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How to cancel your life insurance policyCanceling a term life insurance policyThere are several ways to cancel a term life insurance policy. Alternatives to life insurance cancelationcanceling your life insurance policy isn't ideal if you have dependents who rely on your income for financial support. If you have a whole life insurance policy, look into reduced paid-up life insurance. Life insurance settlementIf you don't have a terminal diagnosis and you want to sell your term life insurance policy, you can apply for a life insurance settlement with a third-party provider instead of canceling your policy. Canceling life insurance FAQsWill I get any money back if I cancel my life insurance policy?

Persons: Lucas Siegel, Siegel, wouldn't, policyholders, you've Organizations: Internal Revenue Service

Health insurance, life insurance, auto insurance, disability insurance, homeowners insurance, and renters insurance all require the policyholder to pay a premium to continue receiving coverage. The types of insurance policy premiums include car, life, health, homeowners, renters, and disability insurance. Life insurance premiumsAs previously mentioned, term life insurance premiums are locked in when the policy is signed. Another factor that goes into homeowners insurance premiums is your insurance score, which you do have some control over. Insurance premiums frequently asked questionsHow often do I have to pay insurance premiums?

Persons: policyholders, you'll, they're, Policygenius Organizations: Health Locations: New York, California

☆ The home insurance market is crumbling. These owners are paying the price
▼ + stars: | 2024-03-29 | by ( Nathaniel Meyersohn | Anna Bahney | ) edition.cnn.com time to read: +9 min

Courtesy Victoria ZangaraIn the past, acquiring or keeping homeowners’ insurance didn’t present much of a problem. There was roughly a 10% to 12% increase in homeowners’ insurance costs last year in the United States, said Mark Friedlander, spokesperson for the Insurance Information Institute, a nonprofit industry association. Jim Watson/AFP/Getty ImagesHomeowners who have a mortgage are not able to go without homeowners insurance as their mortgage servicer will require an escrow account for insurance. Some 6 million homeowners chose to forgo homeowners insurance, according to a report from the Consumer Federation of America. They have lived in their home for 19 years and had a policy with Foremost Insurance, paying about $1,910 a year.

Persons: Alfredo Herrera, Herrera, Zangara, “, ”, ” Herrera, policyholders, Mark Friedlander, Neil Fernandes, Fernandes, David Swanson, Matthew Carletti, Jim Watson, Diana Troxell, Diana Wright Troxell, Bruce, ” CNN’s Ella Nilsen Organizations: New, New York CNN, Louisiana Citizens, ”, National Oceanic, Atmospheric Administration, Louisiana State University, Insurance Information Institute, Farmers Insurance, Farmers, AAA, CNN, Firefighters, Reuters, State, Citizens Property Insurance, JMP Securities, Getty, Homeowners, Consumer Federation of America, CFA, Social Security, Foremost Insurance, California FAIR, FAIR Locations: New York, New Orleans, City, Louisiana, New Orleans , Louisiana, America, United States, Santa Clarita , California, California, Florida, Sycamore, Whittier , California, AFP, Cottonwood , California, ‘

☆ Department of Justice opens probe of Globe Life, American Income Life
▼ + stars: | 2024-03-06 | by ( Susan Antilla | ) www.businessinsider.com time to read: +6 min

The U.S. Department of Justice has subpoenaed Globe Life Inc. and its subsidiary American Income Life seeking documents related to one of its top life insurance agencies — the Pittsburgh-based Arias Organization. Globe Life executives made no mention of the DOJ probe during a quarterly earnings call on February 8. In October, insurance regulators in Pennsylvania fined American Income Life $130,000 for engaging in deceptive consumer practices. "We do not believe the litigation will be material to Globe Life's overall results or American Income Life's agency operations," he said. Darden told the analysts that "as soon as American Income became aware of" the allegations, AIL hired an outside investigator to look into the matter.

