The case, Xiang Zhao v. State Farm Fire & Casualty Co., 2025 IL App (2d) 240723, began after a hailstorm struck Zhao’s home in Vernon Hills, Illinois, on April 20, 2023. Zhao filed a claim with State Farm, which responded by issuing a payment of $12,677.94 for repairs to gutters, downspouts, and window trim.
He cautioned that if the bill becomes law, insurers will have to reassess risk pricing in Florida, and reinsurers are likely to follow suit. He added that these changes would ultimately impact policyholders through higher premiums, calling the bill a reversal of recent reforms. Source link
The lawsuits come amid growing instability in the state’s property insurance market, where several insurers have scaled back offerings or exited the market altogether, citing increased wildfire risk, rising claims costs, and regulatory constraints. Source link
Under the revised structure, policyholders will receive a 5% credit for fewer than five consecutive years of membership, 10% for at least five but fewer than 10 years, 12.5% for at least 10 but fewer than 15 years, and 15% for at least 15 consecutive years. Source link
For the fourth quarter of 2024, the company reported a net loss of $12.6 million, or $1.30 per share, compared to a net profit of $49.1 million, or $5.07 per share, in the same period of the prior year. The loss was attributed to lower insurance revenues, reduced net investment gains, and a legal reserve…
The request, submitted in February by the North Carolina Rate Bureau, was initially denied by Causey, continuing his long-standing practice of rejecting initial rate hike proposals. The North Carolina Department of Insurance confirmed the hearing timeline in a recent statement. Source link
