Live Insurance News

Colorado homeowners scramble to find affordable wildfire insurance

January 5, 2023January 4, 2023 Nordstrom

Wildfire insurance - Homeowners Coverage

State lawmakers are pursuing a government-run plan for property owners to use as a last resort. Residents of Colorado are well aware of the importance of wildfire insurance, following several years of major blazes. That said, they are struggling to find the coverage they need, particularly at an affordable price. State Representative Judy Amabile (D) has seen her own neighbors and constituents struggling. “I am starting to hear some of my neighbors are not getting renewed and I would have never dreamed I was at risk of a wildfire,” said…

Gov Desantis signs Florida insurance bill to stabilize the state’s property market

December 22, 2022December 21, 2022 Nordstrom

The intention is to bring stability to the crumbling market, but whether it will work has yet to be seen. Governor Ron DeSantis (R) has signed a new Florida insurance bill into law with the hopes of bringing considerably greater stability to a market that has been experiencing a downward spiral, particularly this year. How much it will work and, if so, when it will have an impact, will be interesting to watch. Among the primary goals of the bill was to help deter Florida insurance claims from ending up…

Allstate CEO says State Farm auto insurance rates will soon increase

December 15, 2022December 14, 2022 Nordstrom

Tom Wilson has predicted that his company’s largest competitor will also be raising rates. President and CEO at Allstate Tom Wilson has predicted that State Farm will also be pushing to make auto insurance rate hikes in 2023, when he spoke at the Goldman Sachs 2022 US Financial Services Conference. Allstate has already started requesting rate increases and expects State Farm to do the same. Wilson pointed to the increased prices as a response to inflationary pressures and rising loss costs, and that the move will provide the home and…

Allstate insurance company announces new Chief Legal Officer Christine DeBiase

December 1, 2022November 30, 2022 Nordstrom

The insurer issued a news release welcoming DeBiase to her new position in the corporation. The Allstate Corporation has announced that Christine (Chris) DeBiase will be joining the insurance company just after the start of the new year as its new Executive Vice President, Chief Legal Officer, General Counsel and Corporate Secretary. DeBiase will be taking this position with the Allstate Corporation as of January 3, 2023. DeBiase will be taking the head of Law and Regulation as well as the insurance company’s sustainability strategy. She is an outsider from…

State Farm reminds policyholders to stay safe from holiday risks

November 17, 2022November 16, 2022 Nordstrom

The insurer has provided official tips for avoiding some of the most common “mishaps”. This time of year is filled with food, gatherings, lights, candles, decorations, and unfortunately, holiday risks as well. State Farm has released a list of tips for its policyholders in the hopes of keeping those most common mishaps to a bare minimum or even avoid them altogether. The first recommendations have to do with avoiding the most common causes of kitchen fires. Some of the holiday risks that can be the most damaging or even deadly…

Swiss Re seeks creation of cyber insurance linked securities marketplace

November 10, 2022November 9, 2022 Nordstrom

The global reinsurance giant has stated that the industry needs a new approach to underwriting cyber risk. Swiss Re has issued a call to the industry saying that a new approach is required to underwrite cyber risk while repeating is recommendation for the development for a cyber insurance linked securities (ILS) marketplace. The reinsurance company released a new Institute report including its insights and suggestions. The reinsurer stated in a new Institute report that the cyber risk model is still in its early days and that it has become evident…

Insurance companies have halted cargo coverage for Ukrainian grain

November 3, 2022November 2, 2022 Nordstrom

Insurers have withdrawn their coverage products for shipments of grain leaving Ukraine. Insurance companies have put a stop to the coverage they were providing to cargo shipments from Ukraine through a safe corridor backed by the UN after Russia announced the suspension of its participation, according to industry sources and recent media reports. The export deal between Russia and Ukraine in July was intended to ease a global hunger crisis. The July export deal was brokered by the United Nations and Turkey to ease the world hunger crisis that was…