Persons: Arias, Renee Zinsky, Michael Russin, Joel Scarborough, Globe's, Trina Orlando, Cathy Seifert, Seifert, Scarborough, Simon Arias, Natalie Price, AIL, Warren Buffett's Berkshire, James Darden, Darden, Zinsky, Janet Hendrick, Phillips Murrah, Kathryn D, Terry, Liz Rita, Susan Antilla Organizations: U.S . Department of Justice, Inc, Organization, News, Business, BI, CFRA Research, Securities and Exchange Commission, Globe, DOJ, Scarborough, US, Office, Western, Western District of Pennsylvania, Arias Agencies, The, Justice, Warren, Warren Buffett's Berkshire Hathaway, Commission, Department of Justice, AIL, Income, Zinsky, Law Locations: Pittsburgh, Scarborough, Western District, Pennsylvania, Dallas, Globe, Denver, AIL, susan.antilla1@gmail.com

☆ A flood insurance quirk makes basements a bad place to keep your stuff
▼ + stars: | 2024-02-20 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

The problem is: If your basement floods, your flood insurance policy likely won't cover damages to most — if any — of your belongings. What is flood insurance? To that point, 99% of U.S. counties have experienced a flood since 1998 — and more than 40% of flood insurance claims are from outside high-risk flood areas, according to FEMA. Most people who have flood insurance get it through the federal government, via FEMA's National Flood Insurance Program, experts said. Consumers concerned about flood risk and insurance coverage should consider not putting their stuff in a basement, if possible, Kochenburger said.

Persons: Johnson, Jessica Rinaldi, Peter Kochenburger, Eric Thayer, Kochenburger, NFIP, Don Griffin, it'd, Griffin, Policyholders Organizations: Boston Globe, Getty, Southern University Law Center, Insurance, FEMA, Federal Emergency Management Agency, Flood Insurance, Bloomberg, Consumers, American, Casualty Insurance Association, Census, Southern University Law Locations: Vermont, United States, U.S, Whittier , California, freezers

☆ Big insurance companies want more private credit. Here's how Blackstone is using AI to win them over.
▼ + stars: | 2024-02-08 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Insurance companies represent a big opportunity for private equity firms, who invest with the accumulated premiums paid by millions of everyday Americans. It's not just insurance clients that benefit from AI to bring more transparency to the cloudy private credit market. With private credit, insurance firms can invest in a more diversified set of assets with greater yield (and, albeit risk) than public credit markets, like vanilla corporate bonds. And because insurance companies often have long-term horizons with their financial obligations to policyholders, they can invest in less-liquid asset classes, like private credit. But to win more insurance clients, Blackstone must compete with the likes of Apollo Global Management, Carlyle, and KKR, which have also been keen on insurance.

Persons: Blackstone, John Stecher, it's, Stecher, Gilles Dellaert, Carlyle, that's, Jon Gray, Gray Organizations: Blackstone, —, Business, Insurance, Blackstone Insurance, Apollo Global Management, KKR Locations: BXCI

☆ Storms in California hit homeowners already facing an insurance crisis
▼ + stars: | 2024-02-06 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —The storms pummeling California this week hit a part of the US already being battered by a home insurance crisis. With insurers strained by climate change and inflation, many are demanding higher premiums, making it much harder to find affordable (or any) home and fire insurance. But it is not just California; homeowners in other areas prone to weather events like Florida, Louisiana, and Texas are also facing challenges. Meanwhile, in hurricane-battered Florida, Farmers Insurance deemed it too risky to continue insuring homes and pulled out of that market entirely. “This isn’t just climate change, it is climate-change-plus,” Bach said.

Persons: ”, Amy Bach, United, Michael Monaghan, Sellers, you’ve, Jennifer Branchini, Bach, Hurricane Andrew, ” Bach, mitigations Organizations: DC CNN, Allstate, Farmers Insurance, Coldwell, California Association of Realtors, National Oceanic, Atmospheric Administration, Hurricane, FAIR, California Department of Insurance Locations: Washington, California, Florida , Louisiana, Texas, San Francisco, California’s, Golden State, Florida, Vermont, Colorado, Pleasanton, United, “ Florida, Louisiana

☆ Buying Home and Auto Insurance Is Becoming Impossible
▼ + stars: | 2024-01-14 | by ( Jean Eaglesham | ) www.wsj.com time to read: 1 min

After Allstate suffered billions of dollars in losses and failed to get the rate increases it wanted, it resorted to the nuclear option. The insurance giant threatened last fall to stop renewing auto insurance for customers in three states that hadn’t given in to its demands, which would have left those policyholders scrambling for coverage. The states blinked.

