yet another way the insuranceindustry exercises control over claims adjusting practices.
Income protectioninsurance is one of the most important forms of personal coverage in Australia. As someone who has worked in the Australian insuranceindustry for over 10 years, Ive noticed that a lot of people overlook this. appeared first on My Top Insurance Blogs.
A new report from Marsh McLennan and Zurich titled “Closing the cyber risk protection gap” is calling for a closer collaboration between the insuranceindustry and the public sector as cyber insurance coverage gaps remain. “Both the insuranceindustry and …
The Protection Gap Challenge Denise Garth I read last week where, in some cases, people’s mortgage payments which include taxes are now less than their property insurance. With that as a backdrop, where does the protection gap fit in all of this? It’s a crisis. Denise Garth How does technology fit into this equation?
A new investigation into Floridas property insuranceindustry is set to begin, raising significant questions about insurer profitability, financial transparency, and the true reasons behind skyrocketing premiums for policyholders.
In my recent articles, The Façade of Consumer Protection: How Florida’s Political Leadership Continues to Favor Insurance Companies Over Policyholders — Are Florida’s Politicians in Bed with the InsuranceIndustry and Florida’s Emergency Ethical Rule Conflicts with Xactimate’s License Agreement – Another Example of InsuranceIndustry Control in Florida, (..)
During that time we have assisted thousands of claimants with their claims, and introduced world leading online services that take the lessons learned from claims, and use them to assist brokers and underwriters be better at their job, and to move the emphasis from price to protection.
A federal appeals court and the Federal Communications Commission, in one of its first actions under the new presidential administration, have handed down major decisions that many in the insuranceindustry may see as a double-edged sword. On the one …
EPIC Insurance Brokers & Consultants named Matt Allen principal of its private client team. Allen has more than 18 years of experience in the insuranceindustry. He specializes in providing sports professionals with risk management, disability insurance and asset protection …
Recent investigative reporting by CBS’s 60 Minutes, noted in CBS 60 Minutes Exposes Alleged Insurance Company Fraud: Adjusters Reveal Altered Hurricane Damage Estimates by Claims Management, has exposed alleged widespread underpayments of claims and unethical claims practices in Florida’s property insuranceindustry.
His work has unveiled a deeply concerning pattern within Florida’s insuranceindustry, noted in the story: Secret Study Found Florida Insurers Sent Billions to Affiliates While Crying Poor. Investigative reporter Lawrence Mower deserves some type of award and thanks.
Welcome to another chapter in the ever-entertaining saga of Florida insurance regulation—where the unexpected is expected, and reality sometimes reads like satire. Florida’s insurance regulators are serving subpoenas on a critic who dared to spotlight glaring issues in the insuranceindustry. The latest?
One thing everybody notices in Tallahassee is that there is an army of paid lobbyists and professional proponents of the insuranceindustry who show up at hearings. The Florida Department of Financial Services (DFS) held a regulatory workshop meeting seeking comments on the recent emergency adjustment rule.
Heritage Insurance (HRTG) lost 20% of its publicly traded value yesterday following the recent CBS 60 Minutes investigation into alleged insurance fraud in Florida, which has sent shockwaves through the insuranceindustry.
What could be the key challenges facing the insurance sector? The insuranceindustry has long been considered a cornerstone of financial stability, providing individuals and businesses with protection against unforeseen risks. Are there ways AI and technology can help us tackle these problems?
Florida’s property insurance market is facing unprecedented challenges, leaving policyholders with inadequate coverage at significantly higher rates. The term “shrinkflation,” commonly associated with consumer goods, is now being used to describe a troubling trend in the insuranceindustry.
Amy Bach‘s recent LinkedIn post yesterday highlighting concerns about excessive compensation in the insuranceindustry has struck a chord with many policyholders and consumer advocates. Bach raised these issues in a panel discussion at the American Academy of Actuaries.
Can you imagine a business industry trade group going to politicians asking for laws that prevent others from collecting valid debts from them? That is exactly what the insuranceindustry has accomplished in Florida with recent changes in law. Most would be laughed out of town.
Another way the insuranceindustry would be affected is from losses from coverage protecting against adverse business costs of events, such as strikes. These coverages include, but are not limited to, business interruption, political risk, credit, supply-chain insurance, and some marine and cargo.
When consumers do not carry sufficient insurance coverage, everyone is at risk. Agents are critical in educating policyholders to help close the coverage gap and ensure those at high risk have sufficient insuranceprotection. See how weve been empowering independent P&C agents and brokers to thrive since 1962.
Commercial property insurance water damage coverage is a complex topic with many nuances. This blog post will explore what types of water damage are typically covered, common exclusions, and additional coverage options to consider for comprehensive protection. What Water Damage Does Commercial Property Insurance Cover?
