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The bill includes provisions to encourage retrofitting homes in high-risk areas. -
September’s medical care index increase follows a 0.2% drop in August.
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A former NOAA climatologist who left the agency is running the new operation.
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Critics claim the dispute system denies consumers' key legal rights.
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The insurer booked a $950mn policyholder credit expense in September.
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State Farm is under investigation as its premiums have been rising “drastically".
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Activists from the left and the right are focusing on insurance, often on the same issues.
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A US district judge ruled a delay could put human life and property at risk.
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The federal panel hasn’t finalized a timeline for formulating the new rules.
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The governor has yet to sign a pending bill to create a public cat model.
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The state’s AG said the case threatens continued offshore oil and gas operations.
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The executive said record operating income and returns don’t indicate Chubb is “beleaguered”.
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The request cites use of Verisk’s forward-looking wildfire model.
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New home sales could be impacted by a prolonged stalemate.
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Superintendent Harris is stepping down this month after four years of service.
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The executive has been with ASG since it was formed in 2016.
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California’s insurance regulator has Fair Plan depopulation, cat models on his mind.
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The insurance industry’s lower reliance on foreign skilled workers softens the blow.
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Sources said momentum around resiliency laws is growing at the state and local level.
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The proposed changes aim to establish clear guidelines for intervenors.
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As data privacy litigation increases, insurers increasingly lean on exclusions.
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The measures also seek to encourage greater wildfire mitigation efforts.
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The affirmations reflect Everest’s strong underwriting diversification.
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IBHS CEO Roy Wright says insurers need a comprehensive approach to resilience.
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Winners and losers will emerge more clearly, with less opportunity to ride the market wave.
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A report by the ratings agency challenges current industry wisdom.
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The annual meeting took place in Pasadena, California, miles from the site of LA wildfires.
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Florida led deregulation by eliminating the diligent effort rule in June.
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The carrier notified California regulators that it would stop renewing plans starting last month.
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The ratings outlook has also been revised to stable from negative.
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Lawyers said uncertainty raises litigation risks, and signals from the federal government aren’t expected to help.
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The bi-partisan legislation would make FEMA a cabinet-level agency.
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The action follows Sompo’s $3.5bn all-cash acquisition of Aspen Insurance.
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Ratings agency said the Sompo deal could have positive financial and operational benefits for the Bermudian.
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The violations included not using properly appointed adjusters and failing to pay claims.
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Lawmakers are seeking input on risk evaluation, limits and other concerns.
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The group claims the White House is undermining disaster preparedness.
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The Delaware high court’s reasoning could find application in other cases.
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This is the first rate filing to use the recently approved Verisk model.
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July’s medical care increase was up from June’s o.6%.
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The model becomes the second in the state to get approval to affect ratemaking applications.
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This follows last month’s takeout of 12,000 Citizens policies.
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Roughly half a year since the LA fires, brokers said there’s hope things are turning around.
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A growing divide in business courts could impact future D&O underwriting, sources said.
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The company adjusts its rate options to expand California business under the new cat model.
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Insurers must write policies in high-risk areas in order to incorporate the model.
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Litigation seeks to block insurers from passing assessment costs to consumers.
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Succession, heavyweight M&A and expanding beyond its core will all test the broker.
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The Floridian has been approved to potentially assume 81,000 policies total.
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The broker has emerged as the emphatic winner of the supercycle, but new tests are coming.
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The suit claims billions of dollars are being illegally withheld.
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Top companies eliminated or heavily modified language related to DEI this year, analysis shows.
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State legislation has led to major strides in rate adequacy.
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The VC firm has been incorporated in Delaware since its founding in 2009.
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Nominee Neil Jacobs was warned cuts will cause ‘rising home insurance rates’.
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The FTC granted early termination of the waiting period, leaving the acquisition on track to finish in early 2026.
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Under the new law, vehicles will only be required to carry $100,000 in PIP per person.
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The broader legislation narrowly passed the Senate and now heads to the House.
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The measure could have landed insurers with extra tax on US business.
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There are now 14 new companies writing homeowners’ policies in the state.
