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☆ 4 Takeaways From Our Homeowners Insurance Investigation
▼ + stars: | 2024-05-14 | by ( Christopher Flavelle | ) www.nytimes.com time to read: +1 min

One of the best and most recent examples is the insurance market. In response, they’re raising rates, squeezing homeowners already struggling with rising mortgage costs, and even abandoning some markets altogether. (Are you having trouble with your homeowners insurance? The health of the home insurance market is inextricably tied to the health of the broader economy. A broad downturn in the insurance industry could spill over into real estate values and hurt local tax revenue.

Persons: Dave Jones Organizations: University of California Berkeley Locations: California

☆ As Insurers Around the U.S. Bleed Cash From Climate Shocks, Homeowners Lose
▼ + stars: | 2024-05-13 | by ( Christopher Flavelle | Mira Rojanasakul | ) www.nytimes.com time to read: +28 min

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Persons: Dave Langston’s, Langston, ”, Dave, Linda Langston, Conn ., S.D, N.M, “, Dave Jones, Carolyn Kousky, “ It’s, Sridhar Manyem, Bill Montgomery, Kristin Heiges, Eldon Neighbor, That’s, Tom O’Meara, Kelsey Kremer, Reinsurers, Doug Ommen, Brandi Mace Storm, David Storm, Tim Kuehner’s, Brandi Mace Storm’s, haggling, Pekin, Mace Storm, Susan Crisler, Tim Kuehner, Tony J, Larson, Chesleigh Fowler, Kelley Erstine, Mr, Erstine, ” Kevin Walters, California Colorado Utah Washington Matt Child, Matthew Baker, Ariz, ” Mr, Baker, Amy Bach, United, Dave Langston, Ommen, Tim Zawacki, Lyndsey Layton, Douglas Alteen, Claire O'Neill, Matt McCann Organizations: IOWA MINNESOTA SOUTH, COLORADO ARKANSAS, NEBRASKA COLORADO, SOUTH, New York Times, Ark . Iowa Ariz, Minn, La . Iowa Iowa Neb, Neb . Texas Idaho Ga, ND Iowa, S.D . Miss, Wash . Ohio Utah Wis, University of California Berkeley, Treasury Department, Environmental Defense Fund, State, NOAA, Celina Insurance, Secura Insurance, Secura, Homeowners, Swiss, Des Moines Register, Associated, “, Iowa, Iowa Minnesota Wisconsin, Pekin Insurance, Pekin, Christensen Group Insurance, Travelers, Nationwide, Indiana Ohio Michigan Illinois, . Arkansas Kentucky Florida Tennessee, Tennessee Department of Commerce and Insurance, ”, Washington, Wildfire, California Colorado, California Colorado Utah Washington, P Global Market Intelligence Locations: Iowa, IOWA MINNESOTA, IOWA MINNESOTA SOUTH DAKOTA NEBRASKA, COLORADO, COLORADO ARKANSAS KENTUCKY ILLINOIS, IOWA MINNESOTA SOUTH DAKOTA, NEBRASKA COLORADO ARKANSAS, KENTUCKY ILLINOIS, SOUTH DAKOTA NEBRASKA, COLORADO ARKANSAS, Iowa , Minnesota, South Dakota , Nebraska , Colorado , Arkansas , Kentucky, Illinois, Cedar Rapids, Cedar Rapids , Iowa, Marshalltown , Iowa, Florida , California, Louisiana, Iowa , Arkansas , Ohio, Utah, Washington, Colo, Mass, Colo . Calif, Calif, Colo . Ala, Colo ., Mont, Fla, Ark . Iowa, Colo . Ill, S.D, N.D, Conn, Del . Idaho Fla, Miss, Neb ., Ky, Ga, Hawaii Mont, N.M . Iowa Fla, Mont ., La . Iowa, Neb . Texas Idaho, ND, Md, Ill, Wyo, Ill . Idaho, . Ill, Minn, Ind, S.D . Vt, La . Texas Mont, Neb . NC, Neb . Mich, N.M, S.D ., Va . Ore . Ohio Mo . Texas, Tenn, Wash . Ohio Utah, Okla, Tenn . Utah, Wis, S.D . Va . Ore . Ohio Mo . Texas, California, American, U.S, Pennsylvania, Arizona, Wisconsin, United States, Marshalltown, Iowa Minnesota, Iowa Minnesota Wisconsin South Dakota, Celina, Pekin, Des Moines, Minnesota, Illinois , Indiana , Ohio, Illinois , Indiana, Michigan, Arkansas, Kentucky, Tennessee, . Arkansas Kentucky Florida, Georgia , Kentucky, Mississippi, Washington State, California Colorado Utah, Salt Lake City, Phoenix, Flagstaff, it’s, Gilbert, Seattle, Colorado, Florida’s, Central City , Iowa, Georgia

