Category: Florida Insurance

The Rising Tide of Uninsured Americans and the Looming Threat of ACA Subsidies Ending in 2026

Live Insurance News
The Rising Tide of Uninsured Americans and the Looming Threat of ACA Subsidies Ending in 2026

Uninsured Americans Rise to 27.1 Million in Early 2024, CDC Reports The latest figures from the Centers for Disease Control and Prevention (CDC) are sounding alarms across the healthcare landscape. More than 8% of Americans were uninsured during the first months of 2024, a significant uptick from the record-low uninsured rates observed in the wake of the COVID-19 pandemic. According to the CDC’s National Health Interview Survey, an estimated 27.1 million Americans of all ages lacked health insurance by March 2024. This marks an increase of 3.4 million uninsured individuals…

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Japan’s Heat Stroke Insurance Boom Amid Record Temperatures Could Signal New Trends for US Market

Marc
Japan’s Heat Stroke Insurance Boom

With record temperatures soaring above 40°C (104°F) in various locations, Japan has experienced a surge in heat-related illnesses this summer. This unprecedented heat wave has led the Japan Meteorological Agency to issue widespread alerts against heatstroke and heat exhaustion, urging residents to stay indoors during peak daylight hours. A Growing Demand for Heat Stroke Insurance The extreme weather has not only impacted daily life but has also driven a significant increase in the demand for heat-related illness insurance. Over 12,000 people were hospitalized across Japan in just one week due…

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Citizens Insurance in Florida: A Balancing Act for Solvency

Marc
citizens insurance and florida home insurance balance

The Challenge of Solvency for Citizens Insurance Florida’s Citizens Insurance is at a critical juncture. Initially created as the state-backed insurer of last resort, Citizens has evolved into Florida’s largest insurer, currently holding over 1.2 million policies. This is far from its intended goal of 400,000 to 500,000 policies, and the company now faces significant challenges in maintaining financial solvency, particularly with the looming threat of hurricanes. Citizens’ Policy Shortfall: Aiming for 400,000, Holding Over 1.2 Million Citizens Insurance was designed to provide coverage when private insurers could not, yet…

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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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Oscar-winning actor says that celebrity status didn’t boost health insurance access

Nordstrom
Health insurance - Oscar trophy

Hilary Swank recently shared that despite her accolades, she couldn’t afford coverage Hilary Swank recently revealed that while people make assumptions about the wealth of award-winning actors, not everyone sees great advantage to their finances or health insurance access just because they win a trophy. Days after winning her Oscar, she didn’t have coverage Only days after Swank received the Oscar for her Boys Don’t Cry role in 2000, she went to the pharmacy to pick up some medication. That said, when she arrived at the counter to pay for…

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California Insurance Commissioner and Farmers CEO: A Groundbreaking Dialogue on the Insurance Crisis

Angela Linders
california insurance crisis a

California continues to struggle with a growing insurance crisis, as homeowners face towering premiums and the daunting task of securing coverage. Amidst this turmoil, insurers have retreated, leaving many Californians in a lurch. But in a recent twist, the path to resolution may hinge on a compromise that allows insurers to adjust rates based on future risk assessments. State Insurance Commissioner Ricardo Lara, spearheading new regulations to mitigate the crisis, likens his relationship with the insurance industry to a “forced marriage” — staying together for the larger family’s sake. This…

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Florida Homeowners Insurance Market Sees Promising Shift with Depopulation Program

Angela Linders
florida insurance homeowers

The landscape of Florida’s homeowners insurance industry is undergoing significant changes as private insurers have absorbed 275,324 policies from the state-run Citizens Property Insurance Corp so far in 2023. These changes, spotlighted during the recent Citizens Board of Governors meeting, demonstrate a strategic attempt to balance the market through a process called “depopulation.” What Depopulation Means for Consumers For consumers, the depopulation program has a direct impact on their insurance decisions. Here’s what it boils down to: if a private insurance company extends an offer that exceeds a policy owner’s…

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