IoT Insurance Markets, 2020 and Beyond

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DUBLIN, Aug. 14, 2020 /PRNewswire/ — The “IoT Insurance Market Report: Trends, Forecast and Competitive Analysis” report has been added to ResearchAndMarkets.com’s offering.

The global IoT insurance market is expected to grow with a CAGR of 60% from 2019 to 2024. The study includes the IoT insurance market size and forecast through 2024, segmented by insurance type, end-use industry, and the region.

The future of the IoT insurance market looks promising with opportunities in the automotive and transportation, home and commercial buildings, life and health, business and enterprise, and consumer electronics and industrial machine industries. The major drivers for this market are the growing adoption of internet of things (IoT) products, growing demand of cloud platform and other value added services in the insurance industry and reduction in premium and risk related costs.

Some of the IoT insurance companies profiled in this report include International Business Machines Corporation (IBM),

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What Is PIP Car Insurance And Why Drivers Should Purchase It?

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LOS ANGELES, CA / ACCESSWIRE / August 15, 2020 / Compare-autoinsurance.org (http://compare-autoinsurance.org/) is a top auto insurance brokerage website, providing car insurance quotes online from trustworthy agencies all over the United States. This website explains what Personal Injury Protection (PIP) car insurance is and why drivers should buy it.

Personal Injury Protection insurance (PIP) is one of the least understood types of insurance. Many policyholders don’t know that much about this coverage. This insurance will cover bodily injury after a car accident. This coverage was created because it took to long to decide who caused the accident and had to pay all the medical bills. PIP insurance will cover the policyholder and the immediate family members while occupying a car, or if they are struck by a vehicle while walking on the sidewalk. Also, PIP will cover any person inside the policyholder’s vehicle.

PIP insurance can cover the

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Mark Ballard: Despite new law, Louisiana’s auto insurance rates won’t go down next year; here’s why | Mark Ballard

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Louisiana drivers will pay the highest prices for auto insurance in the nation next year despite having passed a sweeping tort reform law that was sold as a way to dramatically lower premiums by as much as 25%, an insurance industry executive, who was one of the primary forces behind the legislation, told a panel of primarily Republican businessmen and legislators, who helped pass the new law.

“Frankly, I think we’re going to be number one next year,” said Jeff Albright, head of the Independent Insurance Agents & Brokers of Louisiana. He was addressing the Aug. 6 meeting of Louisiana Economic Recovery Task Force, a group of mostly Republican businessmen and legislators put together by House Speaker Clay Schexnayder, R-Gonzales, and Senate President Page Cortez, R-Lafayette, to advise lawmakers and advocate policies.

Louisiana has had the nation’s second-highest auto insurance rates — the average here is $2,480 annually, according to

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At What Age You Are Expected To Pay Less For Car Insurance?

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LOS ANGELES, CA / ACCESSWIRE / August 7, 2020 / Compare-autoinsurance.org (https://compare-autoinsurance.org/) has launched a new blog post that explains which drivers pay the cheapest car insurance rates.

For more info and free auto insurance quotes, please visit https://compare-autoinsurance.org/drivers-of-what-age-groups-pay-the-least-on-car-insurance/

One very important factor used by car insurance companies to determine their customers’ car insurance premiums is the age of the customers. People in their 40s and 50s are usually paying the lowest insurance rates. Drivers from those age groups are considered to be among the safest and most experienced drivers on the road. Also, they file fewer claims than older or younger drivers. After the age of 25, the car insurance premiums will begin to drop and they will start to rise once again once the drivers enter their 70s.

Besides age, the next major factors can affect the price of insurance:

  • Gender. Young male drivers will pay

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3 Points Parents Should Keep in Mind

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Kids don’t have incomes, but it can still make financial sense to insure their lives. Before you buy a policy, though, consider a few key aspects of the choice in children’s life insurance. Getting a life insurance policy for kids doesn’t suit every family. Yours might be so well off as not to need such protection, or might prefer to use the money you’d pay in premiums to help pay your kids’ college bills, say, or provide a cash gift to them at a certain age. For others, though, this coverage can provide peace of mind and protection against the financial costs of losing a child, which would be a burden to cover. I’m one of those parents. For me, the compelling reasons to buy life insurance on my three girls included the desire to protect against the loss of my own income, to pay funeral costs, and to

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The Future of Insurance Industry Will Not Be Decided by Insurtechs Alone: Viewpoint

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Led by ambitious entrepreneurs from outside insurance, backed by Silicon Valley and focused on industry disruption, early insurtech initially promised to displace incumbents and usher in a new era of insurance offerings and tech-driven solutions.

