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Palomar agrees to acquire Texas-based crop insurance MGA AAP
Crop insurance growth in the US Palomar’s expansion into the crop segment follows growth trends and projections within the market. In 2024, farmers and ranchers invested over $6 billion to purchase approximately 2.4 million crop insurance policies, providing $159 billion in protection against weather and market losses. This coverage spanned over 543 million acres, representing…
State Farm confirms $2.45 billion claims payout after LA wildfires
Catastrophic events during the prior year had a substantial impact, with the company paying out approximately $11.4 billion in catastrophe-related claims during the year. For instance, in mid-July 2024, severe convective storms across several states resulted in about 14,000 claims filed with State Farm. Source link
NICB warns about potential fraud schemes in severe weather-prone states
Charlie Worsham, NICB’s regional director in the Southeast region, said spring weather systems can result in catastrophic weather events like the tornados, thunderstorms, and wildfires seen across Arkansas, Missouri, Ohio, the Tennessee Valleys, South Carolina, and Oklahoma. He warned that some contractors may promise help, ask for the assignment of benefits, and after being paid,…
Secure your spot as a Top Insurance Employer in 2025
Nominations for Insurance Business’ search for the best employers ends soon Source link
Arkansas passes bill to create captive insurer for public education
State-owned solution aims to offset costly premiums and expand coverage Source link
Stop whining Californians – your home insurance is cheap
This imbalance masks a more concerning trend. As Sean Kevelighan, CEO of the Insurance Information Institute (Triple-I), noted, “Insurers have sounded the alarm… but change has been slow and the consequences are now clear.” According to Triple-I, the state’s regulations, though well-intentioned, have limited insurers’ ability to cover reinsurance costs and accurately price for wildfire…