Live Insurance News

A Wake-Up Call for Healthcare? Inside Blue Cross Blue Shield MA Historic $400M Loss

March 4, 2025March 4, 2025 Live Insurance News

Blue Cross Blue Shield of Massachusetts Reports Record $400.4M Loss in 2024 Healthcare Spending Surge Creates Financial Pressures Blue Cross Blue Shield of Massachusetts (BCBSMA) ended 2024 with a staggering $400.4 million operating loss, marking the most severe financial setback in the nonprofit insurer’s history. The company attributed this decline to an unprecedented surge in healthcare spending, which has risen at its fastest pace in more than a decade. For context, the company’s largest prior loss, recorded in 2009, was $223.6 million—less than half of 2024’s figure. BCBSMA’s net loss…

What the Proposed Rate Hikes Mean for North Carolina Homeowners Insurance Policies

January 13, 2025January 13, 2025 Nordstrom

North Carolina Faces Rising Homeowners’ Insurance Rates Background on the Rate Increase Proposal North Carolina homeowners are bracing for a significant decision regarding a substantial proposed increase in homeowners’ insurance premiums. The North Carolina Rate Bureau (NCRB), representing private insurance companies, has requested an average statewide rate hike of 42.2%. Insurers argue that escalating costs due to natural disasters, repair expenses, and reinsurance premiums necessitate the increase. While the proposed hike averages 42.2%, coastal areas like Emerald Isle and Swansboro could see skyrocketing increases ranging from 71.4% to 99%. Meanwhile,…

How Rising Auto Insurance Costs Are Changing the Way We Buy Cars

January 13, 2025January 13, 2025 John Bowers

Rising Auto Insurance Costs: A Growing Concern for U.S. Drivers Auto insurance premiums in the United States have reached record highs, raising concerns about affordability for many Americans. A recent study by Jerry revealed that eight out of 10 U.S. drivers believe auto insurance has become prohibitively expensive for the average person. Even higher-income earners, those making more than $129,000 annually, are feeling the pinch. Nearly half of them have been shopping for better rates, while over half have opted for reduced coverage heading into 2024. This steady climb in…

California on Fire, Again: Are We Prepared for Bigger and Faster Blazes?

January 9, 2025January 9, 2025 Nordstrom

Wildfires Ravage Los Angeles: A Climate Crisis Unfolds Los Angeles is once again in the grip of a wildfire crisis as multiple blazes, including the Hurst, Palisades, and Eaton fires, scorch the region. These fires have collectively consumed over 16,000 acres, destroyed more than 1,000 structures, and forced tens of thousands of residents to flee. The Hurst Fire, which broke out in the Sylmar area, alone has spread to 500 acres with 0% containment, underscoring the ferocity of these disasters. This comes as Southern California endures powerful Santa Ana winds,…

Mortgage Mayhem: How a 50% Home Insurance Rate Jump is Stressing Finances

October 14, 2024October 13, 2024 Angela Linders

Are You One of the 50%? Understanding Your Essential Escrow Account Escrow accounts are pivotal in managing the financial responsibilities associated with homeownership. Despite their importance, a survey by LERETA reveals that only about half of the homeowners with an escrow account completely understand how it functions. This lack of comprehension is concerning, especially since these accounts are essential for paying property taxes and insurance premiums. Escrow accounts are commonly required for mortgage holders with less than 20% equity in their homes and are mandatory for federally-backed FHA loan borrowers.…

California Homeowners Face 34% Rate Hike as Allstate Follows State Farm’s Lead in Insurance Shakeup

July 31, 2024July 30, 2024 Archie Walsh

California Homeowners insurance rates going up

LOS ANGELES: In a move that mirrors State Farm’s recent actions, Allstate is seeking a substantial increase in its California homeowners insurance premiums. First reported by the Los Angeles Times, Allstate aims to raise rates by an average of 34%, marking the largest rate hike in the state this year. If approved by the California Department of Insurance, this increase will impact over 350,000 policyholders. This latest development follows State Farm’s request for significant rate increases, including a 50% hike for renters and a 30% hike for homeowners. The six-largest…