Author: Annie George

Homeowners Insurance Less Affordable for Consumers Over the Last 20 Years: IRC Study

Cost of home ownership is rising

Homeowners insurance affordability has deteriorated over the last two decades, driven by frequency and severity of natural disasters, economic conditions, rising construction costs and litigation, according to a new Homeowners Insurance Affordability report by the Insurance Research Council (IRC).

California Prosecutor Sues USAA Over Alleged Scheme to ‘Lowball’ Offers for Members’ Totaled Cars

CA prosecutor sues USAA

An embattled California prosecutor has filed a civil lawsuit against insurance companies USAA and Progressive Corp. alleging that they have carried out a scheme to defraud customers by making “lowball” offers for vehicles totaled in accidents.

Catastrophe Bonds Based on Models that Often Underestimate Climate Risks

catastrophe bonds based on modeling underestimating climate risks

Catastrophe bonds and other insurance-linked securities, which powered last year’s highest-returning hedge fund strategy, are built on calculations that can underestimate a new breed of risk stemming from high-frequency events such as wildfires and thunderstorms, according to veteran investors.

New Florida Law Roils Its Condo Market Three Years After Surfside Collapse

New law requires upgrades to older FL condos

While the sharp rise in Florida home insurance costs is driving some to sell, most of the units on the market are in buildings 30 years or older. Under a new law, buildings must pass milestone structural inspections no later than 30 years after they are built. 

Legal-System Abuse Hurts Insurers, Consumers: AM Best Interview with I.I.I. CEO

litigation funding hurting insurers

Sean Kevelighan, chief executive officer of the Insurance Information Institute, discusses how so-called nuclear verdicts, litigation funding and other legal-system abuse drive up claims costs and ultimately lead to higher premiums for consumers.

Hackers Behind MGM Attack Targeting Financial Sector in New Campaign

Hackers plan to attack banks, insurance companies

The hacking group accused of disrupting casinos and hotels at MGM Resorts International last year is engaged in a new campaign targeting banks and insurance companies, according to cybersecurity researchers.