Property and Casualty News

State Farm is reimbursing nearly three-quarters of holders of personal auto insurance policies for 2022 model vehicles because a filing updating coverage for them included information it hadn't used before in Virginia. State Farm has about 16% of the market, insuring 8 million-plus cars and trucks in Virginia, and collects about $1.4 billion in premiums…

Kathy Hochul recently announced a series of auto insurance reforms included in New York's fiscal year 2027 budget that state officials say are aimed at reducing premiums by cracking down on fraud, limiting certain lawsuit damages and tightening oversight of insurers. The budget also increases regulatory authority over insurers, including restrictions…

State Farm is reimbursing nearly three-quarters of holders of personal auto insurance policies for 2022 model vehicles because a filing updating coverage for them included information it hadn't used before in Virginia. State Farm has about 16% of the market, insuring Virginia's 8 million-plus cars and trucks, and collects about $1.4 billion in premiums…

Another year without a major hurricane could ease the strain that high home insurance rates have placed on homeowners; early predictions say that could be the case, Insurance.com reports. The National Oceanic and Atmospheric Administration has released its prediction for a below-average hurricane season in 2026, which is in line with predictions from the…

State Farm is reimbursing nearly three-quarters of holders of personal auto insurance policies for 2022 model vehicles because a filing updating coverage for them included information it hadn't used before in Virginia. State Farm has about 16% of the market, insuring 8 million-plus cars and trucks in Virginia, and collects about $1.4 billion in premiums…

State Farm is reimbursing nearly three-quarters of holders of personal auto insurance policies for 2022 model vehicles because a filing updating coverage for them included information it hadn't used before in Virginia. State Farm has about 16% of the market, insuring 8 million-plus cars and trucks in Virginia, and collects about $1.4 billion in premiums…

JB Pritzker says he looks forward to signing a pair of bills that cleared the Illinois House on Wednesday, giving the state Insurance Department authority to regulate premiums charged for automobile and homeowners insurance. "Too many families have dealt with unexplained, unfair insurance price hikes on their homes and cars, so this legislation helps…

The Joint Committee on Transportation addressed the menace head-on Thursday in a bill filed by Gov. Maura Healey that would require an annual registration, liability insurance, and an official Massachusetts license plate for high-speed motorized bicycles. Kim Driscoll told the committee.

Submitted by the Office of Gov. Kathy Hochul announced reforms to bring down costs of auto insurance rates and tackle fraudulent claims across New York as part of her FY27 enacted budget. "These hard-fought reforms are a win for every New Yorker who depends on a car to go to work or drop their kids at school.

If the DOI finds new rates unreasonable within those windows, insurers must refund customers the difference.Illinois is the only state in the country without a similar form of home insurance oversight, and one of two to not have any form of auto insurance oversight.“ Too many families have dealt with unexplained, unfair insurance price hikes on their homes and…

Universal Insurance Holdings, Inc. today announced the completion by Universal Property& Casualty Insurance Company and American Platinum Property and Casualty Insurance Company, the Company’ s wholly-owned insurance company subsidiaries, of their combined 2026-2027 reinsurance program, effective June 1, 2026. “We are pleased to announce the…

The Illinois House passed Senate Bill 714 to regulate the auto insurance industry and House Bill 4273 to regulate property insurance. Thaddeus Jones, D- Calumet City, said SB 714 would bring consumer protection and affordability to residents. Jeff Keicher, R- Sycamore, said Giannoulias could lower rates now by applying license renewal tests to people who have…

SPRINGFIELD— Illinois lawmakers on Wednesday advanced two long-debated measures to prevent insurance companies from raising auto and homeowners "insurance rates without more stringent state oversight, and Gov. In Illinois, the company said it paid out $1.26 in claims for every $1 in premiums collected from homeowners in 2024, including $638 million in…

AM Best has assigned a Financial Strength Rating of A- and a Long-Term Issuer Credit Rating of“ a-” to Westcor Land Title Insurance Company. The outlook assigned to these Credit Ratings is stable. The company’ s neutral business profile is supported by Westcor’ s ability to maintain a solid market position within the U.S. title insurance segment, in which it ranks as…

Kathy Hochul has signed a package of reforms in the new state budget that will provide relief to New Yorkers with lower car insurance premiums. “Outdated laws, special interest loopholes and jackpot insurance payouts to bad actors have long forced New Yorkers to pay some of the highest car insurance rates in the nation,” Hochul said.“ These hard-fought reforms are…

Newrez, a leading homeownership company, today announced it is expanding its partnership with digital insurance marketplace Matic to bring always-on, real-time homeowners insurance comparison into its HomeHub customer portal. Through this integration, Newrez homeowners can instantly compare personalized homeowners insurance coverage options and…

Louisiana will dole out a record 3,000 grants to help homeowners put fortified roofs on their homes in the coming weeks, after elected officials agreed on a bill that injects $50 million into the program. Paul Sawyer, R- Baton Rouge, which will allow the Louisiana Citizens Property Insurance Corporation to send excess funds from Hurricane Katrina-era…

Agero, the leading white-label provider of digital driver assistance services and software for the majority of automotive and auto insurance companies, has renewed its multi-year partnership with Hagerty, a business that makes it easier and more enjoyable to be a driving enthusiast through insurance, buying and selling platforms, publishing and events.

Kathy Hochul recently announced a series of auto insurance reforms included in New York's fiscal year 2027 budget that state officials say are aimed at reducing premiums by cracking down on fraud, limiting certain lawsuit damages and tightening oversight of insurers. The budget also increases regulatory authority over insurers, including restrictions…

Heading into the Atlantic storm season that begins June 1, insurance experts said legislative reforms in 2022 and 2023 targeting“ frivolous” lawsuits, along with a year without any storm hits, have allowed some“ softening” in homeowners insurance prices, growth in new carriers into the state, and a fall in the policy count by state-backed Citizens Property…