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Louisiana seeks to strengthen prohibitions on age-triggered premium increases
Proponents argue that the bill is necessary to protect older drivers from unfair rate increases, particularly as Louisiana grapples with high auto insurance premiums. According to the report, the bill has faced opposition from the insurance industry, with the American Property Casualty Insurance Association (APCIA) asserting that it unnecessarily duplicates existing regulations. Source link
California expands FAIR Plan insurance limits amid escalating wildfire risk and market strain
The expansion is a centerpiece of Lara’s “Sustainable Insurance Strategy,” a broad effort to stabilize California’s fractured insurance market amid mounting climate-related losses. In recent years, major carriers have pulled back from insuring properties in wildfire-prone regions, citing escalating claims and regulatory constraints. The FAIR Plan – intended as a backstop for those unable to…
Interboro divestiture finalized as Forza completes deal
“The sale of Interboro formally completes our strategic transformation into a specialty insurer focused on underwriting commercial residential property insurance,” said Brad Martz, president and CEO of American Coastal. “All of our capital and human resources are now fully focused on our core business.” Source link
Fourth & Final Cornerstone: Community
Introducing the final cornerstone of CH Insurances’ Four Cornerstones: Community! 🌟 After embracing Conversation, Collaboration, and Change, we now celebrate what we feel is the heartbeat of CH —Community. This cornerstone is all about building connections that matter, supporting each other, and enriching lives both within and outside our company. Together, we’re more than just…
CopperPoint appoints Kellen Booher as president and COO in planned succession
New exec brings global expertise in underwriting, claims, and digital innovation Source link
Illinois lawmakers question fairness of insurance rates
Kevin Martin, executive director of the Illinois Insurance Association (IIA), said the office has previously introduced legislation aimed at banning the use of underwriting factors like credit scores and age, calling into question the agency’s objectivity. “Putting the wolf in charge of the hen house,” Martin said, referencing the potential conflict of interest. Source link