FBI Warned Agents It Believes Phone Logs Hacked Last Year
Insurance Journal
JANUARY 16, 2025
FBI leaders have warned that they believe hackers who broke into AT&T Inc.
2025
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The Rising Insurance Crisis: Advocating for Policyholders Beyond the Courtroom—Dr. Phil Primetime with Steven Bush
Property Insurance Coverage Law
JANUARY 18, 2025
Millions of Americans have faced an escalating crisis with their homeowners insurance. Premiums have soared, and coverage options have dwindled, leaving countless families vulnerable to financial ruin. The recent Dr. Phil Primetime episode, The Shocking Truth Behind Rising Insurance Rates, exposed the systemic issues driving this crisis, highlighting personal stories of loss and struggle.
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Texas Lawsuit Alleges Allstate Illegally Collects Driver Data
Insurance Journal
JANUARY 13, 2025
The State of Texas on Monday filed a lawsuit against Allstate, alleging the insurance company illegally collects driver data through secretly embedded software in mobile apps and then uses the data to justify raising Texans’ insurance rates.
A Los Angeles Actuary on Lessons From the Palisades Fire
Insurance Journal
JANUARY 16, 2025
I watched as the skies over my home in Los Angeles turned an apocalyptic orange on January 7, 2025, as wildfires raged across the state.
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LA Wildfires Losses Could Top $30 Billion for Insurance Industry
Insurance Journal
JANUARY 14, 2025
Wildfires that have ravaged swaths of Los Angeles could result in losses of as much as $30 billion for the insurance industry as the blazes rage on almost a week after they ignited.
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Insurance Payouts at $4 Billion and Counting for LA Wildfires
Insurance Journal
JANUARY 30, 2025
Preliminary data show insurance companies have paid out more than $4 billion for losses from the biggest two of the Los Angeles-area wildfires that swept through the region and destroyed tens of thousands of homes earlier this month.
Re/Insurance Losses From LA Wildfires Expected to Be Significant but Manageable: S&P
Insurance Journal
JANUARY 10, 2025
Insurers are facing significant losses from the catastrophic Los Angeles wildfires — given the high value of homes and businesses in the affected communities.
Musk’s Massive Tesla Lithium Plant Hunts for Water in Drought-Hit Texas
Insurance Journal
JANUARY 7, 2025
Twenty miles outside Corpus Christi, Texas an area so dry the local water company distributes shower timers at high school football games the world’s richest man is nearly done building a lithium refinery that could require as much …
Cyber, Business Interruption, Natural Disasters Listed as Top 3 Business Risks: Allianz
Insurance Journal
JANUARY 15, 2025
Cyber, business interruption and natural catastrophes are the top three risks that concern global businesses, according to the Allianz Risk Barometer 2025.
Insured Losses From Los Angeles Wildfires Rising: $8B to $20B
Insurance Journal
JANUARY 9, 2025
With aerial firefighting returning as strong Southern California winds died down for a bit, damage assessments from a handful of destructive Los Angeles area blazes are sure to become clearerlikely pushing up billion-dollar-plus insured loss estimates put forth from fires …
California Expands Moratorium on Homeowners Insurance Cancellations and Non-Renewals
Insurance Journal
JANUARY 15, 2025
California Insurance Commissioner Ricardo Lara expanded emergency insurance protections for Southern California homeowners, adding new ZIP Codes to those already under a mandatory one-year moratorium on insurance non-renewals and cancellations.
FEMA to Borrow $2B to Pay Flood Claims After Hurricanes Helene and Milton
Insurance Journal
FEBRUARY 12, 2025
The Federal Emergency Management Agency said it needs to borrow $2 billion from the U.S. Treasury to cover claims from National Flood Insurance Program policyholders.
Los Angeles Fires Become Existential Test for California’s Stopgap Insurer
Insurance Journal
JANUARY 9, 2025
The conflagrations tearing across Los Angeles are on track to be among the most expensive wildfire disasters in U.S. history, draining insurance coffers and threatening California’s massive state-sponsored insurance program.
California Wildfires Will Likely Lead to Large Economic and Insured Losses
Insurance Journal
JANUARY 8, 2025
Active wind-driven wildfires in Southern California that are estimated to have burned more than 1,000 properties and prompted evacuation orders for more than 80,000 residents will likely lead to what industry watchers say will be sizable insured losses.
Insurtech Qumis Raises $2.2M to Automate Policy Reviews With AI
Insurance Journal
JANUARY 30, 2025
Qumis, a lawyer-built AI-driven platform designed to transform insurance knowledge work, announced the close of an oversubscribed $2.2 million pre-seed funding round.
Texas Stock Exchange Raises $161 Million, Sees 2026 Trading Start
Insurance Journal
FEBRUARY 3, 2025
TXSE Group Inc., parent company of the proposed Texas Stock Exchange, closed its initial fundraising round at $161 million and said the TXSE has filed for registration as a bourse with the US Securities and Exchange Commission.
Private Hospital Owner Prospect Medical Files for Bankruptcy
Insurance Journal
JANUARY 12, 2025
Prospect Medical Holdings Inc., once an active buyer of cash-strapped hospitals, filed for bankruptcy after struggling with debt piles and soaring costs.
