Allstate Announces November 2023 Implemented Rates NORTHBROOK, Ill., December 14, 2023- The Allstate Corporation today announced implemented auto and homeowners insurance rates for November 2023. "Allstate continued to make progress on our comprehensive plan to improve profitability. Implemented rate increases and inflation in insured home…
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–Three midsize luxury SUVs offer solid protection for front and back seat occupants in the Insurance Institute for Highway Safety’ s updated moderate overlap front crash test, which now includes a dummy positioned in the second row behind the driver. The Lincoln Aviator, Mercedes-Benz GLE-Class and Volvo XC60 earn good ratings, while the Acura MDX and BMW X3 are…
More than two-thirds (69.3%) have put their insurance policies under review, with nearly half (45.8%) citing rising premiums as the catalyst.
Florida lawmakers have restarted a move to impose annual registration fees on electric vehicles amid pushback over the proposed amount. The Senate Transportation Committee backed a proposal that would require electric vehicle owners to pay $200 registration fees to try to offset anticipated losses in gas-tax dollars. Bill sponsor Ed Hooper, R- Clearwater,…
For example, California's FAIR Plan carried 320,200 policies in August, a large increase over the 126,700 active FAIR Plan policies in 2018.. State Farm and Allstate have ceased doing business in California, as have a number of smaller insurers. Florida faces similar challenges, with Farmers recently announcing it will stop writing home insurance policies…
U.S. property/casualty insurers will see some relief in the coming year following a rough 2023 as a personal auto line recovery contributes to statutory profit improvement, according to Fitch Ratings in its 2024 sector outlook report.
N.Y. case may set commercial insurers precedent
A N.Y. lawsuit may have scored a precedent-setting win for policyholders challenging commercial insurers over coverage.
A decade ago, Alabama officials were grappling with rising property insurance premiums, mounting losses and insurers pulling out of the market. After a few years of testing various programs, Alabama in 2017 started handing out grants of up to $10,000 to homeowners to install roofs that would better survive hurricanes. The big draw of the program is lower…
LAKE MARY— Many Florida residents believe they don't need to buy flood insurance. One inch of floodwater can cause up to $25,000 of damage in a home. Flooding in Florida is common.
Natural catastrophes will once again break several loss records in 2023, according to Swiss Re Institute.
–A new report on South Carolina fraud trends shows staged vehicle accidents as the top fraud issue in the state. The analysis, released by the National Insurance Crime Bureau, the nation's leading not-for-profit organization dedicated to combatting and preventing insurance crime, ranks South Carolina as 13th in the nation in terms of questionable…
Moody’s Investors Service reported its outlook for the global property/casualty insurance sector remains negative based on continued weak underwriting results in personal lines, particularly in the U.S. and Europe.
TALLAHASSEE- In an issue that might ultimately have to be sorted out by the Florida Supreme Court, an appeals court has sided with a Collier County homeowner in a dispute about a 2021 law that placed additional hurdles to filing lawsuits against property insurers. The panel agreed with arguments by attorneys for homeowner Rebecca Hughes, whose home sustained…
The state’ s average premium is $4,200, triple the national average. Some private insurers are withdrawing from Florida entirely, leaving property owners to scramble for coverage from Citizens Property Insurance, the state-run insurer of last resort, or to forgo property insurance entirely. But it would benefit the insurance industry and Floridians alike if…
Ron DeSantis revealed his budget proposal for 2024 on Tuesday, which includes over $400 million in temporary tax relief for property insurance. The proposed budget, coming in at $114.4 billion, also includes $1 million for the state Board of Governors or Florida State University to use to sue the College Football Playoff Committee after the Seminoles were…
TALLAHASSEE— The U.S. Senate Budget Committee on Thursday requested a wide range of documents and information from Florida's Citizens Property Insurance Corp., raising questions about climate risks and whether the federal government could be asked to bail out Citizens if a major hurricane hits. Ron DeSantis, state Insurance Commissioner Michael Yaworsky…
The Oklahoma Insurance Department is warning consumers of unlicensed insurance providers offering "package protection" that includes stolen-item protection this holiday season. "When shopping online for the holidays, pay close attention to your shipping protection options and who is offering the coverage," Insurance Commissioner Glen Mulready said.
An appeals court Wednesday upheld a ruling that required a property-insurance company to cover damage that the owners of a Miami-Dade County home said was caused by blasting at a nearby rock quarry. A three-judge panel of the 3rd District Court of Appeal rejected arguments by Tower Hill Prime Insurance Co. that damage in 2016 to the home of Ivet and Mario…
How California’s newly proposed property insurance rules are a step in the right direction
By loosening restrictions, California is finally taking a much-needed step in rehabilitating the property insurance market.
The alleged mastermind behind a multimillion-dollar fraud ring out of Spokane was arrested in Florida Tuesday after more than four years on the run, U.S. Marshals said. Marshals received a tip about William Mize that led to his arrest at a marina in Jacksonville, Florida, Chief Deputy U. "William Mize was a fugitive who thought that because he had financial means, he…