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Telemedicine explosion during COVID should cut insurance premiums: startup CEO

Telemedicine explosion during COVID should cut insurance premiums: startup CEO


A surge of inflation amid COVID-19 has raised the price of just about everything, including eggs, jewelry, and furniture. But a pandemic-driven trend in medical care should reduce the cost of one essential item that bedevils many household budgets: health insurance.

The rise of low-cost, high-convenience telemedicine in recent years will cut health insurance premiums, said Jonathan Bush, the CEO of a health care software startup called Zus Health.

Insurers will increasingly offer “crossover” insurance that pairs the reduced cost of telemedicine with more costly in-person exams or procedures, said Bush, a 25-year health care industry veteran who formerly served as CEO of the firm Athenahealth.

When asked whether the explosion of telemedicine during the pandemic should reduce health insurance premiums overall, Bush said, “For sure.”

“A lot of great companies are stacking the full product that we’re used to seeing, but with digital offerings in the stack that change the price point,” he said.

The shift to telemedicine doesn’t result in “less care” for patients but affords flexibility for doctors, he added. Instead of seeing patients for every appointment, physicians can “whip [up] a text during a red light,” he said.

The use of telemedicine increased dramatically during the pandemic. In 2020, the share of medicare visits conducted through telemedicine jumped 63-fold, from about 840,000 in 2019 to 52.7 million the following year, according to a report from the US Department of Health and Human Services.

By February 2021, telemedicine appointments had leveled off but still accounted for a share of US insurance claims 38 times larger than it had pre-pandemic, a McKinsey & Company report found. Virtual medicine could become a $250 billion industry with “sustained consumer and clinician adoption,” the report said.

A monitor shows intensive care physician Judith Ibba at the University hospital in Aachen during an online meeting about a COVID-19 case with senior consultant Andreas Bootsveld (2nd R) while using telemedicine on January 26, 2021 at the Bethlehem Hospital in Stolberg, western Germany , amid the ongoing coronavirus pandemic. (Photo by INA FASSBENDER/AFP via Getty Images)

“The difference in being able to stream in the right specialist just the information needed, as opposed to send them off and take a half a day off of work and fill out the forms and do the old way is really profound,” Bush said.

In response to the shift toward telemedicine, 22 states changed laws or policies to require improved insurance coverage of virtual medical visits, according to a report from The Commonwealth Fund.

Bush, who chairs the board of health delivery and insurance company Firefly Health, said the firm sells coverage “for 30% less than the prevailing market” due to its focus on telemedicine. Though patients covered by the insurance can seek in-person treatment as needed, he said.

Firefly Health is “licensed in 50 states and their whole deal is if we can deliver it to you virtually, we’ll give you no copay and no deductible,” he said.

“If you let us book the things you need, you can still use the network and pay your regular copay and deductible,” he added.

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Thousands of Illinois homeowners stand to benefit from flood insurance reform

Thousands of Illinois homeowners stand to benefit from flood insurance reform


In my career, I’ve overseen multi-million dollar flood mitigation projects, helped communities prepare for severe storms, and aided residents in various Illinois communities as they rebuilt their lives after devastating flood events.

Flooding is now the costliest and most frequent natural disaster in Illinois. I firmly believe that changes must be made in how we prepare and respond to this challenge.

One welcomed reform from FEMA is to the National Flood Insurance Program (NFIP). Their new rating methodology, Risk Rating 2.0, is a more accurate, transparent, and equitable way to determine a property’s unique flood risk and prepare policyholders for future flooding.

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Under Risk Rating 2.0, which began on Oct. 1, 2021 for new policyholders and starts April 1 for existing policyholders, nearly 1.2 million NFIP policyholders nationwide are eligible for an immediate decrease in flood insurance premiums.

According to FEMA, nearly 16,000 single-family homeowners in Illinois will benefit from decreased premiums under the new rate structure. Another 18,000 will see a monthly increase of $0 — $10. All told, more than 91% of policyholders across the state will see either a decrease in payments or an increase of less than $10 a month.

Without these changes, every NFIP policyholder would see a rate increase this year and many annual increases would continue indefinitely.

