The insurance company is hoping that employers and human resource managers will take the findings into consideration. The survey shows that Gen Y is not as financially stable than other generations. Only 58% of them pay bills on time and 43% have high credit card debt. Almost three out of four aren’t saving up for emergencies. They also find that Gen Y is very mobile as the average 26-year-old has already had seven jobs. The study also finds that this generation values strong benefits packages provided by employers, but many are still underinsured. Sixty percent of Gen Y employees say benefits are the second most important aspect of job satisfaction. But other research shows they are the most likely to not take advantage of workplace insurance.

Another important piece of information to come out of this study is that Gen Y likes to receive information about benefits through personal communication. “Benefits communication emerged in the research as a clear opportunity for employers to more strongly engage Gen Y workers,” Bygott says. “These workers give employers low marks for the effectiveness of their benefits communication, and Gen Y women in particular are much more likely to say the communication they receive about their benefits is not at all informative, including cost, what’s covered and what they need.”

Study Reveals Importance Of Benefits For Generation Y is a post from: Peppercoin Insurance

The free mobile app uses GPS to recognize the user’s location, sending breaking alerts to them instantly. The free app is already available in AppWorld and the Android Market. “Natural disasters, from hurricanes to tornadoes, have been particularly harsh throughout the country this year and the best way to mitigate the damage of these storms is to prepare. The free app gives users the peace of mind of knowing that if severe weather is headed toward them, they will automatically be alerted and can immediately take action,” said Scott Hughes, President of Global Alert Network. “Within minutes of downloading the GAN app, users have a free, potentially life saving tool at their fingertips. Especially during seasons with devastating weather and in the regions that often get hit, there is no reason why residents should not be downloading this application.”

Getting proper insurance is another way you can prepare for a natural disaster. But a recent Harris interactive poll found that only 56% of Americans say they’re prepared for a disaster. Two in five Americans say they’re not prepared for a long term power outage. Here are some regional concerns according to this recent poll:

• Easterners think that a snow and/or ice storm will be most likely to directly impact them (77%) and while Midwesterners are concerned about this as well (79%), an even greater number say they believe tornadoes will impact them (89%);
• Southerners are also concerned about tornadoes (66%) yet half say they are concerned about hurricanes (54%) or droughts (50%);
• Those in the West believe earthquakes will impact them (66%), which is a concern shared by very few in all other regions (between 7% and 16%);
• Although only 11% of Americans think a nuclear power plant disaster or meltdown will affect them directly, it is the only issue listed that most people say the federal government is worst equipped to handle (59%).  One third say the government is worst equipped to handle terrorism (34%), which is down from the 48% who said this in 2006; and,
• In 2006, shortly after Hurricane Katrina, half of Americans (50%) said that the federal government was worst equipped to handle hurricanes.  Five years later just 16% believe this.

Preparing For Hurricanes And Other Natural Disasters is a post from: Peppercoin Insurance

Insurance fraud is the second most costly white-collar crime after tax evasion. That’s according to the Insurance Information Institute. Insurance fraud totals more than $29 billion a year. The National Insurance Crime Bureau says that fraud causes insurance premiums to increase by nearly $300 every year per household. For many insurance companies, it’s cheaper to pay the claim than to hire professionals to seek the truth.

HVAC Investigators assists with investigating heating and air conditioning claims. They diagnose the damage and make a recommendation of whether replacement or repair is needed. “We’re excited about the positive impact we’re having on the insurance industry,” Stafford remarked in a news releaes. “We realized several years ago that the HVAC property claims were on a dangerous trajectory, and fraud was taking its toll. When carriers understand that they can save, on average, somewhere between $3,000 and $4,000 per claim, they begin to grasp that this is something they should be paying attention to. It’s important, and everyone we come into contact with ‘gets it.’ It’s very rewarding work.”

Insurance Fraud Second Most Costly White-Collar Crime is a post from: Peppercoin Insurance

The rough month of May follows several months of unheard of losses that includes floods and cyclones in Australia, earthquakes in New Zealand and Japan, unrest in the Middle East, and of course, sky high tornado damage in the US. The unprecedented pattern of damage has left the insurance industry with little option but to raise rates.

According to the Chicago Tribune, experts say that 2011 losses for reinsurers are already more than double their full-year forecast. Two major tornado episodes ranked among the costliest in history. The insurance industry may be responding with higher prices. They’re also preparing for hurricane season which just started and could lead to even more destruction. The US did not have a major hurricane hit land the past two years but experts are predicting an active 2011 hurricane season.

Months Of Mass Destruction May Lead To Higher Insurance Rates is a post from: Peppercoin Insurance

Now is the time for homeowners to reevaluate their coverage. According to the Insurance Information Institute (III) homeowners need more than standard home insurance. While wind damage may be covered, flood insurance probably isn’t. You’ll need to purchase that policy separately from the National Flood Insurance Plan. It’s also a good idea to review auto insurance policies. Most comprehensive policies do cover wind damage to autos, but you’ll need to review your coverage to make sure.

III says homeowners should take additional steps as well. These preparation moves include researching flood risk, updating your home inventories and making sure you and your family have an evacuation plan just in case a major storm does blow your way this hurricane season.

Hurricane Season Starts Reminding Homeowners To Check Insurance Coverage is a post from: Peppercoin Insurance

Esurance sells auto insurance directly to customers online and through call centers. Answer Financial is an independent personal insurance agency. “Consumers today expect to have their specific needs met by their insurance companies. Our strategy is to focus on individual preferences and utilize different value propositions for distinct consumer segments,” Allstate President, Chairman and CEO Thomas J. Wilson said in a news release.

