With below-average income and above-average insurance expenditures, Georgia has become one of the least affordable states for personal auto insurance, a recent study from the Insurance Research Council, noted. However, from 2014 to 2022, household expenditures for this product line in Georgia increased by 5.6% annually, compared with 3.3% in the U.S….
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After saying it would run out of funds by March, California's last-resort fire insurance provider will impose a special charge of $1 billion on insurance companies— which will in turn pass the costs along to homeowners— the first such move in more than three decades. The state Insurance Department today approved a request from the provider, the FAIR Plan, to…
Extreme weather, amplified by climate change, has raised insurer risks and insurance rates for U.S. homeowners, especially in the last decade. Florida, for example, sustained a staggering $237 billion in disaster damage from 2020 through 2024— increasing non-renewal rates and stoking the state's insurance crisis.2. Recent devastating wildfires in Los…
-California's state-supervised fire insurance provider of last resort received approval to levy a $1 billion assessment on private insurers to ensure it can continue paying claims from the devastating January 2025 wildfires. The assessment, which must be paid by all admitted insurers writing property insurance in California, comes as the California FAIR…
That's because the state's Department of Insurance doesn't collect the information, which advocates say is critical to getting a handle on what parts of Texas have the most immediate need for relief. Texas did participate but declined to request new information from insurers, including ZIP code-level data about where providers don't renew existing…
That's because the state's Department of Insurance doesn't collect the information, which advocates say is critical to getting a handle on what parts of Texas have the most immediate need for relief. Texas did participate but declined to request new information from insurers, including ZIP code-level data about where providers don't renew existing…
Bay Area homeowners will likely be on the hook for a share of a massive bailout of California "s insurer of last resort after it ran out of money to pay claims arising from the devastating Los Angeles wildfires. State regulators announced this week they will allow the program, known as the FAIR Plan, to collect $1 billion in emergency payments from private insurers-…
Insurance companies operating in Colorado would be required to inform homeowners of ways they could reduce the risk of wildfire to their properties and subsequently pay less in premiums under a bill introduced this week in the state legislature. The measure is the legislature's latest effort to tackle the growing problem of rising homeowners insurance…
Bay Area homeowners will likely be on the hook for helping bail out California "s insurer of last resort to the tune of $1 billion after it ran out of money to pay claims from the devastating Los Angeles wildfires. The amount each insurance company must pay will be based on its market share in California. Under state law, insurers can only charge their customers up to…
STAR-ADVERTISER Josh Green 1/ 2 STAR-ADVERTISER Josh Green GEORGE F. LEE/ 2023 Inspections of Lahaina residential areas followed the wildfires in 2023.. 2/ 2 GEORGE F. LEE/ 2023 Inspections of Lahaina residential areas followed the wildfires in 2023.. More than 17, 000 individuals or entities represented by attorneys have claims from the Aug. 8, 2023, fire that…
On this day, my thoughts and prayers are with the families affected by the devastating wildfires in Southern California. Having spent 20 years of my Navy career in Southern California, my heart is broken seeing the once verdant neighborhoods look more like the lunar landscape. Sadly, this calamity highlights the urgent need for better preparedness and…
Has catalytic converter theft finally peaked?
Catalytic converter thefts surged to record highs across the United States in 2022.
That's because the state's Department of Insurance doesn't collect the information, which advocates say is critical to getting a handle on what parts of Texas have the most immediate need for relief. Texas did participate but declined to request new information from insurers, including ZIP code-level data about where providers don't renew existing…
That's because the state's Department of Insurance doesn't collect the information, which advocates say is critical to getting a handle on what parts of Texas have the most immediate need for relief. Texas did participate but declined to request new information from insurers, including ZIP code-level data about where providers don't renew existing…
That's because the state's Department of Insurance doesn't collect the information, which advocates say is critical to getting a handle on what parts of Texas have the most immediate need for relief. Texas did participate but declined to request new information from insurers, including ZIP code-level data about where providers don't renew existing…
The measure, Senate Bill 11, would set up an Alaska Flood Authority and an Alaska flood insurance fund to supplant the Federal Emergency Management Agency's National Flood Insurance Program. The FEMA program, which takes in premiums and makes payouts nationally, imposes restrictions on Alaskans that are too onerous and post-disaster compensation that is…
—California’ s plan that provides insurance to homeowners who can’ t get private coverage needs $1 billion more to pay out claims related to the Los Angeles wildfires, the state Insurance Department said Tuesday. The plan says it's expecting a loss of roughly $4 billion from the Eaton and Palisades Fires, which sparked Jan. 7, destroyed nearly 17,000 structures and…
—LOS ANGELES— Mercury General Corp. on Tuesday reported profit of $101.1 million in its fourth quarter. On a per-share basis, the Los Angeles- based company said it had net income of $1.82. For the year, the company reported profit of $468 million, or $8.45 per share.
American International Group, Inc. today reported financial results for the fourth quarter and full year ended December 31, 2024. “Against the backdrop of an extremely challenging natural catastrophe environment, I want to acknowledge the devastating impact of the recent wildfires in California on the families, communities and businesses affected.
Amundi US, the US business of Amundi, one of the world’ s ten largest asset managers by assets under management 1, celebrated the anniversaries of two funds focusing on Insurance-Linked Securities and Catastrophe Bonds, which are rapidly growing fixed income market segments. The Fund, which offers investors daily liquidity, marked its second anniversary with…
