Business insurance has been roiled by severe weather and inflation, the same forces disrupting home insurance markets in catastrophe-prone areas of the U.S., with companies facing tougher conditions as they try to insure their properties against disaster.
Tag: property insurance
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.
Insurers Need More Climate Change Data. Scientists Say They Can Help.
Climate-driven floods, hurricanes, wildfires and heat waves cause billions of dollars of damage every year in the United States. Federal scientists hope that better access to climate data will help one industry adapt: property insurers.
Orion180 Places $455M Reinsurance Arrangement
Amid hard market, backstop supports aggressive growth strategy in Southeast personal lines markets.
Renewal Rates Experience Variable Change Y-O-Y Across Commercial Lines; All Rates Up Month Over Month
Year over year, Commercial Auto, Business Owners’ Policy (BOP), General Liability and Commercial Property experienced increasing average premium renewal rates.
“Worsening Winds” Report Finds 13.4 Million Properties to Be Newly Exposed to Hurricane Winds
First Street Foundation’s model finds that over 13.4 million properties will be exposed to tropical cyclones in 30 years that are not currently.
Property Sector Casting a Major Shadow Over Reinsurance Market
A Lockton report suggests the property sector is casting a major shadow over the market, despite conditions in other lines remaining largely predictable.
Florida State Senators Approve Property Insurance Bill
On Tuesday, the Florida Senate approved broad legislation to overhaul the state’s property insurance system.