Despite experiencing 90% of the nation's earthquakes, only 10% of California's residents have earthquake insurance, according to the Federal Emergency Management Agency. "I think a lot of people dropped their earthquake insurance because of the cost of home insurance," United Policyholders Executive Director Amy Bach said, referring to a yearlong bout with…
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Nio Inc. (NYSE: NIO), a leading electric vehicle (EV) company in China, saw a strong rise in insurance registrations for its cars last week. Between December 9 and December 15, 2024, 4,400 Nio vehicles were registered for auto insurance. This marks an increase of nearly 19% compared to 3,700 registrations the week before. This boost shows that […]
CCC Intelligent Solutions Inc., a leading cloud platform provider powering the P&C insurance economy and a subsidiary of CCC Intelligent Solutions Holdings Inc., announced today that it has signed a definitive agreement to acquire EvolutionIQ, Inc., the leading platform for AI-powered guidance for disability and injury claims management.
STATEWIDE— A VEHICLE INSURANCE COMPANY THAT FAILED TO PROTECT 80,000 NEW YORKERS' PERSONAL INFORMATION– even though it doesn't offer its products in New York– must pay $500,000 in penalties. State Attorney General Letitia James on Thursday, Dec. 19 announced that she had secured $500,000 from Noblr, an auto insurance company that allows consumers to obtain a…
Ahead of the move, Safeco, a Liberty subsidiary, is preparing to stop writing new condo and rental policies at the beginning of next year. A spokesperson for the company said Safeco will continue writing new homeowners insurance policies in California. "During this time of increasing risk and volatility, we are building a sustainable business path forward in…
Viewers can now access highlights from the AM Best- hosted webinar“ Loss Trends in Cyber Liability Insurance,” sponsored by Munich Re US. Rob Barlow, Cyber Underwriter, Munich Re US Maria Long, Vice President, Cyber Underwriter and Risk Management Portfolio Leader, Munich Re Specialty– Global Markets Carolyn Purwin Ryan, Partner, Data Privacy and Cybersecurity,…
Jeff Landry and the Republican-dominated state Legislature have taken the first steps to do away with state income taxes, which they say will bring new industry, businesses and people to Louisiana. Marilyn Landiak of New Orleans in a Dec. 2 letter to The Advocate said, "People are leaving Louisiana because sky-high homeowners and flood insurance rates make…
The seven-member Las Vegas City Council voted to approve a settlement, mutual release, and purchase and sale agreement with the companies 180 Land Co., Fore Stars and Seventy Acres. The city tentatively agreed to purchase the Badlands property for $636 million- paid for by the city "s liability insurance and property damage fund- then sell the property for $350…
The past couple of years have been tough on consumers' wallets. Inflation has affected groceries, gas and lots of other everyday expenses— and auto insurance is no exception. At inflation's peak in 2022, high vehicle repair and medical costs, along with natural disaster losses, resulted in auto insurers spending more in claims than they earned through premiums,…
With winter arriving officially on Saturday, Dec. 21, preparing for snow, ice and frigid temperatures should be a priority for homeowners, renters and drivers throughout much of the U.S., according to the Insurance Information Institute. “More and more policyholders are seeing the value in‘ Predict& Prevent’ for managing their risk,” said Triple-I CEO Sean…
Las Vegas Mayor Shelley Berkley said in a statement the item on the council agenda is a major step forward in reaching a settlement in the litigation. The city is purchasing the Badlands property for $636 million— paid for by the city's liability insurance and property damage fund— then selling the property for $350 million to Lennar Homes through simultaneous…
California's plan to stabilize its faltering home insurance market is now law, meaning homeowners in fire-prone areas and beyond may soon have an easier time finding coverage. "Giving people more choices to protect themselves is how we will solve California's insurance crisis," Lara said in a statement. But last week, Farmers Insurance, the state's…
California's plan to stabilize its faltering home insurance market is now law, meaning homeowners in fire-prone areas and beyond may soon have an easier time finding coverage. "Giving people more choices to protect themselves is how we will solve California's insurance crisis," Lara said in a statement. But last week, Farmers Insurance, the state's…
Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today shared a comprehensive recap of its 2024 Severe Weather P&C Consumer Pulse survey, offering an in-depth analysis of severe weather trends, their impact on consumers, and the resulting implications for the insurance industry. The survey highlights a year…
Alysah M. Rodriguez, 25, of West Hartford was charged with operating under suspension, operating without minimum insurance, failure to drive in the proper lane, possession of a controlled substance and operating under the influence, according to the South Windsor Police Department. Police arrested Rodriguez at 2:14 a.m. after an officer found a vehicle that…
DIXON COUNTY, Neb.– Dixon County property owners have 90 days to provide additional information before an update to the county's Flood Insurance Rate Map is completed. "During the past couple of years, the Nebraska Department of Natural Resources has been working closely with community officials throughout the county to make sure we have the most accurate…
Homeowners insurance, required in Texas for anyone who has a mortgage, is issued through a company but facilitated by an agent. These agents are liaisons for the insurance company who have the ability to make changes to a policy, which in turn affects coverage and premiums. Ware Wendell is the executive director of Texas Watch, a nonprofit organization that…
In exchange for allowing insurers to raise rates based on the growing threat of climate change, a long-running industry demand, companies must now work to expand coverage in parts of the state with the greatest fire risk, California Insurance Commissioner Ricardo Lara announced Friday. But earlier this week, Farmers Insurance, the state "s second-largest…
That mantra for staff at the Roswell Museum and Art Center was a joke— at least, until Oct. 19, when flood waters whooshed through homes, businesses and the museum. The painting, now housed at the Georgia O'Keeffe Museum in Santa Fe, survived the flood. But in Roswell, recovery is still in limbo for the museum and the typically dry city where few have flood insurance.
On Friday, California Insurance Commissioner Ricardo Lara enforced his "first of its kind" catastrophe modeling and ratemaking regulation, a central part of his Sustainable Insurance Strategy to increase coverage in wildfire-distressed areas of the state. The Department of Insurance posted the final regulation after the Office of Administrative Law…
