Tag: insurance cost increase

Genworth Rate Hike Shakes Up Long-Term Care Insurance Landscape

H. Cutner
Long-Term Care Insurance

Genworth Life Insurance dropped a bombshell when it proposed a jaw-dropping 233% rate hike for its long-term care insurance policies. That’s right, 233%. In Maine, regulators pulled the brakes—chopping that monster hike down to 76%. But let’s get real: a jump like that still hurts. And if you’re thinking this is just a Maine thing, think again. Genworth’s campaign for higher premiums is nationwide—with hundreds of hikes already stamped “approved.” Between 2021 and 2023, Genworth scored the green light for 429 rate increase requests across the country. The average increase…

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State Farm Releases Non-Renewal Numbers Amid California’s Deepening Home Insurance Crisis

Angela Linders
Depositphotos - auto insurance - State Farm Sign

State Farm “Restructures” California Portfolio The company made it official, in a move to ensure the financial health of its operations within California, State Farm General Insurance Company is set to scale back its insurance offerings in the state. With an estimated 72,000 policies facing non-renewal, customers across California are poised to feel the pinch as they seek alternative coverage solutions. Starting July 3, 2024, State Farm General will cease renewing approximately 30,000 homeowners, rental dwelling, residential community association, and business owners policies, citing the necessity to sustain adequate claims-paying…

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Unveiling the Mechanics Behind the Huge Insurance Rate Hikes in the Past Year

Live Insurance News
home and auto insurance record rate increases

The economic terrain is experiencing a significant transformation, with insurance premiums on the rise and the looming financial implications of the climate crisis. In this article, we’re delving into the reasons behind your recent financial strain and what future developments you might expect. Reinsurance Rates: The Behind-the-Scenes Increases Christian Mumenthaler, the CEO of Swiss Re, which is the second-largest reinsurance company globally, has emphasized that his company’s mission is not to arbitrarily inflate prices. Instead, they aim to provide a fair valuation of risks. This implies that in recent years,…

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