Via his holding companies, Perelman is demanding a $410 million insurance payout for damage that he says five blue-chip artworks suffered in a 2018 fire at his Hamptons estate, known as the Creeks. Attorneys for the insurers-underwriters of Lloyds of London including Great Lakes Insurance SE of Germany, Swiss Re International of Luxembourg, AIG Property…
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Illinois Secretary of State Alexi Giannoulias wants auto insurance rates to be based on driving records and not socio-economic factors. Illinois Secretary of State Alexi Giannoulias recently drafted a bill that would base car insurance rates on driving records and not socio-economic factors that can be used to discriminate against consumers.Under…
Video above: Citizens CEO on US Senate probe,' Never heard of anyone suggesting' fed bailout. TAMPA, Fla.– Despite some optimism from Florida lawmakers about the state's property insurance crisis, Citizens Property Insurance– the "insurer of last resort" for Florida property owners dumped by their previous companies– is still plagued by uncertainty.
Finding success in the HNW personal lines market
Many independent insurance agents find entering the high net worth personal lines sector appealing but often are unsure how to initiate this transition.
A new governor and state insurance commissioner have wasted no time in letting Louisiana citizens know about some major changes coming in their lives. Jeff Landry and his supermajority GOP Legislature are rewriting criminal justice laws that were reformed seven years ago. Insurance commissioner Tim Temple, another Republican, Monday had some surprises of…
Feb. 28— Divides over Insurance Commissioner Tim Temple's ambitious plan to tilt Louisiana's property insurance market in favor of insurance companies began to emerge Tuesday, as industry executives hailed it as a way to bring insurers to the market and consumer advocates and lawyers raised concerns that policyholders could suffer even more financially.
More Americans forced to make dire decisions amid soaring insurance rates
In the face of escalating home and insurance prices, more Americans are going to new lengths to afford their premiums.
The report, written by Redfin data journalist Dana Anderson, cited higher costs of insurance and homeowner association fees as reasons that the number of condo listings in Florida increased by 28.2% in January compared to the previous January, and compared to 11.1% in the nation overall. Median prices fell 6.5% in Jacksonville, by 4.8% in Orlando, 2.5% in Miami…
Crushing fraud can help relieve pressure on insurance premiums
I was asked recently what can be done to keep homeowners' insurance premiums from going up. Some estimates suggest that 20 cents of every premium dollar go to cover the cost of insurance fraud. A 2022 study conducted for the Coalition Against Insurance Fraud found that nationally, insurance fraud costs consumers a mind-boggling $308.6 billion a year.
Insurity unveiled insights from its 2024 AI in Insurance Report that millennials are much more likely to view AI as a positive development in P&C insurance compared to other generations.
Feb. 26— Insurance Commissioner Tim Temple on Monday laid out a series of sweeping changes to Louisiana insurance regulations that would allow insurers to raise rates more easily, increase profits and self-report some violations in an effort to help steady the floundering market. "Louisiana has a very heavy-handed regulatory reputation," said Temple, a…
Fabio Rodrigo Jordao Correa, 31, of Saugus, was charged with one count of conspiracy to commit larceny over $1,200, six counts of larceny over $1,200, one count of common and notorious thief, 11 counts of false or fraudulent insurance claims and one count of identity fraud. Jose Manuel Gordon, 49, of Roxbury, was charged with one count of conspiracy to commit larceny…
Greggor Ilagan introduced this legislative session 10 separate bills aimed at alleviating home insurance rates in Lava Zones 1 and 2, where rates are expected to double or even quadruple after the area's last major provider, Universal Property and Casualty Insurance Co. of Florida, withdraws from the state in August. In the absence of any other providers,…
The Oklahoma Insurance Department kicked off February with a post on X, formerly known as Twitter, announcing our Earthquake Awareness Month social media campaign. Ironically enough, a 5.1 magnitude quake struck near Prague, about eight and a half hours later. I can assure you that OID cannot predict earthquakes, but this illustrates perfectly how earthquakes…
Feb. 24— TRAVERSE CITY— Kris Ruckle-Mahon recalls how hopeful she felt last August, when the state's Supreme Court decided that the restrictions included in no-fault insurance legislation didn't apply retroactively to families already in care. Ellen Andary, 67, of East Lansing, was lead plaintiff in a case the court decided in July, with judges ruling 5-2 that…
Personal and auto insurance shopping is likely to increase in 2024 due to several market factors, according to new research from TransUnion.
HERMISTON- Insurers of the Shearer's Foods plant that burned down in 2022 in Hermiston are seeking more than $90 million in a lawsuit. Attorneys filed the pleading Friday, Feb. 16, in Umatilla County Circuit Court on behalf of several insurers: The Travelers Indemnity Co., Everest Indemnity Insurance Co., Swiss Re Corporate Solutions Capacity Insurance Corp.,…
February is Earthquake Awareness Month, and Kentucky Insurance Commissioner Sharon P. Clark advises consumers that having adequate insurance coverage is a critical component of being prepared for the financial impacts of an earthquake. The New Madrid fault runs up parallel to the Ohio River even to Jefferson County, so the risk of damage is much less but…
If you’ ve ever spent a fortune at the emergency vet, pet insurance might sound appealing. By paying some of your vet expenses, these policies can save you money and help you make care decisions based on what’ s best for your pet rather than what you can afford. Aliya McCullough, chief veterinary officer and director of veterinary affairs at Fetch Pet Insurance, said in…
President Joe Biden on Monday approved California's request for a major disaster declaration, ordering that federal aid go toward helping San Diego County residents recover after last month's historic storm. Torrential rains on Jan. 22 killed three people and damaged or destroyed more than 800 homes across San Diego County, according to state officials.