According to Howden Re, the reinsurance broking arm of Howden, property catastrophe reinsurance rates-on-line fell by 5% at the June 1st renewals, with pressure greatest at the upper-layers of towers.
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California Advances Measures Targeting AI Discrimination and Deepfakes
As corporations increasingly weave artificial intelligence technologies into the daily lives of Americans, California lawmakers want to build public trust, fight algorithmic discrimination and outlaw deepfakes that involve elections or pornography.
U.S. Issues Guidelines for the Voluntary Carbon Market
The Biden administration released a set of policies and principles aimed at bolstering trust in voluntary carbon markets.
CA Gov. Newsom’s Insurance Crisis Bill Lets Carriers Hike Rates Faster
Gov. Gavin Newsom just released part of his solution to California’s home insurance crisis, and it boils down to a push to allow carriers to move faster to raise rates.
CoreLogic Estimates 32.7M Homes at Risk of Damage Ahead of Forecasted Active Hurricane Season
CoreLogic found that from Texas to Maine, more than 32.7 million residential properties are at risk of moderate or severe damage sustained from hurricane-force winds.
Skyrocketing Premiums Are Hitting Homeowners Hard, But Barely Factor Into Inflation
Insurance rates have been climbing for a number of reasons: Storms have become more frequent and severe, inflation and labor shortages have driven up the cost of repairs and home values have increased, requiring larger policies. The biggest jumps occurred in Texas, Arizona and Utah, which were among 25 states in total that posted double-digit surges last year. In some places, including Florida, rates are up more than 40 percent over the past five years.
Companies Eyeing Insurance Rates in FL Ahead of Hurricane Season
For the first time since 2021 when United Property and Casualty Insurance stopped writing new policies in Florida and asked for a 14.7% rate increase, some homeowners may finally get relief.
FAIR Plan’s Share of California Residential Market Nearly Doubles Since 2017-18 Wildfires
The California FAIR Plan’s share of the state’s overall residential policies in force rose to 3.1% in 2022, nearly double the 1.6% it held before wildfires in 2017 and 2018 caused tens of billions of insured losses, according to state Department of Insurance data.
NC to Have the Highest Basic Auto Insurance Requirements in the Country
Starting in 2025, North Carolina will have the strictest minimum liability coverage requirements in the country.
U.S. P/C Insurers Achieve Record Investment Income in 2023
Net investment income in the U.S. property/casualty insurance segment hit a record high in 2023 of $73.9 billion, bolstered by the higher interest rate environment, according to a new AM Best report.