Florida Chief Financial Officer Jimmy Patronis announced on Tuesday that his department would look into complaints against Farmers Insurance, which is set to exit Florida’s insurance market.
Tag: homeowners insurance
More Americans Are Losing Homeowners Coverage Due to Storms, Lawsuits and other Factors
Many Americans should start planning now for the growing possibility that their home-insurance provider won’t renew their coverage.
APCIA Responds to Wall Street Journal Editorial on California Insurance Marketplace
Insurers do not want to retrench in one of the nation’s most important markets, but cannot continue to operate and deliver on our promises when we cannot manage our own risk exposure. Insurers must have the financial strength to deliver on our promises to policyholders when disaster strikes.
Property Insurers Curb New Policies in Cat-Prone Areas Nationally
Insurance companies are pulling back on homeowners’ policies in vulnerable areas nationally out of fear of floods, storms and fires made worse by climate change and soaring costs of rebuilding.
California Insurance Commissioner Says He Can’t Take Action Against State Farm
California Insurance Commissioner Ricardo Lara does not plan on taking any action against State Farm after the insurance giant announced it was no longer accepting applications for new home insurance policies last month.
Higher Interest Rates Also Impacting How Insurance Market Handles Climate Risk
Climate change is one of the causes of California’s insurance problems, but it should share the spotlight with interest rates these days.
Velocity Risk to Exit the Homeowners Insurance Market
Velocity Risk Underwriters, the catastrophe exposed property insurance specialist managing general agency (MGA) operation, is set to exit the homeowners insurance marketplace.
Florida Regulators Warned of Insurance Company Manipulations Years Ago
At least seven adjusters for insurance companies have come forward saying their reports were similarly manipulated to pay homeowners less than their claim estimates.
Orion180 Places $455M Reinsurance Arrangement
Amid hard market, backstop supports aggressive growth strategy in Southeast personal lines markets.
US Homeowners Insurers to See Improved 2023 Results on Premium Growth
Material rate increases for homeowners insurance in most jurisdictions support strong premium growth in 2023, with segment results likely to improve going forward.