UN Secretary General Guterres warns of insurance industry “race against time”

Insurance industry - climate change - time

A plea for action was made during the virtual Insurance Development forum closing remarks. In UN Secretary-General António Guterres’ closing remarks at the Insurance Development Forum held virtually earlier this week, he asserted that the insurance industry is in a “race against time” to make the adaptations necessary for adapting to the speed of climate change. As the climate continues to change rapidly, the risks are altering their shape, size, and frequency. According to Guterres, carbon neutrality worldwide must be achieved within the next thirty years, global finance needs to…

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Low-income Americans to receive flood insurance cost support

Flood insurance cost - umbrella covering dollar sign

The Biden administration’s budget includes a plan for helping people to purchase the coverage. As the Federal Emergency Management Agency (FEMA) works to overhaul the National Flood Insurance Program (NFIP), the President Biden is seeking to bring down the flood insurance cost for low-income Americans. The budget proposes a new program that would provide $358 million to support the effort next year. That money would help low-income families to cover their flood insurance cost and to take additional action to prevent their properties from flooding. This new program was a…

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The California Unemployment Insurance Fund will be over $24B in debt this year

California unemployment insurance - Debit - calculator - budget

The COVID-19 pandemic caused job losses causing the state to fall deep in debt to the federal government. The California Unemployment Insurance Fund (UIF) has racked up a substantial debt to the federal government in its efforts to support residents who lost their jobs throughout the pandemic. The revised 2021-22 budget published by Governor Gavin Newsom made reference to the debt. A paragraph in the revised budget on page 180 pointed to the challenge the state now faces regarding its California unemployment insurance fund’s debt. To support Californians who lost…

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Connecticut moves undocumented immigrant health insurance plan forward

Undocumented immigrant health insurance - young girl in hospital

The state’s lawmakers have taken another step closer to offering government-sponsored coverage. Lawmakers in Connecticut heard what they described as emotional testimony last week as they move forward by another step in a plan for state-sponsored undocumented immigrant health insurance. The legislation is being formed to provide coverage to individuals up to the age of 18 years. “I’m looking at doing youth up to age 18. I looked at California and what they’ve done in California,” said Senator Marilyn Moore (D-Bridgeport). She added that she feels that it is not…

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Aon insurance broker ends relationship with Trump Organization

Aon Insurance Broker - Goodbye street sign

This breaks the coverage relationship with the company’s hotel, luxury residence, and golf course business. The Aon insurance broker has ceased its business relationship with the Trump Organization. This includes the hotel, luxury residence, and golf course business run by Donald Trump Jr and Eric Trump. The broker has acted at a time when companies and New York City are severing ties with Trump-owned businesses. At the time this article was written, the details of the Aon insurance broker’s withdrawal from the Trump Organization have not yet been revealed. However,…

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Homeowners insurance non-renewal protection issued to several Californian communities

Homeowners Insurance Non-Renewal - neighborhood in California

Residents of almost 2.4M homes will benefit from a one-year moratorium against wildfire risk cancellation. Almost 2.4 million policyholders will be protected against homeowners insurance non-renewal for the next year. Millions of property owners faced having their policies cancelled due to increased wildfire risk. The historic wildfires that blaze their way through the state every year have caused homeowners insurance non-renewal trends to skyrocket in California. This has threatened the ability of many residents to find affordable coverage, or any coverage at all. That said, on December 31, California Insurance…

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Chinese regulator makes moves to alter rules for foreign insurance companies

Foreign insurance companies - Beijing China

A draft decision has already been issued to help clarify the changes that may take place. China’s insurance regulator has released an exposure draft regarding the rules applied to foreign insurance companies doing business in the country. The draft is meant to provide clarification of the access standards for insurers from other countries. The standards apply to foreign insurance companies in addition to overseas financial institutions. The details of the draft were released in a document with the title “Decision on Amending Regulations on the Administration of Foreign-funded Insurance Companies…

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