Hundreds of thousands of Americans will pay significantly more to insure their homes in coastal areas and flood zones under new rules released by the Federal Emergency Management Agency, the first major update to its pricing system in half a century.
Commercial rates rose 7% on average in the first quarter, but some lines saw significantly steeper hikes. No lines experienced rate decreases. The smallest increases were in workers compensation and surety, which both saw rates rise 1.7%.
Property rate increases were largely in the single and low double digits as capacity remained mainly adequate, bolstered by insurance-linked securities. Cyber and specialty rates jumped higher, however, with loss-hit accounts up as much as 100%.
The American Property Casualty Insurance Association says its action seeks to prevent the commissioner from acting beyond the scope of his authority and requires him to comply with existing statutes governing the use of credit-based insurance scores by the insurance industry.
Prescribed fire is increasingly regarded as the key tool in making combustible forests fire-resistant and preventing megafires. But the technique is rarely used in the West, and prescribed fire rates actually decreased in the Northwest over the past two decades.
There is the potential for more than 20 named storms, and a good chance that three to five of them will directly impact the U.S., according to a new forecast. All residents and businesses along the U.S. coast should be fully prepared for a direct impact.
California’s U.S. senators and nearly two-dozen representatives are asking the Agriculture and Interior departments to transition their agencies to a year-round wildland workforce because blazes are no longer limited to traditional fire seasons.
While the majority of insurers (71%) have portfolios that contain data-centric products and services, many are still uncertain about what data is essential to own, what data is acceptable to use and when it’s advantageous to share it, according to a new report.
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