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Louisiana Places Americas Insurance Co. Into Receivership

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Louisiana Insurance Commissioner Jim Donelon placed financially troubled homeowners insurance company Americas Insurance Company into receivership last week in the…

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The Allstate Corporation today announced estimated catastrophe losses for the month of December of $411 million or $325 million, after-tax. Colorado’ s Marshall Fire and December tornados accounted for 78% of December estimated catastrophe losses, with losses for the Marshall Fire estimated at $218 million. Financial information, including material…

The department would pay an additional $37,645 to raise law enforcement liability insurance limits from $3 million to $5 million and auto liability insurance from $500,000 to $2 million. The law enforcement liability insurance makes up $32,129 of the $37,645, and the auto liability increase represents the remaining $5,516. Unused personnel funds will…

As the rebuilding process begins in Boulder County, thousands are left wondering how they will actually pay for it all when many insurance policies are not covering the full amount of construction and replacement costs.

SUPERIOR– Too many houses built too close together on the tinder-dry high plains between Denver and Boulder led to the record Marshall firestorm losses topping $1 billion, insurance industry researchers found this week as they sifted through ashes and charred ruins. Another problem was proximity to native vegetation— grasslands where record high…

But now it is time to retire, and Pete and Mary Parker are looking beyond their jobs to spending time with family. Pete has worked a total of 42 years for American Family Insurance. "The sales part of my marketing work led me here to Beaver Dam after a local insurance agent retired."

–Chubb has issued a new whitepaper, " Why Commercial Property Insurance Prices are Higher, And What Can Be Done About It," which explores the pricing pressures associated with the current state of commercial property underwriting. "Agents and brokers are receiving numerous questions from their commercial risk managers and customers about the state of the…

–Today, InsureMyTrip announced the addition of optional "Interruption for Any Reason" coverage to its Academic Explorer travel protection program. The program allows schools, K-12 and higher education, the ability to offer their students, faculty, and chaperons a travel insurance solution to protect the financial investment inherent in domestic and…

LANSING— Michigan utilities are struggling to provide reliable energy to customers as storms become more frequent and severe. This past summer, Consumers Energy officials said they saw their sixth-worst storm ever for the number of people losing power. That same storm on Aug. 10 ranked second-worst in DTE Energy history, leaving 700,000 customers powerless.

The Zebra's sixth annual State of Auto Insurance Report provides an under-the-hood look at more than 83 million auto insurance rates across all 34,500 U.S. ZIP codes. "In 2021, drivers began taking their cars out of' park' and returned to the roads," says Nicole Beck, Head of Communications at The Zebra. The Federal Highway Administration reported a 14% decrease in…
Florida insurance rates are on the rise.

The state-backed Citizens Property Insurance Corp. continued to add thousands of policies a week in December, while new legislative proposals would try to steer more homeowners into the private insurance market.

New buyers of flood insurance since then are paying premiums under the Federal Emergency Management Agency's "Risk Rating 2.0" system. FEMA said the new rating system more accurately reflects flood risk and ensures that National Flood Insurance will be around for generations to come. Nationwide, the average flood insurance premium is $700 per year, according…

Artificial intelligence, Machine Learning and Big Data have been used across every industry to make the world more personal. At the Intersection of Mobility and Insurance Less than six years ago, robotics and AI specialist Rohan Malhotra was on the scene after a friend got in a bad car accident in New Delhi. It hit him: it takes two minutes to get an Uber, but four and a…

As Florida lawmakers get ready for another session that convenes Tuesday, affordable housing advocates are worried about keeping dedicated funding and the home insurance industry is pondering what might be done about soaring costs. Jaimie Ross, president and CEO of Florida Housing Coalition, says the No. 1 concern for her organization is always the Sadowski…

RALEIGH— North Carolina Insurance Commissioner Mike Causey today announced that Timira Chiquita Glaspy, 31, of 4440 Merlane Drive, Charlotte, and Dandre Lamar Morrison, 33, of 4433 Knollcrest Drive, Charlotte, were both charged with insurance fraud, a felony, and misdemeanor making false statements on applications for insurance. Special agents with the…

–As Americans resume normal economic activities, Auto insurance rates will rise by 0.6% in 2022 after falling in 2021 according to ValuePenguin's State of Auto Insurance in 2022 report published today. The Omicron Variant's Impact on Car Insurance in 2022: The Omicron variant's impact on Auto Insurance rates should be minimal. Insurers are not likely to give…

The cyberattack was carried out at the little-known Office of the Special Deputy Receiver, a nonprofit that works with the director of the Illinois Department of Insurance and exists largely to protect creditors and policyholders of financially troubled or insolvent insurance companies. The Department of Insurance places financially troubled or…

Residents and business owners who lost everything in the Marshall Fire face a daunting insurance situation in which skyrocketing property values and supply-chain shortages make it unlikely that many home or business insurance policies will cover the full cost of rebuilding.
Florida insurance rates are on the rise.