This move to modernize a critical program is smart because it will ensure the program’s financial stability, save Illinois policyholders money, and keep people safer the next time floodwaters rise.

Dallas Alley, Fairview Heights

Teachers fought for COVID safety

The Sun-Times appears to blame the Chicago Teachers Union for prioritizing safety in its editorial “About those five lost school days in CPS…” The critique comes without sufficient context.

Most schools lacked robust COVID contact tracing. In high schools, we almost exclusively depend upon self-reporting by parents and students. So, it was alarming at my high school when we went from two confirmed cases and few staff quarantines before winter break to 40 COVID-positive students and large staff quarantines after break. Not to mention the botched home testing program, with two-thirds of tests invalidated.

We finally have the ability to sign students up for COVID testing and connect families with vaccination opportunities. The fact that 315 schools now have at least one person on their contact tracing team is solely because of the action that teachers took in January. Yet there are still more than 200 schools without contact tracers.

We are also making progress with getting verbal parental consent (allowed because of the January agreement) from parents to sign their children up for weekly COVID testing at schools and are working to build future vaccination events. However, more than two-thirds of schools still have vaccination and testing rates of under 50%.

Ultimately, I am proud that educators stood up for the most vulnerable and demanded common sense mitigations during a time when one of five Chicagoans contracted the virus. However, it’s unfortunate and confounding that CPS did not put these measures in place much sooner. The efforts by CEO Pedro Martinez to replace the lost school days with more opportunities for students to engage in class content, get mental health support and access vaccinations is a step in the right direction. I just hope it doesn’t take as long as it did to get quality masks, adequate testing and robust contact tracing.

Jackson Potter, teacher, Back of the Yards High School





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AerCap Files $3.5 Billion of Insurance Claims on Russia Jets

AerCap Files $3.5 Billion of Insurance Claims on Russia Jets


(Bloomberg) — AerCap Holdings NV, the world’s largest aircraft-leasing firm, is seeking about $3.5 billion from insurers related to jets and engines stuck in Russia following the invasion of Ukraine.

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The claims were filed last week, Chief Financial Officer Peter Juhas said on a conference call Wednesday. Their size exceeds the Dublin-based firm’s exposure to potential asset writedowns, signaling a looming battle over who should shoulder financial losses caused by the war.

“We also plan to pursue all other avenues for the recovery of value of our assets, including other legal claims available to us,” Juhas said after AerCap reported annual results. “It is uncertain whether these efforts will be successful. Ultimately, our economic exposure will also be offset by any recoveries that we obtain from insurance or other claims.”

The shares fell as much as 12%, the most since Feb. 28, and traded down 5.2% at 10:50 am in New York.

Counting the Damage

Foreign leasing firms are starting to tally losses from the war, which has stranded hundreds of planes leased to customers in Russia. Sanctions require the owners to cancel contracts and demand the jets’ return, which AerCap said it has done. But Russia’s government has prevented the planes from leaving the country, and the risk is that without access to parts and maintenance, the aircraft will lose their value.

Claims tied to the conflict may eventually total $10 billion, the most in the history of aviation insurance, Fitch Ratings estimated in a report last week. Lloyd’s of London, which dominates the market, disputes that total.

Lloyd’s Chief Executive Officer John Neal told Bloomberg last week that insurers’ liability would be limited to about 10% to 15% of the sum.

AerCap said it may not be allowed to recognize any recoveries due from contested insurance claims under accounting rules, and expects insurers to fight “given the large sums involved across the industry,” Juhas said. The lessor may be forced to write down the entire amount in the first quarter of 2022, and then recognize eventual insurance recoveries as other income, he said.

Aircraft Recovery

AerCap has about $2.5 billion at risk from the Ukraine invasion and has retrieved 22 of the 135 planes placed with Russian carriers at year-end, it said in an earnings presentation. The removals, along with cash from letters of credit with Russian customers, have reduced its exposure from a carrying value of $3.1 billion, the company said. Insurance claims and further aircraft recoveries could lower the financial hit.

