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.
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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.
Can Science Say Which Cities Will Get Hit This Coming Hurricane Season?
The bottom line of every preseason hurricane forecast this spring has been sobering, even a little scary. Meteorologists and their computer models all agree that it’s going to be a super busy and perhaps record-breaking season — and that with so many expected storms, it’s very likely that somebody, somewhere is going to get smacked this year. But exactly who and where?
Ransomware Group Claims Responsibility for Christie’s Hack
A hacker group called RansomHub said it was behind the cyberattack that hit the Christie’s website just days before its marquee spring sales began, forcing the auction house to resort to alternatives to online bidding.
NSM Insurance Group Acquires Two Leading U.K. Travel Insurance Brands
NSM Insurance Group, a global specialty insurance provider with more than $1.6B in premium across 25+ niche insurance programs, today announced that it has signed a definitive agreement to buy InsurEVO.
Oklahoma Grants to Harden Homes Start Next Year
Oklahoma Gov. Kevin Stitt signed the Strengthen Oklahoma Homes Act, creating home-hardening grants awarded to residents who install impact-resistant roofing or make enhancements to lessen the risk of damage from tornadoes, windstorms and hail.