According to the accusation, the dupe was mean tot help reduce the unit’s capital requirements. One of Greensill Capital’s insurers has alleged that the failed lender duped German regulators regarding an insurance deal in an effort to try to shrink its Bremen-based unit’s capital requirements. Greensill investors are currently suing the Insurance Australia Group (IAG) as they face billions in losses. The investors have accused defunct Greensill supply-chain finance group of hiding that it did not have the insurance deal in place that they were led to believe. Instead, the…
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The financial insurance news being updated every day will keep investors as well as professional abreast to industry and the many changes that are occurring in today’s business world.
Florida home insurance crisis is cutting into real estate market
Property buyers are stepping back from otherwise affordable homes due to high coverage costs. Home insurance agents aren’t the only professionals feeling for their clients as rates continue to rise to crisis levels in Florida. Real estate agents are also finding that their customers are frustrated with the additional expense of a prospective new house when they see what their premiums would be. Floridians looking to buy their dream houses aren’t just stressed about the price of the property. Property prices are already climbing fast, but even among those who…
Read MoreHome insurance rates are consuming more of Americans’ incomes
Auto premiums are also eating into a larger portion of the typical US budget as well. Millions of Americans have been shopping around for better auto and home insurance rates as these monthly expenses continue to consume a larger portion of their budgets in an increasingly expensive world. The challenge is to find the coverage they need without having to sacrifice protection from their policies. Though inflation appears to be slowing down in a number of important categories, providing welcome ease to the rising strain on families doing everything they…
Read MoreFlorida’s top earners pay hundreds of thousands in homeowners insurance premiums
Some billionaires in the state are paying as much as $622,000 per year for property coverage. Florida’s mega rich may own massive properties and huge mansions, but this doesn’t mean that they are able to escape the skyrocketing homeowners insurance premiums the state has been facing. In fact, billionaires in the state are paying hundreds of thousands of dollars for their coverage. According to a recent Bloomberg report, owners of some of the largest mansions and properties in the state are paying massive homeowners insurance premiums every year. The report…
Read MoreProgressive to cease renewal of some Florida home insurance policies
The insurer has confirmed that it wasn’t leaving the state but that it wouldn’t always renew coverage. Progressive has confirmed that it has decided not to renew some home insurance policies in Florida once they reach their expiration date. Regulatory filings from the company have already started and notices will start being issued soon. A spokesperson from Progressive has confirmed the home insurance company’s intention to stop renewing certain policies in Florida. It has started the necessary regulatory filings for this move and will be issuing the first wave of…
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