Live Insurance News

California’s Insurance Crisis Deepens Amid Wildfire Devastation and State Farm’s Financial Struggles

September 16, 2024September 15, 2024 John B.

Travelers Insurance California - Wildfires

California’s Insurance Crisis: Wildfires and Rising Premiums Strain Homeowners and Insurers California is facing a deepening insurance crisis as devastating wildfires and escalating insurance premiums converge, causing distress for homeowners and insurers alike. Recent wildfires in Southern California have scorched 993,776 acres this year, intensifying concerns about the availability and cost of fire insurance in the state. Residents like Rick Page from El Cariso Village in Lake Elsinore, whose home narrowly avoided destruction in the recent Airport Fire, are increasingly anxious about soaring insurance costs. Many in the area already…

Hawaii’s Governor Green Ignites State Farm Debate and Disaster Fee Proposal

September 5, 2024September 4, 2024 H. Cutner

Governor Green critizising the insurance industry

Governor Green Proposes Visitor Impact Fee for Disaster Insurance Amid Maui Wildfire Recovery In the aftermath of the devastating Maui wildfires on August 8, 2023, which claimed 102 lives and destroyed nearly 4,000 structures, Hawaiian Governor Josh Green has proposed a visitor impact fee to fund state disaster insurance. This initiative aims to ensure Hawaii’s resilience in the face of future natural disasters while addressing the immediate needs of those affected by the recent fires. Criticism of the Insurance Industry With an Emphasis on State Farm Governor Green has criticized…

From Ted Lasso to the NFL, Cristo Fernández Joins Patrick Mahomes for a State Farm Adventure

September 4, 2024September 3, 2024 Logan B.

Cristo Fernández, widely recognized for his role as the cheerful footballer Dani Rojas in the hit series ‘Ted Lasso’, has recently expanded his talents into the world of advertising. Fernández stars alongside NFL superstar Patrick Mahomes in the new State Farm campaign “Bundle Is Life,” a collaboration that highlights his versatility and love for sports. In a recent interview with Sports Illustrated, Fernández shared his experiences filming the campaign, his newfound NFL fandom, and thoughts on the future of ‘Ted Lasso’. Cristo Fernández and Patrick Mahomes Unite in State Farm’s…

Grapefruit-Sized Hail? Climate Change Could Bring Giant Ice Stones

September 3, 2024September 2, 2024 Ester Adams

Introduction to the Giant Hailstones Study A new study published in the journal npj Climate and Atmospheric Science covered by USA Today predicts an increase in ice stones larger than two inches as a result of climate change. This situation could pose challenges for individuals with hail-damaged cars, including dents and shattered windshields, as well as for the auto insurance industry, which has been implementing record rate increases in 2024. Is there a connection between these two issues? Climate Change and Hailstone Growth The study, co-authored by Victor Gensini, an…

Liberty Mutual’s Subsidiary Non-Renews 17,000 Fire Policies in California Due to Technology

August 31, 2024August 30, 2024 Ester Adams

17,000 Fire Policies Non Renewed in California Due to Technology

Liberty Mutual to Discontinue Dwelling Fire Policies In an unusual development, Liberty Mutual Fire Insurance Company, a subsidiary of Liberty Mutual, has revealed that it will not renew around 17,000 dwelling fire policies in California, citing technology-related factors rather than the increased fire risks that have been prevalent in the state. The decision, set to unfold from September through November, stems from the company’s intent to retire the “antiquated” technology previously used to manage these policies. According to filings with the California Department of Insurance, Liberty Mutual stated that “it…