Actuary Group Forecasts Climate Change to Have Massive GDP Hit Without Policy Action
Insurance Journal
JANUARY 16, 2025
Here’s stark warning in a new report from a group of actuaries: the global economy could face a 50% loss in GDP between 2070 and 2090.
LA Neighbors See Much Different Post-Wildfire Rebuilding Options Due to Insurance Crisis
Insurance Journal
FEBRUARY 6, 2025
Before a wildfire ravaged their street in northwest Altadena, Louise Hamlin and Chris Wilson lived next door to each other in nearly identical houses.
Did Florida Appeals Court Put the Final Nail in the AOB Coffin? Maybe
Insurance Journal
JANUARY 6, 2025
Almost five years after Florida lawmakers clamped restrictions on assignment-of-benefits agreements and two years after they effectively outlawed AOBs altogether, state appeals courts may have finally put an end to one creative way that been used in attempts to get …
China Frees Possible $27 Billion From Insurers to Buy Gold
Insurance Journal
FEBRUARY 10, 2025
A pilot program in China that allows insurers to buy gold for the first time could free up billions of dollars of investment in the metal, adding further impetus to a record-setting rally. Prices hit a fresh peak.
Slower Growth but Surplus Lines Premiums Still Up 12% in 2024
Insurance Journal
FEBRUARY 5, 2025
The excess and surplus lines market continued to grow in 2024, with premium reaching more than $81 billion, according to annual reports from 15 state stamping offices released by the Wholesale & Specialty Insurance Association (WSIA).
Edison Utility Sued Over Role of Equipment in Los Angeles Fire
Insurance Journal
JANUARY 13, 2025
Edison International Inc.’s southern California utility was hit with a lawsuit blaming the energy provider’s equipment for igniting one of the wildfires still raging in the second-largest US metropolis.
California Insurance Commissioner Rejects State Farm’s 22% Rate Request
Insurance Journal
FEBRUARY 14, 2025
California Insurance Commissioner Ricardo Lara did not approve an emergency, interim 22% rate request from State Farm, instead calling a meeting with the carrier to get some answers about the carrier’s financial situation and more.
Reuters Exclusive: Investor Climate Group Suspends Activities After BlackRock Exit
Insurance Journal
JANUARY 13, 2025
A flagship coalition aimed at aligning the asset management industry with global climate goals said it was suspending its activities on Monday, days after BlackRock, the world’s biggest investor, left amid a political backlash in the United States.
Mangrove, Another New Property Insurer, Enters Florida Market
Insurance Journal
JANUARY 27, 2025
Former RenaissanceRe executive Stephen Weinstein has launched a new Florida-domiciled insurance carrier, known as Mangrove Property Insurance, with plans to assume thousands of policies from Citizens Property Insurance Corp.
Wildfire Smoke Health Risks Can Linger in Homes That Escape Burning − as Colorado Survivors Discovered
Insurance Journal
JANUARY 2, 2025
(THE CONVERSATION) On Dec. 30, 2021, a wind-driven wildfire raced through two communities just outside Boulder, Colorado. In the span of about eight hours, more than 1,000 homes and businesses burned.
Insured Losses From Natural Disasters Hit $140B as Climate Change ‘Shows Its Claws’
Insurance Journal
JANUARY 26, 2025
By L.S. Howard Insurers saw the third most expensive year for natural catastrophe losses in 2024 — reaching a total of $140 billion — as climate change “is showing its claws,” according to Munich Re.
City of London Hit Harder Than Rest of Economy Since Brexit Vote
Insurance Journal
FEBRUARY 3, 2025
The City of London, once considered the crown jewel of Britain’s dominant services sector, has performed even worse than the rest of the economy in the years following the Brexit referendum. Financial and insurance output has grown just 2.
Merck’s $8 Billion Cancer Vaccine Faces First US Jury Trial
Insurance Journal
JANUARY 27, 2025
Merck & Co. is facing its first jury trial over claims the company wrongfully marketed its lucrative Gardasil cancer vaccine as safe, the latest high-stakes litigation for the pharmaceutical giant.
LA Wildfires by The Numbers: Insured Losses, Total Losses, Ratings, Rates
Insurance Journal
JANUARY 24, 2025
The impact of the historic Los Angeles-area wildfires is being broadly examined and continually refined, with updates almost daily on insured losses, total economic losses damages, credit ratingsand lately worrying outlooks for the effect of the fires on insurance rates.
New Orleans Barriers to Prevent Vehicle Attacks Were in the Process of Being Replaced
Insurance Journal
JANUARY 3, 2025
NEW ORLEANS (AP) Seven years ago, New Orleans officials began installing adjustable barriers at intersections in the famed French Quarter to temporarily prevent vehicles from entering the tourist area where the narrow streets are typically teeming with pedestrians every …
Growing Concerns About Wildfires in Carolina Thanks to Kindling Left by Helene
Insurance Journal
JANUARY 21, 2025
As southern California continues to suffer from wildfires, officials in another part of the country fear their area could be next thanks to tons of dry wood left over from Hurricane Helene’s wind and flooding.
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