From the Maui wildfires to Hurricane Idalia hitting Florida, extreme weather events have caused severe devastation to homes and businesses this summer. On Capitol Hill, consumer and affordable housing advocates sounded the the alarm Thursday on property insurance costs and availability during a Senate Banking, Housing and Urban Affairs Committee hearing. Douglas Heller, director of insurance at the Consumer Federation… Continue reading Senate Committee Hears Testimony on Property Insurance Issues
Tag: property insurance
NAIC to Issue Data Call to Help Regulators Better Understand Property Markets
The National Association of Insurance Commissioners (NAIC) at its 2023 Summer National Meeting announced a plan to issue a data call to help state insurance regulators collect data from insurers to better understand property markets and coverages and protection gaps.
Homeowners Putting Off Home Upkeep, Risking Damage
New Agency Forward survey suggests many U.S. homeowners are not prioritizing maintenance, even if it jeopardizes their property.
NOAA Forecasters Increase Atlantic Hurricane Season Prediction to ‘Above Normal’
Scientists at NOAA’s Climate Prediction Center have increased their prediction for the ongoing 2023 Atlantic hurricane season from a near-normal level of activity to an above-normal level of activity with today’s update.
Global Commercial Insurance Rates Continue to Moderate as Pricing Up 3% in 2Q
Global commercial insurance prices increased 3% in the second quarter of 2023 (down from a 4% increase in Q1), according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan.
Homeowners Insurance Companies Are Charging More, Covering Less
Home insurers are insuring less and charging more as they try to claw their way back to profitability after losing money in five of the past six years, analysts and insurance agents say.
Treasury Secretary Yellen Says Extreme Weather Exposes Gaps in Insurance Protection
Treasury Secretary Janet Yellen said the weather-related havoc playing out across the US is exposing a “protection gap” for Americans seeking insurance against property losses.
Industry Veterans Launch InsurTech Modives, Close $3M Seed Round
Combining decades of accumulated experience in the insurance space, five industry vets today announced the formation of Modives—a new venture delivering automation to alleviate a painful and time-consuming process for property managers and auto dealers: insurance verification.
Beazley Posts Strong H1 Growth, Bolstered By Property Insurance
Specialist insurer Beazley has reported robust growth in the first half of 2023, reporting a 13% increase in gross premiums written (GPW) to $2.9 billion.
Hurricanes Are Getting Costlier and Wetter: Triple-I
According to the Insurance Information Institute (Triple-I), increased population development in hurricane-prone states, combined with increasingly severe rainfall that accompany these storms, has resulted in higher insurance claim payouts for wind and flood-caused property damage.