Louisiana’s Bold Repeal Sets Stage for Insurance Market Overhaul

Insurance Market - Louisiana - Home - Repeal

In a decisive move, the Louisiana Legislature repealed a longstanding law on Monday, signaling significant changes for homeowner insurance policies across the state. The decision, part of Insurance Commissioner Tim Temple’s ambitious agenda, aims to introduce more competition in the insurance market, potentially providing Louisiana homeowners with options for lower premiums. House Bill 611, pushed by Rep. Gabe Firment, R-Pollock, garnered final approval and now awaits the signature of Gov. Jeff Landry. This bill notably targets Louisiana’s unique three-year rule prohibiting insurers from altering deductibles or discontinuing homeowner policies that…

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Colorado House passes gun insurance law to encourage firearms safety

Gun insurance - Colorado Law

The legislation was sponsored by Representatives Iman Jodeh and Steven Woodrow The Colorado House recently passed legislation to promote responsible firearms ownership by creating a requirement liability gun insurance. HB24-1270 passed the House by a vote of 33-29 Sponsored by Representatives Stephen Woodrow and Iman Jodeh, the purpose of the gun insurance law is to encourage owners of firearms to take greater efforts in the name of safety. “The costs of gun violence are staggering, and taxpayers are often left footing the bill. This legislation helps cover costs while promoting…

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AI insurance technology appeals to execs but not underwriters

Insurance technology - Insurance AI

The industry – like many others – is looking at artificial intelligence and machine learning While the industry is very aware of new insurance technology such as artificial intelligence and machine learning to improve, not everyone is ready to take it on as a part of their workday. Execs are more enthusiastic about AI than underwriters Executives see the potential in the benefits of insurance technology that includes artificial intelligence and machine learning when introduced into workflows. That said, less than half (43 percent) of underwriters have the same opinion…

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

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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A Curious Case of British Columbia’s Ban Amidst US Automation Optimism

Autonomous Car - BC Ban

While the United States gears up for a driverless future, with expectations set to see fully automated cars by 2025 and beyond, British Columbia takes a surprising detour. The province has instituted a new regulation, effectively banning the use of autonomous vehicles on its roads, raising eyebrows and prompting discussions over safety concerns and the future of the insurance industry. Autonomous Cars – A Green Light in the US, A Red One in BC The cutting-edge narrative of autonomous vehicles—heralded by the U.S. National Highway Traffic Safety Administration (NHTSA) as…

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