☆ Racism Alleged at Multiple Globe Life Affiliates
▼ + stars: | 2024-05-10 | by ( Susan Antilla | ) www.businessinsider.com time to read: +20 min

"If I'd brought it up, I would have been blackballed," he told BI. She told BI that Lobello frequently sent her racist memes he found online that contained the N-word. AdvertisementBell, in the hat at right, at a team dinner for an AIL agency then known as Giglione-Ackerman. In the areas she was assigned, she told BI, "most of the people were uninsurable" because of poor health, hard drug use, and poverty. If you work at Globe Life or AIL and have information to share about the company, please contact Susan Antilla at susan.antilla1@gmail.com .

Persons: Domenico Bertini, Chris Selejan, Rob Gray, James " Bo, E, Gentile, Organization —, Frank Svoboda, Warren Buffett's Berkshire Hathaway, Fuzzy Panda, Scott Dehning, AIL, Dehning, Jennifer Haworth, I'd, John L, Ann Marie Arcadi, Gray, Eric Giglione, Giglione, Bell, He'd, Brian W, Fraser, Popeyes, Morgan Lobello, Lobello she'd, y'all, Lobello, David Zophin, Ackerman, Andy Mercado, texted, quieted, Bell's, Raynaldo Lafontant, David Ackerman, Lafontant, Mercado, Sarah Reay, Reay, Debra Gamble, Gamble, Nicole Korkolis, Donnaya Presberry, Presberry, Abeni, Mayfield, Amy Williamson, Abeni Mayfield, Rosem Morton, Silvana Pajor Flores, Pajor Flores, Susan Antilla Organizations: Globe Life, Business, Globe, New York Stock Exchange, Texas Rangers, Dallas Cowboys, Organization, BI, Department of Justice, Research, Latina, Ackerman Agency, New Jersey Superior Court, SEAT, Giglione, Commission, Professional Employees International Union, Liberty National Division, Liberty National, Edison, AIL Locations: Kentucky, Bertini, Pennsylvania, McKinney , Texas, Michigan, West Virginia, New Jersey, Argentina, Aurora , Colorado, Edison , New Jersey, Edison, Giglione, Morgantown , West Virginia, Moon Township , Pennsylvania, Pittsburgh, Columbia , Maryland, Cumberland , Maryland, Kansas, Waco , Texas, Colorado, AIL, susan.antilla1@gmail.com

☆ Rising temperatures and floods leave cities with hefty bills. Startups are working to help them adapt to climate risks.
▼ + stars: | 2024-03-26 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +10 min

All of this has given rise to climate adaptation, a sector that aims to mitigate against and adapt to the risks associated with climate change. For James Brennan and Navjit Sagoo, two of the scientists behind climate risk analytics startup Climate X, it is imperative that adaption efforts go hand in hand with those working to curb rising temperatures. Indeed, Bank of America analysts predicted the climate adaptation industry would be worth $2 trillion a year by 2026. Climate X made its calculations based on the UN's Intergovernmental Panel on Climate Change's RCP8.5 scenario, which has been deemed to be a "very high" baseline for emissions. Mike Segar/ReutersAll hands on deckThe need for climate adaptation is clear but often overlooked until an extreme weather event occurs, according to Landesman and Chaudhury.

