California Insurance Commissioner Lara seeks new guidance to overcome state crisis

G. Turner
California insurance - Home insurance crisis guidance

The state is working on establishing new regulations to help the industry there recover California Insurance Commissioner Ricardo Lara has reached out to insurers in the state, telling them that they must develop ideas beyond rate hikes to overcome the current crisis in the state. Lara is simultaneously working on new state regulations According to Lara, his office and the California insurance industry are “in a forced marriage,” in which “we’re staying together for the kids.”  However, the commissioner was also able to find common ground with the Farmers Insurance…

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Can Insurance Companies Help Fight Global Warming with Incentives?

Logan B.
Insurance Companies - Global Warming Incentives

In an era when climate change poses significant risks, the role of insurance companies is becoming increasingly dynamic. With natural disasters on the rise, leading to soaring claims and heightened premiums, there is burgeoning interest in incentives that promote environmental sustainability. Notably, some insurance providers are strategically mitigating risk while advocating for greener choices by offering discounts and incentives that encourage consumers to adopt eco-friendly practices. Innovative Incentives by Insurance Companies for Environmental Sustainability Mercury Insurance stands at the forefront of promoting environmental responsibility, offering a Green Home discount up…

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Medicaid health insurance coverage is gone for 400k Ohio residents

H. Cutner
Health Insurance - Ohio Flag - Medicaid

Since the “unwinding” of the pandemic rules, hundreds of thousands lost coverage. Since the pandemic enrollment rules have been unwound, around 395,000 Ohio residents have lost their health insurance through Medicaid, and that figure is expected to rise.  It has now been a year since the state ceased the “continuous enrollment” Within the year since the continuous enrollment in Medicaid health insurance – that had previously been a requirement under coronavirus relief legislation from the federal government – hundreds of thousands of people in Ohio lost that coverage.  According to…

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California Insurance Commissioner and Farmers CEO: A Groundbreaking Dialogue on the Insurance Crisis

Angela Linders
california insurance crisis a

California continues to struggle with a growing insurance crisis, as homeowners face towering premiums and the daunting task of securing coverage. Amidst this turmoil, insurers have retreated, leaving many Californians in a lurch. But in a recent twist, the path to resolution may hinge on a compromise that allows insurers to adjust rates based on future risk assessments. State Insurance Commissioner Ricardo Lara, spearheading new regulations to mitigate the crisis, likens his relationship with the insurance industry to a “forced marriage” — staying together for the larger family’s sake. This…

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Will Illinois auto insurance be more affordable with driving habit-based rates?

Marc
Auto Insurance - Illinois Sign on Road

A bill introduced in the state would require insurers to use a driving record to calculate premiums. A bill newly introduced in Illinois would change the way auto insurance companies calculate rates if it is passed in the state.  It would require insurers to use a policyholder’s individual driving records for their premiums calculations instead of looking to socioeconomic factors. House Bill 4611 aims to reduce what it calls discrimination House Bill 4611 was written to ban auto insurance companies from calculating an individual’s rate using criteria that the bill…

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