Aercap will keep trying to secure aircraft held by Russian airlines “but it is unclear if we will be able to do so, or what the condition of these assets will be at the time of repossession,” the company said. “We expect to recognize an impairment on our assets in Russia that have not been returned to us as early as the first quarter of 2022, although we have not determined the amount of any impairment.”

AerCap still expects 2022 to be positive as aviation recovers from the effects of the Covid-19 pandemic and ensuing travel restrictions. The company expects revenues to climb through the course of the year, with aircraft deferrals reducing and airlines making full lease payments, the CFO said.

“The events of Russia are certainly a setback, but they are a very manageable setback,” Chief Executive Officer Aengus Kelly said on the earnings call. “The core of the business is still extremely strong.”

(Updates throughout with comments from CFO and CEO on insurance claim, outlook.)

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Illinois Appellate Court Denies Business Interruption Insurance Claim Related to COVID-19 | Gould & Ratner LLP

 Illinois Appellate Court Denies Business Interruption Insurance Claim Related to COVID-19 |  Gould & Ratner LLP


In the wake of the COVID-19 pandemic, many businesses across the country filed claims for business interruption coverage with their insurance carriers, most, if not all of which, were denied. Indeed, by the end of June 2021, a total of 1,937 business interruption lawsuits had been filed. In a recent opinion from Lee v. State Farm Fire & Casualty Co.2022 IL App (1st) 210205, the Illinois Appellate Court addresses the business interruption due to COVID-19 claim for the first time, ultimately denying coverage.

Following a series of executive orders by Governor JB Pritzker in March 2020, plaintiff Evanston Grill sought judgment that its business interruption claim was a “covered cause of loss” under the businessowners policy issued by defendant State Farm Fire and Casualty Co. Specifically, the executive orders forced all businesses in Illinois that offered food or beverages for on-premises consumption to suspend service, and all non-essential businesses and operations cease due to the “novel and rapidly spreading coronavirus.”

Hyun Lee and his father, Jaewook Lee, who owned and operated the Evanston Grill, claim they suffered business income losses in excess of $100,000 in the month of April 2020 as compared to April 2019 and incurred extra expense from the business interruption caused by the shutdown . However, State Farm Fire & Casualty disagreed, finding there was no covered cause of loss because “there was no accidental direct physical loss to Covered Property to trigger coverage” and “the policy specifically excluded loss caused by enforcement of ordinance or law, virus, consequential losses and acts or decisions.”

The court agreed with State Farm’s assessment that the language of the policy requires accidental direct physical loss to covered property, not economic loss. However, in the policy, the term “physical loss” is undefined, so the court had to turn elsewhere for guidance. The court looked to an Illinois federal case Sandy Point Dental, PC c. Cincinnati Insurance Co., which also dealt with a business interruption claim due to COVID-19, and wherein the policy provided for “coverage for income losses sustained on account of a suspension of operations caused by ‘direct physical loss’ to covered property.” 20 F.4th 327, 329 (7th Cir. 2021). That case cited Travelers Insurance Co.v. Eljer Manufacturing Inc., wherein the court held the term “’physical injury’ unambiguously connotes an alteration in appearance, shape, color or in other material dimension.” 197 Ill.2d 278, 312 (2001).

Several other courts have addressed this coverage issue as well, all ruling that economic loss does not fall under the physical loss definition necessary to trigger coverage. See Bradley Hotel Corp. v. Aspen Specialty Insurance Co., 19 F.4th 1002, 1007-08 (7th Cir. 2021); Mudpie, Inc. v. Travelers Casualty Insurance Co., 15 F.4th 885, 892 (9th Cir. 2021); Santo’s Italian Café LLC c. Acuity Insurance Co., 15 F.4th 398, 401 (6th Cir. 2021); Oral Surgeons, PC c. Cincinnati Insurance Co., 2 F.4th 1141, 1144 (8th Cir. 2021).

While many businesses are still fighting for coverage due to the losses they incurred over COVID-19 shutdowns, those who argue their cases in Illinois are likely out of luck if their policies only cover “direct physical loss.” The pandemic has changed the way many contracts and insurance policies are being drafted, and this is certainly something to consider going forward. As always, it is extremely important for insurance policy holders to read the language of the policy carefully.



