Live Insurance News

Virginia’s Auto Insurance Laws Are Changing in 2025 — Here’s What Drivers Need to Know

January 4, 2025January 3, 2025 Marc

Virginia drivers are gearing up for significant changes in their auto insurance policies as a new law enforces higher minimum liability coverage effective January 1, 2025. Designed to offer better financial protection, the updates are expected to impact premiums and reshape coverage across the state. Understanding the New Virginia Insurance Requirements Beginning in 2025, the minimum liability coverage limits for Virginia drivers will rise from the current $30,000 per person, $60,000 per accident, and $20,000 for property damage (commonly referred to as 30/60/20) to a higher threshold of $50,000 per…

2025: A New Era for Global Insurance Trends

January 3, 2025January 3, 2025 John Bowers

The insurance industry has seen significant innovation in modeling techniques and tools in recent years, driven by a surge of new regulations, standards, and technologies. A wave of new regulations and standards in the insurance industry, coupled with innovative developments in the technologies that underpin the insurance ecosystem, have radically altered the landscape for both carriers and their technology providers. With multiple new complex demands placed upon actuarial, finance and IT teams as a result, implementing these new requirements has led to comprehensive overhauls in insurance accounting practices, approaches and…

Why Global Insurance Premiums Dropped While US High-Risk Areas Face Rate Hikes

January 3, 2025January 3, 2025 G. Turner

Global Insurance Premiums Fall Amid Competitive Dynamics, But US High-Risk Areas Feel the Heat Global insurance premiums dropped by 0.9% in 2024, marking the first overall decline in seven years. This shift follows a prolonged period of rate hikes that bolstered insurer profitability but attracted new market players eager to claim their piece of the pie. According to a report by Howden, the influx of competitors has driven prices downward, resulting in a more contested landscape. Yet, this competition unfolds against a backdrop of persistent economic challenges, including inflation and…

Windstorm Coverage for All? The Bold New Proposal for Citizens Insurance

January 2, 2025January 2, 2025 G. Turner

Florida House Bill 13 Proposes Transformations for Citizens Insurance A significant proposal aimed at reforming Florida’s state-backed Citizens Property Insurance Corporation is currently under review for the 2025 legislative session. House Bill 13, introduced by Representative Hillary Cassel of Broward County, suggests making Citizens Insurance available to all Florida property owners while limiting its coverage exclusively to windstorm damage. This proposal has sparked considerable debate, with varying opinions emerging on its potential effectiveness. Expanding Windstorm Coverage to All Floridians House Bill 13 proposes transforming Citizens Insurance into a windstorm-only insurance…

New Insurance Law in Louisiana Sparks Debate – Winners and Losers Revealed

January 2, 2025January 1, 2025 Marc

Major Insurance Law Reforms in Louisiana

Louisiana Implements Major Insurance Law Reforms for 2025 Louisiana is undergoing significant changes in its insurance landscape with the introduction of a new law that took effect on January 1, 2025. The legislation, signed by Governor Jeff Landry, repeals the unique “three-year rule,” which had long posed challenges for insurance companies operating in the state. This reform aims to make Louisiana a more competitive environment for insurers while sparking concerns among homeowners about protections. Repeal of the Three-Year Rule The three-year rule previously prevented insurance companies from canceling or non-renewing…

New Illinois Insurance Laws for 2025 Set to Take Effect January 1

December 31, 2024December 30, 2024 Tate Ellison

Illinois Insurance Reform Bills Aim to Expand Coverage and Accessibility Illinois will see significant legislative changes starting January 1, 2025, as new laws spanning healthcare, employee rights, travel, and driver’s licenses come into play. In this article we’re going to look at Illinois healthcare changes. These reforms were designed to expand coverage, ensure fairness in the workplace, and bolster safety measures statewide. Here’s a comprehensive look at the new laws and their implications for Illinois residents. Key New Insurance Coverage Mandates Support for Hearing Assistance House Bill 2443 mandates new…

Why Your Dishwasher’s Struggles Could Be a Red Flag for Rising Home Insurance Costs

December 30, 2024December 29, 2024 Ryan Cox

From Appliances to Insurance Rates—What Harmonic Distortion Means for Your Home Imagine paying higher energy bills because your refrigerator is working overtime, or worse, dealing with an electrical fire caused by chaotic energy surges in your home. Harmonic distortion, an often-overlooked electrical problem, is becoming a growing concern for households across the U.S. It’s not just your appliances and safety at risk—this issue could also affect your insurance premiums. Are insurance companies already factoring harmonic distortion into their calculations, or is this yet another issue that will drive rates up…