Postpandemic vacancies and surging debt payments have eaten away at commercial real estate for more than two years. Even as those threats start to fade, owners of strip malls, apartment buildings and office towers face a problem that could last much longer: soaring insurance costs. The problem is familiar to homeowners across the country. The
JACKSONVILLE, N.C. (WITN) – An Eastern Carolina woman has been arrested for insurance fraud. State Insurance Commissioner Mike Causey says Kristen Fiorti was charged with felony insurance fraud. Special agents said Fiorti had an accident while her insurance was expired. However, she told Peak Property and Casualty Insurance Corp. that the accident happened after she
Fitch Ratings expects Hurricane Milton to cause between $30 billion and $50 billion in insured losses to push total industry losses in 2024 above $100 billion for the fifth straight year. The range of losses expected by rating agency Fitch would put Hurricane Milton on the list as one of the costliest U.S. hurricanes for
SINGAPORE, October 11, 2024–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Quest Insurance Group Limited (Quest) (New Zealand). The outlook of these Credit Ratings (ratings) is stable. These ratings reflect Quest’s balance sheet strength, which AM Best assesses as adequate, as
Landlords and developers face mounting insurance premiums due to climate-related disasters, putting extra strain on an already struggling commercial real estate market. Emily Flitter reports for The New York Times. In short: Insurance premiums for commercial properties have surged, with rates up 50% in storm-prone areas, doubling in some places this year. Landlords, already dealing
Munich Re Specialty, a division of the global reinsurer Munich Re, has announced its entry into the Spanish insurance market, targeting the primary specialty sector. With operations expected to commence in 2025, the company has established a Spanish branch of Munich Re Risk Solutions Ireland, which has the regulatory approval necessary to operate within Spain.
LONDON (Reuters) -Shares in Saga soared 11% on Friday after the British over-50s holiday group and Belgian insurer Ageas said they were in exclusive talks to set up a 20-year motor and home insurance broking partnership and after Saga reported underlying profits which more than tripled from a year earlier. Under their deal, Ageas would
After Hurricanes Helene and Milton made landfall along Florida’s coast, Insurance Commissioner Michael Yaworsky shared encouraging updates regarding the state’s property insurance market. Recent announcements from Progressive, State Farm, and the approval of several new property insurers highlight the positive impact of Florida’s major 2023 reforms. Despite scaling back operations in other regions, national insurance
The Public Bank building in Kuala Lumpur. getty Public Bank Bhd (PBB)—Malaysia’s second-largest lender by market value—said Thursday it is buying a 44.15% stake in LPI Capital from the family of its late founder Teh Hong Piow for 1.72 billion ringgit ($400 million). The bank will pay 9.80 ringgit for each LPI Capital share held
More than a million Americans lost health insurance over past year In the span of one year, more than a million Americans were dropped from their medical insurance, according to the CDC’s latest report. Straight Arrow News Escalating grocery bills and car prices have cooled, but price relief for Americans does not extend to health