insurance policy cancellations Archives

State Farm Sounds the Alarm with Emergency Rate Hike—Here’s What Homeowners Need to Know

February 5, 2025February 5, 2025 Live Insurance News

State Farm’s Financial Struggles Amid Wildfire Claims California is no stranger to devastating wildfires, and the recent Palisades and Eaton fires in Los Angeles have once again highlighted the financial strain these natural disasters impose. This time, the repercussions are driving California’s largest homeowner insurance provider, State Farm General, to seek an emergency interim rate hike of 22%. The company says the increase is necessary to stabilize its finances after paying over $1 billion in claims related to the destruction caused by the fires. State Farm’s request, submitted to California’s…

Lloyd’s aims to cancel insurance policies of sanctioned Russian businesses

March 28, 2022March 25, 2022 Marc

Insurance policies - Lloyd's of London Building reflected in glass

This move has arrived as the massive marketplace steps back into profitability after pandemic losses. Lloyd’s of London has announced that it is working with the government of the United Kingdom for the implementation of sanctions against Russian firms due to the war in Ukraine, including cancelling their insurance policies. Shortly after announcing the return to profit, the largest insurance market in the world sees a tough year ahead. According to the market, the war in Ukraine will present a “major claim” for the industry as it seeks to cancel…