Esurance is the third-largest provider of online auto insurance quotes. It also has a 24/7 call center and is the third most recognized brand for online auto insurance sales. “Our Allstate agencies do an outstanding job of serving customers who want a local personal touch and prefer to purchase a branded product. Esurance will expand our ability to service customers that are more self-directed but still prefer a branded product,” says Wilson.

Allstate Buys Esurance And Answer Financial For $1 Billion is a post from: Peppercoin Insurance

The program is set to expire this fall and has been extended on a short term basis several times. It is currently in more than $17 billion in debt. “Flood waters across the South and Midwest are on the rise, and so is the debt owed by this program,” Rep. Judy Biggert, R-Ill, told Insurance Journal.  “We need to put the National Flood Insurance Program back on stable financial footing so that it can provide homeowners with reliable coverage without putting taxpayers on the line for billions in losses.  This legislation will give the program long-term stability, help draw better flood maps, and initiate actuarially sound pricing.”

While two new option coverage options were rejected, many people supported the move to extend the program. “A five year extension is of the utmost importance, as are reforms to put the program on sound financial footing,” Charles Symington, Big “I” senior vice president of government affairs, told Insurance Journal. “We are especially grateful that the Committee rejected an amendment that would have removed the inclusion of optional business interruption and additional living expenses coverage as these provisions will better safeguard consumers against flood loss.”

Now the program will move to the full House and Senate for a vote. Sponsors are hopeful that it will be passed before the end of September when the current program expires. “Given the current flooding taking place on the Mississippi river, it is especially critical to get a long-term extension of the program in place so that this debate can move beyond Congress and residents in flood-prone areas can have the stability in the program they so desperately need to insure their homes and businesses,” Leigh Ann Pusey, president and CEO of the American Insurance Association, told Insurance Journal.

The Federal Emergency Management Agency issued a warning to residents of Louisiana to prepare for flooding and keep flood insurance documents safe. FEMA is encouraging residents to follow the direction released by local officials in terms of evacuations.
“Last Friday, May 6, 2011, President Obama issued an emergency declaration specific to 22 parishes throughout Louisiana,” said Federal Coordinating Officer Gerry Stolar in a news release. “That equates to one-third of the communities throughout this state currently at risk for potential flooding. FEMA is asking Louisiana residents living in the declared parishes to take measures now to best protect their lives and properties, including knowing the facts about flooding and safeguarding important documents, such as insurance policies.”

Flood Insurance Takes Center Stage is a post from: Peppercoin Insurance

The $10 million check shows just how extensive the storm was, but airport officials say they’re adequately insured for situations like this. The airport’s deductible is $100,000 and officials believed all of the damage would be covered, according to the newspaper. Flights were disrupted for a full day following the storm so the airport rushed to bring in contractors to make necessary repairs. Officials say the worst of the damage occurred in the C Concourse in Terminal 1. Several windows were blown out and a jet fuel tank farm was damaged.

The airport was just one of many buildings damaged. In fact Nationwide Mutual Insurance Co and Allied Insurance set up a temporary aid station to distribute humanitarian aid to victims. “Our hearts go out to victims of this terrible storm,” said Terrance Williams, regional vice president of Nationwide’s Central Plains Region. “We’re pleased to assist the community with humanitarian relief and would encourage anyone who needs emergency supplies to visit our mobile catastrophe unit. We’re also committed to providing timely service to Nationwide and Allied Insurance customers who may have experienced damage to their homes.”

Insurance Checks Rolling In After Powerful Midwest Storms is a post from: Peppercoin Insurance

According to the companies, the Nationwide claims hotline is 1.800.421.3535. That number will help policyholders reach their local agent. Allied Insurance customers are asked to call the Allied claims hotline at 1.800.282.1446. “Right now our claims numbers are moderate, but we expect them to increase as customers have an opportunity to assess the damage caused by the wildfires burning in the Dallas/Fort Worth area as well as the recent severe hailstorms,” said Terrance Williams, regional vice president of Nationwide’s Central Plains Region, in a news release. “We’ve taken steps to ensure a quick response to customers who report claims from these events.”

In the south where tornadoes ripped through last Saturday, adjusters have descended on the area to collect claims. As of Wednesday morning State Farm Mutual Automobile Insurance Co had received about 400 claims from Virginia homeowners and 2300 in North Carolina, according to The Virginia Pilot. A State Farm spokesman told the newspaper that most of the Virgina claims had come from Gloucester County where a storm stripped an 8 1/2 mile path of homes and businesses. “We do expect both of those numbers to increase as people get power and get themselves collected,” spokeswoman Amy Preddy told the newspaper. “Most of them are homeowners claims due to wind damage, falling trees. But we have seen some auto claims resulting from hail damage.”

Tornadoes, Fires And Hail Keep Insurers Busy is a post from: Peppercoin Insurance

So how does an insurance claim become “questionable?” Authorities say there are seven reasons, but most are because they were “faked/exaggerated injury”. Other reasons include “excessive treatment” and “staged/caused accident.” According to reports, most of the questionable claims come from automobile insurance policies. In fact 83% of questionable claims in 201 involved auto insurance.

Allstate responded to the report. Krista Conte, New York spokesperson for Allstate said, “We commend the NICB on their efforts to fight fraud and raise awareness about this issue, which is extremely important to all New Yorkers. Not only is no-fault fraud, or auto accident fraud, costing New York consumers and insurers hundreds of millions of dollars, it puts drivers at risk. Those who would commit this type of crime are taking advantage of the broken no-fault system and are organized, calculating and part of a big business. They are gaming the auto insurance system and the victims are honest, hard working New Yorkers.”

Questionable Insurance Claims Spike Sharply In New York is a post from: Peppercoin Insurance