California Gov. Gavin Newsom gave legislators just three months to address a multibillion-dollar wildfire liability problem that has forced the state’s largest power company, PG&E Corp., into bankruptcy and threatens the same fate for its other utilities. The governor issued a report Friday outlining possible solutions for how costs for destructive wildfires will be covered,… Continue reading CA Governor Calls for Wildfire Fund, Utility Fix
Tag: homeowners insurance
Millions Live in Parts of California Threatened by Wildfires
Impoverished towns in the shadow of Mount Shasta. Rustic Gold Rush cities in the Sierra Nevada foothills. High-dollar resort communities on the shores of Lake Tahoe. Ritzy Los Angeles County suburbs. They all could be the next Paradise. A McClatchy analysis reveals more than 350,000 Californians live in towns and cities that exist almost entirely… Continue reading Millions Live in Parts of California Threatened by Wildfires
Seven Women Suing Bill Cosby Reach Settlement in Defamation Case with AIG
Seven women who accused Bill Cosby of sexual assault, and then sued him for defamation when his representatives accused them of lying, have settled their claims in their long-running case, according to documents filed Friday in federal court in Massachusetts. “The plaintiffs have settled their claims against Mr. Cosby,” a lawyer for the seven women,… Continue reading Seven Women Suing Bill Cosby Reach Settlement in Defamation Case with AIG
2019 Hurricane Season Forecast, Will We Get A Break?
After two consecutive seasons of devastating hurricanes, a leading forecaster is predicting a less active year as compared to 2018, but that doesn’t mean it will be quiet. AccuWeather, which issued its seasonal forecast this morning, believes the 2019 hurricane season will be near normal to slightly above normal with 12 to 14 named storms.… Continue reading 2019 Hurricane Season Forecast, Will We Get A Break?
Zillow Faces $60 Million Suit Over Hacked Listing of L.A. Mansion
What may be the first hijacking of an active real estate listing online — a palatial mansion overlooking the Pacific Ocean in Bel Air, Calif. — has led to a lawsuit seeking $60 million in damages against home-sale marketing company Zillow. One or more hackers seized control of the mansion’s listing page on Zillow’s popular… Continue reading Zillow Faces $60 Million Suit Over Hacked Listing of L.A. Mansion
Trends in Online Insurance Purchasing Habits Point to Enhanced Opportunity for Agents and Brokers
A new survey from Chubb, “Winning the New Client Journey,” finds that more than half of consumers (53%) have shopped online for homeowners insurance in the past 12 months, and 61% are likely to do so in the future. According to Chubb, this trend in researching and shopping online underscores an enormous opportunity for agents… Continue reading Trends in Online Insurance Purchasing Habits Point to Enhanced Opportunity for Agents and Brokers
State Farm Returns to Profit in 2018
In 2018, State Farm experienced a property-casualty underwriting gain, as well as increases in total revenue, net income and net worth. As the number one Auto and Homeowners insurer in the U.S., State Farm remains committed to serving its policyholders. The State Farm property-casualty (P-C) group of companies reported a combined underwriting gain of $1.7… Continue reading State Farm Returns to Profit in 2018
RMS Releases New Model to Empower Reinsurers to Address Pervasive Wildfire Risk
RMS, the world’s leading risk modeling and analytics firm, announces the release of the RMS U.S. Wildfire High Definition (HD) Model, the most comprehensive solution available for addressing wildfire risk across the Contiguous United States (48 States). Since 2014, devastating wildfires have unleashed more than USD $30 billion in claims and five of the 10… Continue reading RMS Releases New Model to Empower Reinsurers to Address Pervasive Wildfire Risk
Many CA Homeowners Forced to Turn to Nonstandard Insurers in the Wake of Wildfires
Californians who want to insure their homes against the next wildfire are paying a price for two years of record-breaking blazes. Home-insurance companies in the Golden State are canceling some policies, refusing to sell new ones in certain areas and applying for rate increases as they look to reduce wildfire risk. “It’s getting harder and… Continue reading Many CA Homeowners Forced to Turn to Nonstandard Insurers in the Wake of Wildfires
Personal Lines Rate Changes Driven by Improved Margins and Desire for Growth: KBW
Much-improved margins and the accompanying, and predictably widespread, desire for top-line growth should translate into steadily-declining personal lines rate changes, according to Keefe, Bruyette & Woods (KBW). KBW expects most commercial lines’ rates to rise in response to weak underwriting profits, although workers compensation rates should keep falling, probably more slowly than in 2018. Analysts… Continue reading Personal Lines Rate Changes Driven by Improved Margins and Desire for Growth: KBW