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Why do Car insurance premiums change?

September 4, 2014 in General

Auto insurance premiums change for the same reasons that the price of other goods and services you buy change.

Insurance companies incur the same costs you do in buying goods and services, and these costs can ultimately affect your insurance premium. Costs affecting the ultimate price of Auto insurance include:

  • Medical costs to treat injuries
  • Auto repair costs
  • Costs to adjust claims
  • Inflation
  • Uninsured drivers (your policy pays when the other driver doesn’t have an Auto insurance policy if you purchase Uninsured Motorist coverage)

Sowing the seed of change

September 3, 2014 in General

How did we come up with this idea? A random conversation is all it was. Discussing, among the billion other things under the sun, the help we have at home and how they have to deal with many small struggles, even something as simple as opening a bank account. Struggles that most of us never face.

And then, a thought struck!

Could we compile resources for our help at home including information on government schemes and programmes, medical insurance, bank accounts, education and many other things that we take for granted? And if the information were available, couldn’t we help our help by guiding them to get somewhere? Each of us could help just one person – the help we have at our homes. It’s as simple.

Insurance Giant Allianz Targets Climate Change Risk: Expending “Unavoidable Emissions”

July 11, 2014 in General

Picture_Martin_EwaldAfter chatting with Barclays’ Director of Citizenship Jillian Fransen on the financial institution’s allegiance to carbon offsetting and how she is leveraging the increasingly popular mechanism to not only offset its unavoidable carbon footprint, I turned to insurance giant Allianz who has also chosen to use carbon offsetting to target deforestation and reduce its environmental footprint.

Excerpts from my conversation with Martin Ewald, Head of Investment Strategy and Renewable Energy/Infrastructure Equity with Allianz Global Investors.


Got a Citizens policy? Big change delayed — but coming

June 30, 2014 in General

hal computerIf you have an insurance policy from state-run insurer Citizens — and 900,000 folks do — your decision to renew that policy may be taken out of your hands by a computer.

This key part of the company’s “clearinghouse”  has been delayed again, officials said this week. But it’s coming, Citizens says.

Originally it was supposed to happen in January. Then the second quarter of 2014. Now the company has set its sights on early September, affecting policies that renew Nov. 1 or later. Technical challenges have been blamed, though company officials are trying to avoid repeating one executive’s comparison to the famously-balky launch of the federal health care website.


May 22, 2014 in General

class-action picture

Farmers Insurance recently filed nine class action lawsuits against approximately 200 Chicago communities.  The gist of the lawsuits states that the local governments should be held liable for the costs of climate change because they should have known that global warming  temperatures would cause heavier rains and storms—yet, they didn’t prepare their sewers and storm-drains enough to handle the natural disasters.  It is the first suit of its kind.

The lawsuit stems from the April 2013 flooding that occurred in Illinois which caused hundreds of millions in damage.   A Farmers spokesman would not specify how much the company paid in insurance claims, and none of the suits specified a damage amount.

Catastrophe Modelling and Climate Change

May 18, 2014 in General

Lloyd’s / contributing authors: Ralf Toumi and Lauren Restall

The potential for climate change to drive changes in the severity and likelihood of extreme weather events could have implications for the accuracy of natural catastrophe models. This report examines whether and how catastrophe models account for climate change through a series of case studies provided by a range of academic and commercial model providers.

[Full Text Reports]  The debate over whether climate change is a man-made phenomenon is no longer as important as the debate over how to plan for, and mitigate, the risks posed by it.

Clarifications and Tweaks Continue to Change ACA Implementation

April 19, 2014 in General

Early 2014 has brought some clarifications and changes to the Affordable Care Act (ACA) and its implementation. Read on for information about just a few of the changes employers should be aware of.

Health-Care System Reform: What Doctors Would Change

January 3, 2014 in General

Last month, MedPage Today started running a series of interviews in which they ask leading doctors a
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5 Reasons To Change Your Career

January 1, 2014 in General

Have you thought about becoming a Farmers agent?

District 84 would like to share 5 reasons we recommend starting your new career out as a Farmers Agent:

  1. Farmers agentBe your own boss – Get the freedom of running your own business with the security of partnering with an industry leader all in one.
  2. Let your hard work benefit you – Farmers agents receive ongoing commissions for every active policy they close. Your income builds as you build your business. Now that’s called incentive!

Transportation App That Hails Taxis Could Change How You Purchase

November 5, 2013 in General

telematics car insuranceWhat Hailo has done for the taxi industry, it could one day do for other inefficient industries and those industries needing to be interrupted to develop a fresh new approach to consumerism.  The well-known taxi hailing app Hailo has a creator that sees his technology changing how people buy other services and goods.  Perhaps it will change how someone buys a car or purchases tickets to an event.  The outlook is open and promising according to the founder and those backing the technology.

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