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
PONDERAY — Greater Sandpoint Chamber of Commerce officials recently joined Spears Insurance in celebrating the grand opening of its new location. The insurance company is now located at 100 Vermeer Drive, Suite B, in Ponderay. Owner Carey Spears welcomed friends, family, clients, staff, Chamber Ambassadors and a chamber board member with a reception and
USDA Hosting Final Workshop on Nursery Insurance Option USDA recently expanded its Nursery Value Select Crop Insurance Program to all counties in all states. The Risk Management Agency is encouraging interested nursery producers to learn more about the program through an informational workshop. It will be valuable for producers in the newly expanded areas and
Heffernan Insurance Brokers acquired Costello Insurance Associates in Tempe, Arizona. Pat Costello and his team of five employees will continue to service their new and existing customers Costello services clients throughout the U.S. in obtaining coverage for corporate and pleasure aircraft, including jets, gliders, and drones, as well as operations such as flying clubs, flight
Insurers’ use of artificial intelligence (AI) must not discriminate against consumers, New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris said Thursday (July 11). Harris said this in a press release announcing the DFS’s adoption of guidance for insurers that use AI in underwriting and pricing. “New York has a strong track