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Category: Insurance


Capital and Risk, Insurance

Florida Peninsula Says Reforms Have Had an Impact, Announces 2% Rate Cut

April 11, 2024

Via: Insurance Journal

After the Florida Legislature in 2022 and 2023 passed sweeping reforms designed to limit excessive claims litigation, some in the insurance industry predicted that the new rules would prevent further rate increases – but would not lead to actual decreases […]


Capital and Risk, Insurance

Former Maryland Insurance Agent Pleads Guilty to Stealing $369K

April 8, 2024

Via: Insurance Journal

A former Maryland title insurance agent recently pleaded guilty to carrying out a multi-year theft scheme netting her more than $369,000, according to the state attorney general. Cheryl Leigh Gray was a licensed insurance producer working as the operations manager […]


Capital and Risk, Insurance

Yellen Sees Insurance Payouts Helping Fund New Baltimore Bridge

March 28, 2024

Via: Insurance Journal

Treasury Secretary Janet Yellen said she expects insurers’ payouts to help cover some of the costs of rebuilding the Baltimore bridge that collapsed earlier this week. “My expectation would be that, ultimately, there’ll be insurance payments in part to cover […]


Capital and Risk, Insurance

Minnesota Homeowners Report Surge in Insurance Complaints

March 22, 2024

Via: Insurance Journal

Minnesota homeowners insurance complaints rose 108% from 2020 to 2023, with of those complaints from homeowners concerned their claims were denied or they faced high out-of-pocket costs after damage from wind and hail. The Minnesota Department of Commerce (DOC) shared […]


Capital and Risk, Insurance

US neobank Oxygen switches focus from banking to health insurance in new strategy

March 11, 2024

Via: FinTech Futures

In a statement on the company’s website, Oxygen says it officially commenced the “account closure process” on 8 March, with both consumers and business users being informed that their accounts will be closed on 29 March. The firm adds that […]


Capital and Risk, Insurance

Reforms to US Disaster Aid Expose Growing Home Insurance Gap

January 29, 2024

Via: Insurance Journal

When disaster hits in the US, the federal government gives aid to states and counties, but also to individuals. In 2022, the Federal Emergency Management Agency delivered $3.25 billion to nearly 1.4 million households recovering from damaging floods and fires. […]


Capital and Risk, Insurance

Amazon Pulls Plug on UK Home Insurance Venture

January 25, 2024

Via: Insurance Journal

Amazon has pulled the plug on its UK home insurance venture – a comparison website – after launching in October 2022. “Over the last year, we have been evaluating various businesses and programs, and as a part of that we’ve […]


Capital and Risk, Insurance

Are Florida Insurance Premiums Hurting the Real Estate Market? Sales Down, Prices Up

January 22, 2024

Via: Insurance Journal

State and national news reports have raised questions about the impact that high property insurance premiums in Florida have had on the real estate market and if the costs are prompting some residents to consider moving elsewhere. The Miami Herald […]


Capital and Risk, Insurance

Majority of Underwriters Predict Cyber Risks Grow ‘Greatly’ in 2024: Survey

January 18, 2024

Via: Insurance Journal

Underwriters who thought the growing cyber risk landscape of the past several years would level off soon might want to think again. Woodruff Sawyer’s annual survey of cyber insurance carriers found all underwriters surveyed believe cyber risk will increase in […]


Capital and Risk, Insurance, Regulations

Fla. Senate Panel Votes to Raise Citizens’ Policy Cap to $1M, End Glidepath for Some

January 17, 2024

Via: Insurance Journal

The Florida Senate’s Banking and Insurance Committee on Tuesday approved a bill that would make the state-backed Citizens Property Insurance Corp. more like an insurer of last resort, unrestricted by premium caps – at least for some expensive homes in […]


Capital and Risk, Insurance

Progressive Files for 19.78% Auto Insurance Rate Increase in West Virginia

January 10, 2024

Via: Insurance Journal

Less than a month after Farmers Direct Insurance filed for a hefty rate increase on West Virginia auto liability policies, Progressive has followed suit with an almost identical request. The West Virginia insurance commissioner posted a bulletin Tuesday, noting that […]


Capital and Risk, Insurance

2024 Inflation-Adjusted Auto Insurance: $4 More a Month (at Least)!

December 28, 2023

Via: PR Newswire

AutoInsurance.org recently published a guide about rising auto insurance rates every year. This guide reveals that insurance rates have been rising, and according to experts, they’re expected to get more expensive in 2024. Adjusted for inflation, the average premium for […]


Capital and Risk, Insurance

Litigation Abuse, Regulation, Hard Market Among Insurance Trades’ Priorities for 2024

December 27, 2023

Via: Insurance Journal

What are the top priorities and/or challenges heading into 2024? Here are the responses we received: In the coming year, the American Property Casualty Insurance Association (APCIA) will focus on proactively engaging in nine priority areas, in addition to tackling […]


Capital and Risk, Insurance

Lloyd’s Adds Guyana to Risky Shipping List Amid Escalating Dispute With Venezuela

December 19, 2023

Via: Insurance Journal

One of the world’s most-influential insurance markets added Guyana to its list of the riskiest shipping zones amid an escalating territorial dispute with neighboring Venezuela. The decision announced by Lloyd’s Market Association’s Joint War Committee on Monday applies only to […]


Capital and Risk, Insurance

GEICO Charges New York Pharmacy, Medical Clinics With $3.7M in Prescription Fraud

December 12, 2023

Via: Insurance Journal

Insurance company GEICO has filed suit against a New York pharmacy and five medical clinics and their owners alleging they perpetrated a fraudulent scheme under the New York no-fault insurance system by submitting more than $3.7 million in fraudulent pharmaceutical […]


Capital and Risk, Insurance

Attacks on Red Sea Shipping Menace 12% of Global Trade as War Risk Premiums Rise

December 6, 2023

Via: Insurance Journal

Fresh attacks on vessels in the Red Sea are raising insurance premiums for ships in the region and menacing commerce in a conduit for 12% of world trade. War-risk premiums for some vessels have been climbing since shortly after the […]


Capital and Risk, Insurance

U.S. Senate Committee Wants Investigation into Florida Citizens’ Loss Reserves

December 1, 2023

Via: Insurance Journal

The chairman of the U.S. Senate’s Budget Committee has begun an investigation into Florida’s Citizens Property Insurance Corp. and how the state-created insurer plans to address potential underwriting losses from extreme weather events in coming years. The Budget Committee is […]


Capital and Risk, Insurance

Missouri Employers Will See Reduced Workers’ Compensation Rates in 2024

November 30, 2023

Via: Insurance Journal

The Missouri Department of Commerce and Insurance said that employers should see a reduction in workers’ compensation rates in 2024, the third straight year of declining rates. The NCCI recently proposed an overall decrease of 7.5 percent for 2024 workers’ […]


Capital and Risk, Insurance

Tesla Launched its Own Car Insurance. These Drivers Say it’s a Lemon.

November 21, 2023

Via: Insurance Journal

In February, Mark Bova purchased a used 2018 Tesla Model S. Before leaving the dealer, he bought insurance from Tesla, finding the initial $93 monthly premium “really reasonable.” Sixteen days later, as he drove along the Capital Beltway to his […]


Capital and Risk, Insurance

Ukraine, UK Agree on Discounts for War Risk Insurance for Black Sea Exports: Officials

November 15, 2023

Via: Insurance Journal

Ukraine and Britain have agreed on a special mechanism for discounts on war risk insurance on exports through the Black Sea corridor, which has helped transport almost 4 million metric tons of goods since August, Ukrainian officials said on Tuesday. […]