Florida Citizens Property Insurance Co.’s Board of Governors approved a 2016 rate package that will lower rates for nearly half of Citizens’ personal lines policyholders. The package will also respond to increased water loss claims and continued inadequate rates for its remaining policyholders along the coast, Citizens said in a release about the approval. The…
Wading into a high-profile issue in the insurance industry, a South Florida appeals court Wednesday sided with contractors who do emergency repair work for homeowners and pursue payments from insurance companies. The controversial issue centers on a practice known as “assignment of benefits,” which involves homeowners signing over insurance-policy benefits to contractors who do work…
The 2015 Atlantic hurricane season opens on Monday, and a combination of a forecast for fewer-than-average storms and the highest level ever of financial resources on hand in Florida to pay claims may help homeowners and businesses there weather fears of a storm. Florida, the riskiest place in the United States for hurricane strikes, has…
Allstate will start insuring drivers who pick up passengers through ride-hailing apps like Uber and Lyft. The insurer said Wednesday that the Ride for Hire policy will cost $15 to $20 a year on average and will provide coverage for drivers who get into accidents while they are on the way to pick up new…
Allstate Corp. is expected to start rolling out insurance for drivers working for app-based car services such as Uber and Lyft, beginning on a limited basis in just a few states this year. While Uber and Lyft, specifically, provide insurance coverage for their drivers while those people are actually transporting passengers or on their way…
Edward Rust Jr. is stepping down as CEO of State Farm Insurance after 30 years leading the nation’s largest home and auto insurer. Another company veteran and alum of Illinois Wesleyan University, Chief Operating Officer Michael Tipsord, will succeed Rust in September, State Farm announced today. Rust, 65, will continue to chair State Farm’s board.…
The Florida Hurricane Catastrophe Fund should have $17 billion available for this Atlantic hurricane season thanks to a lack of hurricanes hitting the state in the past 10 years, reports the Florida Times-Union. “The money is there and it’s in our pocket,” Jack Nicholson, CEO of the Cat Fund, told the Florida Times-Union. Twice a…
Following steady gains from 2009 to 2012, the auto insurance market has reached a plateau as consumers are curbing their insurance shopping, according to the new TransUnion Auto Insurance Shopping Index. “This tells us that despite the fact internet usage continues to rise, consumers are not fundamentally changing how they shop for auto insurance,” says Mark…
ORLANDO: The 2015 Atlantic hurricane season opens on Monday, and a combination of a forecast for fewer-than-average storms and the highest level ever of financial resources on hand in Florida to pay claims may help homeowners and businesses there weather fears of a storm. Florida, the riskiest place in the United States for hurricane strikes,…
Florida regulators issued a memorandum to insurers recently to eliminate the use of something called price optimization. That’s probably an unfamiliar term to most people. It’s interesting that the memo had to define what “price optimization” is in order for insurers to stop doing it. Simply, the memo from the Florida Office of Insurance Regulation…