Organizations: Allstate

☆ Private-asset binge exposes insurance to new risks
▼ + stars: | 2023-11-30 | by ( John Foley | ) www.reuters.com time to read: +7 min

The concept is not new: Warren Buffett’s Berkshire Hathaway (BRKa.N) has used its insurance premiums to help fund everything from railways to cowboy-boot makers. The prospect of insurance companies buying risky loans or private equity investments has raised eyebrows. Many private credit assets, for example, rely on so-called private letter ratings based on confidential data. Given the private nature of private credit, it’s hard to see from the outside how big these risks are, or where they lurk. Besides, even if the share of life insurance assets that are mis-rated or undercapitalized is tiny, smaller insurers could carry more concentrated risk.

Persons: Blackstone, Warren Buffett’s Berkshire Hathaway, Fitch, Kroll, Egan, Jones, DBRS Morningstar, Banks, SVB, Jonathan Guilford, Neil Unmack, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Apollo Global Management, KKR, Global Atlantic, Investments, National Association of Insurance, England’s Everton FC, Rivals, Reuters Graphics Reuters, Federal Reserve, Federal Deposit Insurance Corp, Athene, P Global, Insurance, SVB, Thomson Locations: Global, Delaware , New York, Iowa, New York, London

☆ The hidden expense that's sucking $74 billion out of the economy
▼ + stars: | 2023-11-30 | by ( Bartie Scott | ) www.businessinsider.com time to read: +14 min

They said rising costs kept the board from expanding amenities residents wanted, such as a shared composting system. jhorrocks/Getty ImagesRising price for peace of mindIn the constellation of household costs, insurance is often one of the lesser-noticed line items. But recently the rising cost of repairs and the frequency of damaging weather events have made the deal go sour. Rising insurance costs could inflict more pain on another bruised area of the economy: housing affordability. For this reason, insurance companies could decline to cover them or require costly upgrades before agreeing to a policy.

Persons: that'd, Mark Pauly, Tim Quinlan, you'll, Quinlan, it's, Francesco D'Acunto, D'Acunto, Pauly, they've, Nature, John Coletti, That's, Bartie Scott Organizations: Insurance, Research, Bank of America, Global, American, Casualty Insurance Association, University of Pennsylvania's Wharton School of Business, Insurance Information Institute, Georgetown University's McDonough School of Business, Social Security, National Flood Insurance, Business Insider's Locations: Logan, Chicago, Florida, Wells Fargo, California

☆ Senate committee investigating Florida’s state-backed home insurance company as private insurers flee
▼ + stars: | 2023-11-30 | by ( Ella Nilsen | ) edition.cnn.com time to read: +6 min

CNN —The US Senate Budget Committee is launching an investigation into whether Florida’s state-backed home and property insurance company has enough money in the bank to withstand future disasters, as scientists warn warming oceans and sea level rise are making storms more destructive. Citizens Property Insurance Corporation exists as a so-called insurer of last resort - if owners cannot convince a private insurance company to cover their property, Citizens will step in. If that were to happen, the Senate Budget Committee is worried Florida might turn to the federal government looking for a bailout, Whitehouse said. State insurers of last resort were originally intended as a stopgap for consumers, ensuring their coverage wouldn’t be interrupted. Florida isn’t alone; some major private insurers have either pulled out or stopped writing new policies in wildfire-prone California.

Persons: Ron DeSantis, “, Sen, Sheldon Whitehouse, ” Whitehouse, Michael Peltier, Whitehouse, ”, Benjamin Keys, ” Keys, ’, Keys, “ It’s Organizations: CNN, Citizens Property Insurance Corporation, Republican Gov, Citizens, Democrat, ”, Munich Re, Swiss, Wharton School, University of Pennsylvania, Senate, FAIR, Florida’s Citizens, Budget Locations: After Florida, Rhode Island, Florida, Miami, Tampa, “ Florida, Munich, riskiest, California

☆ KKR to buy remaining stake in insurer Global Atlantic for $2.7 billion
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 29 (Reuters) - KKR & Co (KKR.N) said on Wednesday it would buy a remaining 37% stake in Global Atlantic Financial Group that it does not already own for $2.7 billion in an all-cash deal. Private equity firm KKR has served as the manager of Global Atlantic's investment portfolio since 2021 and said in July 2020 that it would buy the annuities and life insurance provider. Global Atlantic's assets under management have grown to $158 billion from $72 billion in 2020, the companies said. Under the terms of the deal, KKR will pay Global Atlantic's minority shareholders an amount in cash equal to Global Atlantic's book value, with certain adjustments. Global Atlantic serves policyholders through its retirement and life insurance products.