Florida home insurance costs will likely rise even higher than expected next year as companies increase the replacement value, or the estimated cost of replacing a damaged home, to reflect skyrocketing costs of construction materials and labor.

The governor said there have now been more than 11,400 families register for individual help from the Federal Emergency Management Agency, and that FEMA has handed out more than $4.7 million thus far. In addition, there have been more than 11,600 insurance claims filed in the storm-ravaged area of western Kentucky. Through the Western Kentucky Toy Drive,…

In the spring of 2019, the Michigan Legislature passed a law that would reduce care for catastrophically injured people. The law was scheduled to go into effect on July 1, but Teresa Hughes, a Middleville resident, didn’ t have any concerns. When July 1 came, Teresa watched Troy, like thousands of people across the state of Michigan, lose their quality of care as…

"The impact of the recession on the small business community was severe, and small business tends to be overrepresented in the hardest– hit sectors of the economy, such as retail, hospitality, and food services," said Alan Walters, a Vice President, Insurance Research at Conning. The Conning study, " Small Commercial Insurance: Weathering the Pandemic Storm," analyzes…

Homeowners in Carteret and the other 19 coastal counties received good news in late November with the announcement that North Carolina Insurance Commissioner Mike Causey denied a proposed insurance premium increase that would have raised homeowner's insurance up to 25% and instead negotiated a rate increase that tops out at 9.9%. While this is good news…

Dec. 27— When Steve Kenny first received a check from his insurer for Hurricane Ida damages, he thought finally he'd have the money to repair his St. Charles Parish home. But one step remained: his mortgage company needed to endorse the check. "They're acting like this is their money," Kenny said earlier this month, standing on concrete floors in his Destrehan home,…

On Dec. 11, the rural western Wisconsin county dotted with picturesque farms and bountiful forestland, was blanketed with 7 to 8 inches of snow— fairly normal for this time of year. In Wisconsin, Dec. 15 was the first time a tornado watch has ever been issued anywhere in the state during the month of December, according to the National Weather Service.

Derek McMains couldn't shake a feeling of dread. In the 14 years he and his family had lived on their rural homestead outside Plattsmouth, they'd never left to escape a storm— even though their living quarters lack a basement. It was one of dozens of tornadoes on a record-setting Dec. 15.

The ASPCA recently commended New York State lawmakers and Governor Kathy Hochul for enacting critical legislation to prohibit insurance companies from utilizing the breed of a dog in determining homeowner insurance coverage. With this new law, which goes into effect 90 days after enactment, New York joins Nevada as the only two states that have enacted laws…

–Companjon, Europe's leading tech company specializing in embedded insurance, today announced the findings of its Q4 2021 survey of consumer behaviors and demands toward travel, transportation, ticketing and events, banking and fintech services. In partnership with world-leading data& insights company Dynata, the survey involves a large sample size of…

Insurance giant Travelers Cos., which employs thousands in downtown Hartford, is delaying indefinitely its broad-based return to the office as concerns grow about the COVID-19 omicron variant and a recent spike in infection rates. The Hartford insurer had planned a return to downtown offices beginning Jan. 18. Travelers, the property-casualty insurer,…

In response to tornadoes and storms that struck several Midwest and Southern states, New York Life announced today a pledge of $150,000 in corporate grants to disaster response organizations supporting Arkansas, Illinois, Kentucky, Mississippi, Missouri, and Tennessee and $100,000 to New York Life’ s Emergency Assistance Fund. New York Life will match…

Dec. 17— Federal prosecutors eliminated one of four mail fraud charges against Dayton businessman Brian Higgins in his insurance fraud case, according to a fourth superseding indictment filed this week in U.S. District Court in Dayton. The counts in the updated indictment replace those in three earlier indictments of Higgins, 50, of Dayton, who pleaded not…

—California regulators approved a settlement Thursday placing more than half a billion dollars in fines and penalties on the utility Southern California Edison for its role in five wildfires in 2017 and 2018.. The Thomas fire, which burned in Ventura and Santa Barbara counties, is the eighth largest fire in California history, burning more than 439 square…

Customers of Citizens Property Insurance Corp., Florida’ s insurer of last resort, will pay hundreds of dollars more a year after Aug. 1 if state regulators OK the 11% and 12% statewide maximum allowable rate increases approved by the company’ s Board of Governors on Wednesday. If the proposed increases are approved by the Office of Insurance Regulation, all…

–Chubb has launched a new insurance offering to help protect companies from the financial costs associated with employment-related lawsuits filed for a range of issues, including wrongful termination, breach of contract, retaliation and otherwork-related issues. The Chubb Primary SM Employment Practices Liability Insurance policy provides coverage…

