Allstate, one of California’s largest insurers, wants to raise its homeowners’ rates by an average of 34%, which could be the largest increase this year. The rate hike would impact more than 350,000 policyholders if approved by the state’s Department of Insurance, according to the Los Angeles Times. Last year, the insurance giant filed for
According to an insurance filing unveiled on Thursday, Allstate filed to raise California Insurance premiums in state by 34%, with the request currently remaining under review. For over a year, insurance companies have been slowly limiting policies, ending the allowance of new policies, or generally reducing their presence in the state. In 2022, GEICO closed down
CHARLESTON, WV (WOWK) – Many may not know it, but every time a bottle of soda has been purchased in West Virginia since 1951, there’s been a small tax on the bottle used to fund medical schools across the state. However, that tax is no longer in effect starting this month because of a 2022
A virtual town hall meeting will allow the public to provide feedback on rate increases ranging from 2.5% to 22.7% proposed by Rhode Island’s health insurers. The meeting will be Monday, July 15, from 4:30 to 5:30 p.m. over Zoom. Further rules for submitting comments on the proposed rate increases are available from the Office
Allstate is seeking an increase in its California homeowners insurance premiums by an average of 34%. According to the California Department of Insurance, the Allstate homeowners filing was received by the Department on April 14, 2023. The initial rate request was 39.6%. Consumer Watchdog petitioned to intervene in July 2023. In January of this year,
California Insurance Commissioner Ricardo Lara today issued a decreased pure premium rate for workers’ compensation insurance, lowering the annual benchmark rate from $1.41 to $1.38 per $100 of payroll— representing a 2.1% percent decrease from last year. The advisory rate is set to go into effect on Sept. 1. Factors in the commissioner’s decision include
A federal judge sentenced former Georgia Insurance Commissioner John Oxendine to serve three and a half years in prison after Oxendine pleaded guilty to health care fraud By JEFF AMY Associated Press July 12, 2024, 1:22 PM ET • 1 min read ATLANTA — A federal judge on Friday sentenced former Georgia Insurance Commissioner John
The latest people news in the industry today. Chubb Limited announced several executive appointments within its North American general insurance business. John Lupica, previously Vice Chairman, Chubb Group and President, North America Insurance, was named Executive Chairman. Juan Luis Ortega, formerly Executive Vice President, Chubb Group and President, Overseas General Insurance, will succeed Lupica as
LONDON, July 12, 2024–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Ratings of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Aspen Insurance UK Limited (AIUK) (United Kingdom), Aspen Bermuda Limited (ABL) (Bermuda), Aspen American Insurance Company (AAIC) (Austin, TX) and Aspen Specialty Insurance Company (ASIC) (Bismarck, ND). Concurrently,
Florida’s state-backed insurer of last resort has purchased $3.56 billion in reinsurance cover for this year’s potentially devastating hurricane season. In a Wednesday news release, Citizens Property Insurance Corporation said that the reinsurance would give the entity “the financial resources to pay claims following a 1-in-83-year hurricane without having to levy an assessment on most