Travelers Insurance Increase in California as High as Almost 27% for Some

Travelers Insurance Rates Higher

In a move that underscores the growing financial impact of climate change on the insurance industry, Travelers Insurance, one of California’s leading home insurers, has announced significant rate hikes and policy non-renewals due to increased wildfire risk. This development is poised to reshape the insurance landscape in California, signaling a critical shift as insurers deal with the escalating threat of natural disasters. Understanding the Rate Hikes The Details of the Increase Travelers Insurance, the sixth largest property and casualty insurer in California as of 2022, has received approval to raise…

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3 Zip Codes Get The Worst of State Farm Non-renew Campaign in California

State Farm - Fire Risk Assessment - Bel Air

In an announcement that may reshuffle the deck for homeowners’ insurance across California, industry giant State Farm revealed a strategic shift in their coverage plans, affecting thousands of property and commercial apartment policies in the state. With implications extending to the very nature of wildfire and earthquake risk management, this move by State Farm is poised to remove billions in risk from the company’s books. Earthquake Aftermath Concerns Amplify Fire Risks in California While earthquake policies in California are indeed underwritten through the state-run California Earthquake Authority, State Farm’s heightened…

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GEICO Offers New Discounts Amid Rising Auto Insurance Rates

Geico auto insurance new discount

In a bold move to capitalize on increasing auto insurance rates across states such as California, GEICO Corp., part of Warren Buffet’s empire, is offering an attractive discount initiative, the “Welcome Factor,” aimed at expanding its auto insurance business. GEICO’s Fresh Approach to Auto Insurance With the surge in insurance rates, many insurers are taking a step back from writing new policies. However, GEICO is actively inviting new clients by marketing a special discount for those who apply for personal auto insurance. The discount is designed to taper off gradually…

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Allstate to Scale Back in New York and New Jersey Following Lower Rate Increases

Allstate Auto Insurance rate increase

Allstate’s Partial Auto Rate Increase Approval and Its Impact Allstate Insurance, a titan in the auto insurance industry, has recently been thrown into a strategic conundrum. After receiving approval for lower-than-requested rate hikes in both New York and New Jersey, the company is now reconsidering its presence in these states. Despite lobbying for a 29% rate increase in New Jersey and an 18.3% hike in New York, regulatory authorities only concurred to rate increases of just under 17% and 14.6%, respectively. This partial approval has led Allstate to question its…

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California considers private health insurance for immigrants

Health insurance - Immigration - United States

The state has yet to determine if such a strategy can be achieved affordably for the demographic. Though many Californians whose income is too high to be eligible for Medi-Cal can receive subsidized health insurance through Covered California, an estimated 460,000 residents without legal status can’t purchase coverage through the Affordable Care Act’s state-run plans. Some lawmakers are seeking to create a bill to help close that gap for those uninsured Californians. “We’re going to need to figure out how to provide universal coverage for all who call this state…

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