Multiple U.S. states experienced a series of deadly tornadoes on December 10 with early reports indicating substantial property damage. “The U.S. experiences more tornadoes than any other country in the world, with up to a thousand reported every year,” said Patrick Douville, Vice President, Insurance.“ NCEI data suggests that the occurrence of severe tornado…

Kin Insurance, Inc., a leading direct-to-consumer homeowners insurance technology company that has entered into a definitive business combination agreement with Omnichannel Acquisition Corp., today announced it has completed the acquisition of an inactive insurance carrier that holds licenses in 43 states. Kin, which currently operates in Florida,…

INDIANPOLIS, Dec. 14, 2021/ PRNewswire/– The National Association of Mutual Insurance Companies today released its issue analysis "Cost Drivers: How Riskier Roads, Rising Repairs, and Reckless Driving are Increasing Insurance Costs." "There's an important story to be told, and it starts with the fact that most costs involved in providing auto insurance are driven…

Whether you are a public official, a local business owner or a Florida homeowner trying to protect your most valuable investment– your home– it comes as no surprise that Florida is facing a crisis and it's time policymakers put homeowners ahead of billboard trial lawyers. Nothing demonstrates why Florida is in this crisis more than looking at how Florida stacks…

FEMA's open call for comments from the public will last until Jan. 27, and participants will have the opportunity to write in and attend a virtual meeting this week. But FEMA's call for public input and a recent announcement that the agency is looking at several aspects of the insurance program are hopeful signs, said Joel Scata, a water and climate attorney with…

WASHINGTON- In the past year, the southwestern Louisiana city of Lake Charles weathered two hurricanes, intense rainfall that sent water gushing down streets and a deep freeze that burst pipes. ' "said Eastman, a real estate agent whose annual policy is scheduled to climb from $600 to $2,500 over the next several years. It is a working coast in our state, "said Jim…

Toyota Auto Insurance offers consumers a quick, easy and flexible policy purchase process via Toyota's state-of the-art mobile app, call center agents, participating Toyota dealerships and the ToyotaAutoInsurance.com website. The product seamlessly integrates with Toyota vehicle benefits such as Toyota Care Roadside Assistance, so customers won't…

State Auto Financial Corporation today announced the intention of Liberty Mutual Insurance to appoint Kim Garland, currently senior vice president of personal& commercial lines and managing director of State Auto Labs, as president of State Auto following the completion of Liberty Mutual’ s pending acquisition. Kim Garland, who will become president of…

VYRD Insurance Company, based in St. Petersburg, will be selecting up to 42,045 Citizens customers from every region of the state to form its initial "book of business." The new company, created with $46 million in investment capital, will be led by David Howard, a former executive of Tampa- based Lighthouse Property Insurance and Boca Raton- based Edison Insurance.

Gretchen Whitmer, D- Michigan, issued the following news release on Dec. 7, 2021:. In a move that will put money back into the pockets of Michigan drivers, Governor Gretchen Whitmer and the Michigan Department of Insurance and Financial Services today announced that the Michigan Catastrophic Claims Association has acted upon the governor's call to return…

LANSING— The Michigan Catastrophic Claims Association will issue $3 billion in auto insurance refunds— $400 per insured vehicle— to Michigan drivers, Gov. More: Gov. Whitmer calls for billions in auto insurance refunds for Michigan motorists. More: Michigan motorists to receive insurance refunds, with when and how much to be determined.

According to the J.D. Power 2021 U.S. “At a time when virtually every other industry is experiencing significant gains in digital customer engagement, the insurance claims process has not really evolved beyond the launch of digital photo estimation three years ago,” said Martin Ellingsworth, executive managing director of P&C insurance intelligence at J.D….
Florida insurance rates are on the rise.

Insurance experts presented a gloomy forecast for anyone hoping that the cost to insure homes and businesses in Florida might stabilize or even fall anytime soon. In 2019, Florida generated 8% of all property insurance claims and 76% of lawsuits in the U.S., according to an analysis by the Florida Office of Insurance Regulation cited by Wilson.

A 20- year-old Winston-Salem woman has been indicted on charges that she filed false claims with two different insurance company, with one paying out more than $20,000 for a kitchen fire that never happened. Indictments allege that between Nov. 26, 2020, and June 15, 2021, Edwards filed a false claim that there was a kitchen fire at her apartment on Winster Drive.

The NFIP alone cannot cover all of the U.S. flood risk. Flooding is the most common and costly natural disaster in the United States. In fact, a recent report from the First Street Foundation estimates that in just 30 years the average estimated annual loss from flooding in the United States will be $32.3 billion a year.