Florida’s HB13 aims to expand Citizens Property Insurance to provide windstorm coverage for all homeowners, addressing gaps in the private market and enhancing hurricane resilience.
The fallout from California’s wildfires reveals a widespread lack of understanding about risk assessment, policy renewals, and the structure of insurance companies among the general public.
California Insurance Commissioner Ricardo Lara is urging insurers to follow state laws requiring advance payments to wildfire survivors, aiming to accelerate recovery efforts in Los Angeles.
Moody’s projects $30 billion in insured property losses from Los Angeles County wildfires, highlighting the challenges of insuring high-risk areas and the strain on California’s FAIR plan.
A rare snowstorm dumped record amounts of snow across the US South, causing travel chaos, frozen pipes, and widespread disruptions in states unprepared for such severe winter weather.
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.
Agentic AI is reshaping claims management by automating repetitive tasks, supporting desk adjusters, and addressing challenges like workforce gaps, scalability, and customer satisfaction.
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.
FEMA has expanded its flood insurance reinsurance program for 2025, transferring $758 million in risk to 27 private reinsurers and covering portions of losses from catastrophic flood events.
California authorities, including Insurance Commissioner Ricardo Lara, are addressing rising fraud cases after wildfires, deploying resources to protect survivors and prosecute scammers.
Florida and Alabama declared states of emergency as a rare snowstorm approached the region, prompting closures, emergency measures, and National Guard activation.
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.
A recent IRC survey reveals that while most homeowners feel prepared for severe weather, awareness of mitigation strategies, premium savings, and legal system impacts remains limited.
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.
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.