Persons: —, James Brennan, Navjit Sagoo, Abrar Chaudhury, Autarc, Bill Gates, Tucker Landesman, Helge Jørgensen, Mike Segar, Brennan, Sagoo Organizations: Service, Business, Bank of America, Climate, X, Deloitte, University of Oxford's, Business School, New York Times, New, London, Fabian Society, Tech, Breakthrough Energy Ventures, Goldman Sachs, Management, Air, International Institute for Environment, Development Locations: London, New York City, New York, California, Autarc , Massachusetts, Medellin, Colombia, Europe, PitchBook, Mamaroneck, Westchester County , New York, U.S

☆ Climate Risk Is Becoming Uninsurable. Better Forecasting Can Help.
▼ + stars: | 2023-10-30 | by ( Jon Sindreu | ) www.wsj.com time to read: 1 min

A new generation of mathematical modelers might be able to help defuse a looming insurance crisis. Floods, electrical storms and wildfires, together with raw-material inflation, are pushing up premiums for so-called catastrophe insurance. Some Americans are moving away from riskier places such as Florida, while others are foregoing cover. Insurers such as Allstate , State Farm and Farmers Insurance, owned by Zurich Insurance Group , are withdrawing from disaster-prone areas.

Organizations: Allstate, State Farm, Farmers Insurance, Zurich Insurance Group Locations: Florida

☆ US senators pressure Treasury to get more aggressive on climate crisis risks
▼ + stars: | 2023-09-25 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023.? REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsWASHINGTON, Sept 25 (Reuters) - Elizabeth Warren, Bernie Sanders and four other U.S. senators are pressuring the U.S. Treasury Department to step up oversight and offer more guidance to financial institutions on addressing climate change risks threatening the U.S. financial system. The senators called on Treasury Secretary Janet Yellen and newly appointed climate counselor Ethan Zindler, a climate and clean energy research executive, to do more to protect the U.S. economy from what Yellen has described as the "existential threat" posed by climate change. The senators said they were particularly concerned about nonbank financial institutions, which also played a critical role in the 2008 global financial crisis, and said the FSOC should finalize and immediately implement a new analytic risk framework for climate-related financial risks. They also repeated earlier calls for stronger Internal Revenue Service enforcement of rules on political activity by nonprofit organizations, citing efforts by special interests to fuel climate change denial, and investigations into how such funding could be obstructing more action on the climate crisis.

Persons: Kevin Lamarque, Elizabeth Warren, Bernie Sanders, Warren, Martin Heinrich, Edward Markey, Sheldon Whitehouse, Jeffrey Merkley, Sanders, Janet Yellen, Ethan Zindler, Yellen, Andrea Shalal, Deepa Babington Organizations: Department of, U.S . Treasury, REUTERS, Rights, U.S . Treasury Department, Treasury, Democratic, Reuters, Internal Revenue Service, Thomson Locations: Washington , U.S, U.S

☆ The vicious cycle of homeowners insurance: It's increasingly expensive to protect homes in the disaster-prone areas that need it most
▼ + stars: | 2023-09-20 | by ( Dan Latu | ) www.businessinsider.com time to read: +6 min

Earlier this year, Allstate joined State Farm in no longer offering new home insurance in California over climate risk. Across the country, 83% of prospective homebuyers said climate risk factored into where they are shopping for homes, according to a recent Zillow study. Danny Collins of Hobe Sound, Florida, told Insider in July how the bank holding his mortgage raised his monthly rate by $1,000, citing increased flood insurance. Matheus told Insider. Have you moved or are you considering a move because of climate risk and extreme weather events?

Persons: Carolyn Kousky, Berkshire Hathaway, Vox, Dave Jones, they'll, Danny Collins, Collins, Bob Stephens, Stephens, Martha Flanagan, Jason Beury, Charles Matheus, Kelly Roberge, Matheus, Dan Latu Organizations: Service, The Washington Post, Environmental Defense Fund, Allstate, Berkshire, Nationwide, National Association of Insurance, . Erie Insurance Group, Washington Post, State Farm, Farmers Insurance, Insurance, Wall Street, Journal, Hobe, Marathon Locations: Florida, Kansas, New York, California, Louisiana, United States, Coral, Florida's, Hobe Sound, Arizona, Brooklyn , New York, Kansas City , Kansas, Utica , New York, dlatu@insider.com

☆ Investing in Space: Industry enters new era with tight funding and SpaceX dominance
▼ + stars: | 2023-09-14 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +5 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. BogeymanSpaceX feels a bit like Voldemort here: Whether it's the launch or satellite communications markets, SpaceX's dominance was a hot topic. While the company hasn't made any claims yet, the insurance market ramifications are looming. Because I think the one issue that creates dysfunction in this insurance market is … do you have enough volume to make up for this loss? … They're trying to figure out what 2024 is going to hold."

