Live Insurance News

California Assemblymember Levine’s wildfire budget aims to reduce insurance premiums

May 13, 2022May 12, 2022 Logan B.

Insurance premiums - Reduce costs - wildfires

Levine has called for $10 billion to boost defensible space and reduce the cost of coverage. California Assemblymember Marc Levine (D-Marin County) has announced a $10 billion budget request as Governor Newsome readies for the May budget revision. The revision is expected to show surplus funds that could potentially be greater than $68 billion. Levine wants half of the $10 billion wildfire risk budget to be aimed at home hardening strategy implementation in areas of high wildfire risk. He is also seeking to ensure that insurance premiums can be reduced,…

EU places sanctions on Russian oil insurance for transport

May 6, 2022May 5, 2022 Logan B.

European Union members are going beyond an import ban and are now targeting its coverage. The European Union is moving beyond the previous Russian crude import ban and is now targeting oil insurance companies covering the transport of the fuel. This move could substantially impair Russia’s ability to ship its crude to locations worldwide. The oil insurance sanctions have to do with banning coverage for European vessels and companies linked with the transportation of Russian crude worldwide. This is one component of a broader sanctions package the EU has been…

Massive insurance battle results from Russia’s seizure of 400 planes

May 2, 2022April 29, 2022 Marc

Aircraft lessors are filing claims for payouts, but insurers don’t agree that coverage extends that far. When Russia invaded Ukraine, it threw a number of markets into turmoil, and in the case of the aircraft market, it has also led to a tremendous insurance battle. Aircraft leasing firms provide approximately half of the 1,000 planes in Russian airline fleets. The aircraft leasing firms are from outside Russia and are finding themselves locked between Russian airlines that refuse to pay and insurers who say they’re not obligated to do so. This…

Florida property insurance special session set to tackle crisis

April 28, 2022April 27, 2022 Nordstrom

Governor Ron DeSantis is calling lawmakers back in May to take on the market’s critical health. State Governor Ron DeSantis has announced that he will be calling a special Florida property insurance session in May, bringing lawmakers back to work to try to repair the worst components of the crisis. Atlantic Hurricane Season is rapidly approaching and the homeowners policy market is in a critical state. With Atlantic Hurricane Season about to start on June 1, the governor is holding a special legislative session in May to take on the…

Property insurance expansion approved by Colorado legislature

April 27, 2022April 26, 2022 G. Turner

The decision was made to provide immediate and practical assistance due to wildfire losses. Victims of Colorado’s wildfires could soon benefit from more assistance from their property insurance companies as the state’s legislature recently approved changes. The goal is to provide policyholders and victims of the wildfires with immediate and substantial help. Should House Bill 1111 be signed into law, it will mean that the number of lost property insurance companies will be required to provide upfront coverage and to lengthen the timeframe victims have in which to apply for…

DeSantis calls special session for Florida property insurance

April 21, 2022April 20, 2022 Nordstrom

Many have called the state’s current situation a crisis as insurers fold and withdraw coverage. Florida Governor Ron DeSantis has announced that he is calling a special legislature session to address the widespread property insurance struggles faced in the state. The Republican state governor said that the special session will be taking place in May. DeSantis said that the special legislative session will occur in May. Its primary focus will be on the “reform of the property insurance market” and may also focus on a number of other topics. He…

California Commissioner Lara places green investment onus on insurance companies

April 20, 2022April 19, 2022 G. Turner

A new report detailed how insurers have funded fossil fuel companies and the impact it has had. California Insurance Commissioner Ricardo Lara recently released a report and webpage in which he detailed the investments insurance companies have made into fossil fuel. The report and webpage are components of the commissioner’s broader efforts by the Commissioner. Commissioner Lara has used this report on investments into fossil fuels by insurance companies as a part of his broader strategy to protect Californian consumers from the impact of climate change. The state is making…