Persons: Brendan McDermid, Joe Bae, Scott Nuttall, Goldman Sachs, Noor Zainab Hussain, Devika Organizations: KKR, New York Stock Exchange, REUTERS, Co, Global Atlantic Financial Group, Global, Global Atlantic, Thomson Locations: New York, U.S, Bengaluru, Chibuike

☆ Tesla launched its own car insurance. These drivers say it's a lemon.
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +20 min

Tesla Insurance, launched in 2019 by the electric-car company, has promised policyholders “vastly better” service than rivals, as Tesla chief Elon Musk put it in April 2022. “What do they have, three people answering phone calls?”Complaints about Tesla Insurance are drawing scrutiny from state regulators and the plaintiffs’ bar. And there’s no way to know exactly how many have been made against Tesla Insurance and how its record compares with competitors’. That fall, Tesla launched InsureMyTesla, a new insurance offering for U.S. Tesla owners, in partnership with Liberty Mutual Insurance Co. Lester F. Aponte, a Los Angeles attorney who signed up for Tesla Insurance in August, described a maddening ordeal to obtain proof of insurance.

Persons: Mark Bova, lurched, “ I’m, ” Bova, policyholders “, Elon Musk, Musk, Bova, he’s, Tesla, ”, Musk’s, Virginia –, Phil Fioresi, Tesla’s adjusters, adjusters, ” Zachary Kirkhorn, ” Kirkhorn, Teslas, InsureMyTesla, it’s, It’s, Chanda Santiago, ” Santiago, Lester F, Aponte, haven't, Understaffed, “, —, Policyholders, Jonathan Garcia, Garcia, adjuster, Scott Sawyer, Sawyer, Lauren Lee Sawyer, ” Sawyer, –, Steve Stecklow, Koh Gui Qing, Norihiko, Mike Scarcella, John Emerson, Brian Thevenot Organizations: Green, U.S . Army Special Forces, Tesla Insurance, Tesla, Reuters, Bureau, Twitter, U.S, SpaceX, Ohio Department of Insurance, California Department of Insurance, Data, AAA, The Auto Club Group, Liberty Mutual Insurance Co, Liberty Mutual, Markel, National Insurance Company, State National, State, Facebook, Better, policyholders, Better Business Bureau Locations: Maryland, That’s, California , Utah , Illinois, Virginia, South San Francisco , California, California, Draper , Utah, Texas, policyholders, InsureMyTesla, U.S, Illinois, Colorado, Ohio, Florida , Georgia, Washington, Santiago, Los Angeles, Draper, North Carolina, Riverside , California

☆ Homeowner insurance and climate have become major factors in real estate
▼ + stars: | 2023-11-07 | by ( Anna Bahney | ) edition.cnn.com time to read: +8 min

Farmers Insurance deemed it too risky to continue insuring homes in Florida and pulled out of the market there entirely. The average cost for homeowners’ insurance in the United States is about $1,820, according to an analysis by NerdWallet, but there are many variables. As climate risks continue, a standoff has developed over who should pay the cost of insuring homes against ever-growing risks. And for many of the properties that are on the market you can’t obtain insurance? “We’ll have to see some creative solutions in the near term to create that competitive marketplace for insurance,” she said.

Persons: Michael Monaghan, Sellers, “, ’ ” Monaghan, ”, Monaghan, Will, Amy Bach, United, Hurricane Andrew, ” Bach, mitigations, Bach, Jennifer Branchini, Branchini Organizations: DC CNN, Coldwell, Allstate, . Farmers Insurance, National Oceanic, Atmospheric Administration, NOAA, Hurricane, FAIR, California Department of Insurance, California Association of Realtors, State Farm, Farm, “ Locations: Washington, California, Bayside, ”, Florida, Monaghan, United States, “, San Francisco, “ Florida, Louisiana, WUI, Pleasanton

☆ US Supreme Court to hear NRA free speech case against New York official
▼ + stars: | 2023-11-03 | by ( John Kruzel | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +4 min

It represents the latest case to come before the Supreme Court involving the NRA, a group closely aligned with Republicans that has opposed gun control measures and backed pivotal lawsuits that have widened U.S. gun rights. The NRA was founded in New York in 1871 and was incorporated as a non-profit in the state. At issue was whether Vullo wielded her regulatory power to coerce New York financial institutions into cutting ties with the NRA in violation of its free speech rights under the First Amendment. Circuit Court of Appeals in 2022 said those also should have been dismissed, prompting the NRA's appeal to the Supreme Court. The NRA has been engaged in an extensive legal fight with the state of New York separate from the case involving Vullo.

