Property and Casualty News

The insurer— which is backed by six standard insurance companies for wildfire damage only— first sought a 35.8% hike to keep it from slipping into financial trouble, Michael Soller, spokesman for the state "s Department of Insurance, said Wednesday, May 20 via email. As of year-end 2025, about four in five of the plan’ s more than 668,600 homeowner policies in…

Severe weather and car insurance claims: What causes the most damage and what to do about it. When storms strike, car damage from hail, wind, flood or falling debris can be costly. *Since insurers place binding restrictions on policy changes once a storm is named, add comprehensive coverage to your policy before hurricane season begins on June 1.

St. Martinville– The St. Martinville City Council authorized Mayor Jason Willis to enter into an intergovernmental agreement to clean Willis Canal, a parish-owned canal just behind some apartments on Willis Drive, contingent on approval of the agreement by City Attorney Allan Durand. Willis said the parish is willing to do the work but requires the…

Porch Group, Inc., a new kind of homeowners insurance company, today announced that Homeowners of America has launched in Michigan, marking the 22nd state in which HOA operates. “We’ re pleased to bring HOA’ s homeowners insurance offering to Michigan and expand our ability to serve independent agents and policyholders in another important market,” said Matt…

Extreme weather, amplified by climate change, has raised insurer risks and insurance rates for U.S. homeowners, especially in the last decade. Florida, for example, sustained a staggering $237 billion in disaster damage from 2020 through 2024— increasing non-renewal rates and stoking the state's insurance crisis. California has its own insurance crisis…

AM Best will participate in a panel discussion at the Casualty Actuarial Society’ s Seminar on Reinsurance, which will take place May 31- June 2, 2026, in Philadelphia, PA.. Greg Dickerson, director, AM Best, will join a session on Tuesday, June 2, titled,“ Rating Agency Update,” which will provide an update on the U.S. property/casualty and global reinsurance segments.

Pouch Insurance, the admitted commercial auto managing general agent built for 1099 workers and gig economy operators, today announced a strategic partnership with OCTO, the global leader in telematics and data analytics for connected insurance. The announcement coincides with the official go-live of Pouch’s Micro-Fleet Rideshare program in Tennessee,…

Insurity, a leading provider of cloud-based software for property and casualty insurance carriers, brokers, and MGAs, today announced that registration is now open for the Excellence in Insurance conference, its annual event for insurance executives and technology leaders focused on helping insurers apply AI practically, modernize operations, and…

Earnix, a leader in AI-driven pricing, underwriting, and customer engagement for insurers, today announced that Definity, one of Canada’ s largest property and casualty insurers, has selected Earnix to accelerate pricing decisions and improve customer response times across its personal auto, property, and individually rated commercial auto portfolios.

Over the past decade, home prices have nearly doubled, according to the Case-Shiller U.S. National Home Price Index. Nearly 75% of people who bought real estate in 2020 and 2021 have regrets about their purchases, with 30% saying they spent too much money, the 2022 American Home Buyer Survey by Anytime Estimate reveals. Insurify's data science team analyzed the…

Using data from the National Association of Insurance Commissioners, Insurify examined the car insurance providers with the highest market share per state and found that five auto insurers have the largest market share in at least one U.S. state. State Farm holds the title in more states than any of its competitors— 29 to be exact. "People are getting into more car…

Thefts of the auto part, which converts exhaust into less harmful gasses, are down nearly 37% in the first half of 2023, according to new data released by State Farm, the largest U.S. car insurer by market share. Claims peaked in 2022, when State Farm received 45,000 catalytic converter theft claims. Thieves can net anywhere from $25 to $300 for a standard catalytic…

The National Flood Insurance Program paid out $913 million to U.S. homeowners last year, and $629 million of that went to residents in Florida. Florida homeowners face highest home insurance costs in the U.S.. Florida has the most expensive home insurance rates in the U.S., and those premiums don't include the added cost of flood insurance.

Renters in California may see their rents spike as landlords transfer rising insurance costs onto their tenants. Renters make up 44% of California's population, according to U.S. Census Bureau data. About a third of California renters spend more than half their income on rent, according to the Public Policy Institute of California.

This is contributing to rising vet care costs, which are up 7% year over year, according to the U.S. Bureau of Labor Statistics. But for breeds at high risk for health problems, the premiums can exceed $1,400 annually. This is 264% higher than the national average premium of $700 per year.Pet insurance premiums exceed $1,400 for breeds that are more likely to…

California's auto insurance costs have climbed steadily over the past few years and could increase even more in 2025, when the state's higher liability insurance requirements begin. Previously, California was among the five states with the lowest requirements. The need to keep pace with higher vehicle repair and medical costs likely prompted California…

Recoop Insurance offers a unique disaster insurance product in 47 states to homeowners and renters living in state-declared or federally declared disaster areas. Consumers can choose coverage plans ranging from $5,000 to $25,000. Sola covers up to $15,000 for any out-of-pocket costs and pays claims within days, using National Weather Service data to…

The U.S. war with Iran has added a new layer of uncertainty to the global economy. But disruptions from the conflict in Iran aren't likely to raise insurers' costs by that magnitude. If Americans drive 10% fewer miles in 2026, the average annual car insurance premium could fall to $2,209 by year's end.

Auto insurance is one of the most common types of insurance in the U.S. Nearly all states require drivers to have liability car insurance covering a minimum amount of property damage and bodily injuries resulting from accidents. Depending on the severity of the offense, penalties can include fines up to $1,500, driver's license suspension, vehicle…