Insurer Progressive Corp reported a better-than expected first-quarter profit on Friday, helped by strong demand for its personal and property insurance policies, sending its shares up 2% in early trading.
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Severe Storms Rumble Across Eastern U.S.
More severe storms and flash flooding will continue for parts of the U.S. on Thursday after an intense line of storms whipped through multiple states with heavy rain and tornadoes, leaving extensive damage and killing at least least one person.
Upscale Los Angeles Neighborhoods Feel Impact of State Farm’s Move to Non-Renew Homeowners Policies
According to State Farm’s recent filings with the Department of Insurance, thousands of Californians will not have their house insurance renewed this summer, including some posh Westside Los Angeles areas.
MGA SageSure Acquires Unit of Earthquake-Focused GeoVera Insurance Holdings
Managing general agent SageSure will acquire a unit of GeoVera Insurance Holdings focused on earthquake coverage, allowing it to expand into new markets.
Administration Finalizes First-Ever National Drinking Water Standard to Protect Against PFAS Exposure
The Biden-Harris Administration issued the first-ever national, legally enforceable drinking water standard to protect communities from exposure to harmful per-and polyfluoroalkyl substances (PFAS), also known as ‘forever chemicals.’
Rising Insurance Premiums Contribute to the Cost of Homeownership
Property taxes and home-maintenance costs are climbing in much of the country. Non-mortgage costs including property taxes, maintenance, utilities and insurance make up more than half of homeowners’ overall costs, according to a 2022 analysis by Fannie Mae economists. Worst of all, home insurance premiums are soaring. Rates rose by more than 10% on average in 19 states in 2023 after a series of big payouts related to floods, storms, wildfires and other natural disasters across the U.S.
Super Election Year Increases Risks of Political Violence, Warns Allianz
With an unprecedented ‘super-cycle’ of elections in 2024, almost half the world’s populations will go to the polls before the year is out. According to a new report from Allianz Commercial, security is a concern in many territories, not only from the threat of localized unrest but because of the wider-reaching consequences of electoral outcomes on foreign policy, trade relations, and supply chains.
U.S. Weighs Ban on Charging Home Buyers for Lender Title Insurance
A top U.S. consumer watchdog is considering whether to bar mortgage bankers from charging home buyers for title insurance that protects the lenders, ending a long-standing industry practice.
Companies Fall Short on Curbing Cybersecurity Risks from Vendors: Moody’s
Most companies and organizations in the U.S. and Canada fall short on limiting cybersecurity risks from third-party vendors even as they give cyber managers more clout and boost spending on averting attacks, Moody’s Investors Service said in a report.
Commercial Lines Price Increases Forecast to Moderate
Commercial lines pricing increases are anticipated to moderate, but remain positive in most segments through 2024, according to a report Tuesday from Fitch Ratings Inc.