Persons: Maria Vullo, Vullo, Lloyd's, Andrew Cuomo, Democrat Letitia James, James, John Kruzel, Andrew Chung, Will Dunham Organizations: U.S, Supreme, National Rifle Association, New York's Department of Financial Services, NRA, Republicans, New, Democratic, U.S . Congress, Parkland, Vullo, Circuit, Democrat, Republican, Thomson Locations: New York, Parkland , Florida, London, York, United States, Manhattan, . New York, Texas, Washington

☆ Insurance companies have discovered devious new ways to rip you off
▼ + stars: | 2023-10-23 | by ( Jathan Sadowski | ) www.businessinsider.com time to read: +16 min

Unfortunately, as premiums for everything from home insurance to car insurance skyrocket, more of us are being forced to dwell on the opaque and convoluted insurance industry. AdvertisementAdvertisementTo determine that magic price tag, insurance companies drill down into the nitty-gritty details of your life. I'll go even further: To boost their own profits, insurance companies are becoming increasingly antisocial and antagonistic. To boost their own profits, insurance companies are becoming increasingly anti-social and antagonistic. The stuff of insurance is far too important to be left to the insurance industry.

Persons: Søren Holm, Duncan Minty, Kengo Sakurada, you've, Colm Holmes, —, Holmes, Inga Beale, Beale, ProPublica, Cigna Organizations: Consumers, Caliber, Insurance, Sompo Holdings, Aviva, Allianz Holdings —, of Actuaries, State Farm, Farm, New York Times, of Information Technology, Monash University Locations: London, State

☆ Insuring your home in Colorado can cost $40,000 as the climate crisis wreaks havoc on the market, one insurance CEO said
▼ + stars: | 2023-10-05 | by ( Dan Latu | ) www.businessinsider.com time to read: +4 min

AdvertisementAdvertisementThis as-told-to essay is based on a conversation with Oscar Seikaly, CEO at NSI Insurance Group, which is based in Florida but underwrites policies nationally, about skyrocketing insurance premiums and how unpredictable disasters around the country raise prices for everyone. Over the past 10 years, insurance premiums have changed dramatically. AdvertisementAdvertisementTake the average house in Aspen: You have $5 million for the house, $3 million for the contents, another $2 million for loss of rents. All these insurance companies have to buy from reinsurance companies and there's only three or four main ones in the world. When you buy a $5 million house or a $10 million house, paying $30,000 or $20,000 a year is not going to make a difference.

Persons: Oscar Seikaly, Seikaly, —, that's Organizations: Service, NSI Insurance Locations: Aspen, Florida, California, Colorado, Northern California

☆ Our crisis of loneliness, the new bet investors are going after
▼ + stars: | 2023-10-04 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +13 min

Not long after founding the startup, Gaon shared his vision with famed venture capitalist Marc Andreessen. It was notable to Gaon at the time that Andreessen — "one of those investors who's known for seeing where the market is going" — appeared to have pinpointed loneliness as its own market. That moved her parents, Cindy and Anne Jordan, who had sold their first healthtech company years before, to found the Arizona company Pyx Health. "The loneliness crisis is bigger, and more urgent, than anything I've worked on before," Nyborg wrote in a blog post. Inspired debuted a thesis in 2020 that identified loneliness as a key focus for the firm to invest in.

