Live Insurance News

Who Pays for Disaster? The Fallout from Hawaii Wildfire Settlement

July 15, 2025July 15, 2025 H. Cutner

Hawaii’s Wildfire Settlement: Why Insurers Are Fuming Insurance companies aren’t happy. Not one bit. The $4.04 billion Maui wildfire settlement, signed into law by Governor Josh Green, has left them frustrated, concerned, and, frankly, a little nervous. Why? Let’s break it down. The Money: Where It’s Coming From First, let’s be clear: this money isn’t coming from insurance companies. The $4.04 billion settlement fund is being paid by seven defendants, including Hawaiian Electric, the State of Hawaii, the County of Maui, Kamehameha Schools, Charter Communications/Spectrum, Hawaiian Telcom, and West Maui Land Co.…

Illinois Homeowners Face Higher Costs as State Farm Raises Rates

July 11, 2025July 11, 2025 Angela Linders

State Farm to Raise Illinois Homeowners Insurance Rates by 27.2% Big news for Illinois homeowners. State Farm, the Bloomington-based insurance giant, is hiking its homeowners insurance rates by a staggering 27.2%. The increase, set to take effect on August 15, 2025, will impact nearly 1.5 million policyholders across the state. New customers? They’ll start paying the higher rates even sooner—on July 15. Why the jump? State Farm says it’s all about extreme weather. Tornadoes, floods, hailstorms—Illinois has seen it all. And it’s costing insurers big time. In fact, State Farm…

Montana Insurance Crisis: When the Math Doesn’t Add Up, Enter the Moratorium

July 11, 2025July 10, 2025 H. Cutner

A State on Fire—Literally and Financially Montana is burning. Not just from wildfires, but from skyrocketing insurance costs. The average homeowner now pays $3,819 per year for insurance—far above the national average of $2,423. Why? Wildfire risks, rising property values, and supply-demand economics are driving premiums through the roof. Homeowners are feeling the heat, and the financial strain is becoming unbearable. The Moratorium: A Lifeline for Homeowners Montana State Auditor James Brown stepped in. After complaints poured in from homeowners affected by the Jericho Mountain Fire, he issued a moratorium…

Virginia’s Flooding Crisis vs. Florida and Louisiana

July 10, 2025July 10, 2025 Nordstrom

Virginia leads the U.S. in coastal floods. That’s a fact. But how does it stack up to other flood-ravaged states like Florida and Louisiana? And what about the insurance side? Are companies keeping pace with the rising risks everywhere? Let’s break it down. Virginia’s Challenge Virginia gets hit hard. With an average of 159 flooding events each year, it’s outpacing other states. Most of this comes down to geography. The state has huge stretches of low-lying land—about 250,000 acres, actually—that sit less than five feet above the high-tide line. Places…

Swiss Re’s Vision for 2025: A Riskier, More Fragmented Insurance Industry

July 9, 2025July 9, 2025 G. Turner

The world feels divided these days, doesn’t it? Well, according to Swiss Re’s latest Sigma report, it’s not just a feeling. The global insurance industry is following suit, adapting to a world Swiss Re describes as “riskier” and “more fragmented” by 2025. Titled “sigma 2/2025: World Insurance in 2025,” the report dives headfirst into the challenges insurers will face in the coming years. Volatile exchange rates. Asset price swings. Tariffs that throw markets for a loop. It’s all here – and it’s not all sunshine and rainbows. But here’s the…

No, Other States Aren’t Paying for California’s Wildfire Risks, Says State Farm

July 9, 2025July 9, 2025 Angela Linders

State Farm Sets the Record Straight on California Wildfire Insurance Wildfires have devastated California. Thousands of families are rebuilding their lives, and insurance companies are at the center of it all. But with so much news swirling around, State Farm wants to clear the air. Here’s what they’re saying about the current situation in California—and what it means for their customers. Helping Californians Recover For six months, State Farm employees, agents, and associates have been on the ground, helping customers recover from the wildfires in Los Angeles. Many left their…

The 10% Debate: Can Texans Afford Windstorm Season?

July 7, 2025July 7, 2025 Tate Ellison

Brace Yourself, Texas Windstorm Season Is Here The Gulf Coast is holding its breath. Windstorm season is in full swing, and with it comes the annual scramble to prepare homes, businesses, and communities for the worst. But this year, there’s more than just hurricanes brewing. A storm of legal and financial debates is raging over windstorm insurance rates—and it’s hitting coastal Texans where it hurts most: their wallets. Preparedness: Are We Ready? Hurricane season runs from June 1 to November 30, and experts are urging Texans to act now. The Texas…