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Homeowners insurance premiums through the roof for many Floridians

Homeowners insurance premiums through the roof for many Floridians


TAMPA, Fla. — Elizabeth Roche of Hudson paid her homeowners insurance of $800 a year for a decade before she saw what many Floridians have seen, homeowners insurance premiums on the rise.

Starting in 2020, Roche saw her yearly premium jump to $1,100 and then to $1,500 in 2021.

“We were just like what’s going on? No biggie. We need to keep our homeowners insurance,” Roche said. “This year we received our statement and it has gone up to $1900. That is almost three times as it was two years ago. And it really just makes you wonder what is going on here.”

Roche finally turned to the company many in Florida end up with, Citizens Insurance. She was able to get a $1,900 premium with Citizens after being quoted rates as high as $6,000 a year from other
companies.

“It does make us wonder, is there going to be another increase next year? We don’t know what to anticipate,” said Roche.

Those increases forced some homeowners to sell their homes, move to another area if possible, or buy the bare minimum policy needed to keep their homes. Overall, Insurance.com estimated the average home insurance premium in Florida was $3,600 — $1,300 more than the national average.

What is driving the seemingly never-ending rises in homeowners insurance?

Experts said the crisis is being driven by fraud, lawsuits, and skyrocketing property values.

Two men were arrested this month in Naples for operating a scheme for free roof replacements involving claims to their insurer. Overall, Florida saw more than 100,000 property claim lawsuits last year.

Put another way, 82 percent of all US home insurance litigation happened in Florida last year.

It’s all come together to create a perfect storm of a homeowners insurance crisis. And as the crisis continues to swallow up Florida homeowners, the state legislature adjourned the regular session without taking major action to combat the problem.

State Senator Jeff Brandes has been outspoken on the issue and said more needs to be done.e.

“We are at collapse. We are beyond crisis. Crisis was three years ago.”

Brandes said insurance companies are beginning to fail, and there are no investors who want to support them. Numbers from the state back that claim up. Since 2014, seven homeowners insurance companies have gone through various phases of the receiver process.

WFTS

With private insurers running into problems in the state, that sends more and more Floridians to government-subsidized insurance with Citizens.

“You have this perfect storm of things. The legislature sitting on the sidelines. A Governor who has not engaged at the level that he needs to. Bad laws on the books that are are perpetuating this. And a trial bar that is as rabid as any state in the country,” Brandes said.

All of this is happening as hurricane season approaches on June 1. A major hurricane strike could further cripple the insurance industry.

Governor Ron DeSantis’ cabinet puts Tuesday about the crisis. However, the Governor hasn’t called for a special session on the issue as of Wednesday. He did say a special session was possible later in the year.

Florida’s cabinet met yesterday about the crisis but as of now, the Governor has not called for a special session on the issue.

“We are well beyond just tinkering around the edges. This thing needs a full overhaul,” said Brandes.

Even if new legislation is passed to deal with the rising insurance costs, it could take several months for the changes to show up in your bills.

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Governor to Urge Lawmakers to Provide Home Insurance Relief During Special Session

Governor to Urge Lawmakers to Provide Home Insurance Relief During Special Session


Tallahassee – March 29, 2022: Despite skyrocketing home insurance premiums, Florida lawmakers failed to act on the problem during the recently concluded session. Governor DeSantis says he will urge lawmakers to provide some relief during the Special Session he has called in April.

Three-quarters of all home insurance litigation in the country was filed in Florida last year. That Litigation, says Insurance Commissioner David Altmaier, is the driving force behind rising insurance rates in Florida. “The one consistent theme is an excessive amount of litigation in our state,” said Altmaier. “76% of all of the country’s litigation in the home owners insurance space happens in Florida.”

A statistic that Governor DeSantis called dysfunctional. We just went through a legislative session where they failed to deliver,” said DeSantis. “And so what I will do is I will ask legislative leaders – ‘Is there something you can get across the finish line?’ And I will encourage them to do that.”