Artificial Intelligence has the potential to benefit both insurance professionals and consumers, says Doug Marquis, chief technology officer at Zywave. Insurance is often regarded as a necessary evil by consumers a boring grudge purchase to protect themselves against an unfortunate event that may never happen.
Effective March 4 th , 2022 John Hancock Protection IUL (2021) contract will be replaced with Protection IUL (2022). Based on our initial testing, the pricing is increasing with most designs and ages.
Our team of experts can offer you the tips, insights, and guidance you need to take your insurance email marketing to the next level. The post Email Marketing Metrics That Matter: Tracking Success in the InsuranceIndustry appeared first on Neilson Marketing Services.
How to Protect your Business Against Frozen Pipes and Sprinkler Systems In the winter season, businesses encounter unique property challenges, notably the potential for frozen pipes and sprinkler systems. Exterior pipelines: Outdoor pipelines, used for landscaping, irrigation, or fire protection, are exposed to the elements.
Establishing Credibility and Connection One of the keys to handling objections as an insurance agent is establishing credibility and connection with your potential customers. Emphasize the peace of mind and protection that the insurance can provide. By building trust and rapport, you can overcome objections more effectively.
AM Best and Fitch Ratings each issued reports last week warning that Milton could stretch liquidity of Florida-based residential insurers that are primarily focused on protecting in-state homeowners. But experts closer to Florida’s insuranceindustry cast doubt on those assertions.
This includes any contracts with agents, partners, or referral sources, as well as insurance carrier agreements. This protects your ownership stake and makes the sale process smoother. Consider Market Conditions: Stay aware of current market trends in the Medicare insuranceindustry.
INSURANCE-RELATEDCOURTCASES Digested from case reports published online COURT DECISIONS Landslide triggers dispute BrunoBuilt, Inc., In 2015, after contracting with the Dempseys, BrunoBuilt added the Dempsey project to its Tailored Protection Policy (TPP). With the assistance of […]
Proactive steps, such as secure website hosting , can safeguard your online presence and protect your business from these evolving threats. At Neilson Marketing Services, we provide secure website hosting tailored to the specific needs of the insuranceindustry.
With autonomous vehicles or AVs slowly gaining market share and the technology rapidly advancing, this is becoming an increasingly urgent question for insurance companies. Indeed, AV technology could upend the very foundations of the car insuranceindustry. First, some basics.
As war is driving cyber security concerns around the globe, more organizations are turning to Cyber Insurance for protection. But these policies may not always offer the levels of protection purchasers think they do. Cyber Insurance war exclusions can leave businesses vulnerable to financial loss.
Discover the steps to kickstart your career in this rewarding industry. Share: Understanding the Role of a Life Insurance Agent As a life insurance agent, your primary role is to help individuals and families protect their financial future by providing them with suitable life insurance policies.
With only two months left in the year, we’re gearing up to kickstart 2025, and the insuranceindustry stands at a critical crossroads. The global protection gap—a measure of uninsured risk—looms large, projected to reach $1.86 trillion by 2025.
No insurance agent sets out to break the rules — after all, insurance is in place to protect people when rules get broken around them. So why is there so much emphasis on insurance regulatory compliance in our industry? The answer is simply that the insuranceindustry is complex.
Consider if: Coverage limits are sufficient to cover higher labor costs and material prices Increasing the deductible to offset premium increases makes sense Additional coverage or endorsements may be helpful to close any protection gaps identified in the policy review Advocate for policyholders with insurers. Become a member today!
In the insuranceindustry, first impressions are crucial. This helps us customize a plan that offers you the best protection.” This should include a summary of what was discussed, the different insurance options available to them, and a clear outline of the steps moving forward.
However, Eighty-three percent of participants said they would consider implementing catastrophe preparedness and mitigation measures if it meant receiving savings on their insurance premiums, but most of those required premium savings large enough to offset the costs of these measures. However, the U.S.
How To Prevent House Fires Since 1922, the National Fire Protection Association has sponsored the public observance of Fire Prevention Week. This year, Bankers Insurance is focusing on the most frequent causes of fire-related losses and sharing tips compiled by Travelers Insurance to help safeguard you and minimize fire losses.
At Frankenmuth Insurance, we take pride in protecting what’s important to you, and we’re dedicated to ensuring a bright future for our policyholders. AM Best is the insuranceindustry’s most widely recognized provider of ratings and financial data. For the latest Best’s Credit Rating, access www.ambest.com.
SOC2 certification validates a company’s cybersecurity controls at a specific point in time, with the critical purpose of: Confirming the adequacy of policies, procedures, and controls to protect the integrity of Company and Customer data. It covers measures to prevent data breaches, cyberattacks, and other security incidents. and Canada.
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