Thursday, July 9, 2021
The insurance market is very dynamic. Daily News can change the circumstances for insurers. Any incident that takes place can affect the insurance company. Suppose a natural disaster like a windstorm or a hurricane occurs in a place, the effect will be on home insurance providers. This is due to property damages that will raise the pressure on insurance companies to provide for the sufferers.
Therefore, insurance companies face a lot of uncertainty, and a change of event can affect them adversely. Louisiana faces a similar situation nowadays because of the 2020 hurricane. Let’s find out the top ongoing news for today.
Louisiana State Orders to Stop Non-Renewing Homeowner Policies
Due to the Hurricane in 2020, there was a lot of destruction of properties in Louisiana. The commissioner had the authority to renew, revoke, or refuse the insurer’s license if found guilty of harming the public interest. An insurance company, GeoVera, has to accept the resolution within thirty days.
This resolution came when a GeoVera customer filed a complaint to the officials when the insurance company threatened to deny claims on the Hurricane damage. The company sent a non-renewal notice to the customer, saying that GeoVera doesn’t provide coverage in certain ZIP codes. The Louisiana department responded by saying that insurers can’t cancel policies in place for the last three years unless a customer fails to pay a premium or default.
The order is justified and aims to regulate the insurer’s behavior and help those who face the disaster.
Progressive Insurance Hiring 6000 Employees by Year-End
Another hot news in the headline is about the infamous insurance company, Progressive Insurance. The company is planning to hire many employees by the year-end. Currently, the company has 42,000 employees handling operations worldwide. Even after having so many employees, they plan to hire in customer care, technology, and claims departments.
The news is surprising because the number of employees is significant, and one wonders how the company will manage this influx of employees. The breakdown of job openings are as follows:
- There is a requirement of around 3000 employees in the customer care sector, including sales representatives, Spanish call centers, and sales specialists.
- The claims department requires around 2900 employees to fill positions which include auto claims, injury, medical, and property claims adjusters.
- The technology department needs to build a team of 300 technology specialists.
- There are also 150 job openings for attorneys and legal staff in the legal sector.
The insurance industry is moving forward really fast. Now, everyone requires insurance for their possessions. Be it auto, home, or health – you will find that everyone will have at least one type. Insurances are beneficial because they provide peace of mind and help in uncertain situations.
If you are unaware of insurances and want to get any insurance product, get free quotes at insurance shopping.