Driving into the future: Navigating the evolution of auto insurance
Auto insurance is about to undergo a major transformation as artificial intelligence reshapes consumers’ relationship with their coverage.
The latest news, regulation and trends in property & casualty insurance.
Auto insurance is about to undergo a major transformation as artificial intelligence reshapes consumers’ relationship with their coverage.
The possibilities appear to be endless for using generative AI in the property and casualty insurance industry. We asked an expert to bring us up to date.
The triple threat of increased claims severity and frequency, inflation and labor shortages continue to challenge insurers.
from the Kansas Department of Insurance, Commissioner Vicki Schmidt. Many across Kansas have made plans for the arrival of storm season. "If you are underinsured and a storm causes major damage to your property, you could have a nasty surprise when you are stuck paying thousands of dollars out-of-pocket," said Kansas Insurance Commissioner Vicki Schmidt.
Mar. 17— A nationwide TikTok trend that triggered a spike in stolen Hyundai and Kia vehicles two years ago remains a problem for Bibb County law enforcement. According to data from the Bibb County Sheriff's Office, 60 Hyundai and Kia cars were reported stolen in January and February alone, indicating a run of rising thefts in recent years is likely to continue.
In an effort to staunch the exodus of home insurers fleeing the state, California Insurance Commissioner Ricardo Lara on Thursday unveiled a proposal for letting those insurers use computer models of possible future catastrophes to justify rate increases. Insurers use catastrophe models to calculate rates in every other state, but California has instead…
Two longtime South Florida political leaders are pushing a congressional bill they say would immediately lower the cost of homeowner property insurance by about 25% in Florida and across the nation. The Insurance Information Institute, a nonprofit organization funded by large insurers, estimated in 2023 that Florida homes cost $6,000, three times the…
Severe thunderstorms and large hail rolled into the Kansas City area Wednesday night. Large hail, some softball sized, pummeled Kansas City. In both Missouri and Kansas, drivers are required to have basic car insurance— limited liability insurance— which covers incidents where the driver caused harm.
Auto insurance is about to undergo a major transformation as artificial intelligence reshapes consumers’ relationship with their coverage.
The insurance that property owners turn to when everyone else turns them down has hit a new record. In February, the California FAIR Plan wrote more than 15,000 new policies, its president Victoria Roach told lawmakers Wednesday. That was the most ever.
A Florida senate subcommittee unanimously approved a proposed bill that would give the state's Office of Insurance Regulation authority over pet insurance companies doing business in the Sunshine State. Nearly 87 million households— about 66% of all households— own a pet, according to the American Pet Products Association. By the end of 2022, pet insurance…
Mar. 12— The Fire Victim Trust, a settlement fund established out of Pacific Gas& Electric's 2019 bankruptcy, announced Tuesday that it will issue another round of payments to survivors of wildfires sparked by the utility giant. To date, victims have received up to 60% on their claims for homes, businesses and loved ones lost in the 2015 Butte Fire, the 2017 North Bay…
Driving a leased Chevrolet Bolt and having never caused an accident, Mr. Dahl was at a loss. LexisNexis, a data brokerage with a division specializing in auto insurance risk, sent Mr. Dahl a 258- page report upon request, revealing detailed data on over six months of driving— data that he never imagined would be shared. "It felt like a betrayal," Mr. Dahl told the NYT.
Florida home insurance consumers got a mixed bag from the Florida Legislature this year. But a bill allowing surplus lines carriers to take out second-home policies from state-owned Citizens Property Insurance Corp. was approved, which critics say could subject snowbirds to failures by insurers whose policies are not guaranteed by the Florida Insurance…
Florida has more homes at risk of flooding than anywhere else in the nation, yet until this week, it was one of a handful of states that didn’ t require sellers to tell buyers if the property had previously flooded. That changed when the Florida legislature passed the first flood disclosure bill in state history. Currently, Florida does not explicitly require…
Neil Breslin and Assemblyman David Weprin are pushing for passage of a bill that would make staging a construction site accident a class E felony, in order to combat what they call a growing trend of insurance fraud. Speaking at the state Capitol on Tuesday, Breslin, D- Albany, said both individuals and criminal organizations are increasingly using staged…
TAMPA, Fla.– State lawmakers are expected to finalize the state's budget of more than $117 billion on the final day of this year's legislative session. It includes a handful of funding measures to address Florida's spiraling property insurance crisis. It's been nearly a year and a half since Hurricane Ian hit the state and storm damage is still on full display on…
Imagine saving for years to buy your dream house, only to have surging property insurance costs keep homeownership forever out of reach. This is a common problem in Florida, where average insurance premiums cost homeowners an eye-watering US $6,000 a year. And finally, Florida's litigation-friendly environment compounds the issue by making it easy for…
The possibilities appear to be endless for using generative AI in the property and casualty insurance industry. We asked an expert to bring us up to date.
Insurity, the leading provider of cloud software for insurance carriers, brokers, and MGAs, today announced findings from its latest P&C Consumer Pulse survey, spotlighting the most cherished mascots among major P&C insurance brands. Despite the four largest P&C carriers scaling back their advertising budgets in the wake of rising costs— as highlighted in…
Homeowners insurance rates have been on the rise in Nevada, and they aren "t likely to go down this year. A report from Insurance.com- a company that collects data on insurance policies- found that Nevada homeowners insurance rates rose by 7.5 percent in 2023 and have risen by 21 percent since 2018.. Areas in Nevada that are seen as having a higher risk of damages like…
Distracted driving, including texting while driving, is a major contributor to traffic crashes and fatalities. Florida legislators have a chance to make our roads a lot safer. It has passed three House committees and is on the House calendar, awaiting action in the Senate.
OUR POSITION: Two bills that could pass the Legislature any day now would be a blow to those who use Citizens Property Insurance for their second homes in Florida. State lawmakers are ready to take a somewhat desperate leap at trying to discard policies covered by Citizens Property Insurance. Senate Bill 1716 and House Bill 1503 appear to be headed for a vote this…