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It’s Not an "Insurance Crisis" -- It’s a Risk Crisis

It’s Not an "Insurance Crisis" -- It’s a Risk Crisis

Ten states -- Louisiana, Florida, Idaho, Kentucky, Mississippi, Montana, North Dakota, South Carolina, Texas, and Virginia -- as well as additional plaintiffs, are suing the Federal Emergency Management Agency (FEMA) over its new methodology for pricing flood insurance, Risk Rating 2.0.
September 21, 2023 Legislation & Regulation Property Florida Idaho Kentucky Louisiana Mississippi

Hawaiian Electric’s Liability Insurance Coverage Is Key Question

Hawaiian Electric’s Liability Insurance Coverage Is Key Question

The Hawaii Public Utilities Commission initiated a sweeping inquiry of Hawaiian Electric Co. this week, and, among other things, ordered the utility to reveal by Monday any liability insurance the company has available to cover legal claims related to the Aug. 8 fires on Maui.
September 21, 2023 Liability Litigation Property Hawaii

Climate Change’s Toll on Homeowners and Insurance

Climate Change’s Toll on Homeowners and Insurance

Millions of American homeowners are confronting a growing financial dilemma as climate change-driven wildfires and floods push their home insurance rates to unprecedented levels. The situation is compounded when insurers decide to withdraw coverage.
September 21, 2023 Insurance Industry Property California Florida Kentucky Louisiana South Dakota

Lawsuit Challenges FEMA’s Role in Endangering Oregon’s Natural Habitats

Lawsuit Challenges FEMA’s Role in Endangering Oregon’s Natural Habitats

Conservation groups in Oregon are suing the Federal Emergency Management Agency over its flood-insurance program, which they say puts fish, orcas and people at risk.
September 20, 2023 Legislation & Regulation Litigation Property Oregon

More Layoffs Coming in Insurance Industry Without Reform

More Layoffs Coming in Insurance Industry Without Reform

San Francisco might not be the only California colossus in a so-called 'doom loop.' The property and casualty insurance market is experiencing a crisis of its own, and the consequences are dire for the entire state economy.
September 20, 2023 Legislation & Regulation Property California

Insured Damages From Summer Storms in Alberta Estimated at $300M

Insured Damages From Summer Storms in Alberta Estimated at $300M

Severe storms in Alberta and the Prairies this summer resulted in more than $300 million in insured losses, according to initial estimates from the Insurance Bureau of Canada.
September 19, 2023 Auto Property

Rising Florida Home Insurance Costs Drive Residents Toward Self-Insurance

Rising Florida Home Insurance Costs Drive Residents Toward Self-Insurance

A recent survey conducted by the Insurance Information Institute has shed light on a growing trend among Florida homeowners. As insurance premiums continue to soar in the state, more and more residents are choosing to self-insure their homes.
September 18, 2023 Property Florida

Where Wildfire Prevention Impacts People and Climate Most

Where Wildfire Prevention Impacts People and Climate Most

The U.S. government is investing over $7 billion in the coming years to try to manage the nation's escalating wildfire crisis.
September 18, 2023 Property

Southern Louisiana Fights Against Massive Flood Insurance Rate Hikes

Southern Louisiana Fights Against Massive Flood Insurance Rate Hikes

Increases in federal flood insurance premiums that are projected to surpass 700% over the coming years are already leading people to back out of home purchases and will likely lead to an exodus of residents and businesses from southern Louisiana, officials told a federal judge Thursday in New Orleans.
September 18, 2023 Legislation & Regulation Litigation Property Louisiana

California’s Home Insurance Deal Deadline Passes

California’s Home Insurance Deal Deadline Passes

A rumored legislative deal aimed at keeping home insurance companies from bailing on California is dead now that the deadline for a bill has passed.
September 15, 2023 Insurance Industry Legislation & Regulation Property California

Florida Flooding Leaves Homeowners with NFIP Questions

Florida Flooding Leaves Homeowners with NFIP Questions

Tina Baker has lived in her Shore Acres neighborhood in St. Petersburg for more than four years. She's watched as her neighbors homes have flooded several times during that period, but her home has never flooded, while she's been there, until Hurricane Idalia.
September 14, 2023 Property Florida

Hurricane Idalia: Damage Estimates, Unique Storms, and Lessons Learned

Hurricane Idalia: Damage Estimates, Unique Storms, and Lessons Learned

The state of Florida will experience hurricanes. That is a reality that residents, government, businesses, and the insurance industry understands.
September 14, 2023 Property Florida

Torrential Rain Creates Flash Flooding in Parts of Massachusetts and Rhode Island

Torrential Rain Creates Flash Flooding in Parts of Massachusetts and Rhode Island

Heavy rainfall -- nearly 10 inches in six hours -- flooded parts of Massachusetts and Rhode Island, with two communities declaring a state of emergency as water poured into homes and forced boat rescues of residents. Concern about a dam listed in poor condition led to more evacuations.
September 13, 2023 Property Massachusetts Rhode Island

Coalition of Advocates Sounds Alarm on California Wildfire Insurance Plan

Coalition of Advocates Sounds Alarm on California Wildfire Insurance Plan

A coalition of consumer, environmental, and economic justice organizations is sounding the alarm on what they describe as a secretive wildfire insurance deal that could lead to significant rate hikes in California.
September 11, 2023 Legislation & Regulation Property California

California’s Insurance Challenges Deepen with USAA’s Wildfire Safety Demands

California’s Insurance Challenges Deepen with USAA’s Wildfire Safety Demands

Another major insurance company plans to impose new restrictions on its homeowners business in California, potentially worsening the state's growing insurance woes and making it more difficult for homeowners and buyers to cover their residences.
September 5, 2023 Legislation & Regulation Property California
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