Category: Insurance News
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A global initiative by Lloyds’ to address risk in Insurance sector
March 10, 2021 (London, Economic & Insurance News by Insurance Market 360) -Lloyds’ in February 2021 initiated FUTURESET to resolve both ongoing and projected concerns of the Insurance industry by filling the gaps in knowledge, understanding and addressing risk management. This Model was developed by Chartered Insurance Institution (CII) and Lloyds’ market Association (LMA). John…
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California Insurance Commissioner Lara Fills Advisory Boards and Committees
January 14, 2021. (Los Angeles, CA, Economic & Insurance News by Insurance Market 360 ) – On April 24, new appointments to multiple advisory boards and committees in order to protect policyholders in the state. New members joined the California Automotive Assigned Risk Plan Advisory Board (CAARP), the California Insurance Guarantee Association (CIGA) Board of…
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Average premium renewal rates experience variable change across all major commercial lines month over month
February 18, 2021 (Tampa, FL, Economic & Insurance News by Insurance Market 360) – The July results of the IVANS Index, which shows the insurance industry’s premium renewal rate index, show that all lines of business saw increases in average premium renewal rates, except for Workers’ Compensation, which declined. July premium renewal rates for Commercial…
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Attorney of Newport Beach Booked for an Insurance Fraud of $3.1 Million
February 17, 2021. (ORANGE, Calif., Economic & Insurance News by Insurance Market 360) – Moses Luna, 73, was arrested in connection to 20 offenses of translating and interpretation frauds of employees’ compensation fee worth of $ 312,220. Office of Orange city District Attorney is looking into the legal formalities related to the case. The case was…
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Insurance Companies Need to Change Their Strategies on Wildfire of Insured Assets _ A Research Report
February 16, 2021. (Washington, DC, Economic & Insurance News by Insurance Market 360) – Centre for Insurance Policy Research (CIPR) in association with Risk Management Solutions (RMS) and Institute for building and home safety (IBHS) investigated and submitted a technical report on the economic advantages of wildfire resilience strategies in nine communities of California, Colorado and…
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Owner of Pro-Care booked for a charge for 3 Insurance offenses worth of $ 7 Million
February 12, 2021. (Sacramento, Calif., Economic & Insurance News by Insurance Market 360) – Jorge Gerardo, 55, of Sacramento, was found guilty of three Insurance offenses which were intentionally done related to underreporting payroll and employees to illegally save on workers’ compensation insurance premiums, impacting a loss of $687,560 to three insurance bearers. Referring to the…
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Proposal to the President elect and team for a comprehensive health cover to all
February 11, 2021 (Sacramento, Calif., Economic & Insurance News by Insurance Market 360) – Eleven states Insurance commoners’, including Ricardo Lara, California Insurance commissioner, submitted a proposal to support the incoming administration headed by the president elect Joe Biden for comprehensive health coverage to all the residents. The major objectives of the representation are to…
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Investigation revealed an Insurance fraud of $ 212,307 by mother and daughter
February 10, 2021. (Los Angeles, Calif., Economic & Insurance News by Insurance Market 360) – Hazel Edwards, 59, and Laquinta Lowe,38, of Chula Vista arrested in a fraud claims of $2.12Million. Action was initiated on both, with reference to the complaint of Edwards insurance Company in 2018 producing the necessary documents of 2014-2017 on multiple offenses,…
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DIFS, Michigan, facilitated a reimbursement $ 16,200,000 to clients’ in the FY 2020!
February 09, 2021 (LANSING, Mich., Economic & Insurance News by Insurance Market 360) – Department of Insurance and Financial services, DIFS, Michigan facilitated customers to receive $16.2 Million in the fiscal year with reference to various complaints raised by the citizens of Michigan. Out of the total settlement of $16.2M, $9 Million was retrieved from…
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November statistics reveal decline in new constructions completion
February 05, 2021 (Washington, DC, Economic & Insurance News by Insurance Market 360) – Data of November 2020 released by the US Census Bureau and department of Housing and urban development exhibits the decline in newly completed house constructions than building permissions and house starting in comparison with the values in October 2020. Calculation is done…