Get Ready with Maxwell Schmitz: The Impact Of Covid-19 On The Insurance Industry

“It’s a very fluid situation. 90% of financial services institutions had a pandemic response ready. From a broad scale perspective, the financial stability portion is not a concern as this time.”  Maxwell Schmitz  “Everyone has a plan, until they get punched in the mouth”. Mike Tyson In this episode, I spoke with Maxwell Schmitz, the … Read more

Insurance Fraud Hall of Shame 2018

Insurance scams are an $80 billion a year crime which indirectly raises all Americans premiums on every type of insurance.  Insurance companies to remain profitable, must take in more money than they pay out whether it’s through premiums or investments. And, we want profitable insurance companies so that they can pay our claims.  The Coalition … Read more

Long Term Care Insurance Claims reach $10.3 Billion in 2018

The long term care insurance industry paid a total of $10.3 billion in claims for 2018 according to AALTCI (American Association for Long Term Care Planning). By far, this is the largest amount of claims paid by long term care insurance companies. From 9.2 billion of claims paid to 295,000 policyholders it rose by 2.7 … Read more

Wildfires and Insurance Update

Wildfires: With the wildfires now over, it is time for recovery. Here’s the latest insurance news: Technology Assistance: Due to evolving technology, insurance claims experts were able to monitor screens showing satellite images, photos from airplane flyovers and social media posts describing what was happening on the ground. According to Travelers, this allowed them to … Read more

Hurricane Insurance Update:

While the impact of Hurricane Michael and Hurricane Florence will affect thousands of people for a long time, the impact on the insurance industry is manageable.  Residents and businesses in the Carolinas and Virginia hit by Hurricane Florence will be dealing with an estimated $1.5 billion in wind damage and $28.5 billion in flood damage.  … Read more

Making Lemonade from Insurance:

While insurance companies are not the most beloved, they for the most part, meet their obligations by paying claims, as promised.  We’ve all heard the stories of insurance companies unfairly and unreasonably denying claims or giving claimants the run-around. And most likely have experienced this ourselves. I’ve definitely experienced this.  What most people don’t talk … Read more

Hurricane Michael, Hurricane Florence and Flood Insurance

Hurricane Michael and Hurricane Florence have now passed, however, the impact will be felt for a long time. Insurance will help many people get back on their feet as insurance claims are expected to exceed $10 billion.  Here’s What Consumers Should Do to Get Fair Claims Payments in the Wake of Hurricane Florence. Unfortunately, natural … Read more

9 Insurance Questions for 2018

Change is coming slowly to the insurance industry and while 2017 showed much movement, 2018 will be the year that brings the next step in evolution for the insurance industry. In this post, I pose some of the questions and possible answers for the insurance industry this year. 1) Will this be the year that … Read more