The Governor and Insurance Commission Altmaier spoke to reporters Tuesday following the Cabinet meeting in Tallahassee.

Altmaier said the litigation over roof claims is driving the current surge in home insurance rates. It’s part of a pattern he says he’s seen over the years as litigants seek to exploit perceived loopholes in the insurance law. “You can go all the way back to mold claims, once you put a $10-thousand dollar cap on mold claims suddenly nobody had a mold claim anymore,” he said. “Now they had sink-hole claims, and once you put a definition of catastrophic ground cover collapse in, now nobody had those kinds of claims anymore. Now they’ve got water claims. And so we move from issue to issue.”

One of the solutions is to put in a roof detectible, he said. An idea included in legislation now under consideration. “The way the legislation was worded is that companies would no longer have to offer the all other payroll deductible for roofs. It’s similar to the hurricane deductible,” said the Insurance Commissioner.

“I am pretty confident that this will absolutely become a reality,” said the Governor. “And it will not wait until the actual session in 2023. It will be done this year.”





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Insurance Brokers Market 2022 Overview By The Business Research Company

Insurance Brokers Market 2022 Overview By The Business Research Company


TBRC’s insurance brokers market report outlines (and provides great detail on) the market size, growth forecasts, competitive landscape, and so much more

LONDON, March 30, 2022 /PRNewswire/ — The increase in the growth of the middle class in emerging countries such as India and China is expected to drive the insurance brokers market. The middle-class segment is growing rapidly and is forecast to reach 5.3 billion by 2030 with the majority of growth taking place in Asian countries such as India, China, indonesia and Philippines. The rise in the middle-income group translates to higher disposable income, which allows them to opt for life insurance to secure their family from financial burden, thereby increasing the demand for insurance brokers.

The global insurance brokers market size is expected to grow from $90.52 trillion in 2021 to $97.46 trillion in 2022 at a compound annual growth rate (CAGR) of 7.7%. The global insurance brokers market growth is expected to reach $122.69 trillion in 2026 at a CAGR of 5.9%.

Request a free sample of the Insurance Brokers Market Report

Regional Analysis of the Insurance Brokers Market

North America has the largest insurance brokers market share as per insurance brokers industry statistics, accounting for a large 66.4% of the total in 2021. It is followed by Western Europe, Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the insurance broker market will be South-America and Africa, where growth will be at CAGRs of 12.6% and 9.5% respectively. These will be followed by Western Europe and the Middle Eastwhere the markets are expected to grow at CAGRs of 9.0% and 8.9% respectively during 2021-2026.

Insurance Brokers Market Segmentation

The insurance brokers market is segmented by type into life insurance, general insurance, health insurance and other types. The life insurance market is the largest segment of the insurance brokers market segmented by type, accounting for 35.5% of the total in 2021 and general insurance segment is expected to be the fastest growing segment going forward, at a CAGR of 8.2% during 2021- 2026.

The insurance brokers market is also segmented by mode into offline and online, with offline holding a vast majority of the mode at almost 80%, and the market is also segmented by end-user into corporate and individuals, with about an equal share between the types of users.

Key Players and their Strategies in the Insurance Brokers Industry

The insurance brokers market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 29.33% of the total market in 2020. Major players in the market are Marsh & McLennan Cos Inc., Aon PLC, Arthur J Gallagher & Co, Willis Towers Watson PLC, Acrisure LLC, Brown & Brown Inc., Truist Insurance Holdings Inc., USI Insurance Services LLC, Lockton Companies Inc. and HUB International Limited.

Player-adopted strategies in the insurance brokers market include focus on expanding operational presence through acquisitions, focus on strengthening its business through expansion, expanding business through strategic mergers and acquisitions.

