Live Insurance News

Ricardo Lara’s Reforms: Can They Save California’s Property Market from Fire Risks?

August 15, 2024August 14, 2024 Marc

Commissioner Lara’s Reforms to Rescue California’s Property Market In a bid to rescue California’s beleaguered property market, Insurance Commissioner Ricardo Lara has announced a series of reforms aimed at addressing the growing crisis in the state’s insurance sector. The situation has reached a critical point, with many insurers either pausing or severely limiting new policies, particularly in high-risk areas prone to wildfires. The Roots of the Crisis The current crisis is partly rooted in the 1988 voter-passed Proposition 103, which mandates that insurance companies obtain approval from the California Department…

California Insurance Crisis Fuels Unprecedented Rent Hikes for Tenants

August 14, 2024August 13, 2024 Live Insurance News

Navigating the Soaring Rents in California: The Role of Rising Renters Insurance and Landlord Costs In recent months, California has witnessed an unprecedented surge in rental prices, leaving both tenants and landlords holding the financial ball. The confluence of rising renters insurance and landlords’ increasing expenses is exacerbating the situation, creating a complex web of economic strain across the state’s rental market landscape. Surging Rental Prices in California Rental prices in California have reached record highs, with cities such as San Francisco and Los Angeles topping the charts for the…

Ransomware: To Pay or Not to Pay

August 14, 2024August 13, 2024 David Derigiotis

When one threat actor group is taken down another one appears in its place ready to devastate organizations. The number one cyber threat? Ransomware. By 2031, ransomware will cost victims an annual total of $265 billion. Until recently, the largest ransomware payment was $40 million by CNA Financial to regain control of their systems. Now, Dark Angels—one of the top cyber threat groups to watch—broke the record for the largest ransomware payment by almost double the largest payment at $75 million. With ransomware attacks increasing and becoming more costly, the…

Navigating the New Normal: Home Insurance Deductibles Doubled

August 13, 2024August 12, 2024 Logan B.

In a significant shift that is reshaping the landscape for homeowners, many home insurance companies are raising homeowners’ deductibles from 1% to 2%. This move is prompting homeowners nationwide to reassess their policies and consider the financial implications of higher out-of-pocket expenses in the event of a claim. A Growing Trend in the Insurance Industry The trend of increasing deductibles is becoming more prevalent as insurers recalibrate their strategies to manage the rising costs associated with claims, particularly those related to natural disasters. According to John Cross, a Home Insurance…

Warren Buffett Reveals the Irresistible Allure of the Insurance Game

August 11, 2024August 11, 2024 Nordstrom

The Insurtech Revolution in an Autonomous World During the May 2024 Berkshire Hathaway annual meeting, Warren Buffett, a titan of the investment world, shared his insights on the insurance industry, describing it as both intriguing and challenging. His reflections illuminate the industry’s timeless appeal and its unique model that thrives on receiving payments upfront while delivering coverage later. Yet, in an era where technological progress is reshaping industries, Buffett’s insights reveal how the insurance sector must adapt to new realities presented by emerging technologies like autonomous vehicles. The Timeless Appeal…

Dreaming of a Backyard Pool? Uncover the True Costs of Installation, Maintenance, and More

August 9, 2024August 8, 2024 Archie Walsh

Thinking about adding a backyard pool? It’s an exciting idea, but understanding the costs involved is crucial. From installation to maintenance, and even insurance considerations, there are many factors to keep in mind. Let’s break down what you need to know before taking the plunge. Average Cost of Inground and Above Ground Pools Installing an inground pool costs between $35,000 and $65,000 on average, with the national average around $50,000. This depends on size, design, materials, and extra features like landscaping or waterfalls. Pool Size Here’s what you might spend…

Georgia’s Auto Insurance Rates: Unaffordable and Uninsured, New Study Uncovers Alarming Trends

August 9, 2024August 9, 2024 John Bowers

Alarming Trends in Georgia’s Auto Insurance: State Ranks Among Least Affordable in Nation A recent report by the Insurance Research Council (IRC), a division of The Institutes, has unveiled alarming trends in Georgia’s personal auto insurance affordability. The report, titled “Personal Auto Insurance Affordability in Georgia,” highlights a significant deterioration over the past decade and a half, positioning Georgia as one of the least affordable states for auto insurance in the nation. With below-average income and above-average auto insurance costs, Georgia has become one of the least affordable states for…