Insurance Journal

FEBRUARY 3, 2025

Brand new Florida home insurer Mangrove Property Insurance Co. a financial analysis firm that specializes in rating regional and specialty insurers. As previously reported by Insurance Journal, … has received a Financial Stability Rating (FSR) of “A, Exceptional” from Demotech, Inc.,

Insurance 105

Insurance 105

Insurance Journal

JANUARY 22, 2025

Treasury’s Federal Insurance Office last week released what it called the “most comprehensive data on homeowners insurance in history.” ” Weeks after a U.S. Senate committee released a study and held a hearing on the affect of climate change …

Insurance 111

Insurance 111

Insurance Journal

JANUARY 24, 2025

The impact of the historic Los Angeles-area wildfires is being broadly examined and continually refined, with updates almost daily on insured losses, total economic losses damages, credit ratingsand lately worrying outlooks for the effect of the fires on insurance rates.

Insurance 116

Insurance 116

Insurance Journal

FEBRUARY 14, 2025

California Insurance Commissioner Ricardo Lara did not approve an emergency, interim 22% rate request from State Farm, instead calling a meeting with the carrier to get some answers about the carrier’s financial situation and more. State Farm General earlier this …

Insurance 111

Insurance 111

Insurance Journal

FEBRUARY 10, 2025

A pilot program in China that allows insurers to buy gold for the first time could free up billions of dollars of investment in the metal, adding further impetus to a record-setting rally. Ten insurance … Prices hit a fresh peak.

Insurance 114

Insurance 114

Insurance Journal

JANUARY 14, 2025

Polo Insurance Managers (PIM), the Guernsey based insurance manager business within the PoloWorks group, announced the launch of Clockwork Re a newly established Category 4 Commercial General Reinsurer in Guernsey. Clockwork Re has been formed to access superior insurance …

Insurance 109

Insurance 109

Insurance Journal

JANUARY 9, 2025

With aerial firefighting returning as strong Southern California winds died down for a bit, damage assessments from a handful of destructive Los Angeles area blazes are sure to become clearerlikely pushing up billion-dollar-plus insured loss estimates put forth from fires …

Insurance 130

Insurance 130

Insurance Journal

FEBRUARY 7, 2025

Crest Insurance announced the acquisition Horizon Insurance Services, a full-service insurance agency based in Houston, Texas. The move marks Crest’s 20th office nationwide and its second in the state of Texas. With the addition of the Houston office, Crest continues …

Insurance 98

Insurance 98

Insurance Journal

JANUARY 23, 2025

Moody’s Ratings said in a report on Thursday that it expects the Los Angeles wildfires to increase property insurance costs across California. According to Moody’s, the state’s already noticeable insurance pricing and availability challenges are likely to intensify, with negative …

Insurance 105

Insurance 105

Insurance Journal

JANUARY 14, 2025

Wildfires that have ravaged swaths of Los Angeles could result in losses of as much as $30 billion for the insurance industry as the blazes rage on almost a week after they ignited. The new estimates from Wells Fargo & …

Insurance 131

Insurance 131

Insurance Journal

JANUARY 10, 2025

Insurers are facing significant losses from the catastrophic Los Angeles wildfires — given the high value of homes and businesses in the affected communities. However, those losses are likely to be manageable for both insurers and their reinsurers, with preliminary …

Insurance 131

Insurance 131

Insurance Journal

JANUARY 8, 2025

Active wind-driven wildfires in Southern California that are estimated to have burned more than 1,000 properties and prompted evacuation orders for more than 80,000 residents will likely lead to what industry watchers say will be sizable insured losses. With the …

Insurance 126

Insurance 126

Insurance Journal

FEBRUARY 13, 2025

Insurance companies have so far paid out more than $6.9 billion for losses from the biggest two of the Los Angeles-area wildfires that swept through the region and destroyed tens of thousands of homes last month. That’s according to the …

Insurance 109

Insurance 109

Insurance Journal

JANUARY 13, 2025

As more policyholders with Florida’s Citizens Property Insurance are statutorily required to purchase flood insurance, another insurance rate-quoting service has gotten in on the act. Officials with HoneyQuote.com announced Monday that the firm has started offering flood insurance quotes from …

Insurance 111

Insurance 111

Insurance Journal

FEBRUARY 5, 2025

A King County, Washington, judge issued a bench warrant a former Seattle insurance agent charged with stealing more than $400,000 in premiums from his clients. Edward Hadley was charged with nine counts of first-degree theft following investigations by the Washington …

Insurance 105

Insurance 105

Insurance Journal

JANUARY 26, 2025

A federal jury last week convicted a Maryland man for conspiracy to commit insurance fraud, money laundering, filing false tax returns and identity theft, according to the office of U.S. Attorney for the district of Maryland. According to court documents …

Insurance 104

Insurance 104

Insurance Journal

FEBRUARY 17, 2025

Embedded insurance is no longer just an emerging trend; it’s becoming a central strategy for retailers and non-insurance brands looking to enhance customer experience, drive loyalty, and generate new revenue streams. With global gross written premiums in embedded insurance projected …

Insurance 80

Insurance Retail 80

Insurance Journal

JANUARY 27, 2025

New York City is walking back a proposed rule change that would have required taxi and rideshare drivers to be covered by a “solvent and responsible” insurance carrier, after Uber Technologies Inc. warned the mandate risked leaving thousands of drivers …

Insurance 103

Insurance Technology 103

Insurance Journal

JANUARY 21, 2025

New York Governor Kathy Hochul proposed measures to stabilize the city’s taxi and rideshare insurance industry, which is reeling from the insolvency of its largest provider American Transit Insurance Co. Two of the bills would make it easier to adjust …