See more on the Insurance Brokers Market Report

Check out similar market reports:

Insurance, Reinsurance And Insurance Brokerage Global Market Report 2022 – By Type (Insurance, Insurance Brokers And Agents, Reinsurance), By Mode (Online, Offline), By End User (Corporate, Individual) – Market Size, Trends, And Global Forecast 2022 -2026

Insurance Agencies Market Report 2022 – By Insurance (Life Insurance, Property And Casualty Insurance, Health And Medical Insurance), By Mode (Online, Offline), By End User (Corporate, Individual) – Market Size, Trends, And Global Forecast 2022- 2026

B2B2C Insurance Global Market Report 2022 – By Type (Life Insurance, Non-Life Insurance), By Distribution Channel (Online, Offline), By End Use Industry (Bank And Financial Institutions, Automotive, Utilities, Retailers, Telecom) – Market Size, Trends, And Global Forecast 2022-2026

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The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.

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Insurance, Reinsurance And Insurance Brokerage Global Market Opportunities And Strategies Report 2022-2030

How to Choose the Best Life Insurance Plan Today


DUBLIN–(BUSINESS WIRE)–
The “Insurance, Reinsurance And Insurance Brokerage Global Market Opportunities And Strategies To 2030, By Type, Mode, End User” report has been added to ResearchAndMarkets.com’s offering.

The insurance, reinsurance and insurance brokerage market reached a value of nearly $5,227.1 trillion in 2020, having increased at a compound annual growth rate (CAGR) of 0.7% since 2015. The market is expected to grow from $5,227.1 trillion in 2020 to $7,404.0 trillion in 2025 at a rate of 7.2%. The market is then expected to grow at a CAGR of 5.5% from 2025 and reach $9,670.1 trillion in 2030.

Growth in the historic period resulted from strong economic growth in emerging markets, rising healthcare costs, increase in natural disasters and government led insurance reforms.

Going forward, increase in chronic diseases and disabilities, impact of COVID-19, reinsurance adoption for healthcare, growth of the middle-class in emerging markets and increase in home ownership and mortgages will drive the growth. Factors that could hinder the growth of the insurance, reinsurance and insurance brokerage market in the future include lack of trust in insurance companies and non-investment grade.

North America was the largest region in the insurance, reinsurance and insurance brokerage market, accounting for 33.5% of the total in 2020. It was followed by Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the insurance, reinsurance and insurance brokerage market will be South-Americaand, Africa where growth will be at CAGRs of 16.4% and 10.9% respectively. These will be followed by Middle Eastand Asia-Pacificwhere the markets are expected to grow at CAGRs of 9.5% and 8.4% respectively.

The global insurance, reinsurance and insurance brokerage market is fragmented, with a large number of top players and small players. The top ten competitors in the market made up to 18.84% of the total market in 2020. The market consolidation can be attributed to the partnerships and collaborations among the players in the industry to save costs, enhance their product offerings and expand geographically.

The market is expected to be concentrated state in near future with the adoption of acquisition and merger strategies by the players to enter and expand into newer geographies. The Berkshire Hathaway was the largest competitor with 3.90% share of the market, followed by Allianz with 2.98%, Ping An Insurance with 2.32%, AXA with 2.13%, China Life Insurance Company Limited with 1.77%, People’s Insurance Company of China with 1.62%, Munich Re with 1.24%, Japan Post Holdings with 1.18%, Assicurazioni Generali with 0.86%, and Swiss Re Ltd. with 0.84%.

The top opportunities in the insurance, reinsurance and insurance brokerage market segmented by type will arise in the insurance segment, which will gain $1,916.2 trillion of global annual sales by 2025. The top opportunities in segment by mode will arise in the offline segment, which will gain $1,137.6 trillion of global annual sales by 2025.

The top opportunities in segment by end-user will arise in the corporate segment, which will gain $1,183.5 trillion of global annual sales by 2025. The insurance, reinsurance and insurance brokerage market size will gain the most in the USA did $462.7 trillion.

