Climate change is sending California into an insurance crisis

Climate change - Crisis Ahead California Flag

Increasingly frequent and damaging wildfires are making coverage extremely expensive, when it’s available. Climate change has been blamed for the worsening wildfires that have plagued California over the last few years, and this problem has been affecting the insurance industry to an increasing degree, as coverage becomes more difficult to obtain, and challenging to afford when it is available. Major insurers State Farm and Allstate have stopped selling new home and business policies in California. As is the case with natural disasters in other parts of the country, such as…

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Allstate is no longer selling new California home insurance policies

California home insurance - homeowners insurance policy - X

Immediately after State Farm’s exit from selling in the market, its top competitor has done the same. Allstate has announced that it is no longer selling new California home insurance policies, removing it from the pool of available coverage for homeowners following State Farm’s exit from sales only days before. That said, despite the fact that the announcement was only just made, the insurer’s statement said it stopped accepting new policies as of last year. This means that two of the largest insurers in the country are no longer selling…

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Allstate 2022 auto insurance rate filings brings about changes to Georgia law

Auto insurance - Georgia Law changes

The filing rules in the state will be changing under a new law driven forward by the insurer last year. Georgia Governor Brian Kemp recently signed a bill into law, providing the insurance commissioner in the state with the authority to review all auto insurance rate filings before they can become effective. The new law will become effective July 1, 2023, and preserves existing authority while making additions. Georgia House Bill 221 goes into effect July 1, 2023. It will maintain the approval powers the commissioner already held over mandatory…

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Illinois auto insurance rate calculation overhaul in the works

Auto insurance - Rate Hikes - Illinois

State Rep. Will Guzzardi is seeking to ban “excessive” increases and price calculation factors. Illinois state Rep. Will Guzzardi is seeking to require that auto insurance companies obtain state approval before they can implement rate hikes. He is also aiming to implement a ban for “excessive” rate increases and stop insurers from being able to use occupation, gender or credit score to calculate premiums. The largest car insurers in the state have increased rates by $527 million since the start of the year. According to analyses conducted by two consumer…

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Allstate insurance company pledges net zero carbon by 2030

Insurance company - Net Zero Emissions by 2030

The insurer also committed to an investment portfolio that is greenhouse gas emission-free. The Allstate Corporation, one of the largest insurance companies in the United States, has announced its new commitment to achieve a string of zero emission targets. The insurer plans zero greenhouse gas emissions from direct, indirect and value-chain sources by 2030. As a closer target, the insurance company has also committed to set a target year for having a net zero portfolio by 2025. The goal is to contribute to the overall effort being made to manage…

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