Day: June 27, 2024

Allstate Insurance CEO Reveals Hidden Cause of Rising Auto Insurance Rates

Marc
Allstate Insurance - A woman looking surprised - auto rates increase

In a recent interview with CNBC, Tom Wilson, CEO of Allstate Insurance, shed light on the underlying reasons for the spike in auto insurance rates. He pointed to a crucial factor that has often flown under the radar—the dramatic increase in used car prices over the past few years. This revelation connects the dots between the surge in vehicle costs and the consequential rise in insurance premiums. The Surge in Used Car Prices “The price of used cars skyrocketed by 60% between 2020 and 2022,” noted Wilson. This substantial increase…

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Even utilities can’t get wildfire insurance

Nordstrom
wildfire insurance - Image of Electric Utility with fire in background

It’s not just homeowners and small business owners struggling to get coverage due to wildfires Wildfire season has now officially started, and some utilities have found themselves operating without wildfire insurance, which means they’ll be responsible for the full cost of any damages resulting from fires caused by their equipment. Utilities in the West have been struggling to find any coverage at all Power lines have been blamed for a number of fires over the last few years, and this has meant that utilities have faced an increasing struggle to…

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