Property/casualty insurance companies suffered large losses in 2023 not from major catastrophes, but primarily from a series of severe convective storms, Moody’s Investors Service reports.
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The North Carolina Department of Insurance issued the following news release on Feb. 6, 2024:. "I haven't seen the evidence to justify such a drastic rate increase on North Carolina consumers," Commissioner Causey said. North Carolina consumers deserve a more thorough review of this proposal.
The N.C. Rate Bureau's 42.2% proposed hike in homeowners' insurance rates was rejected Tuesday by Mike Causey, the state Insurance commissioner. Causey has set a hearing for 10 a.m. Oct. 7 to address the bureau's request that included an Aug. 1 effective date. "I haven't seen the evidence to justify such a drastic rate increase on North Carolina consumers," Causey said…
Spencer Roach, a Republican from Lee County, and Rep. But during a workshop held by the state House Insurance and Banking Subcommittee, Citizens CEO Tim Cerio said the bill could cause the company "s reinsurance costs to skyrocket by 645%— from $628 million to $5.6 billion if 100% of Florida properties were covered. Insurance premiums in Florida have increased…
Florida Chief Financial Officer Jimmy Patronis issued the following news release on Feb. 5, 2024:. Today, Chief Financial Officer Jimmy Patronis announced the arrest of William Diehl for allegedly impersonating an insurance agent and defrauding consumers purchasing auto insurance. CFO Jimmy Patronis said, "Fraudsters will go to incredible lengths to scam…
Damage to an Algonquin storage facility and its contents could reach $1 million or more following a fire there Sunday, but tenants of Life Storage may have to wait for details on whether their possessions were damaged in the blaze. Investigators were still working to determine the cause and extent of the fire at Life Storage, 2301 W. Algonquin Road,…
CITRUS COUNTY, Fla.– Florida homeowners are still getting hammered by rising insurance rates and some people are getting their policies dropped altogether. That's what prompted a Citrus County woman to reach out to 8 On Your Side for answers. "It's a hard pill to take," said Ron Assise, an insurance broker at The Horton Group. "
Judith Gail Mudd was recovering from the last in a series of surgeries when Hurricane Laura struck her hometown of Lake Charles as one of the strongest hurricanes ever to make landfall in the United States. Like many other storm survivors across the state, Mudd' s case was taken over by the Louisiana Insurance Guaranty Association after her insurance provider,…
TAMPA, Fla.— Marvin Shebroe and Colleen Hernandez both say they filed a claim with Farmers Insurance for a cracked windshield. Another similarity: In both cases, the bills were generated by a Sarasota company, The Florida AutoGlass Guys, LLC. Hillsborough County court records show the Florida AutoGlass Guys, LLC has filed 77 windshield lawsuits against insurance…
Washington residents harmed by Allianz's discrimination will receive full reimbursement for travel losses and the premiums, plus interest, according to a news release. An investigation by Washington Attorney General Bob Ferguson found that Allianz's policy unfairly discriminated against people based on disability, and violated the state Insurance…
Residential condominiums three or more stories high— called Condo 3 s— must now manage their reserve funds per Senate Bill 154.. Two-hundred-forty PE's took my webinar and course: Florida's Mandatory Structural Inspections. The City of Venice just mailed notices to all qualifying condo boards that they may begin to hire PEs or architects, etc. to conduct the…
TAMPA, Fla.— In 2022, Marvin Shebroe says a crack in his windshield was repaired through his insurance company. He recently learned his insurance company, Farmers, was billed $6,108 for the second windshield. Someone is representing myself as a fraud and I know auto glass doesn't cost $6,000 to replace.
According to data from the Insurance Journal, homeowners insurance premiums in Illinois have risen by 25%, making it more difficult for homeowners to make ends meet. What Illinoisans Are Paying for Homeowners Insurance. Kristine Lee at insurance comparison site The Zebra has some numbers: The average Illinois homeowner pays about $1,443 a year, or $120 a month,…
The Silver State has the second highest auto insurance premiums in the U.S., only behind New York, with the average annual cost of full coverage car insurance at $2,975, according to a report from Insurify. He also said after an insurer makes a rate change request the Division of Insurance determines if it "s prudent and can lower the approved rate if it isn" t prudent.
The state's largest school district has received new email communications in January that it could soon receive as much as $470,000 from its claim against its Travelers Insurance fidelity and crime policy that protects against losses caused by employees' fraudulent or dishonest actions. Claim documents and other emails obtained from TPS by the Tulsa…
WASHINGTON— Congress has spent more than six years avoiding its responsibility to reauthorize the National Flood Insurance Program, using a series of stopgap bills to extend the life of the program that has issued nearly 5 million policies. The lackadaisical approach to brokering a five-year reauthorization of the program was one of several topics the U.S….
The Hartford to withdraw from Calif. homeowners insurance market
The Hartford announced it will cease writing new Calif. homeowners insurance policies starting next month.
Insurance Commissioner Ricardo Lara told state lawmakers on Wednesday that his office would soon begin unveiling the first in a series of highly-anticipated rule changes that could affect the price and availability of home and auto insurance in California. Lara said insurers would be required to submit complete applications with the state when they are…
Pointing to increased home values and difficulties finding property insurance, a Florida Senate committee recently approved a bill that would allow residents with homes valued at more than $700,000 to get coverage from the state's Citizens Property Insurance Corp.. Under current law, Citizens is barred from selling policies for homes with a "dwelling…
"Congress should eliminate federal revenue-based crop insurance policies," stated the Heritage Foundation, an influential, conservative think tank, in its "Budget Blueprint for FY 2023.". "The federal government should not be in the business of insuring price or revenue; agricultural producers, like other businesses, should not be insulated from market forces…