Missing even one structure can result in inaccurate risk assessments, and any gap in identification can lead to overlooked risks, impacting coverage and claims.
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Counterpart, the first management and professional liability insurtech to build the full suite of proprietary underwriting, in-house claims management, and extensive risk mitigation solutions for SMEs, announced it has written over 10,000 policies. To meet the rising demand for comprehensive insurance and risk management solutions, Counterpart has…
Majesco, a global leader in cloud insurance technology, has once again been recognized as the top technology leader in the 2024 SPARK Matrix™ by QKS Group for both L&A and P&C Insurance Platforms, following the similar recognition in 2023. Majesco’s cloud-native platforms earned top scores across multiple parameters, reflecting its leadership and…
One Inc, the leading payments network for the insurance industry, announced today that GoAuto Insurance, has selected One Inc’ s ClaimsPay ® and PremiumPay ® products for a fully integrated and digitized policyholder payment experience. The Baton Rouge- based company, known for offering affordable car insurance for drivers in Louisiana, Nevada, Ohio, Texas…
Farmers Insurance promises to write more California home insurance policies ahead of planned reforms
Farmers Insurance plans to start writing more home insurance policies in California ahead of regulatory reforms set for next year, the state "s second-largest homeowners insurance provider announced Wednesday. "Farmers Insurance has decided to take these steps to increase coverage availability for California consumers because we recognize that the…
California regulators approved a request by MAPFRE Insurance Company, a relatively small insurer in the state, to increase home insurance rates by 6.5%. More than 100 homeowners in Coto de Caza, Trabuco Canyon, Rancho Santa Margarita, and Lake Forest will see an annual increase of $693, according to MAPFRE's filing with the California Department of Insurance.
Washington residents have seen home and auto insurance rates climb steeply over the past couple of years. "Insurers are facing large-scale losses on a national level, and they're reassessing how much risk they can tolerate in order to remain stable, financially healthy, profitable, and that's affecting availability," said Kenton Brine, president of the NW…
First American Title Insurance Company, a leading provider of title insurance and settlement services and the largest subsidiary of First American Financial Corporation, today announced the launch of Order Insights, a real-time, transaction-based fraud alert system. Fraud continues to challenge the real estate industry, with real estate-related fraud…
The Cornelia City Commissioners unanimously voted to approve a resolution agreeing to participate in a countywide fire consolidation feasibility study. Conversations about fire consolidation have been cropping up in every city and town in the county due to the potential threat of a rising ISO rating for homeowners insurance. Cornelia City Manager…
Washington residents have seen home and auto insurance rates climb steeply over the past couple of years. "Insurers are facing large-scale losses on a national level, and they're reassessing how much risk they can tolerate in order to remain stable, financially healthy, profitable, and that's affecting availability," said Kenton Brine, president of the NW…
How AI and tech will impact insurers in 2025
A few key trends and developments are expected to define the insurance industry’s future.
California homeowners with ASI Select insurance policies could see their premiums jump by 30% when their policies come up for renewal in 2025. On Nov. 26, the California Department of Insurance approved ASI's request for the double-digit rate increase that will affect more than 36,000 homeowners in the Golden State. The rate hike will increase annual…
California renters with policies through American Modern Home Insurance will see their renters insurance premiums climb $60– $136 per year, starting in April 2025. This is due to the California Department of Insurance approving American Modern Home's request for a 42.2% rate increase in November. The majority of affected policyholders— 38,340 throughout…
California homeowners, renters, and condo owners with property insurance through Amica could soon see their premiums rise again. Rates will rise 4.5% for condo owners with an Amica policy and 1% for renters, according to the insurer's filing with the California Department of Insurance. The increases take effect for new policies initiated after Aug. 1 and for…
Following two years of unprofitable but improving results, the U.S. nonstandard auto insurance segment has notched a slight profit for the first half of 2024, according to a new AM Best report. AM Best recently revised its outlook for the U.S. personal auto insurance segment to stable from negative. The key drivers of the outlook change were the segment’ s…
COLUMBIA, Mo.& SAN MATEO, Calif.—- Shelter Insurance ®, a property and casualty insurance company offering insurance sold by agents in 21 states, and Guidewire announced that Shelter selected Guidewire InsuranceSuite to power the company’ s core business, simplify its IT operations and help deliver additional value to agents, policyholders and employees.
NEW YORK& LONDON& MUMBAI, India—- WNS Limited, a digital-led business transformation and services partner, today announced that it has extended its transformation-led strategic engagement with Canopius Group, a leading global specialty and P&C lines insurer. Canopius is a global specialty and P&C insurer with underwriting operations in Australia, Bermuda,…
Many homeowners in Texas get their tax bills from local officials around this time of year. A new analysis by the Houston Chronicle finds home insurance in Texas among the most expensive in the country. Megan Kimble, the Texas political economy reporter for the Chronicle, said the Texas Department of Insurance reported home insurance rates rose 21% on average…
Whitt and family members operated trucking companies under the names Silver Eagle Express LLC, Pure Gold LLC, and The Silverado Group, LLC, according to the indictment. One of the company’ s trailers was badly damaged in a fire while traveling through Woodford County in June 2018, but the company only had liability insurance on it so the policy didn’ t cover the…
Florida lawmakers, led by Senate President Ben Albritton, are stepping up to make sure property insurance companies pay what they owe. A good place to start would be with the state's own insurer, Citizens Property Insurance Corporation. A recent report from the Tampa Bay Times/Miami Herald revealed something shocking: Citizens denied more than half of the…
