A record-breaking heat wave has baked the West for days -- fueling destructive wildfires and threatening rolling power shutoffs in California -- and it could last even longer due to the effects of a strengthening hurricane along Mexico’s Pacific Coast.
Juul Labs Inc. reached an agreement in principle to pay $438.5 million to 33 states to resolve a two-year bipartisan probe into the e-cigarette manufacturer’s marketing and sales practices.
According to a special report from AM Best, the underwriting losses booked by the U.S. industry during the first half 2022 was down $11.4 billion from the same time period in 2021.
Less than a month after United Property and Casualty Insurance was downgraded from an “A” to an “M” rating, the company has now lost its financial stability rating and has filed plans to withdraw from Florida.
As part of an “organizational realignment,” Hippo Holdings Inc. said that it is eliminating roughly 70 jobs from the company, amounting to a roughly 10% reduction of their overall workforce.
State Farm announced that it will make a large equity investment in ADT, a move that will give the nation’s largest insurer a 15% ownership stake in ADT.
Despite the myriad challenges, including the pandemic, non-admitted or surplus lines companies “have been able to generate net underwriting and operating gains.”
Recent developments have sparked new debate about the role that Citizens Property Insurance should play in Florida’s rapidly shifting property insurance market.
“Since the identification of the incident, which is likely criminal in nature, we continue to assess the situation with law enforcement agencies,” the district said in a statement.
Insured losses from floods doubled to $80 billion globally during 2011-2020 compared to the previous decade, while insurance penetration lingered at just 18%.
Operators of California’s power grid expect to issue calls for voluntary conservation of electricity during a prolonged heat wave building in the west.
Flood maps used by the Federal Emergency Management Agency are out of date and understate the risks to homes and businesses from flooding and extreme rain triggered by climate change.