Commissioner Ricardo requires more commercial property insurance from FAIR

Commercial property insurance - Business property insurance

The California plan has been ordered to include increases to the decades-old business coverage limits. California Commissioner Ricardo Lara has announced that his office has ordered that the FAIR Plan must incorporate his mandated increases to the limits to commercial property insurance. The commissioner made the order to boost the coverage limits to better support Californian businesses. Lara announced that the commercial property insurance changes were meant to support businesses in California. “My order is part of an ongoing commitment to helping businesses in California thrive as our economy recovers…

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Local governments are paying more for cyber insurance but getting less

Cyber Insurance - Business

A growing number of governments are purchasing the coverage due to the rapidly increasing risk. Though more local governments than ever are now covered by cyber insurance due to the rising risk of cyberattacks and ransomware, the trend is headed in a direction of increased rates for decreasing coverage. Higher premiums, deductibles and security protocol scrutiny are coming with the rising risks. As a result, it is becoming more expensive for municipal governments to be able to obtain cyber insurance against these types of digital attacks. The cost of premiums…

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Lemonade insurance company buys MetroMile data science firm

Lemonade Insurance - Company acquisition

The insurer is seeking to use the acquisition of the US firm to boost its auto policy offering. The Lemonade insurance company founded in Israel has announced that it has entered into a definitive acquisition agreement to purchase US the MetroMile data science firm, for the purpose of enhancing its auto policy offering. The acquisition of MetroMile represents the company’s first deal of this nature. Lemonade insurance made the acquisition deal in an all-stock transaction on equity value of $500 million, which equates to about slightly more than $200 million…

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Health insurance open enrollment has begun

Health insurance Enrollment Form

Across the country, Americans can now purchase their own plans, many of whom now have more choices. Across the country, Americans who purchase their own health insurance can now do so for 2022 on the federal or state exchanges as the enrollment window has opened. The open enrollment period will continue until next year into January 2022. In California, residents can purchase their health insurance through Covered California, the country’s largest state-run plan marketplace. The plans sold through the exchanges are for people who don’t already receive coverage through their…

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Will the California Department of Insurance report recreate the industry?

California Department of Insurance - Climate Change California

Since August, the state has faced record levels of rain, drought, and wildfires. The California Department of Insurance is taking on climate change and its impact on the industry in the state as it faces challenges increasing in frequency and intensity. The extremes that are regularly affecting the state have reached a point that many people can’t afford coverage. Residents and the businesses are reaching the point that they cannot afford the high premiums their insurers must charge to reflect the risk, and the state can’t afford to have a…

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Colorado health insurance coverage must now include transgender care

Health insurance coverage - transgender flag in shape of heart

The state announced that medical policies must cover gender confirmation care for transgender people. State officials in Colorado have announced that as of 2023, health insurance coverage in the state must include gender-confirmation care for transgender patients. The change has received the federal government’s approval, referring to it as a “landmark step.” The federal government has called this change a “landmark step” in addressing health insurance coverage disparities. The state’s change means that private care plans must cover gender confirmation surgery, hormone therapy, and facial surgery for transgender people. “This…

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International Monetary Fund warns of rising life insurance rates

Life insurance rates - Breaking News

The IMF cautioned that if a sharp bond yield rise occurs, then insurers may be forced to liquidate investments. Life insurance rates are on the cusp of a huge spike if there is a sudden rise in bond yields, leading to an extreme circumstance that could lead insurers to liquidate as much as $1 trillion in investments in the United States and Europe, according to a warning from the International Monetary Fund (IMF). The IMF released this caution in its Global Financial Stability Report. According to the IMF in the…

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