US Senate Budget Committee is taking a closer look at Florida Citizens Insurance

Marc
Citizens Insurance Focus - home insurance

The Senate Panel is seeking to answer big questions about the insurer’s exposure if a storm hits. The US Senate Budget Committee has requested a slew of documents and information from Florida’s Citizens Insurance, the home insurer of last resort in the state. The investigation has raised questions regarding climate risk and whether a major hurricane would cause the insurer to have to obtain help from the federal government. The committee is aiming to learn more about the insurer’s ability to pay claims in worst case situations. Governor Ron DeSantis…

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Insurance industry reform call by Hillary Clinton at COP28 climate panel

Julie Campbell
Insurance industry - The word Reform

The former US Secretary of State said that it’s time for countries to “rethink” the coverage sector. Former US Secretary of State Hillary Clinton spoke at a COP28 climate panel at the start of this month, calling for insurance industry reforms. The purpose is to address the sector’s issues as insurers increasingly withdraw protection against climate perils. Among the countries and people most impacted by climate change are those in lower-income nations. They also face the greatest struggle to access coverage to protect themselves against economic effects. “We need to…

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Crash Repairs: The Process of Claiming from your Insurance Company

Live Insurance News
auto insurance claims

In the unfortunate event of a car crash, the aftermath can be a stressful and overwhelming experience. Beyond the immediate concerns for safety and well-being, there’s the daunting task of dealing with car repairs and navigating the insurance claim process. Understanding the intricacies of crash repairs and the steps involved in claiming from your insurance company can help ease some of the burdens associated with this challenging situation. Ensuring Safety First: Before delving into the intricacies of the insurance claim process, it’s crucial to emphasize the importance of prioritizing safety.…

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Florida homeowners insurance through Citizens includes random home inspections

H. Cutner
Homeowners insurance - Inspection Form - Florida Flag

Policyholders are worried about the way this new requirement will impact their rates. The largest homeowners insurance company in Florida has added a new requirement to its coverage, which is to conduct random home inspections of its customers. The state-run Citizens insurer has been taking steps to control the rates it charges its policyholders. Citizens, like all homeowners insurance companies in the state, has been required to continually raise its rates as the market in Florida becomes an increasingly costly place to do business. While many insurers have left the…

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The Insurance Industry is Struggling to Recruit New Talent—How New Solutions Are Helping

Archie Walsh
insurance recruitment

Recruitment has been a struggle across many industries, including insurance. Though insurance industry employment rose 1.83% in 2022, there were still 386,000 open jobs by the end of that year and a 14.7% turnover rate, with most of that turnover being voluntary. Economic challenges and a shift in working culture have become significant challenges for many insurance carriers to adapt to, impacting the hiring process. The industry is also aged, with many organizations struggling to appeal to a younger talent pool. As such, the need for more strategic recruitment practices and…

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