Thailand plans to provide government-funded disaster insurance to about 30 million households in high-risk areas, while seeking to shift some of the growing cost of floods and other catastrophes to private insurers.
Mike Fiato, EVP and chief claims officer at Allstate, discusses The Allstate Claims University, a hands-on training campus in Dallas to simulate real-world damage situations and give employees practical experience.
Insurance claims tied to subsidence — a phenomenon associated with bouts of hot, dry weather that shrink the soil and destabilize the foundations on which buildings stand — hit a record last quarter, according to data provided by the Association of British Insurers.
Orion180 Insurance Group Inc. filed for an initial public offering, as the company looks to carve out a bigger share of the specialty homeowners and flood insurance market.
The new rules, which apply to about 2 million homes, were mandated by a 2020 state law requiring residents in high-risk wildfire areas to establish an ember-resistant perimeter by removing vegetation and other combustible material within five feet of a dwelling.
Eighty-eight percent of policyholders reported that they want a provider that anticipates coverage problems before they ask, but doesn’t rely solely on AI to do so, according to a new VIU by HUB survey.
A record percentage of homeowners renewing their insurance policy saw their fee decrease, up from 7.4% last year, according to Matic’s mid-year trends report.
Sen. Elizabeth Warren and other senators sent a letter to six insurers challenging their use credit-based insurance scores to determine risk-based pricing.
Florida changed how the legal system applies to insurance companies, making it more onerous for homeowners to use the courts to challenge denied claims or low payouts.
Wealthy areas such as Beverly Hills, Malibu and Bel Air make up an increasingly large portion of the liability exposure — a dynamic that experts fear could bankrupt the program and undermine the private market.