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The ruling comes as insurers face growing legal pressures following the January blazes.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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The rules would require paid rest breaks, among other measures.
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The ratings agency cited support from parent company MSI for the upgrade.
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The Pennsylvania-based insurer experienced a 10-day network outage this month.
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The regulatory body is also looking at AI rulemaking and catastrophe resiliency.
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Florida regulators have also approved takeouts for Mangrove and Slide.
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Major insurance industry groups and companies have recently pressed lawmakers to include the provision.
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Rates need to be fair but also should not be “destructive of competition”.
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Marsh McLennan CEO Doyle dubbed legal system abuse a "tax” on US economy.
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Lara approved an interim rate increase for the company just weeks ago.
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The suit, filed in Florida federal court, is Uber’s second Rico case.
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The regulator said further measures could still be passed in this session.
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The NYC taxi insurance market is on the brink of collapse. Regulatory relief has been nowhere to be found.
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The merger is on track to close in H2 2025, CEO Pat Gallagher said.
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Insurers have termed the Democrat-backed legislation “flawed”.
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The legislature did pass Twia reforms, however.
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The company’s credit ratings had been under review since early this year.
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The collective CoR of 45 Floridians hit 93.1% in 2024
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Rate cuts are slowing as insurers agonize over claims trends, but capacity is high.
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The Peak Re subsidiary mainly writes US motor and casualty reinsurance.
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One measure could give regulators greater leeway to deny rate requests.
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Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.
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The company seeks the full 30% homeowners’ rate request it made last June.
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Kirsh was involved in launching an industrywide “legal system abuse coalition”, which now has 350 participants.
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"Smoke damage is real damage," Commissioner Lara said.
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The assumption date for the combined 16,250 policies is August 19.
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Unpacking how much excess capital there really is and dissecting the source of its returns.
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Litigation funding is a frequent bogeyman for the insurance industry. The feeling isn’t mutual.
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State Farm will need to provide its CA subsidiary with a $400mn surplus note.
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This in turn gives carriers on a tower a little more liberty and less risk to optimize claim outcomes.
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The reforms limit liability for some small businesses in the state.
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Growth in construction projects is increasing the need for coverage.
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Insurers haven’t announced concrete steps – yet.
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The impact could also raise home-building costs by $10,000 per unit.
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The Lone Star State has seen rapidly increasing rates in recent years.
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The agency cited SiriusPoint’s recent management moves including lower cat exposure as a driver of the change.
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A first-of-its-kind resolution adopted this week says subrogation can reduce insurance costs.
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The carrier forecasts stable profits, but tariffs are creating “high uncertainty”.
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The law imposes limits on third-party litigation funding, among other changes.
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The BRIC program helped fund local resiliency programs, which can reduce loss costs.
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Howard and Moore were among a group to receive letters over links to prior insurance insolvencies.
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The suit seeks to block insurers from passing through assessment costs.
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A one-time impact would be a mid-single digit increase to physical injury auto severity.
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The release followed the filing of an updated Plan of Operation.
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The deal had HSR approval and was waiting on approval from the UK.
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The investment recovery will be welcome but Chinese tariffs will contribute to loss-cost inflation.
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The announcement spurred a quick spike in stock market valuations.
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Trade credit and marine are among the lines facing direct impacts amid a broader inflationary challenge.
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P&C has strengths that will help it survive this crisis, but not without some pain.
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This is shaping up to be a record year, building on momentum in 2024.
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Carriers surveyed cited access to niche markets as a key strength.
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Universal submitted allegedly ineligible claims to the Florida fund.
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Capital funding new litigation dropped 16% YoY, however.
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The bill being considered would effectively eliminate personal injury protection.
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Coverage will increase to $20mn per building.
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The decision comes after the agency refused to block a climate related vote at Travelers.
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Both bills are now on Governor Kemp’s desk awaiting signatures.
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RBC reports can help regulators identify weakly capitalized companies.
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The decision is the first of its kind under the new Trump administration.
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The bill also creates a governing board comprising insurance and consumer reps.
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The Georgia verdict is one of many legal battles over Monsanto’s herbicide.
