Usage-based auto insurance set to surge says study
In 2015 there were 12 million subscribers to usage-based auto insurance products globally. Over the next 7 years the number is expected to surge to 142 million.
A report from automotive analysts at IHS Inc. forecasts that usage-based insurance (UBI); which uses telematics to assess a driver’s performance and risk using real-time data; will become more widespread, although business models are still being assessed.
“The current UBI landscape is in transition with robust expansion,” said Stacey Oh, manager, automotive technology at IHS Automotive. “New insurers are entering the market, new markets are being opened and new solutions are being launched.”
Currently, the use of UBI is strongest in the UK and Italy on a proportional basis but there are 5 million US subscribers, the largest number for one country. The US take-up of UBI is expected to see the strongest growth in the next year according to HIS estimates.
China is also a market expected to see large growth in the sector with 15 million UBI subscribers expected in the next year.
Manulife to allow $1 million life policies without biometrics
Manulife has announced that biometric testing, using samples including blood and urine, will no longer be required by most applicants for life insurance policies of up to $1 million.
The Toronto-based insurer says that the new policy will apply to most eligible applicants aged 18 to 40 and that the move will simplify the process of applying for a life insurance policy as a visit to a paramedical will no longer be needed.
Manulife becomes the first insurance company in Canada to raise the limit at which biometrics are required to a million. The industry standard for the past 20 years has been $250,000.
The Florida town that’s uninsured
The small town of Caryville in Washington County, Florida has shut down some of its public services following the cancellation of its insurance coverage.
The town’s council is not operating following an election on April 26; the town clerk has not shown up for work and the council offices are padlocked shut.
The cancellation of the town’s insurance policy by the Florida Municipal Insurance Trust is due to more than $6,000 in unpaid premiums for the first quarter according to newsherald.com
With no coverage for any of Caryville’s vehicles, property, workers’ compensation or general liability, the only solution was to cease services such as trash collection until the council can sort out its issues.
Life insurer offers gender reassignment to employee benefits
A UK-based banking and insurance group is now including gender reassignment surgery as part of its health insurance plans for employees. Staff at Lloyds Banking Group including those of life insurer Scottish Widows will be covered under their health benefits. Lloyds is the first UK-based employer to offer the coverage.