Persons: CNBC's Michael Sheetz, SpaceX's Starlink, Uninsurable, hasn't, Here's, they've, … They're, –, Jonathan Baliff, Henry Dubois, Adam Spice, EXIM, Judith Pryor, Pryor, there's Organizations: SpaceX, We're Locations: Paris, U.S

☆ AEI's Elisabeth Braw explains why doing business in China may no longer be insurable
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAEI's Elisabeth Braw explains why doing business in China may no longer be insurableElisabeth Braw, AEI senior fellow in foreign and defense policy, joins 'Squawk Box' to discuss the political risk insurance market, why doing business in China might be uninsurable, the cost of political risk insurance, and more.

Persons: Elisabeth Braw Organizations: AEI Locations: China

☆ Opinion | Why California and Florida Have Become Almost Uninsurable
▼ + stars: | 2023-07-21 | by ( Peter Coy | ) www.nytimes.com time to read: +3 min

Wildfires in California and hurricanes in Florida produced lots of claims. The state Office of Insurance Regulation said last year that Florida accounted for 79 percent of the nation’s homeowners insurance lawsuits over claims filed while making up only 9 percent of the nation’s homeowners insurance claims. California is the only state that won’t allow insurers to use rising reinsurance costs to justify rate-hike requests. California’s FAIR Plan, short for Fair Access to Insurance Requirements, is backed by all the insurers licensed to operate in the state. If the FAIR Plan loses money, the state is entitled to assess the private insurers.

Persons: Nancy Watkins, It’s, Rex Frazier, ” Organizations: Howden Tiger, Howden Group Holdings, of Insurance, San, FAIR, Personal Insurance Federation of California Locations: California, Florida, London, Howden, San Francisco

☆ Term life insurance is often best, financial advisors say — but most people buy another kind
▼ + stars: | 2023-06-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Supersizer | E+ | Getty ImagesHow term and permanent life insurance differLife insurance is a form of financial protection that pays money to beneficiaries, such as kids or a spouse, if a policyholder dies. Term insurance only pays out a death benefit during a specified term, perhaps 10, 20 or 30 years. By contrast, permanent insurance policies — such as whole life and universal life — offer continuous coverage until the policyholder dies. Most people just need term insurance. Carolyn McClanahan founder of Life Planning PartnersSome shoppers buy permanent life insurance for the cash value, thinking they can borrow against that cash value or use it as a retirement savings account.

Persons: They're, Marguerita Cheng, McClanahan, Carolyn McClanahan Organizations: Planning Locations: Gaithersburg , Maryland

☆ 'We're in a perfect storm.' Insurers flee parts of America amid the climate crisis and rising costs to rebuild.
▼ + stars: | 2023-06-22 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

Some insurers have stopped selling new policies in states like California and Florida. "We're seeing escalating catastrophe risk, a historic rise in inflation, and the cost to recover and rebuild homes is increasing." Still, Friedlander doesn't see Florida's insurance market improving any time soon. Beyond the rising risk of disaster, property insurers are also dealing with construction costs that are outpacing inflation, according to an analysis by the Insurance Information Institute. Insurers saw a 55% increase in rebuilding and replacement costs between 2019 and 2022.

