Live Insurance News

California FAIR Plan Under Fire: Can Emerging Tools and Policies Ease the Pressure?

March 29, 2025March 27, 2025 H. Cutner

California’s Insurance Market Struggles Under Wildfire Pressures: Are We Headed for Another Bailout? California’s insurance market is teetering under the weight of relentless wildfire seasons, leaving consumers, insurers, and regulators to piece together a system that bears increasingly alarming cracks. With wildfires intensifying due to climate change and sprawling development into fire-prone areas, the state faces a financial quagmire deeper than anyone anticipated. Many are asking if another state-backed bailout is inevitable. The Wildfire Tipping Point Wildfires have become a year-round crisis in California, with the latest blazes in Los…

Allstate’s $16.5 Billion Quarter Amid Wildfire Losses and Strategic Shift

February 7, 2025February 6, 2025 Live Insurance News

Allstate Q4 2024 Earnings Reflect Resilience Amidst Challenges Allstate’s latest financial results provide a deeper look into how one of the nation’s largest insurers continues to adapt to economic pressures, natural disasters, and evolving business priorities. With strong growth in premiums, higher investment returns, and a major business sale, Allstate’s fourth quarter of 2024 sets the tone for ongoing adjustments in the insurance industry. Robust Q4 Results Driven by Growth in Premiums and Investments Allstate wrapped up 2024 with a solid financial performance, reporting an 11.3% increase in revenue year-over-year,…

Why California Insurers Are Being Forced Back Into Wildfire Zones

December 16, 2024December 16, 2024 Angela Linders

California Introduces New Rules to Boost Wildfire Coverage in At-Risk Areas California has long struggled with providing adequate home insurance to residents living in wildfire-prone regions. After devastating fires in recent years and increasing climate risks, a new set of regulations aims to stabilize the insurance market and expand coverage to residents in high-risk areas. These landmark rules, set to take effect on January 2, 2025, form part of California Insurance Commissioner Ricardo Lara’s broader Sustainable Insurance Strategy. Background For years, California homeowners in areas prone to wildfires have faced…

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

April 15, 2024April 14, 2024 Angela Linders

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…

3 Zip Codes Get The Worst of State Farm Non-renew Campaign in California

April 10, 2024April 9, 2024 G. Turner

State Farm - Fire Risk Assessment - Bel Air

In an announcement that may reshuffle the deck for homeowners’ insurance across California, industry giant State Farm revealed a strategic shift in their coverage plans, affecting thousands of property and commercial apartment policies in the state. With implications extending to the very nature of wildfire and earthquake risk management, this move by State Farm is poised to remove billions in risk from the company’s books. Earthquake Aftermath Concerns Amplify Fire Risks in California While earthquake policies in California are indeed underwritten through the state-run California Earthquake Authority, State Farm’s heightened…

Hawaii wildfires cause second highest losses to the insurance industry in the state

August 17, 2023August 16, 2023 Nordstrom

The total covered losses are still climbing on Maui island and will reach the state’s second highest. The total losses the insurance industry is on the hook for due to the Hawaii wildfires on Maui island are expected to reach the second highest in the history of the state, according to modeling cited by a recent Reuters report. The rapidly moving blaze began last week and has devastated the historic resort town of Lahaina. Lahaina has been particularly hard-hit by the blazes. A historic resort town today, it was once…

AIR Worldwide Appoints Bill Churney Chief Operating Officer

July 23, 2013 Guest Author

BOSTON, July 23, 2013 ─ Catastrophe modeling firm AIR Worldwide (AIR) has appointed Bill Churney to the position of chief operating officer. Churney will have immediate responsibility for all product management, software product development, global business development, marketing, consulting, and client service activities. “We’re extremely pleased to welcome Bill Churney to the newly created position of COO to help lead AIR as we continue to experience rapid growth in the global market for catastrophe modeling and related risk management services,” said Ming Lee, CEO of AIR Worldwide. “Bill has been…