Persons: Benjamin Gaon, Boaz Gaon, Benny, Gaon, Marc Andreessen, Andreessen, Wisdo, —, Anne Wojcicki, Marius Nacht, Andreessen Horowitz, Vivek Murthy, Betsy Hoover, Bumble, Rylie Sarabia, Cindy, Anne Jordan, policyholders, Dawn Owens, it's, Owens, Julie Rice, Elizabeth Cutler, Rice, Peoplehood, Phil Levin, Levin, Culdesac, Renate Nyborg, I've, Nyborg, Hugo Amsellem, He's, Ava, Catalyst, Nate Tepper, Tepper, Adam Besvinick, Frances Haugen, Hoover, Alexa von Tobel, von Tobel, David Spinks Organizations: Pyx, Labs, verve, Investors, Pyx Health, TT Capital Partners, New, Khosla Ventures, Sequoia Capita, AI Fund, NEA, AIs, Looking Glass, Anonymous, Glass, Facebook, Bloomberg Locations: Arizona, Minneapolis, New York, Ava, France, Peoplehood, Hopscotch

☆ Apollo’s divergent path outshines Blackstone
▼ + stars: | 2023-09-28 | by ( Jonathan Guilford | ) www.reuters.com time to read: +7 min

NEW YORK, Sept 28 (Reuters Breakingviews) - Apollo Global Management (APO.N) and Blackstone (BX.N) both emerged from private equity’s primordial swamp. That spread comprised nearly three-quarters of Apollo’s $3.1 billion in profit available to be doled out to shareholders in 2022. That turbo-charged the fees Blackstone reaps from managing funds, which contributed 59% of $6.6 billion in profit available to shareholders last year. Apollo’s earnings from its insurance business are awarded an even more meager 10 times. This doesn’t form the closed loop like that between Athene, Apollo and its various specialist lenders.

Persons: Marc Rowan, haven’t, dealmaking, Rowan, Blackstone, Steve Schwarzman, Athene, BREIT, Rich, reckons Bain, Schwarzman, Dealmaking, hasn’t, Lauren Silva Laughlin, Oliver Taslic Organizations: Reuters, Apollo Global Management, Blackstone, Apollo, Reuters Graphics Reuters, Barclays, Schwarzman, U.S . Federal, Industry, Life Insurance, Research Association, Thomson Locations: freefall, BREIT, Blackstone

TRENTON, N.J. (AP) — New Jersey's Supreme Court is expected to consider whether an Atlantic City casino can get payouts from business interruption insurance for losses during the COVID-19 outbreak, potentially providing guidance for policyholders nationwide regarding the scope of coverage for pandemic-related losses. Three insurers — AIG Specialty Insurance Co., American Guarantee & Liability Insurance Co. and Interstate Fire & Casualty Co. — largely denied coverage to the casino, saying it did not suffer direct physical loss or damage because of the virus. Last year, the Supreme Court agreed to resolve some questions regarding the case. United Policyholders, an advocacy group for insurance customers, urges the justices in a friend-of-the-court brief to rule in favor of the casino. “The ruling sought by the (insurers) here would curtail coverage for millions of New Jersey policyholders,” it wrote.

Persons: —, Phil Murphy, United, Wayne Parry Organizations: Atlantic, AIG Specialty Insurance, Insurance, New Jersey policyholders, Supreme, New, New Jersey Gov Locations: TRENTON, N.J, Atlantic City, California, Los Angeles, Pennsylvania, New Jersey, www.twitter.com

☆ How insurance companies are battered by hurricane season and climate change
▼ + stars: | 2023-09-24 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Insurance companies are in a tough spot with this year's stronger-than-average hurricane season, while climate-related perils continue to push catastrophe losses higher. Adding fuel to the industry's woes is the higher frequency of secondary perils, such as wildfires and flooding, due to climate change. These increased occurrences have been slowly adding to primary insurers' catastrophe losses and limiting profitability. While the industry is currently in the middle of peak hurricane season, insurance stocks typically rebound when the size of the insured losses become apparent or are announced by the companies, according to Piper Sandler. Insurance stocks tend to fall initially as big hurricanes near landfall and the likely extent of damage is appraised.

Persons: Piper Sandler, Paul Newsome, Newsome, Chubb, Bob Huang, Morgan Stanley, Huang Organizations: Atlantic, . Insurance, Insurance, Allstate, American International Group, Progressive, Universal Insurance Holdings, Everest Re Locations: Florida, Maui, Hawaii, California

☆ California paves way for more insurance coverage in disaster-prone areas
▼ + stars: | 2023-09-22 | by ( Cheri Mossburg | ) edition.cnn.com time to read: +2 min

CNN —California will now let insurance companies consider climate change when offering policies, in exchange for a mandate requiring them to offer coverage in wildfire-prone areas, state leaders announced on Thursday. “We are at a major crossroads on insurance after multiple years of wildfires and storms intensified by the threat of climate change,” California Insurance Commissioner Ricardo Lara said in a statement. Insurance companies will give priority to homeowners and businesses who have taken steps to harden their properties to disasters like wildfires, floods and windstorms. Regulators believe that will help Californians to move off the FAIR plan. It is critical that California’s insurance market works to protect homes and businesses in every corner of our state,” Newsom said in a statement.

