Premium increases remained stable in Q2 2023, with an average increase of 8.9% across all account sizes, up slightly from the previous quarter’s 8.8%. This marked the 23rd consecutive quarter of increases.
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More than 50,000 to Lose Homeowners Insurance as Two More Insurers Exit California
AmGUARD Insurance—a subsidiary of Berkshire Hathaway GUARD Insurance Companies—will withdraw its homeowners and personal umbrella programs in California, while Falls Lake Insurance will also end its homeowners program.
Insurers Fume at NAIC Proposal that May Crimp Private Investments
A proposal by a unit of the National Association of Insurance Commissioners (NAIC), a consortium of state regulators that sets standards for the industry, would allow the group to override credit ratings assigned to some deals, in turn affecting how much money insurance companies could allocate to those deals.
A Big Health Insurer Is Ripping Up the Playbook on Drug Pricing
A major health insurer says it will jettison the complicated system that Americans use to pay for drugs, and create something that aims to be better, with partners including Amazon.com and the entrepreneur Mark Cuban.
FedEx Pushes Safety Agenda After Accidents Lead to Higher Insurance Costs
FedEx Corp. is pressuring delivery contractors to improve safety after mounting accidents helped trigger a near-tripling of insurance costs over the decade.
Hawaiian Electric Knew of Wildfire Threat, but Waited Years to Act
During the 2019 wildfire season, one of the worst Maui had ever seen, Hawaiian Electric concluded that it needed to do far more to prevent its power lines from emitting sparks. Nearly four years later, the company has completed little such work.
Former Allianz Executive Loses Bid to Toss Fraud Charges
A federal judge in New York declined to throw out fraud charges against a former Allianz fund manager who claimed he was double-crossed by his lawyers, citing the terms of a joint defense agreement the executive entered into with the firm’s counsel.
Power Company Was ‘Substantial Factor’ in Devastating Maui Wildfires, Lawsuit Alleges
A lawsuit filed on behalf of five Lahaina residents is focusing on a particular player in the Maui wildfire disaster that the lawsuit alleges played a substantial role in last week’s devastating fire: a local power company.
At Least 106 People Were Killed in Maui’s Wildfires, Officials Say
The death toll in the Maui wildfires has risen to 106, Maui County officials said Tuesday, a week after the flames started sweeping through parts of the Hawaiian island.
Vesttoo Says Fraud Investigation Is Advanced, Confirms Removal of Restraining Orders
Israeli insurtech Vesttoo has confirmed that both the federal court in New York and the courts in Israel have removed temporary restraining orders freezing its assets.