Property and Casualty News

David and Peggy Blue were dumbfounded when they were notified last month that their home insurance would not be renewed because of a tall sycamore tree that overhangs their Altadena house. Their appeals for reconsideration were fruitless, leading the former San Diegans on a nerve-racking quest for a new policy. Finally, on Jan. 7, a tentative policy they’ d been…

Citizens Property Insurance Corp. drew seven bids from its invitation to negotiate for "turn-key" office space in Jacksonville that is smaller than its current Downtown location. The state insurer operates in the 30- story high-rise at 301 W. Bay St., for which it signed a 10- year, $41.7 million lease in 2015. The Atlantic Land and Improvement Co., care of CSX…

—Base rates for North Carolina homeowners' insurance premiums will increase on average by about 15% by mid-2026 as part of a settlement reached by the state Insurance Department and the industry. The agreement announced Friday by state Insurance Commissioner Mike Causey contrasts with the January 2024 request by the North Carolina Rate Bureau, which…

As with other goods and services, auto insurance costs have been skyrocketing. That makes the national average an annual $2,543, which is prohibitive for many families. Based on The Zebra's analysis of 61 million auto insurance rates across the U.S., the citation that will most boost an offender's rates is a hit-and-run violation at the aforementioned 82%.

According to the Centers for Disease Control and Prevention, the risk of motor vehicle crashes is higher among 16- to-19-year olds than for any other age group. Let's look at an example of a six-month policy for full automobile insurance coverage, which would cost Mom and Dad $991. In North Carolina, you are required to have automobile liability insurance to…

LOS ANGELES, Jan. 17, 2025/ PRNewswire-PRWeb/– Mercury Insurance is providing comprehensive support to its customers impacted by the ongoing Los Angeles area wildfires. Mercury Insurance Mobile Claims Assistance Center Pop-up: Mercury Insurance will have claims professionals on site at The Shops at Santa Anita, 400 S. Baldwin Ave., Arcadia, to help customers…

Homeowners’ insurance rates in North Carolina will increase by an average of about 15% over the next two years under a settlement Insurance Commissioner Mike Causey and the N.C. Rate Bureau announced Friday. The N.C. Rate Bureau, which represents more than 100 companies that write insurance policies in North Carolina, had requested an average 42.3% increase…

The U.S. Department of the Treasury’s Federal Insurance Office released the most comprehensive data on homeowners insurance in history.

Insurance Commissioner Mike Causey announced today that the North Carolina Department of Insurance has ended its legal dispute with insurance…

NV Energy is asking the Public Utilities Commission of Nevada to allow it to establish a $500 million self-insurance fund in order to have adequate liability insurance in the event of a catastrophic wildfire alleged to "have been caused or exacerbated by utility equipment." The fund would bring the utility's coverage to close to $1 billion.

How the home insurance system in California failed residents. Retaining homeowners insurance in California is notoriously difficult for those living in areas vulnerable to wildfires. In 2023, Farmers Insurance Group announced it would begin sending nonrenewals to California customers and wouldn't be accepting new applications.

On Dec. 30, 2024, news agencies began reporting on a new state regulation that would require insurance companies in California to begin offering coverage to homes in areas considered prone to wildfires. Back in September, the Grizzly reported on a virtual town hall led by California Insurance Commissioner Ricardo Lara, where he shared his plans to make…

The nonprofit is asking a federal judge in Washington, D.C., to issue a court order blocking FEMA from enforcing the regulations, claiming local communities will suffer "irreparable harm" because they can't comply with both the federal directives and state land use rules- potentially causing their residents to lose flood insurance. Representatives of FEMA and…

Jan. 16— In the months before thousands of Los Angeles homes went up in flames, property insurance companies dropped coverage in many neighborhoods of the city, citing the growing wildfire risks caused by climate change. As a result, a fast-growing number of California residents have switched to a state-backed "last resort" insurance plan. We're all going to be…

California home insurance policyholders in and around the areas of the Palisades and Eaton fires received some welcome news from the state's department of insurance last week. California has long been a mixed bag for insurers. Since 2022, seven of the top 12 property insurers in California have either paused or restricted new home insurance policies in the…

It read, " California's plan to stabilize its home insurance market is now law. The headline writer clearly wondered whether this new law, promulgated by Insurance Commissioner Ricardo Lara and not by the usual set of state legislators, would work for homeowners, many of whom have seen their insurance policies cancelled over the threat of fires, both wild brush…

Ongoing losses from the Los Angeles wildfires are estimated to be between $35 billion and $45 billion, as both fires are less than 50% contained as of Thursday afternoon, CoreLogic reported.

The U.S. property/casualty market in 2024 is forecast to have continued its trajectory of improving underwriting results, according to the latest report– Insurance Economics and Underwriting Projections: A Forward View– from the Insurance Information Institute and Milliman, a collaborating partner. Economics: P/C underlying economic growth ended 2024…