Persons: “, Ricardo Lara, ” Lara, Gavin Newsom, Lara, “ We’re, ” Newsom Organizations: CNN, FAIR, California Gov, Insurance Locations: California

SACRAMENTO, Calif. (AP) — A new plan from California's insurance commissioner aims to stop the nation's top insurers from leaving the wildfire-prone state by letting them consider climate risks when setting their prices. Unlike most states, California tightly restricts how insurance companies can price policies. Companies aren't allowed to factor in current or future risks when deciding how much to charge for an insurance policy. It’s one reason why, in the past year, seven of California’s top insurance companies have paused or restricted new business in the state. On Thursday, California Insurance Commissioner Ricardo Lara said the state will write new rules to let insurers look to the future when setting their rates.

Persons: aren't, Ricardo Lara, ” Lara, Denni Ritter, Amy Bach, United, “, Ken Sweet Organizations: First Street Foundation, California, American, Casualty Insurance Association, Consumer Watchdog, Associated Press Locations: SACRAMENTO, Calif, California, Florida, New York

CNN —Millions of American homeowners could see insurance rates surge in the coming years in part due to worsening climate disasters, new data shows. It’s another alarming sign for the future of America’s homeowners’ insurance market. “We’re still kind of at the forefront of the insurance industry pricing in climate risk into the real estate market,” Porter told CNN. Premiums are at risk of surging to a lesser extent in cities across the country, First Street data shows. “I know where the places are where people are dropping their insurance — it’s Florida, Louisiana, California and Colorado,” Bach told CNN.

Persons: ”, David Jones, Jeremy Porter, “, ” Porter, Hurricane Ian, Matias J, Jones, ” Jones, Amy Bach, Bach, ” Bach, Kyle Grillot, Reuters Jones, Porter, ‘ I’m, it’s Organizations: CNN, Foundation, UC Berkeley’s Center for Law, Energy, Hurricane, Miami Herald, Tribune, Service, Los, National Flood Insurance, FEMA, United, Residents, Reuters Locations: California , Florida, Louisiana, California, Matlacha , Florida, Florida, Texas, Vermont, Montpelier . Kentucky, West Virginia, Miami, Jacksonville, New Orleans, East Coast, Atlantic City , New Jersey, Virginia Beach, Norfolk , Virginia, Wilmington , North Carolina, Charleston , South Carolina, Savannah , Georgia, New York City, Phoenix, Chicago , Pittsburgh, Louisville, Cincinnati, West Coast, Riverside , California, Los Angeles, Gulf Coast, Plaquemines Parish , Louisiana, Collier County , Florida, Colorado, Wrightwood , California

The U.S. homeowner’s insurance industry has had three straight years of underwriting losses, according to credit rating agency AM Best. Record numbers of Americans are now insured through state-affiliated “insurers of last resort” like California’s FAIR Plan, or Louisiana or Florida’s Citizens property insurance companies. These programs were designed to insure properties where private insurance companies have refused to insure or the price for private insurance is too expensive. In Florida, Citizens Property Insurance Corp. now has 1.4 million homeowners’ policies in effect, nearly triple in five years. “It used to be homeowner's insurance was an afterthought when you are looking at buying a property.

Persons: you’re, ”, California Sen, Bill Dodd, Jeremy Porter, Fannie Mae, Todd Bevington, “ I’ve, Jen Goodlin, ‘, ’ ”, “ We’ve, ” Dodd, Dodd, Porter, Guy Carpenter, Lara Mowery, Mowery, ” Mowery, That’s, ” Bevington, Adam Beam, Janie Har Organizations: First Street Foundation, Bank of America, Treasury Department, Paradise, FAIR, Citizens Property Insurance Corp, Farm, Allstate, National Flood Insurance, Swiss, Munich Re, Hurricane Locations: California, Florida, Louisiana, Lahaina, Vermont, Maine, New York, U.S, “, Paradise, Northern California, Colorado, Munich, New Orleans, Gulf, Asheland, N.C, Sacramento, Calif, San Francisco

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