Insurance industry

US Insurance Industry Fights Regulation To Scrap Agent Commissions, Boosting Retirement Savings By $3B Annually

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US Insurance Industry Fights Regulation To Scrap Agent Commissions, Boosting Retirement Savings By B Annually

The US Labor Department’s new proposed standard to protect retirement savers who roll over money from their 401(k)s to individual retirement accounts (IRA) is facing massive backlash from the insurance industry. The rule will ensure insurance agents transition from selling products for high commissions to recommending investments that benefit clients during rollovers. The move will … Read more

Why some Canadian insurance companies are bringing in a wildfire tactical team

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Why some Canadian insurance companies are bringing in a wildfire tactical team

When Joelle Fraser-McGaghey had to evacuate her home during the 2016 Fort McMurray wildfire, she only had a few minutes to pack before her family had to get out the door. Trying to pull outdoor furniture away from her house was not at the top of her list. “Honestly, I’m not thinking ‘Should I remove … Read more

Warren Buffett worried about ‘huge losses’ in booming insurance market

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Warren Buffett worried about ‘huge losses’ in booming insurance market

One of the messages that Warren Buffett and Berkshire Hathaway’s top insurance executive, Ajit Jain, sent to investors during the company’s annual shareholder meeting in Omaha last month was that cyber insurance, while currently profitable, still has too many unknowns and risks for Berkshire, a huge player in the insurance market, to be fully comfortable … Read more

Extreme weather causing billions of dollars in damage, driving up insurance premiums: StatsCan

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Extreme weather causing billions of dollars in damage, driving up insurance premiums: StatsCan

The increasing frequency of extreme weather events across the country has caused the sums paid out annually for catastrophic insurance claims to explode — and annual payouts for the last four years now rank among the ten largest on record, says a new Statistics Canada study. “Homeowners have been particularly affected by extreme weather claims, with recent hurricanes, floods … Read more

Why car insurance rates are increasing in the U.S.

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Why car insurance rates are increasing in the U.S.

Car insurance is getting more expensive. The average annual premium for full coverage auto insurance in the U.S. rose to $2,543 in 2024 — up 26% from the previous year, according to Bankrate. Factors such as longer repair times and more expensive rental car costs are resulting in rising prices, according to a report by … Read more