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Inflation, tariffs and climate change are all making for an uncertain 2025.
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The letter said the FIO is in “direct conflict” with the role of state regulators.
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The commissioner is eyeing transparency in billing, comparative fault and non-economic damages changes.
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The regulatory changes have been championed by Governor Brian Kemp.
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Gallagher already has HSR approval for the $1.2bn Woodruff Sawyer acquisition.
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Mangrove can take out up to 81,040 polices while Slide’s limit is 15,000.
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Colorado and New York have already passed regulations regarding insurer AI use.
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The agency collects gold standard data and conducts research. Without that, there’s more uncertainty.
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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
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The Democratic senator said increased federal oversight of insurance is not the answer.
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CEO Greenberg cited ‘competing priorities’ in his annual letter to shareholders.
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“We do not have the luxury of time,” he said during the Bermuda Risk Summit.
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Four cat modelers have also submitted their tech for regulatory review.
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“They've been focused on this for more than 10 years,” said Bermuda’s CIT Agency CEO Mervyn Skeet.
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There are signs that Florida’s insurance industry is coming under increasing legislative scrutiny.
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The commissioner said in a legal bulletin that smoke claims can’t be “summarily denied”.
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The company said it now expects the transaction to close in H2 2025.
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Insurers and distributors must adapt or risk irrelevance.
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The ratings agency noted “significant” underwriting improvement in 2023-24.
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RAA president Frank Nutter says he hasn’t been able to get an update on the project from the now Trump-led NOAA.
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Florida House speaker Daniel Perez is seeking an investigation into the charge.
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The company is seeking an emergency rate increase after the devastating Los Angeles wildfires.
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The first round of the E&S boom has already played out, but this is a long game.
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State Farm General has asked California regulators for an emergency rate increase.
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In the absence of interim action, the segment could face an “availability crisis”.
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Big tort reform packages are on the table, but California steals the show, for now.
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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The proposed reforms are championed by Governor Brian Kemp.
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Berkshire Hathaway’s "float" rose to $171bn in 2024 from $169bn in 2023 as Buffett praised Geico’s Todd Combs.
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Priorities include risk-based capital modernization and cybersecurity issues.
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The bill was introduced shortly after a similar bill failed in Mississippi.
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A quick roundup of our best journalism for the week.
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Sources said California regulators need to show they’re receptive to private insurer needs.
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The insurer is seeking a 22% interim raise, but the request is currently on hold.
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Commissioner Lara calls the 10 bills a ‘comprehensive legislative package.’
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At the first Insurance Insider US Miami Forum, Floridian industry players pointed to signs of stability.
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The bill seeks prompt claims payments and settlements, and greater transparency.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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A report from the reinsurance broker said fast rate approvals are key to stabilizing the California marketplace.
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The NFIP’s strategy is to use "short-term borrowings" to meet what could be $10bn in claims.
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Citizens approved an average 8.6% rate hike and decreases for one-fifth of policyholders.
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The state is building an insurer of last resort from scratch, taking notes from California.
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The Florida of 2022 lacked stability and saw many carrier insolvencies.
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Democrats pushed back during the hearing, urging rules to encourage mitigation.
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The agency said it does not expect a “material impact” from the charge.
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The company says the recent wildfires will be the costliest in its history.
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Included are tweaks to state premises liability law and reforms to trial procedure.
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Commissioner Lara said 31,000 claims have been filed for disaster-related needs.
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James Keating received 20 months in prison and three years of supervised release.
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The NFIP and NOAA were both targets in the Project 2025 crosshairs.
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Legal experts say the bill, SB 222, stands a good chance of becoming law.
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The bill would put new restrictions on bad faith claims, close loopholes.
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The FIO has limited power, but it has attracted fierce industry opposition.
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The laws mandating payments were enacted after devastating fires in 2018.
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It is among the first bills to pass the House during Donald Trump’s presidency.
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The much-anticipated creation of a DOGE office is already being challenged in court.
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The regulator also emphasized the need for private flood insurance after hurricane Helene.
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The all-items index posted a 2.9% rise for the last 12 months.