Persons: Carole Walker, Walker, Mark Friedlander, Friedlander, Ian, Ron DeSantis Organizations: Service, Rocky Mountain Insurance Association, State Farm, Allstate, Colorado Division of Insurance, FAIR, Property Insurance Corporation, Insurance, Research, Institute, Contractors Locations: California, Florida . Colorado, Gulf Coast, California , Colorado , Florida , Louisiana, Texas, Colorado , New Mexico , Utah, Wyoming, Colorado, California , Louisiana, Florida

☆ Offices are turning into amenity-filled campuses to entice employees back to work
▼ + stars: | 2023-06-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Businesses are stuck with trillions of dollars of commercial real estate they need to use. But supply and demand are starting to even out: National demand for office space in May was up 13% from April. But are corporations downsizing the amount of office space they rent as they permanently shift some roles to work from home? Have you seen a shift in the commercial real estate market since the collapse of Silicon Valley Bank and Signature Bank in March? The commercial real estate market is largely a regional business, landlords are local.

Persons: That’s, Bell, Nick Romito, It’s, We’ve, hasn’t, Chris Isidore, Ella Nilsen, Ian, ’ We’ve, Anna Cooban, Greene King, Shepherd Neame, ” Organizations: CNN Business, Bell, New York CNN, US Treasury Department, Federal Reserve, Securities and Exchange Commission, CBRE, Estate Services, Covid, Silicon Valley Bank, Signature Bank, Farm, Allstate, State, Brewers, CNN, Heineken Locations: New York, United States, Silicon, Florida, California, California , Florida, Louisiana, United Kingdom

New York CNN —Homeowners insurance is becoming more expensive and, in many places, more difficult to find. The companies also blame limits placed on insurance premiums in some states, including California. Insurance premiums nationwide aren’t up significantly – only 1.6% in the last 12 months according to the Consumer Price Index, the government’s main inflation measure. For instance, in Louisiana, 17% of homeowners insurance policyholders had their policies canceled last year, according to an annual report from Louisiana State University. Meanwhile, more than two-thirds of policyholders said homeowners and flood insurance are more expensive in Louisiana than other states.

Persons: Ian, ”, Matthew Carletti, “ They’ve, it’s, ” Carletti, Dave Jones, ” Jones, policyholders, Carletti, Frank Frievalt’s, ” Frievalt, “ Organizations: New, New York CNN — Homeowners, Farm, Allstate, JMP Securities, Consumer, State Farm, State, Louisiana State University, Citizens Property Insurance, UN Locations: New York, Florida, California, California , Florida, Louisiana, Nevada, , California

The climate crisis is becoming a financial crisis. This month, the largest homeowner insurance company in California, State Farm, announced that it would stop selling coverage to homeowners. That’s not just in wildfire zones, but everywhere in the state. “We’re just now seeing it.”In parts of eastern Kentucky ravaged by storms last summer, the price of flood insurance is set to quadruple. In Louisiana, the top insurance official says the market is in crisis, and is offering millions of dollars in subsidies to try to draw insurers to the state.

Persons: That’s, ”, Roy Wright, “ We’re Organizations: State Farm, . Insurance, Federal Emergency Management Agency, Insurance Institute, Business, Home Locations: California, Kentucky, Louisiana

☆ First Republic Bank downgraded to junk by S&P and Fitch on risk of clients pulling deposits in the wake of SVB failure
▼ + stars: | 2023-03-15 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

First Republic Bank's credit ratings were cut to junk status at S&P Global and Fitch on Wednesday. Fitch said First Republic's deposits hold risks in concentrating on wealthy, coastal clients. The downgrades arrived during a frenzied time of trading in shares of First Republic Bank and other regional banks after last week's seizure of Silicon Valley Bank by regulators. S&P said all of its ratings on First Republic are on "negative" credit watch, signaling further downgrades are possible. Meanwhile, Fitch Ratings downgraded its long-term issuer default rating on First Republic to BB from A- and placed it and other ratings on negative watch.

☆ The most-popular big tech default email programs are old and vulnerable
▼ + stars: | 2023-01-15 | by ( Elizabeth Macbride | ) www.cnbc.com time to read: +13 min

All over the world, organizations of all sizes, including small businesses, scrambled to upload patches and to figure out if they'd been infiltrated. Each time big software companies have changed default settings or made blanket changes with cybersecurity in mind, he points out, cybercrime fell measurably. Some of its donors are big technology companies. "Microsoft takes email security very seriously," said Girish Chander, head of Microsoft Defender for Office, in a statement to CNBC. Updating email software default settings.

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