Day: April 22, 2025

11 Catastrophes, $1B in Losses, and One Financial Cushion for Allstate

Live Insurance News
Allstate's $2 Billion Deal: What Investors and Policyholders Need to Know About the Big Sell-Off

Allstate Projects $123M Reinsurance Recovery Amid Heavy March Catastrophe Losses For Allstate, March came in swinging, delivering a staggering $1.04 billion in catastrophe-related losses. This wave of destruction, driven largely by four major wind and hail events among 11 reported incidents, isn’t just another line item in their books. These disasters hit hard, but Allstate isn’t entirely shouldering the financial blow. Thanks to their aggregate reinsurance program, the company is set to recover approximately $123 million, a much-needed safety net in a turbulent season. Here’s the deal. Allstate’s aggregate reinsurance…

Read More

Are California Insurance Giants Playing Fair? Homeowners Say No, and They’re Suing

Live Insurance News
Insurance news 1

California Lawsuit – Short Insurance News Update California homeowners are turning to the courts in a fight over what they say is more than just insurance policies gone awry. Two separate lawsuits accuse major insurers like State Farm, Farmers, and others of colluding to push policyholders onto California’s FAIR Plan, a last-resort insurance pool that delivers bare-bones coverage at premium prices. Here’s the crux of the argument. The lawsuits, filed in Los Angeles County, allege that insurers deliberately scaled back coverage and dropped customers in wildfire-prone areas. The FAIR Plan,…

Read More

Why Driving in New Jersey Is Becoming Almost as Expensive as Parking in Manhattan

G. Turner
New Jersey drivers

New Jersey’s Rising Auto Insurance Costs: History, Challenges, and What’s Next Once upon a time—not too long ago—New Jersey’s auto insurance market teetered on the brink of collapse. Premiums were sky-high (we’re talking highest-in-the-nation levels), and insurers were practically running for the exits. Throw in rampant fraud, legal wrangling, and a Wild West claims environment, and you had a perfect storm. Back then, lawmakers stepped in with targeted reforms to bring order to chaos. Rates stabilized, insurers stayed put, and residents could finally afford coverage. But here we are again,…

Read More

No More Fine Print! Inside Florida’s Push for Honest Pet Insurance

Angela Linders
Florida's Pet Insurance

Florida’s New Pet Insurance Law Seeks to Protect Pet Owners and Their Pockets Florida’s furry friends just got a boost of support, and their humans might be breathing a sigh of financial relief, too. Starting January 1, 2025, a new state law establishes a regulatory framework for pet insurance, bringing long-awaited transparency and rules to a fast-growing sector. It’s not often lawmakers agree with such enthusiasm, but this bill passed both the House and Senate without a single dissenting vote. If you’ve got a tail-wagging buddy or a purring companion,…

Read More