Nearly 10 years since its inception, the reality of insurtech has evolved.

The messaging about supplanting industry giants is gone. In its place is a more collaborative environment led by insurance industry leaders partnering with tech solution providers. The simple reality is technology cannot do everything. The integration of experienced insurance professionals and tech is needed to manage across the insurance value chain.

Insurtech is creating buzz through mergers and acquisitions, further integrating innovative technologies with insurance industry leaders.

There

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What Does the Success of Lemonade and Other Insurtech Companies Mean For the Future of Insurance?

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By Rashik Adhikari

In a world where COVID-19 cases are rising by the day, having the right and adequate personal insurance is more critical than ever. Because of COVID-19, the risks around us are heightened but our risk tolerance is low. We all are thinking about ways to better protect what we love, including what insurance to buy. As the world around us changes with social distancing in effect, so does the way we buy and manage personal insurance.

The process of buying insurance is transforming and insurance brokerages need to evolve to meet today’s consumers where they are: at the intersection of ease and transparency. Companies like Lemonade have figured out how to harness the power of tech to reshape the way consumers experience and purchase insurance so that the process is simple, intuitive and empowering.

One of the most salient representations of such transformation of the insurance industry

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Hong Kong moves to create regional hub for insurance-linked securities

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NEW YORK(Thomson Reuters Regulatory Intelligence) – *To read more by the Thomson Reuters Regulatory Intelligence team click here: bit.ly/TR-RegIntel

Chinese 100 yuan banknotes and a 100 dollar Hong Kong banknote are seen in a picture illustration in Beijing, China, January 21, 2016.

Hong Kong is on track to soon join the UK and Singapore as newly minted hubs for insurance-linked securities. This is a field long dominated by offshore jurisdictions such as Bermuda.

The Hong Kong government introduced in March the Insurance (Amendment) Bill 2020[here]. The bill provides a regulatory framework for insurers to transfer risk to the capital markets by issuing insurance-linked securities in Hong Kong through special purpose insurers, or SPIs. Special purpose insurers are essentially the same as the dedicated special purpose vehicles that are authorized in other jurisdictions to issue insurance-linked securities, or ILSs.

There is no precise timeline of passage of the bill, but a

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Selective Insurance Group: Q2 Earnings Insights

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Shares of Selective Insurance Group (NASDAQ:SIGI) rose 2.36% in after-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share were down 65.52% over the past year to $0.40, which beat the estimate of $0.33.

Revenue of $724,800,000 rose by 3.34% from the same period last year, which beat the estimate of $675,030,000.

Guidance

Selective Insurance Group hasn’t issued any earnings guidance for the time being.

View more earnings on SIGI

Selective Insurance Group hasn’t issued any revenue guidance for the time being.

Price Action

Company’s 52-week high was at $81.35

Company’s 52-week low was at $37.05

Price action over last quarter: Up 28.70%

Company Description

Selective Insurance Group Inc is a regional property-casualty insurer based in New Jersey, with most of its operations focused in the New York metropolitan area. Since 1977, Selective has focused its sales efforts primarily on small businesses, offering commercial products that include

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Genworth Mortgage Insurance reports $90m first-half loss on big writedown

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Genworth Mortgage Insurance has suffered a $90 million loss in the first half after taking a $181.8m pre-tax writedown on the acquisition of new mortgage contracts in the first quarter due to the impacts of COVID-19.

Genworth made an $88.1m profit last year.

The company has also set aside $35.5m in loss reserving, due to the novel coronavirus.

“We responded quickly to the pandemic and have adapted our ways of operating in a manner that prioritises the well-being of our people and supports our lender customers and their borrowers in these challenging times,” Genworth chief executive and managing director Pauline Blight-Johnston said.

Genworth said its delinquency rate increased two basis points to 0.62 per cent during the half-year, with new delinquencies down 9.6 per cent to 4988 as loan repayment deferrals and legal moratoriums slowed customer loss management processes.

Genworth said it had $800m of excess loss reinsurance cover from

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