Home insurance coverage rules shock many new dog owners in adoption boom

Home-insurance-coverage - Doberman and a Yorkshire Terrier

The pandemic has caused breeders and shelters to sell out, but some owners aren’t as covered as they think. Dogs were among the sales booms to take off as a result of the pandemic, but many owners are shocked to discover that their home insurance coverage doesn’t cover their new pets. There are certain breeds that many insurers simply will not cover for expensive liability claims. As a result, if a dog bites someone or causes them injuries in another way such as by scratching them or jumping on them,…

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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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California RV insurance policies soar after another year of top sales and rentals

California RV insurance - RVs

Motorhome travel is up by 143 percent, and this year’s season is only getting started. California RV insurance is experiencing a boon as recreational vehicles begin another popular season due to the pandemic’s impact on travel. Campers and road trippers are buying and renting these vehicles like never before. California RV insurance is among the states that have enjoyed some of the highest growth rates, as the state is already known for its outstanding views and spectacular camping and road tripping opportunities. The outdoor experience in the state simply lends…

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Progressive Corporation records $40 million reinsurance recovery for February

Reinsurance recovery - Winter storm - ice on home

The US winter storms, particularly occurring in Texas and Oregon, generated massive catastrophe losses. The Progressive Corporation recorded reinsurance recovery of $40 million in February as a result of the extreme winter weather that struck southern regions of the United States. Insurance damages left behind by the extreme and uncommon weather in the south were substantial. During February 2021, Progressive’s catastrophe losses were recorded at $87 million. This translated to a net catastrophe loss ratio of 2.7 percent of the insurer’s earned premiums, including the reinsurance recovery impact. The vast…

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Florida flood insurance rates are too low, says recent study

Florida flood insurance rates - water in house

New research shows that the National Flood Insurance Program is undercharging property owners. Florida flood insurance rates aren’t as high as they need to be to reflect the risk associated with the property, says the results of a recent study. It indicates that the National Flood Insurance Program is undercharging people and that it could justifiably raise its rates. Undercharging Floridians means that it is more affordable for people to live in dangerous locations. The Florida flood insurance rate findings were made following a new analysis by First Street Foundation.…

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Systemic pandemic risk is too much for insurance industry capacity, says Generali CEO

Systemic Pandemic Risk - EU mask

Philippe Donnet said that insurers must make changes to create more protection. The European insurance industry is not equipped with the necessary capacity to handle the systemic pandemic risk, said Philippe Donnet, Generali insurance company CEO. The Italian insurer’s chief says that considerable additional protection must be implemented. According to Donnet, in order to equip the insurance industry with what it needs to manage systemic pandemic risk, additional protection must come in the form of private-public partnerships. The Generali CEO made this statement during an online Politico interview cited by…

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Berkshire’s 2020 underwriting profit got a shot in the arm from GEICO

Underwriting profit - Person holding out cash

The company’s income was black, even when its P/C reinsurance experience notable losses. Berkshire Hathaway recently reported that despite the widespread losses it saw in insurance on the whole, it managed to see property/casualty underwriting profit last year due to GEICO’s performance. The number two insurer in the United States managed to more than double its profits from 2019. The results GEICO brought Berkshire Hathaway brought its full-year property/casualty income into the black, despite having seen underwriting losses in P/C reinsurance in both 2019 and 2020. All tolled, GEICO brought…

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