Lloyd’s CEO calls climate change the insurance industry’s ‘biggest single opportunity’

Insurance industry - changing climate and weather

From global warming to flooding and extreme storms, the events are already getting started. John Neal, CEO of the world’s oldest insurance industry marketplace, Lloyd’s of London, has called climate change the “ultimate systemic risk” but also a huge opportunity for insurers. In a recent media interview, the Lloyd’s CEO compared climate change with the impact of the pandemic. At the same time that Neal called climate change a risk in the CNBC interview, he also referred to it as the “biggest single opportunity the insurance industry has ever seen.”…

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Will the California Department of Insurance report recreate the industry?

California Department of Insurance - Climate Change California

Since August, the state has faced record levels of rain, drought, and wildfires. The California Department of Insurance is taking on climate change and its impact on the industry in the state as it faces challenges increasing in frequency and intensity. The extremes that are regularly affecting the state have reached a point that many people can’t afford coverage. Residents and the businesses are reaching the point that they cannot afford the high premiums their insurers must charge to reflect the risk, and the state can’t afford to have a…

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What Is the Process of Getting Hail Damage Repaired?

Car Hail Damage

Are you excited because the temperature is getting cold outside? If so, you may be looking forward to a lot of winter weather activities. Unfortunately, one activity that is not fun during the winter is driving. If there is a lot of winter weather taking place outside, then you should try to avoid driving unless you have to. Sadly, there might be situations where you have to go out during the winter. If that is the case, your car might suffer hail damage. It can be frustrating to see hail…

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Hurricane Ida moratorium on homeowners’ insurance cancellations comes to an end

Homeowners insurance

Insurers can now choose cancellation or non-renewal for coverage in southeast Louisiana. This week, homeowners’ insurance companies can choose to cancel or non-renew coverage for policyholders in southeast Louisiana, after Hurricane Ida protections expired on Sunday. The state insurance regulator chose not to extend the emergency protections put into place before Ida. Louisiana Insurance Commissioner Jim Donelon invoked Emergency Rule 47 on August 26. It stopped homeowners’ insurance companies from being able to cease or interrupt coverage, even in the case of premium non-payment. This protection applied to policyholders living…

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California agricultural insurance to see raise in policy limits

Agricultural insurance - Farm

Commissioner Ricardo Lara has ordered what will be the first coverage limit increase in 25 years. California Insurance Commissioner Ricardo Lara has ordered the first agricultural insurance limit increase in fire-prone areas in a quarter of a century. Lara determined that the order was necessary in order to meet the current wildfire risk and rising cost of repairs. The increase in the agricultural insurance limits is approximately 90 percent higher than the limits in the California Fair Access to Insurance Requirements (FAIR) plan, which is the last-resort program for property…

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Policyholders will pay 77 percent more in flood insurance rates, says study

Flood insurance rates - money in water

On the whole, the cost of coverage will rise sharply, but homeowners in poorer neighborhoods will pay less. A new QuoteWizard study showed that changes to US flood insurance rates will be rising by an average of about 77 percent across all policyholders. That said, homeowners living in less affluent neighborhoods will see a reduction in the amount they pay for their coverage. The study was conducted by the Lending Tree financial services provider’s QuoteWizard unit. To complete this study, the unit reviewed the price changes for the approximately 5…

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Many South Lake Tahoe residents can apply home flame retardant with insurer help

Home flame retardant - South Lake Tahoe

Several insurance companies are hoping to support their customers with fire prevention spray. South Lake Tahoe residents in many neighborhoods threatened by the Caldor Fire have been watching trucks driving around offering home flame retardant spray. The All-Risk Shield product is being offered as additional exterior protection against wildfires. The company’s crew members are applying the home flame retardant product on the vegetation surrounding the homes to help reduce the risk of flames traveling to structures such as houses and garages. Moreover, the service isn’t paid entirely out-of-pocket by the…

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