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Yesterdays testimony before the Florida House Insurance & Banking Subcommittee ripped the cover off a story thats been brewing for years: the Office of Insurance Regulation (OIR) under David Altmaier had a completed, paid-for, red-flag-waving report about insurer affiliate transactions showing hundreds of millions of hidden profits for the insurance (..)
As consumer complaints have apparently mounted over unpaid hurricane losses, Florida’s top insurance regulator and some lawmakers are signaling new scrutiny on insurance carriers’ claims-handling and other practices. Florida Insurance Commissioner Michael Yaworsky late last week posted a memo, demanding …
Brand new Florida home insurer Mangrove Property Insurance Co. a financial analysis firm that specializes in rating regional and specialty insurers. As previously reported by Insurance Journal, … has received a Financial Stability Rating (FSR) of “A, Exceptional” from Demotech, Inc.,
Treasury’s Federal Insurance Office last week released what it called the “most comprehensive data on homeowners insurance in history.” ” Weeks after a U.S. Senate committee released a study and held a hearing on the affect of climate change …
Insurance professionals use Trellis to streamline claims management by analyzing legal trends, predicting outcomes, and strategizing effectively to serve clients better. What's more, our Insurance API equips insurance carriers with litigation records and comprehensive claims insights.
Concerns about Florida-based insurance carriers masking profits with the help of affiliated companies has spilled across the border into Georgia, with one state senator calling for an investigation. Nabilah Islam Parkes, D-Duluth, this week sent a letter to Georgia …
January 2025 report from the Geneva Association, titled “Insurance in a Fragmented World Economy,” found that geopolitical tensions have driven the global economy toward “geoeconomic fragmentation.” ” Geoeconomics refers to the intersection of geopolitical forces and economic policies.
Florida legislative leaders, facing increasing pressure from the public and the press, this week pledged to investigate property insurers’ financial structures. And bills filed before the 2025 Legislature began this week also would require executive pay disclosure by carriers, along …
The Doctors Company, the Napa, California-based, physician-owned medical malpractice insurer, announced it has entered an agreement to acquire ProAssurance Corp. billion, taking the company private. Under the terms of the agreement, ProAssurance stockholders will receive $25.00 in cash …
Insurers are betting on a suite of new AI-driven techniques to better predict surging losses from climate-driven weather catastrophes ranging from unprecedented wildfires to hurricanes and floods. Less than three months into the year, natural disasters are already causing major …
Seeing firsthand the devastating aftermath and hearing the deeply emotional stories from these homeowners is heartbreakingbut whats even worse is witnessing how some insurance companies continue to compound their customers’ trauma … The post Why Are California Insurers Putting Their Policyholder Customers at Risk For Their Health?
The growing adoption of data-driven underwriting and predictive analytics has given delegated underwriting authority enterprises (DUAEs) a competitive advantage within the insurance industry, with technology serving as a cornerstone for many of these operations. An AM Best survey of its …
Tennessee-based Selectsys, an insurtech specializing in business process outsourcing for insurers, has acquired Expert Insured, an artificial intelligence-led insurance management system for wholesalers, carriers and managing general agents. With headquarters in Boston, Expert Insured also has …
A new bill filed in the Florida Senate by Don Gaetz is making waves by proposing that insurance companies disclose the financial relationships of their executives and related entities. It also demands transparency … The post Why Shouldn’t Insurance Executives Disclose Their Pay?
A recent public records request byTampa Bay Timesreporter Lawrence Mower has uncovered a revealing memo from Floridas Office of Insurance Regulation (OIR) that could mark a major turning point in how the state handles insurance regulation.
Floridas homeowners have been paying ever-increasing insurance premiums, but where has all that money been going? A secret state report, which regulators conveniently left unfinished and never shared with lawmakers, might have held the answer.
World Insurance Associates LLC has acquired Royalty Insurance Services in Van Nuys, California. Royalty has been providing commercial trucking insurance for over 23 years. World Insurance Associates is a national financial services organization headquartered in Iselin, New Jersey operating from …
I recall the very first business interruption claim I did was for a risk in Toowoomba and to my horror found that the Insured had only declared 3 months insurable gross profit with a 3-month Indemnity Period. Where a client, sought to insure for less than 12 months they would offer a discount on the premium rate.
A new bill filed in the Florida Senate by Don Gaetz is making waves by proposing that insurance companies disclose the financial relationships of their executives and related entities. It also demands transparency … The post Why Shouldn’t Insurance Executives Disclose Their Pay?
When navigating contested property insurance claims, insured parties may receive a request from their insurer for an Examination Under Oath (EUO). It is a formal proceeding, not unlike a deposition, where an insured is required to answer questions under oath about their insurance claim.