Key Topics Covered:

1. Insurance, Reinsurance And Insurance Brokerage Market Executive Summary

2. Table of Contents

3.List of Figures

4. List of Tables

5.Report Structure

6. Introduction

6.1. Segmentation By Geography

6.2. Segmentation By Type

6.3. Segmentation By Mode

6.4. Segmentation By End-User

7. Insurance, Reinsurance And Insurance Brokerage Market Characteristics

7.1. Market Definition

7.2. Market Segmentation By Type

7.2.1. Insurance

7.2.2. Insurance Brokers & Agents

7.2.3. Reinsurance

7.3. Market Segmentation By Fashion

7.3.1. Online

7.3.2. offline

7.4. Market Segmentation By End User

7.4.1. Individuals

7.4.2. Corporate

8. Insurance, Reinsurance And Insurance Brokerage Market, Supply Chain Analysis

8.1. Resources

8.1.1. Real Estate, Building And Infrastructure Developers

8.1.2. Hardware And Software Suppliers

8.1.3. Utilities Providers

8.1.4. HumanResources

8.2. Other Service Providers

8.3. Insurance, Reinsurance, And Insurance Brokerage Providers

8.4. End-Users

8.4.1. Corporate/Businesses

8.4.2. Individuals

9. Insurance, Reinsurance And Insurance Brokerage Market Product Analysis -Product Examples

10. Insurance, Reinsurance And Insurance Brokerage Market Customer Information

10.1. COVID-19 Is Fueling Demand for Insurance Products Across Asia Pacific

10.2. Personalization And Increasing Digital Interactions To Shape The Future Of Insurance

10.3. Job Security And Financial Stress Caused By COVID-19 In The United States

10.4. Digitalization And Consumer Education Identified As Key Elements

10.5. Simplicity and Adjustability Among Key Elements Of The Future Of Home And Motor Insurance

11. Insurance, Reinsurance And Insurance Brokerage Market Trends And Strategies

11.1. Technologies To Aid Automation Of Insurance

11.2. Cover For Pandemics

11.3. Use Of Blockchain Technology

11.4. Adoption Of Automated Reinsurance Platforms

11.5. InsurTech Partnerships

11.6. Advanced Analytics & Proactiveness

11.7. Increasing Application Of Artificial Intelligence

11.8. Digital Process Implementation In Insurance

11.9. Increase In Cybersecurity As Top Priority

12. Impact Of COVID-19 On The InsuranceReinsurance And Insurance Brokerage Market

12.1. Introduction

12.2. Growing Demand For Life Insurance

12.3. The Wave Of Digitalization

12.4. Increase In Premium Income For Reinsurance Companies

12.5. Financial Impact

12.6. Future Outlook

13. Global Insurance, Reinsurance And Insurance Brokerage Market Size And Growth

13.1. Market Size

13.2. Historic Market Growth, 2015 – 2020, Value ($ Billion)

13.2.1. Drivers Of The Market 2015 – 2020

13.2.2. Restraints On The Market 2015 – 2020

13.3. Forecast Market Growth, 2020 – 2025, 2030F Value ($ Billion)

13.3.1. Drivers Of The Market 2020 – 2025

13.3.2. Restraints On The Market 2020 – 2025

Companies Mentioned

  • Berkshire Hathaway

  • Allianz

  • Ping An Insurance
  • AXA

  • China Life Insurance Company Limited

  • People’s Insurance Company of China
  • Munich Re

  • Japan Post Holdings

  • Assicurazioni Generali

  • Swiss Re Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/wd2kxp

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Man finds U-Haul truck on top of his SUV, insurance company not paying for damages

Man finds U-Haul truck on top of his SUV, insurance company not paying for damages


GLENDALE, Ariz. (Arizona’s Family/Gray News) – An Arizona man has been dealing with a damaged car for several months after a collision where he wasn’t even driving, and an insurance company will not be covering the damages.

Arizona’s Family reports McClain Schilling found his 2005 Land Rover parked outside his house demolished by a rented U-Haul pickup on New Year’s Day.

“When someone says there’s a U-Haul on top of your car, how do you process that?” Arizona’s Family reporter Gary Harper asked. “Well, I just came out to see it for myself,” Schilling responded.

Schilling said before the crash, his vehicle was great to drive.

“It was a super smooth and quiet ride,” he said. But not anymore, with pictures showing his Land Rover demolished by a rented U-Haul.

