Category: California Insurance

State Farm Tech An Unseen Side of the Insurance Giant

Marc
State Farm - Technology - Digital

State Farm Goes Beyond Insurance State Farm Insurance is widely known for its slogan, “Like a good neighbor, State Farm is there.” However, the insurance giant has gradually unveiled a different side to its business—technology. While many may associate State Farm with auto, home, and life insurance, the company is making significant strides in the tech industry, offering an array of patented innovations for sale. Which includes technologies ranging from auto telematics and smart home tech to unmanned aerial mission systems and adjustable virtual scenario-based training environments, has sparked a…

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State Farm Seeks Major Rate Increase in California

Live Insurance News
state farm insurance news

State Farm, California’s largest insurer, is proposing sizable rate increases for its residential insurance policies in the state, potentially impacting millions of homeowners and renters. The company has filed for a 30% rate hike for its homeowners’ insurance, a 52% increase for renters, and a 36% escalation for condominium owners. This marks the third major change for State Farm in California within a year. State Farm’s Justification In a statement, State Farm indicated that these rate increases are necessary for the long-term sustainability of its California subsidiary, State Farm General.…

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State Farm Reverses California Policy Non-Renewals – With a Catch

Live Insurance News
Allstate home insurance growth and decline

State Farm, the largest insurance carrier in California, has announced a significant reversal of its earlier decision to not renew over 70,000 policies in the state, including 30,000 home insurance policies. This change comes after the company initially cited increasing wildfire risks as the primary reason for its decision back in March. However, the company’s renewed commitment comes with a notable caveat that is bound to impact policyholders significantly. State Farm Reversal and The Catch According to a statement from Sevag Sarkissian, State Farm’s California spokesperson, while the company will…

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Could Percentage Deductibles Save a Badly Beaten Property Casualty Market?

Loreen
homeowners insurance percentage deductible

This pivotal question probes whether the shift to percentage deductibles could revitalize a property casualty market suffering from severe strain. The answer hinges on multiple facets that influence the stability and attractiveness of the insurance market. Understanding Percentage Deductibles Percentage deductibles are calculated as a percentage of the insured value of the property, rather than a fixed dollar amount. For instance, if your home is insured for $300,000 and you have a 2% deductible, you would be responsible for $6,000 in the event of a claim. This approach is commonly…

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Is Allstate Insurance Ready to Re-enter California with Huge Losses

Loreen
allstate insurance california

Allstate Insurance Reports $491 Million in Losses from Catastrophic Events Allstate Insurance disclosed that $491 million of its recent losses were due to 11 distinct catastrophic events, with roughly 80% coming from four major wind, hail, or tornado occurrences. The remainder of the losses included claims reserve re-estimates for ongoing catastrophes. This revelation highlights the extensive challenges faced by the insurance sector amid an era of increasingly severe and frequent natural calamities. AM Best noted that Aon pointed out potential billions in losses insurers could have endured due to severe…

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Governor Newsom Calls for Swift Action on Property Insurance Rate Increases

Julie Campbell
Property insurance Crisis - California Flag - Solve Now

Newsom wants lawmakers to hasten the approval processes for insurers to improve the market California Governor Gavin Newsom has issued a call to lawmakers, urging them to expedite the approval processes for property insurance companies that are seeking to increase their rates. The governor feels the market overhaul is too slow Newsom recently addressed the press in Sacramento to announce the push he is making for legislation to require the California Department of Insurance to set a limit of no longer than 60 days for the completion of rate-filing reviews.…

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Allstate’s One Step Forward Two Steps Back in California Home Insurance Market

H. Cutner
California home insurance - investigating

In a move that has sent waves across the California home insurance market, Allstate, one of the nation’s leading insurance providers, has hinted at a conditional return to the state’s insurance landscape. This announcement comes amidst a backdrop of increasing challenges faced by homeowners and insurance companies alike, primarily due to the escalating risks of wildfires and other natural catastrophes. How Allstate’s Conditional Return Could Reshape California’s Home Insurance Market Allstate’s potential policy changes signify a critical juncture for California’s home insurance market. The insurer’s reliance on catastrophic modeling to…

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