In April, Georgia enacted significant tort reform through Senate Bills 68 and 69, marking the most comprehensive overhaul of the state’s civil litigation system in nearly two decades. Gov. Brian Kemp signed these bills into law, following a legislative session that prioritized legal system reforms aimed at reducing litigation costs and stabilizing insurance premiums.
“Allianz’s first quarter performance and our confirmed outlook underscore our financial strength and resilient business model, which benefits from the attractiveness of our customer value propositions amid geopolitical and economic uncertainty,” he said. “In fact, we view this uncertainty and change as a catalyst for innovation and growth, allowing us to pursue new opportunities and…
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
Regressive actions worsening the nat-cat protection gap While governments, companies, and individuals are taking action on the protection gap, risk management has been inconsistent, Mantero said. He cited high population growth rates in catastrophe-prone areas in the United States, such as Florida, where Hurricane Ian dealt significant inland flooding and damage to communities in 2022….
The case, Gerald J. Candeloro v. Allstate Insurance Co., et al., involves a dispute between Gerald J. Candeloro and Jason Garoppolo, an Allstate agent and owner of the insurer’s Groton, Connecticut franchise. Candeloro, who owns property in Mystic, Connecticut, had consistently purchased a FEMA flood insurance policy for the property through Allstate since 2000. His…
