Higher homeowners’ premiums, a decline in legal costs related to recent legislative efforts and the ongoing de-population of the state-backed insurer of last resort are the backdrop as Florida’s property insurance market churns toward another hurricane season, according to a new AM Best report.
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Gallagher Re: Multibillion-Dollar Insured Loss Expected from Holiday Weekend Storms
Catastrophic severe convective storms over Memorial Day weekend will likely result in multibillion-dollar insured losses, according to Gallagher Re.
State Farm, the largest U.S. homeowners and personal automobile insurer, said it has taken in about 25,650 claims from 16 states from the storms.
Warren Buffett Worried About Potential for ‘Huge Losses’ in Booming, but Still Tiny Cyber Insurance Market
One of the messages that Warren Buffett and Berkshire Hathaway’s top insurance executive, Ajit Jain, sent to investors during the company’s recent annual shareholder meeting in Omaha was that cyber insurance, while currently profitable, still has too many unknowns and risks for Berkshire, a huge player in the insurance market, to be fully comfortable underwriting.
Social Security Administration to Pay Out $22.7M to Black Employees Who Alleged Discrimination
Thousands of current and former employees at the Social Security Administration headquarters in Woodlawn, Maryland are about to get a $22.7 million payday after a nearly 20-year battle.
Corvus Expands Cyber Insurance Offering
Corvus Insurance announced it has doubled the aggregate limits available under its Smart Cyber product to $10 million, as well as expanded its appetite for potential insureds to companies with up to $5 billion in annual revenue.
U.S. P&C Insurers: Industry Loss Estimates Reveal Continued Challenges
Verisk and The American Property Casualty Insurance Association (APCIA) remarked on full-year 2023 losses for the insurance industry, which they estimate to be $21.1 billion
Property Cat Reinsurance Rates-on-line Down 5% at June Renewals: Howden Re
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.
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.