California School Board Trustee Indicted for Insurance Fraud and Misuse of Public Funds
A California school board trustee has been indicted for allegedly misusing public funds and filing a false insurance claim. A jury trial is set for March.
January 23, 2025
Fraud
Insurance Industry
Legislation & Regulation
Litigation
California
Cargo Theft Hits Unprecedented Highs in 2024, with $202K Average Loss Per Incident
Cargo theft incidents surged 27% in 2024, reaching 3,625 reported cases in the U.S. and Canada. California and Texas were hit hardest, with criminals shifting to high-value targets like electronics and copper.
January 23, 2025
Fraud
Property
Risk Management
Technology
California
Georgia
New York
Texas
U.S. Insurance Leaders Critique Treasury Report on Homeowners Coverage Trends
Industry groups criticize the Federal Insurance Office’s latest report on homeowners insurance, highlighting data flaws and an overemphasis on climate risks at the expense of other market factors.
January 22, 2025
Catastrophe
Legislation & Regulation
Litigation
Property
California
Florida
Louisiana
Record Catastrophe Bond Issuance of $17.7 Billion in 2024
Catastrophe bonds and related insurance-linked securities surged to a record $17.7 billion in issuance during 2024, driven by a robust first half and strong year-end performance.
January 21, 2025
Catastrophe
Property
Risk Management
Technology
California
Florida
Louisiana
Massachusetts
Texas
Efforts Intensify to Combat Fraud Targeting Wildfire Survivors in Southern California
California authorities, including Insurance Commissioner Ricardo Lara, are addressing rising fraud cases after wildfires, deploying resources to protect survivors and prosecute scammers.
January 21, 2025
Catastrophe
Fraud
Litigation
Risk Management
California
LA Wildfires Cause $1.9M Average Insured Loss Per Structure, Over 17,000 Properties Impacted
The Palisades and Eaton wildfires in Los Angeles have damaged or destroyed 17,027 structures, with estimated insured losses reaching $32.5 billion, making this one of the costliest wildfire events in U.S. history.
January 20, 2025
Catastrophe
Excess & Surplus Lines
Property
Risk Management
California
Rising Risks in Homeowners Insurance Demand Swift Action
The accelerating impacts of climate change, coupled with slow government response and human reluctance to prepare, are driving a homeowners insurance crisis in wildfire-prone states like California.
January 14, 2025
Catastrophe
Legislation & Regulation
Property
Risk Management
California
Colorado
Florida
Hawaii
Louisiana
Billions in Losses Loom for Insurers as LA Wildfires Rage
Moody’s projects insured losses from uncontained LA wildfires to range from $10 billion to $20 billion, impacting homeowners, commercial insurers, and the E&S market amid California’s ongoing insurance challenges.
January 13, 2025
Catastrophe
Legislation & Regulation
Property
Risk Management
California
Insurers Face Major Net Losses from Los Angeles Wildfires, Highlighting Reinsurance Dynamics
The Los Angeles wildfires are projected to result in $20 billion in insurance losses, prompting reinsurance recoveries for some carriers as analysts assess exposure across property and auto lines.
January 13, 2025
Catastrophe
Property
Risk Management
California
Aerial Firefighting Ramps Up as California Wildfires Devastate Los Angeles
California’s Palisades Fire has consumed thousands of acres and homes, with high winds complicating firefighting efforts. Federal aid and state resources aim to assist affected residents.
January 13, 2025
Catastrophe
Legislation & Regulation
Property
Risk Management
California
Thousands Evacuate as Wildfires Devastate Los Angeles Area
Southern California faces extreme fire conditions fueled by hurricane-force winds, forcing mass evacuations and widespread power outages, with no immediate relief in sight.
January 8, 2025
Catastrophe
Legislation & Regulation
Property
Risk Management
California
How Data Innovation Is Shaping the Insurance Industry’s Response to Climate Risks
Presenters at Triple-I’s Joint Industry Forum spotlighted how granular data, innovative insurance products, and consumer education are closing climate-related protection gaps.
January 7, 2025
Catastrophe
Legislation & Regulation
Property
Risk Management
California
California Mandates Increased Home Insurance in Wildfire Zones
California introduces new regulations requiring insurers to increase home coverage in wildfire-prone areas, aiming to stabilize the insurance market and support homeowners.
January 3, 2025
Catastrophe
Legislation & Regulation
Property
Risk Management
California
What 2025 Holds for Climate: EVs, Coal, and Green Energy Shifts
In 2025, the global green transition faces challenges and opportunities, from rising EV sales and nuclear energy interest to increased coal reliance and stricter PFAS regulations.
January 3, 2025
Legislation & Regulation
Property
Risk Management
Technology
California
New York
Rising Home Insurance Nonrenewals Reshape Housing Market Across the U.S.
As climate-driven disasters increase, nonrenewed home insurance policies are surging nationwide, impacting property values, mortgages, and economic stability in vulnerable communities.
December 30, 2024
Catastrophe
Legislation & Regulation
Property
Risk Management
Alabama
California
Colorado
Connecticut
Florida
