As floodwaters rise in California, flood insurance covers few homeowners

Flood insurance - Home near rising waters

Rainstorms have been soaking the state, placing property owners at risk of uncovered water damage. Throughout the entire state of California, only about 230,000 homes and other properties are covered by flood insurance policies. This coverage is not included in standard home policies, leaving Californians vulnerable. Therefore, only about 2 percent of California properties have flood insurance coverage against rising waters from storms such as those that have been soaking the state in recent weeks. For most of the properties that are covered, the federal government is the insurer. About…

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Regulator lets insurance companies buy green bonds as infrastructure investments

Insurance Companies - Invest

India’s top industry authority will classify the purchases as an investment into domestic infrastructure. The Insurance Regulatory and Development Authority of India has announced that insurance companies will be permitted to treat their sovereign green bond purchases as the equivalent to making infrastructure investments. The regulator recently released the decision in a circular, including its purpose for making it. In the circular, the regulator said that it made the decision to allow insurance companies to categorize their green bond purchases this way for the purpose of “de-concentration and diversification” of…

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Global disability insurance industry expected to hit $9.2 billion by 2031

Disability Insurance Growth 2031

A recent report has shown that there will be considerable growth in this market over the next few years. A recent report published by ResearchAndMarkets.com predicted that the disability insurance market is expected to reach $9.2 billion by 2031. The report showed that there is expected to be a CAGR of 11 percent from 2022 through the end of 2031. The report was titled “Disability Insurance Market by Insurance Type, By End User, By Coverage Type: Global Opportunity Analysis and Industry Forecast, 2021-2031.” It showed that the market was valued…

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Colorado homeowners scramble to find affordable wildfire insurance

Wildfire insurance - Homeowners Coverage

State lawmakers are pursuing a government-run plan for property owners to use as a last resort. Residents of Colorado are well aware of the importance of wildfire insurance, following several years of major blazes. That said, they are struggling to find the coverage they need, particularly at an affordable price. State Representative Judy Amabile (D) has seen her own neighbors and constituents struggling. “I am starting to hear some of my neighbors are not getting renewed and I would have never dreamed I was at risk of a wildfire,” said…

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Gov Desantis signs Florida insurance bill to stabilize the state’s property market

Florida Insurance - Signing paper - law

The intention is to bring stability to the crumbling market, but whether it will work has yet to be seen. Governor Ron DeSantis (R) has signed a new Florida insurance bill into law with the hopes of bringing considerably greater stability to a market that has been experiencing a downward spiral, particularly this year. How much it will work and, if so, when it will have an impact, will be interesting to watch. Among the primary goals of the bill was to help deter Florida insurance claims from ending up…

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Allstate CEO says State Farm auto insurance rates will soon increase

Auto insurance - Rates increasing

Tom Wilson has predicted that his company’s largest competitor will also be raising rates. President and CEO at Allstate Tom Wilson has predicted that State Farm will also be pushing to make auto insurance rate hikes in 2023, when he spoke at the Goldman Sachs 2022 US Financial Services Conference. Allstate has already started requesting rate increases and expects State Farm to do the same. Wilson pointed to the increased prices as a response to inflationary pressures and rising loss costs, and that the move will provide the home and…

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Allstate insurance company announces new Chief Legal Officer Christine DeBiase

Insurance Company - Announcement CLO

The insurer issued a news release welcoming DeBiase to her new position in the corporation. The Allstate Corporation has announced that Christine (Chris) DeBiase will be joining the insurance company just after the start of the new year as its new Executive Vice President, Chief Legal Officer, General Counsel and Corporate Secretary. DeBiase will be taking this position with the Allstate Corporation as of January 3, 2023. DeBiase will be taking the head of Law and Regulation as well as the insurance company’s sustainability strategy. She is an outsider from…

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