Insurance 111

Insurance 111

Insurance Journal

JANUARY 22, 2025

While the Los Angeles wildfires inch closer toward containment, estimates of insured losses continue to creep higher. CoreLogic said the industry price tag of the Palisades and Eaton fires could land between $35 billion and $45 billion. Moody’s RMS, in …

Insurance 105

Insurance 105

Insurance Journal

FEBRUARY 6, 2025

Georgia’s governor has asked state lawmakers for $175 million to cover the growing costs of liability claims against state agencies and employees, as the state’s liability insurance fund has dwindled to a fraction of the outstanding costs. The Atlanta Journal-Constitution …

Insurance 111

Insurance 111

Insurance Journal

JANUARY 26, 2025

Howard Insurers saw the third most expensive year for natural catastrophe losses in 2024 — reaching a total of $140 billion — as climate change “is showing its claws,” according to Munich Re. Overall economic losses from natural …

Insurance 116

Insurance 116

Insurance Journal

JANUARY 2, 2025

Verisk said on Thursday it will be the first modeler to request a review of its wildfire catastrophe model under a reform pushed by California Insurance Commissioner Ricardo Lara. The reform allows catastrophe models to be used by insurance carriers …

Insurance 116

Insurance 116

Insurance Journal

FEBRUARY 10, 2025

Nationwide’s Casey Kempton has a vision to bring positive vibes back to engagements between personal lines insurers and their customersand it starts with understanding the “mental models” that homeowners and drivers reference to understand insurance. Kempton, who has been president …

Insurance 93

Insurance 93

Insurance Journal

FEBRUARY 5, 2025

Global commercial insurance rates fell 2% in the fourth quarter of 2024 following a 1% decline in Q3 2024 marking the second consecutive quarterly decrease following seven years of rising rates, according to the Global Insurance Market Index published …

Insurance 92

Insurance 92

Insurance Journal

JANUARY 21, 2025

While the Los Angeles wildfires inch closer toward containment, estimates of insured losses continue to creep higher. CoreLogic said the industry price tag of the Palisades and Eaton fires could land between $35 billion and $45 billion. Moody’s RMS, in …

Insurance 111

Insurance 111

Insurance Journal

JANUARY 22, 2025

India widened backing for Russian insurers as the largest buyer of Moscow’s seaborne crude strives to keep discounted barrels flowing, after the US imposed fresh sanctions earlier this month. As well as extending approvals for some sanctioned providers, India’s Directorate …

Insurance 105

Insurance 105

Insurance Journal

FEBRUARY 4, 2025

The growing adoption of data-driven underwriting and predictive analytics has given delegated underwriting authority enterprises (DUAEs) a competitive advantage within the insurance industry, with technology serving as a cornerstone for many of these operations. An AM Best survey of its …

Insurance 110

Insurance Technology 110

Insurance Journal

FEBRUARY 2, 2025

Brian Kemp on Thursday reiterated his simple pitch for lawsuit limits: They’ll halt rising insurance costs. Changes could reduce liability insurance costs for businesses and commercial property owners. Georgia Gov. The reality, though, is more complicated. The evidence is mixed …

Insurance 100

Insurance Evidence Litigation 100

Insurance Journal

JANUARY 16, 2025

Intense competition among cyber insurance carriers has resulted in higher limits, enhanced cyber risk management services, flexibility in insurance … While 2024 brought record-breaking data-breach costs and evolving cyber risk, all signs point to stable rates and ample capacity in 2025.

Insurance 105

Insurance 105

Attorney at Work

DECEMBER 7, 2022

Roy Ginsburg | If you want your best clients to stay when your baby boomer lawyers leave, succession planning is the most effective insurance policy. The post Removing Succession Planning Obstacles appeared first on Attorney at Work.

Insurance 320

Insurance 320

Insurance Journal

JANUARY 22, 2025

New estimates peg insured losses to property from the Palisades and Eaton fires in Los Angels together will fall between $28 billion and $35 billion, which includes losses to the California FAIR Plan. The estimates out on Wednesday from the …

Insurance 105

Insurance 105

Insurance Journal

JANUARY 15, 2025

A new coalition with backing from Uber Technologies is launching a campaign to lower insurance costs for consumers and small businesses in New York State. The community organizations behind Citizens for Affordable Rates (CAR) maintain that insurance costs for auto, …

Insurance 111

Insurance Technology 111

Insurance Journal

FEBRUARY 5, 2025

USAA has paid out more than $1 billion for the Los Angeles wildfires, making it the third insurer to report $1 billion or more in payouts for the destructive blazes that burned thousands of properties. The company, which is among …

Insurance 108

Insurance 108

Insurance Journal

JANUARY 8, 2025

There is a risk crisis affecting the insurance industry. Hurricanes Helene and Milton left a trail of tens of billions of dollars of destruction across the southeastern United States. These latest storms have shown that no region is safe from …

Insurance 111

Insurance 111

Insurance Journal

JANUARY 20, 2025

While the Los Angeles wildfires inch closer toward containment, estimates of insured losses continue to creep higher. CoreLogic said the industry price tag of the Palisades and Eaton fires could land between $35 billion and $45 billion. Moody’s RMS, in …

Insurance 105

Insurance 105

Insurance Journal

FEBRUARY 13, 2025

American International Group CEO Peter Zaffino used the insurer’s fourth quarter earnings call to again talk about reinsurance attachments points, throwing in the possibility 2025 could be the year for $200 billion in insured catastrophe losses. “This could recalibrate the …

Insurance 98

Insurance 98