Global commercial insurance rates fell 2% in the fourth quarter of 2024 following a 1% decline in Q3 2024 marking the second consecutive quarterly decrease following seven years of rising rates, according to the Global Insurance Market Index published …
Seeing firsthand the devastating aftermath and hearing the deeply emotional stories from these homeowners is heartbreakingbut whats even worse is witnessing how some insurance companies continue to compound their customers’ trauma … The post Why Are California Insurers Putting Their Policyholder Customers at Risk For Their Health?
China’s National Financial Regulatory Administration on Saturday issued guidelines for insurance groups to manage “concentration risks,” asking insurers to hold sufficient capital and liquidity buffers.
million in cash, as part of certain insurance settlements related to its aircraft which were blocked from leaving Russia after the country’s invasion of Ukraine. Aircraft lessor Air Lease Corp. said on Monday it has received $328.5 Before the invasion …
Ahead of a decision from California’s insurance commissioner on a State Farm General request for emergency rate increases, company executives and representatives of a consumer group pled their opposing cases in letters to Commissioner Ricardo Lara. News outlets in California …
the international specialty insurer and reinsurer, announced it has received in-principle approval to launch Lloyd’s Syndicate 1984, which will commence underwriting in April 2025. Convex Group Ltd., Convex said it has worked with its advisers Gallagher Re and Asta, which …
1 Insuring property for unmarried couples is not so easy in many states. A recent Michigan case found that the unmarried woman did not qualify as an insured under a … The post Insuring Unmarried CouplesIs There Coverage? appeared first on Property Insurance Coverage Law Blog.
How do insurance claims work when your home has already been damaged once? A recent Florida Office of Insurance Regulation (OIR) Bulletin clarifies how insurers must handle claims for multiple hurricanes. But what happens when two hurricanes strike in the same season?
Hawley Insurance Co. 2025)), the United States District Court for the Southern District of New York determined that the plaintiff lacked an insurable interest in property it insured because it did not own or possess the property or suffer economic loss due to the propertys destruction. Hawley Insurance Co.
World Insurance Associates LLC acquired the business of Business Contractors Insurance Services in Santee, California. The firm provides insurance services to individuals and businesses. World Insurance Associates is headquartered in Iselin, N.J., … BCIS was founded more than 15 years ago.
Baloise Holding AG and Helvetia Holding AG have been exploring a possible combination that could create one of Switzerland’s largest insurers, according to people familiar with the matter. The companies have held on-and-off discussions in recent months about a potential …
A new investigation into Floridas property insurance industry is set to begin, raising significant questions about insurer profitability, financial transparency, and the true reasons behind skyrocketing premiums for policyholders.
Thats the reality policyholders face when insurance companies delay or wrongfully deny claims, only to make a late payment after an appraisal and walk away without any real accountability. Last weeks decision in Mirelez v.
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How many days do you have to move into a new home after purchase to keep your insurance coverage valid? AmGuard took the position that the new homeowner had no coverage because she was not living at the premises when she purchased the policy … The post When Does Property Insurance Coverage Start?
Thats the reality policyholders face when insurance companies delay or wrongfully deny claims, only to make a late payment after an appraisal and walk away without any real accountability. Last weeks decision in Mirelez v.
Is an Invasion Covered Under a Commercial Insurance Policy? appeared first on Property Insurance Coverage Law Blog. where I gave a short explanation of the day: Tampas Mayor refused to hand over the keys to the city on Tuesday to … The post Pirates Invade Tampa!
A recent federal court decision favoring Liberty Mutual Insurance Company in a pipe burst claim1 left me thinking about two lessons. First, this case strongly reminds policyholders to be aware of time limits in their insurance policies and take action as soon as they believe their claim is not being handled fairly.
This is the fourth post in a series that looks at the coverage afforded by various types of insurance products. Today we look at Landlords Insurance. Landlords’ insurance falls within the same category as home and contents and some residential strata. This to me is quite a fair approach by the insurers involved.
Global cyber insurance provider Coalition announced a new $30 million equity investment from Insurance Co., MSI), a member of MS&AD Insurance Group. The investment anchors a strategic partnership aimed at bringing what San Francisco-based Coalition calls its “Active Insurance” …
MS&AD Insurance Group Holdings Inc. announced it will merge two of its non-life insurance company subsidiaries Mitsui Sumitomo Insurance Co. and Aioi Nissay Dowa Insurance Co. The aim of the merger is to build a more robust …
State legislators enacted valued policy laws in the late 19th century with significant debate.The insurance industry was dead set … The post History of The Valued Policy LawsInsurers Threatening to and Leaving Markets is Nothing New appeared first on Property Insurance Coverage Law Blog.
Property insurance adjustersboth company-employed and independentserve as the backbone of the claims process, ensuring that policyholders receive the full benefits of their coverage as swiftly and fairly as possible.
million fine and take action to improve claims handling and prevent balance billing for out-of-network treatment after a state Department of Insurance investigation detailed multiple allegations. UnitedHealthcare of North Carolina has agreed to pay a $3.4 “Patients receiving emergency room …
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