State FarmĀ® Announces 2023 Financial Results

Bloomington, IL, February 29, 2024 – In 2023, State Farm property and casualty insurance companies experienced growth in policies as well as reporting underwriting losses due to continued high claim severity and significant catastrophe activity for both auto and homeowners insurance companies. While State Farm experienced adverse operating results in 2023, State Farm Mutual Automobile […]

Grundy Insurance Review: Rates and Coverage

We give Grundy 3.9 out of 5.0 stars for classic car insurance. Grundy has a solid industry reputation, strong financial position, and expanded coverage for policyholders. While customer reviews for the Grundy have been mixed, we think it’s a great choice for classic cars. How we rated Grundy Insurance We refresh our review standards several […]

The insurance agency denies liability for misrepresentations related to the shooting

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 […]

New York Insurance Coverage Law Update – February 2024 | Rivkin Radler LLP

The New York Supreme Court has ruled that restaurants’ business losses from the coronavirus are not covered Consolidated Restaurant Operations, a company that owns and operates dozens of restaurants, has acquired a commercial property policy from Westport Insurance Company. Subject to certain exclusions, the policy covers “all risks of direct physical loss or damage to […]

Illinois Secretary of State Alexi Giannolia targets car insurance rate discrimination

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 […]

Insurance copilots can assist in underwriting, claims

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, […]