california insurance company Archives

Travelers Insurance company sees catastrophe losses double

July 28, 2023July 28, 2023 Logan B.

Insurance company - Home insurance losses double

The insurer’s size often means that it is viewed as a reflection of what the industry is experiencing. Travelers Insurance company has announced that its catastrophe losses have doubled in its most recent quarter, and the insurer experienced a loss as severe wind and hailstorms struck several regions and brought on an increase in claims. Claims have been rising because of the impact of climate change on natural disasters. The rising frequency of claims relating to extreme weather, such as wildfires, hurricanes, hail and high winds are causing disruptions throughout…

Bankrupt California insurance company may face state takeover

December 5, 2018December 5, 2018 Marc

Regulators move to take over an insurer unable to pay its wildfire claims following massive destruction. A California insurance company bankrupted by the Camp Fire and other wildfires may be taken over by the state. Regulators have made their first moves toward a takeover after wildfires raged through the state, destroying over 13,000 homes. Merced Property & Casualty Company was unable to keep up with the cost of its policyholder claims. The California insurance company was pushed into insolvency by the wildfire sparked on November 8, 2018. That same fire…

Lemonade insurance company heads into California with new license

May 12, 2017May 10, 2017 Logan B.

The tech-based insurer launched in New York and sells renters and homeowners insurance policies. The new Lemonade insurance company that made a splash in New York when it launched in the second half of 2016 is now stepping into California. This new tech-based insurance startup promises consumers an application process as short as 90 seconds. Moreover, the Lemonade insurance claims payment process can be as quick as 3 minutes, according to the company. The insurer received the necessary approval from the California Department of Insurance for the sale of homeowners…

Zenefits California insurance company must pay $7 million fine

December 1, 2016November 30, 2016 G. Turner

The insurer was charged the fine by the state’s regulator for the use of certain software to illegally license staff. California insurance company, Zenefits, is now facing a fine of $7 million from the state’s regulator. This fine is primarily the result of the insurer’s use of software that made it possible to complete the pre-licensing coursework in a period of time below the state requirement. The California Department of Insurance penalized the health insurer with the multimillion dollar fine, last week. As a result, Zenefits is now facing one…

California insurance company won’t pay for chemo but will cover assisted suicide

October 24, 2016October 21, 2016 H. Cutner

The new law in the state caused an insurer to deny coverage to a woman who is terminally ill. A woman with a terminal illness has reported that her California insurance company has offered to pay for her assisted suicide after denying her chemotherapy treatment coverage. The patient had previously been told her new chemotherapy drug – recommended by her doctors – would be covered. However, shortly afterward, California passed a law that made it legal for physicians to administer assisted suicide. Stephanie Packer received a scleroderma diagnosis. Hers has…