The U-Haul driver reportedly fled from the scene, and since Schilling said he only had liability insurance, he filed a claim with U-Haul – believing the company would cover his totaled SUV. After all, he wasn’t driving.

Investigators from U-Haul’s insurance company eventually inspected Schilling’s damaged vehicle and said they’d get back to him. But that was three months ago, and he said his claim kept getting delayed by adjusters.

“One month later, I get an email that says, ‘Hey, do you have a copy of the police report?’ And we’re like, we already gave it to you along with all the other information,” Schilling said.

Frustrated, Schilling contacted Arizona’s Family for some help this week.

“We’re at a loss. We don’t know what to do. My wife’s grandparents have been saying to call from day one,” Schilling said.

U-Haul responded to Arizona Family’s inquiry on the delay in settling. The company responded that Schilling’s damaged Land Rover won’t be covered under its Liability Protection Plan because protection does not apply to intentional torts or criminal acts.

A U-Haul spokesman wrote in an email that the rental equipment was being used to commit a crime. Homes were burglarized in the neighborhood, stolen property was found inside the truck, and the lessee was identified leaving the scene.

Joshua Stine, 38, was later identified as the man driving the U-Haul, and police records date back 20 years with him involved in other incidents.

Schilling said he will try to purchase a new vehicle and is currently borrowing a car to get around.

“We’re just relying on friends for commuting and going to the grocery store and stuff,” he said.

There is a risk when car owners only have liability insurance instead of full coverage, according to insurance representatives. Insurance premiums are normally slightly lower, but there are risks in situations like this.

Copyright 2022 KPHO via Gray Media Group, Inc. All rights reserved.

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Man finds U-Haul truck on top of his SUV, insurance company not paying for damages

Man finds U-Haul truck on top of his SUV, insurance company not paying for damages


GLENDALE, Ariz. (Arizona’s Family/Gray News) – An Arizona man has been dealing with a damaged car for several months after a collision where he wasn’t even driving, and an insurance company will not be covering the damages.

Arizona’s Family reports McClain Schilling found his 2005 Land Rover parked outside his house demolished by a rented U-Haul pickup on New Year’s Day.

“When someone says there’s a U-Haul on top of your car, how do you process that?” Arizona’s Family reporter Gary Harper asked. “Well, I just came out to see it for myself,” Schilling responded.

Schilling said before the crash, his vehicle was great to drive.

“It was a super smooth and quiet ride,” he said. But not anymore, with pictures showing his Land Rover demolished by a rented U-Haul.

The U-Haul driver reportedly fled from the scene, and since Schilling said he only had liability insurance, he filed a claim with U-Haul – believing the company would cover his totaled SUV. After all, he wasn’t driving.

Investigators from U-Haul’s insurance company eventually inspected Schilling’s damaged vehicle and said they’d get back to him. But that was three months ago, and he said his claim kept getting delayed by adjusters.

“One month later, I get an email that says, ‘Hey, do you have a copy of the police report?’ And we’re like, we already gave it to you along with all the other information,” Schilling said.

Frustrated, Schilling contacted Arizona’s Family for some help this week.

“We’re at a loss. We don’t know what to do. My wife’s grandparents have been saying to call from day one,” Schilling said.

U-Haul responded to Arizona Family’s inquiry on the delay in settling. The company responded that Schilling’s damaged Land Rover won’t be covered under its Liability Protection Plan because protection does not apply to intentional torts or criminal acts.

A U-Haul spokesman wrote in an email that the rental equipment was being used to commit a crime. Homes were burglarized in the neighborhood, stolen property was found inside the truck, and the lessee was identified leaving the scene.

Joshua Stine, 38, was later identified as the man driving the U-Haul, and police records date back 20 years with him involved in other incidents.

Schilling said he will try to purchase a new vehicle and is currently borrowing a car to get around.

“We’re just relying on friends for commuting and going to the grocery store and stuff,” he said.

There is a risk when car owners only have liability insurance instead of full coverage, according to insurance representatives. Insurance premiums are normally slightly lower, but there are risks in situations like this.

Copyright 2022 KPHO via Gray Media Group, Inc. All rights reserved.

.



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