Alldredge explained that the insurance industry has recently faced challenges from how and where people work and the environment they operate in, to the “broader economic circumstances we find ourselves in and the inflation period we are seeing.”
Top insurance companies and associations say California is risking a crisis in the nation’s largest automobile insurance market by refusing to approve rate increases.
Despite monitoring by Florida regulators, cancellation of more than 56,000 policies, and an extensive restructuring plan this year, FedNat is insolvent.
The insurance industry uses the term “social inflation” to describe the rising costs of insurance claims when those costs can’t be accounted for by overall inflation rates.
A week after Hurricane Fiona swiped Puerto Rico, causing catastrophic flooding and knocking out power to the entire island of 3.1 million, power restoration moves slowly.
A lawsuit against Pacific Gas and Electric Company is alleging that the utility was responsible for the Mosquito Fire burning in Placer and El Dorado Counties.
Rising floodwaters led to home rescues and stranded vehicles across Central Florida and law enforcement in Volusia County reported the area’s first death while the statewide toll has yet to be determined after hurricane’s storm surge devastated the Gulf Coast.
After damp spring weather and cool temperatures delayed the onset of peak fire activity, the state’s overall wildfire activity has been “surprisingly benign.”
As scientists continue to warn of the effects of climate change, it’s more important than ever that homeowners protect themselves with the right insurance.