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The state is already experiencing affordability challenges, and regulators are concerned that an availability crisis is brewing. -
The ratings agency cites ongoing deterioration in results for personal auto and homeowners’ lines, along with rising loss costs, driven by inflationary pressures.
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The Senate Budget Committee, chaired by Democratic Senator Sheldon Whitehouse, is seeking information on plans to address increased underwriting losses from extreme weather events.
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A quick roundup of this week’s biggest stories.
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Cedeño Camacho will expand his insurance carrier holdings to North America.
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Carriers have sought to restore profitability through a mix of rate hikes, policy restrictions and localized non-renewals and moratoriums on new business.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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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.
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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.
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The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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The government funding bill signed by Biden on November 16 contains provisions extending National Flood Insurance Program to February 2, 2024.
