Tag: reinsurance market

Decoding the Implications of State Farm’s 20% Insurance Rate Increase in California

H. Cutner
state farm insurancecalfornia homeowners insurance crisis

When State Farm, a leader in the insurance industry, announced its decision to raise homeowners insurance rates in California, it echoed a growing trend of economic adaptation amid a changing environmental and financial landscape. This increase spotlights the intricate dance between insurers and the forces that dictate market stability, from the escalating severity of natural disasters to the swelling costs of home repairs and the unyielding pulse of economic inflation. As we unpack the manifold reasons behind such a significant uptick in insurance costs, we also delve into the labyrinth…

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Lloyd’s reinsurance and insurance market supports sanctions against Russia

Live Insurance News
Insurance market - Lloyds of London Building

The massive London-based marketplace has stated that it official backs sanctioning the country. Lloyd’s reinsurance and insurance market has announced that it is placing its backing behind the sanctions that have been applied to Russia in response to that country’s invasion of Ukraine. Western nations have announced a growing spectrum of sanctions aimed at the Russian economy. Countries from around the globe have been applying the sanctions to separate the Russian economy from an in-flow of money and to separate the country from the rest of the world. The largest…

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Reinsurance companies face tremendous losses

H. Cutner

Last year, the reinsurance sector was battered down by huge losses resulting from natural disasters. The disasters that lead to the enormous insured losses included the earthquakes in New Zealand, the flooding in Thailand and Australia, and the tsunami following the earthquake in Japan. These were all top events discussed in the most recent survey results from the Reinsurance Association of America. Catastrophe losses considered, the combined ratios for most reinsurers within the group were reported to have fallen. According to the executive director covering property and casualty insurance at…

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Berkshire India announces intentions to sell either health or life insurance

H. Cutner

A branch of Berkshire Hathaway – a firm owned by Warren Buffet – called Berkshire India has announced that it will be selling either Bajaj Allianz life or health insurance products to consumers in India. Bajaj Allianz corporate agent, Berkshire India is already providing retail customers with online travel and auto insurance products through its distribution website. However, according to Arun Balakrishnan, the CEO of BerkshireInsurance.com, within the upcoming six months, the insurer plans “to launch one more product which would be either health insurance or term life product.” Their…

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Lloyd’s enters Florida’s reinsurance market on the heels of new law

Dan

Lloyd’s of London, one of the world’s leading insurance and reinsurance specialists, is entering Florida’s reinsurance market. The company joins several other reinsurance organizations flocking to the state to take advantage of a new law that reduces capital requirements for reinsurers. The law, first introduced in 2009 but only recently passed, is an attempt to attract more foreign reinsurance companies to do business in the state, thereby reinvigorating the somewhat stagnant market. Because of the law, Lloyd’s has been approved to do business in the state. According to the law,…

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