INSURANCE NEWS
S&P Puts State Farm General on CreditWatch
Potential downgrades of State Farm’s California homeowners insurer came closer to reality yesterday when S&P Global Ratings put the “AA” financial strength and issuer credit ratings of State Farm General Insurance Co. on CreditWatch with negative implications. In early February, …
Smartwatches Measuring Mortality Risks Are New Tool for Insurers
Smartwatches and other wearable technologies have the potential to change the pricing of life insurance policies by offering better data about individuals’ mortality risk, according to a new report by reinsurance company Munich Re and analytics firm Klarity. The study …
New York Dads Forgo $1.6 Billion in Paid State Leave, Study Says
New fathers are more likely to be eligible for state paid parental leave programs but less likely to take the time off, leaving as much as $1.6 billion on the table annually in New York alone, according to a new …
Claims Service, Tech, Communication Top Independent Agent Concerns
Claims, communication, and technology are the top three concerns for independent agents when placing new business with a carrier, according to insurtech Vertafore. The findings were the result of a survey of nearly 1,300 insurance professionals including account managers, agency …
Trump’s Threat to EV Trucking Rules Undermines Big-Rig Bets
Two years ago, Rudy Diaz made a gutsy bet. The 45-year-old owner of Hight Logistics, a trucking company that hauls containers from the bustling ports around Los Angeles, began adding some of the country’s first electric heavy-duty trucks to his …
Meta Must Face Lawsuit Claiming it Prefers Cheaper Foreign Workers
A federal judge on Tuesday said Meta Platforms must face a lawsuit claiming that the Facebook and Instagram parent prefers to hire foreign workers because it can pay them less than American workers. U.S. Magistrate Judge Laurel Beeler in San …
Big Threat? Payroll Companies Taking Insurance Biz Away from Agencies, Agents Warn
Insurance agents in Florida and beyond are finding that some of their toughest competition now seems to be coming from firms that aren’t really insurance agencies at all – at least not in the historical sense of the word. “They’re …
California Labor Commissioner Fines Homecare Company $2.3M for Worker Misclassification
The California Labor Commissioner’s Office cited a homecare provider $2.3 million for misclassifying caregivers in a test of a new law the went into effect in January. The LCO issued the fines to Amity In-Home Care Services Inc. for misclassifying …
Bill to Study Insurance Rating Factors in Washington Moving Through State Legislature
A bill that would create a study on the impact of insurance rating factors in Washington, including credit history, is moving through state Legislature. Senate Bill 5589 has passed out of committee in the Washington State Senate. The bill was …
Home of CEO of SAIF in Oregon Shot at, No Injures Reported
Various media outlets have reported shots were fired into the home of the head of Oregon worker’s compensation insurer SAIF Corp. The outlets are reporting that the early-morning Feb. 21 shooting occurred at the Lake Oswego home of the SAIF …
Apple to Keep DEI Efforts, Though Some Adjustments Possible
Apple Inc. investors rejected an outside shareholder proposal to end the iPhone maker’s diversity, equity and inclusion efforts, though Chief Executive Officer Tim Cook said that the company may make some adjustments to the program. The company conducted the vote …
Greenpeace Pushes Back Against Lawsuit Threatening Free Speech Rights in North Dakota Trial
A Texas pipeline company’s lawsuit accusing Greenpeace of defamation, disruptions and attacks during protests against the Dakota Access Pipeline goes to trial in North Dakota on Monday, in a case the environmental advocacy organization says threatens free speech rights and …