Category: Political News

The political arena is ripe with news from the insurance industry – 2012 being a presidential election year, as well as other changes, have made for one of the hottest news topics we have.

Florida prepares for homeowners insurance changes in next legislative session

H. Cutner
Homeowners insurance - Legislation - Changes

Several ideas have been proposed by lawmakers to help the state repair its current crisis. As Florida state lawmakers take on the annual legislative session, one of the top issues their constituents have been pushing to tackle has to do with the homeowners insurance crisis there. Lawmakers and industry officials aren’t currently in alignment about the changes required for this outcome. Governor Ron DeSantis already proposed a budget in December in which he intended to cut taxes to homeowners insurance. That said, this type of move would have only a…

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California auto insurance delays to face possible crackdown

G. Turner
Auto insurance delays

The state has threatened to penalize insurers for tactics to stall in providing coverage to drivers. California drivers have been registering complaints regarding the challenge they face in trying to obtain the auto insurance legally required to drive in the state. In response, the state commissioner is warning of a potential crackdown against stalling insurers. Commissioner Ricardo Lara announced this week that his department has been receiving “numerous” complaints from auto insurance customers that are dealing with lengthy questionnaires, waiting periods and other stalling practices that are potentially violating Californian…

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Iranian state-controlled insurance company sees tanking net profits

Nordstrom
Insurance Company - Net Loss - Iran flag

The first insurer of its kind in the country experienced substantial losses last year. The first Iranian government-controlled insurance company saw considerable net profit losses next year, when it dropped by 300 percent when compared to its 2021 figures. The insurer was first established in 1935 and has locations around the globe, including the United Kingdom. The insurance company had already been seeing losses in previous years, but last year marked a new level of loss in its profits under the management of political appointees. In 2014, the market share…

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Pedestrians hit by cars in Illinois to face fewer auto insurance struggles

G. Turner
Auto insurance - Pedestrians walking across road

The state Supreme Court has issued a ruling to help victims to be able to better access cost coverage. This month, the Illinois Supreme Court ruled to make it easier for pedestrians struck by vehicles to be able to have their medical costs covered by auto insurance. The ruling was meant to help reduce the number of barriers in the way of victims having costs covered. It isn’t uncommon for auto insurance companies to initially deny claims filed by pedestrians because they aren’t passengers in a covered vehicle. Therefore, while…

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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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