Republican Tim Temple will become Louisiana's next insurance commissioner at a time of deep crisis in the homeowner's market. Temple: As I travel and engage with stakeholders, I'm trying to reinforce the concept that insurance companies do not have to do business in the state of Louisiana. And if a company specifically wants to write hurricane-exposed…
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Large decrease seen in insurance agency mergers and acquisitions
The once-ballooning insurance agency mergers and acquisitions market in the United States and Canada has deflated.
Adding to the burden, Florida has become America's inflation hotspot because of outsized housing costs. As leader of the Florida Senate Democrats, I, alongside Leader Pro Tem Jason Pizzo, hosted a series of virtual town hall meetings this summer to offer real-time support for Floridians in crisis. Joined by experts, including Florida's Insurance Commissioner…
National Flood Insurance Program nears Nov. 17 expiration
The National Flood Insurance Program is set to expire later this month and requires Congressional reauthorization.
It "s a growing problem as South Florida condominiums face a perfect storm of rapidly increasing insurance costs, tougher requirements to maintain reserves to cover repairs, and heightened scrutiny of inspections by lenders who rely on Fannie Mae and Freddie Mac, the federally-created guarantors of most U.S. home loans. But he says he settled for $40,000 less…
But there are finally some signs of progress: For the first time in years, Louisiana Citizens Property Insurance Corp. has seen notable decreases in the number of people on its rolls. People living in south Louisiana are still being squeezed by high costs, and the crunch has cascaded through the region, affecting schools, affordable housing efforts and more.
Nov. 9— Yet another insurer is leaving the California market, affecting tens of thousands of home, auto and renter policies. The company, Farmers Direct Property and Casualty Insurance Company, is part of the Farmers Insurance Group, one of California's largest providers. Since May, several large and small property insurance providers, including Allstate, State…
TAMPA, Fla.— The Florida Senate passed a slate of legislation including the expansion of hurricane relief and resilience efforts due to Hurricane Idalia's impacts, and a resolution supporting the State of Israel. In advance of the 2024 Legislative Session, Senate President Kathleen Passidomo said, "Given recent events including the horrific attacks against…
Nationwide’s latest Agency Forward study finds that insurance agents believe many of their commercial clients don’t hold adequate coverage to protect their businesses from growing climate risks.
A State Police report filed last month says its New Orleans- based Insurance Fraud/Auto Theft Unit is leading the investigation, which is based on an earlier probe by the Louisiana Department of Insurance. State Police investigators told WWL-TV they are starting their investigation with five St. Tammany Parish cases and expanding from there.
Special Judge Bentley Story ruled that the Municipal Vehicle Program offered by the Arkansas Municipal League is properly established. Attorneys Luther Oneal Sutter and Lucien Gillham of Benton representing plaintiffs in lawsuits involving personal injury car crashes with police vehicles, accused the league of fraud and "illegal exaction" of taxpayer…
Up for discussion was support for Israel, school vouchers and disaster relief. Now, state leaders say some Floridians could qualify for a $1,000 discount, but it will cost you. "As we stand with Israel, we sanction Iran," DeSantis said on Oct. 10.
—Heidi Lange was among the first to rebuild after the deadliest wildfire in California history destroyed her home in 2018 along with much of the town of Paradise. The soaring cost of home insurance has consumed the town of Paradise, residents and officials say, as it prepares to commemorate the five-year anniversary of the Nov. 8, 2018, Camp Fire.
Patrick Vice-Stokes is suing insurance carrier Lloyd's of London, along with insurance agent Stan Gartman and Gartman Insurance Agency of Ocean Springs in Hancock County Circuit Court. Vice-Stokes, represented by attorney Christopher Van Cleave of Biloxi, says he acquired his Lloyd's policy in March 2019 and renewed it at the same price, $1,992.71, a year…
Patrick Vice-Stokes is suing insurance carrier Lloyd's of London, along with insurance agent Stan Gartman and Gartman Insurance Agency of Ocean Springs in Hancock County Circuit Court. Vice-Stokes, represented by attorney Christopher Van Cleave of Biloxi, says he acquired his Lloyd's policy in March 2019 and renewed it at the same price, $1,992.71, a year…
Despite delays in auto repair cycle, customer satisfaction improves
Long repair-shop backlogs and lingering parts shortages seem not to have adversely affected customer satisfaction, according to a study.
La Salle County continues to take part in FEMA's Community Rating System. La Salle County has a rating of a class 8. With this class rating, homeowners with flood insurance in unincorporated La Salle County save about 10% on their flood insurance policy's annually.
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The 2023 net combined ratio for the property/casualty industry is forecast to be 103.8, in part due to severe convective storm losses being the highest in decades. Hard markets continue with 2023 net written premium growth forecast at 8.3%, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman.
P&C industry pummeled in Q2; net income plummets
Underwriting losses from rising costs, extreme weather events, and other factors, pummeled the property casualty industry in Q2.