Live Insurance News

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…

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…

From Whiskers to Warthogs: The Wild World of Unusual Pet Insurance Claims

August 30, 2024August 29, 2024 Marc

Pet insurance might sound like a serious business, but when you delve into the world of claims, it’s anything but dull. From mischievous mutts to curious kittens, our furry friends seem to have an uncanny knack for getting into the most bizarre predicaments. Let’s explore some of the most unusual pet insurance claims that have left both pet owners and insurers scratching their heads. The Case of the Golden Retriever and the Golden Ring Meet Max, a lovable golden retriever who quite literally has a taste for the finer things…

Montana Insurance Department Challenges Liberty Mutual on Repair Cost Denial

August 28, 2024August 26, 2024 H. Cutner

Overview of the Dispute In a significant move reported by RepairerDrivenNews.com, the Montana Insurance Department has called out Liberty Mutual for its handling of a consumer complaint regarding repair cost denial. Deputy Insurance Commissioner Frank G. Cote challenged Liberty Mutual’s settlement process, specifically their refusal to cover certain repair costs without sufficient evidence. Details of the Case The dispute originated when Liberty Mutual denied payment for blending services performed by a repair facility, asserting that the 50% blend time was “successful” and “well-established.” This response was deemed unsatisfactory by the…

California, Colorado and Texas Face Billion-Dollar Home Insurance Dilemma

August 27, 2024August 26, 2024 Nordstrom

California’s Growing Wildfire Risk for Home Insurance Market California homeowners face a growing problem: over 1.2 million homes are at moderate or high risk of wildfire damage, with reconstruction costs exceeding $760 billion. According to CoreLogic’s Wildfire Risk Report, this is particularly concerning for those living in the Wildland Urban Interface (WUI), especially in areas like Los Angeles, San Diego, and Riverside. Climate change is a significant factor, with NOAA’s data showing the number of acres burned each year has nearly doubled since the early ’80s. Reconstruction costs for damaged…

Skyrocketing Car Insurance Rates Drive Drivers to Pay Repairs in Cash

August 23, 2024August 22, 2024 H. Cutner

As car insurance premiums continue to soar, drivers are finding alternative ways to manage their expenses. With rates expected to rise by at least 20% in 2024, many are opting to bypass the claims process altogether and pay for repairs out of pocket. Understanding the Shift: Why Drivers Are Avoiding Claims A recent survey by LendingTree reveals that about 40% of drivers are choosing to skip the traditional claims process, opting instead to handle minor repairs in cash. This trend is largely driven by the fear of increased premiums and…