In this piece, we’ve brought together the top stories about insurance. These are the important news, features and information as it affects the policyholders and insurers. What we’ll do is to help you read through the most important stories in 5 minutes. Let’s get started already;
The hurricane season is expected to start on June 1, 2021. There are still some days to get yourself protected against the expected storm as a homeowner or business owner. For a start, get to know whether your home is prone to either wind, flooding or storm surge. The first action is to call up your insurance advisor and review your homeowner’s insurance policy. Ensure it covers you against the hurricane.
Aside from reviewing your insurance policy, you need to contact your government or local emergency response unit on their plans. You need to also put in place an emergency kit for yourself and your family. You may have to sit down with your family and friends to put together an emergency plan to keep everyone safe. There’s still time to strengthen your home in readiness for the hurricane.
The most important thing in a hurricane is staying informed and knowing how the storm is progressing. You need to pay attention to both national and local updates.
Through Arity IQ, auto insurers will now be able to provide accurate for policyholders. This will be done by using driver’s behavior data. The new technology seeks to cut out the waiting period associated with telematics-based insurance pricing.
The long waiting period also leaves insurers open to losing money due to inaccuracy of the initial pricing. Moreso, the lag time is a turnoff for customers from joining telematics programs. In the end, Arity IQ will bridge the gap by helping insurers arrive at a personalized and competitive quote.
In March 2021, CNA released a statement to confirm the fear of many following an earlier display on the insurer’s website. In the statement, CNA stated that it suffered a sophisticated cybersecurity attack.
The statement further stated that the attack had crippled the network with a significant impact on CNA systems, including the corporate email. To put this issue to rest, CNA has reportedly paid off the hackers to the tune of $40 million.
While President Joe Biden and his progressive Democrats intend to help older adults access afford coverage, a study has established that things could go sideways, especially for people of moderate income.
Indeed, the idea of lowering Medicare eligibility to 60 is gaining popularity politically, but this might do a little to solve existing coverage and affordability issues. Bringing in younger people into Medicare might not translate into a better deal.
Things started to head south for GEICO in April when it announced that it had suffered a data breach. It did not end here; the hackers were using the data to apply for unemployment benefits fraudulently.
To confirm the fears of numerous customers, GEICO recently sent a notice where it stated that hackers gained access to about 132,000 Personally Identifiable Information. The insurer finally stated that it has swung into action to recover the data immediately after the data breach was detected.
These are the top stories about insurance this week. If you have an question, enquiries or concerns, please reach out to us at Tillmans Insurance Advisors.