Live Insurance News

Hawaii’s Governor Green Ignites State Farm Debate and Disaster Fee Proposal

September 5, 2024September 4, 2024 H. Cutner

Governor Green critizising the insurance industry

Governor Green Proposes Visitor Impact Fee for Disaster Insurance Amid Maui Wildfire Recovery In the aftermath of the devastating Maui wildfires on August 8, 2023, which claimed 102 lives and destroyed nearly 4,000 structures, Hawaiian Governor Josh Green has proposed a visitor impact fee to fund state disaster insurance. This initiative aims to ensure Hawaii’s resilience in the face of future natural disasters while addressing the immediate needs of those affected by the recent fires. Criticism of the Insurance Industry With an Emphasis on State Farm Governor Green has criticized…

Allstate’s National General Accused of Forcing Unnecessary Insurance on 2 Million Cars

July 30, 2024July 29, 2024 Logan B.

The U.S. Department of Justice (DOJ) has filed a civil lawsuit against Allstate-owned National General, accusing the auto insurance brand of defrauding customers by force-placing unnecessary Collateral Protection Insurance (CPI) on vehicles financed by Wells Fargo. This lawsuit, filed in the U.S. District Court for the Western District of Pennsylvania, addresses fraudulent activities that allegedly occurred between October 2005 and September 2016. Allstate’s National General and The Forced Placed Insurance Allegations The DOJ claims that National General, which was acquired by Allstate in early 2021, imposed CPI on borrowers who…

State Farm and Allstate Sued by Maui Wildfire Victims: $4 Billion Settlement Battle Erupts

July 23, 2024July 22, 2024 H. Cutner

Legal Battle Over Maui Wildfire Settlement A significant lawsuit has been initiated by victims of the 2023 Maui wildfires against insurance companies State Farm and Allstate Insurance. Filed last Friday in a Maui state court, the suit accuses these insurers of interfering with a proposed $4 billion settlement intended to support those impacted by last year’s disastrous fire. Insurers Seek Major Reimbursement According to Bloomberg, the tentative settlement of $4 billion, while significant, falls short of the estimated $5.5 billion in capital costs resulting from the fires, based on last…

Insurance losses continue to climb from Maui wildfires

August 23, 2023August 23, 2023 G. Turner

Aid has started a slow arrival to the Hawaiian island that has been devastated by the blazes. As Hawaii attempts to cope with the aftermath of the catastrophic wildfires that killed over 100 people and destroyed as many as 2,200 structures, the insurance losses continued to be tallied and are only climbing. The economic impact of what the blazes left behind is also only just beginning to be tallied. The Biden administration announced that it would be sending $700 per household in aid to individuals critically impacted by the Maui…

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…