In the years leading up to Hurricane Ian inundating coastal and inland areas with up to 15 inches of rain, Florida homeowners had reduced their flood insurance coverage. Only a small percentage of homes in two of Florida’s hardest-hit inland counties have flood insurance. According to an analysis by Neptune Flood, a private-sector flood-insurance provider,… Continue reading FL Homeowners Reduced Flood Insurance Coverage Years Before Ian Hit
Author: Annie George
California Insurance Commissioner Tells Auto Insurers to Disclose Pandemic Profits
California’s insurance commissioner ordered nearly 50 auto insurers on Thursday to provide detailed information about their claim costs during the pandemic, his latest attempt to compensate consumers he claims were overcharged when the nation’s largest insurance market imposed the first U.S. coronavirus stay-at-home order. California’s major insurers have 30 days to respond, according to Commissioner… Continue reading California Insurance Commissioner Tells Auto Insurers to Disclose Pandemic Profits
Survey Says: Independent Agents Are Satisfied with their Carrier Partners
Despite the near-constant disruption of digital transformation and economic uncertainty, independent insurance agents have never been happier with their carrier partners. Overall agent satisfaction with insurers of both personal lines and commercial lines has reached an all-time high, according to the J.D. Power 2022 U.S. Independent Agent Satisfaction Study, SM released today. Commercial lines satisfaction… Continue reading Survey Says: Independent Agents Are Satisfied with their Carrier Partners
Settlement Reached in Wrongful Death Suit in Alec Baldwin’s Film “Rust”
The “Rust” production team and actor Alec Baldwin reached a wrongful death settlement with the family of Halyna Hutchins, the cinematographer who was killed on the set of the film last year, in a wrongful death lawsuit filed earlier this year, both parties announced Wednesday. According to a statement from Ms. Hutchins’s husband, Matthew Hutchins,… Continue reading Settlement Reached in Wrongful Death Suit in Alec Baldwin’s Film “Rust”
Global M&A Performance Enjoys Bounce Back in 3Q
Global mergers and acquisitions (M&A) performance improved in the third quarter of this year, according to Quarterly Deal Performance Monitor research on completed deals (QDPM). Buyers outperformed the market by +3.9 percentage points for deals valued over $100 million between July and September 2022, according to share price performance. 1 WTW is a global advisory,… Continue reading Global M&A Performance Enjoys Bounce Back in 3Q
Insured Loss Estimates from Ian Keep Rising
According to a risk-modeling firm, Hurricane Ian will cost private US insurers $63 billion in claims and result in the largest storm-related losses in Florida history. Karen Clark & Co. said in a report Friday that the forecast includes losses to residential, commercial, and industrial properties, as well as automobiles. Previous estimates cited by industry… Continue reading Insured Loss Estimates from Ian Keep Rising
Lemonade Goes Abroad to the UK
Lemonade, an insurance company powered by artificial intelligence and social impact, has launched in the United Kingdom. Residents in the United Kingdom can now obtain Lemonade Contents insurance instantly, from anywhere, on any device, and file claims and receive payment in seconds. “We believe the millions of local renters will appreciate what Lemonade has to… Continue reading Lemonade Goes Abroad to the UK
McDonald’s Wins First Round in $1 Billion Discrimination Lawsuit by Former Black Franchise Owners
McDonald’s Corp. has temporarily resisted a lawsuit filed by 52 Black former franchise owners who claim the fast-food company set them up for failure by directing them to crime-ridden, low-income areas. In a written order last week, a federal judge in Chicago dismissed the 2020 lawsuit, but gave the plaintiffs until Oct. 21 to file… Continue reading McDonald’s Wins First Round in $1 Billion Discrimination Lawsuit by Former Black Franchise Owners
Homeowners Segment Well Capitalized but Weather Events Pose Significant Uncertainty: AM Best
The homeowners insurance segment in the United States has generated operating profits in three of the last five years, with a net profit of nearly $2.5 billion expected in 2021. However, according to a new AM Best report, the segment could face challenges, with Hurricane Ian affecting 2022 results. “U.S. Homeowners Line Well Capitalized but… Continue reading Homeowners Segment Well Capitalized but Weather Events Pose Significant Uncertainty: AM Best
California Work Comp Written Premium Up 27% in First Half 2022 Over Last Year
The Workers’ Compensation Insurance Rating Bureau of California (WCIRB) has released its Quarterly Experience Report. This report is an update on California statewide insurer experience valued as of June 30, 2022. Highlights of the report include: California written premium for the first six months of 2022 is 27 percent above that for the first six… Continue reading California Work Comp Written Premium Up 27% in First Half 2022 Over Last Year