Homeowners' insurance

Insurance Insider US’s morning summary of the key stories to get you up to speed fast.

Commissioner Lara’s 2019 mandate, ordering FAIR to offer a more comprehensive insurance package beyond its historical “fire-only” coverage, has now survived a second court challenge.

The office also said it has approved the assumption of 650,399 policies from Florida Citizens so far this year, a more than 800% increase from the previous year.

The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.

Insurance Insider US’s morning summary of the key stories to get you up to speed fast.

The government funding bill signed by Biden on November 16 contains provisions extending National Flood Insurance Program to February 2, 2024.

The Insurance Insider US Research team walks buyers through valuation considerations for InsurTech MGAs, as capital constraints point to further consolidation.

The E&S personal lines insurer also named Malcolm Tsung as commercial lines product management VP and Scott Crozier for a similar role in the personal lines division.

Insurers have paid out $673.3mn in claims through September 30 for residential losses related to the August fires.

Susan Arnold, co-vice chair of NAIC’s P&C Insurance Committee, also urged passage of legislation exempting mitigation grants from taxation.

Three states — California, New Jersey, New York — were responsible for adding five points to YTD combined ratio for 2023.

Following reforms enacted by the state, the insurer will seek to provide new insurance coverage options to property insurance policyholders.