News Center
News Archives - Insurance Journal
Moody’s RMS Adds to LA Fires Insured Loss Estimates With Range of $20B-$30B
Moody’s RMS Event Response said insured losses for the January 2025 Los Angeles fires will likely fall in the $20 billion to $30 billion range. The Jan. 17 estimate from Moody’s RMS came a day after CoreLogic put out a …
POSTED JANUARY 20, 2025 4:36 PM |
City of London’s Tallest Tower Fully Leased With RiverStone International Deal
The tallest skyscraper in the City of London financial district has reached full occupancy just over four years after it was completed. RiverStone International, a holding company that acquires insurance businesses, has leased the final remaining floor at 22 Bishopsgate, …
POSTED JANUARY 20, 2025 11:38 AM |
Four Canadian Banks Quit Climate Group as Exodus Begun by Wall Street Picks Up
Four of Canada’s biggest banks are leaving the industry’s top climate-finance alliance, joining Wall Street peers and extending an exodus that started in early December. Canadian Imperial Bank of Commerce, Toronto-Dominion Bank, Bank of Montreal and National Bank of Canada …
POSTED JANUARY 20, 2025 11:27 AM |
Red Sea Trade Route to Remain too Risky Even After Gaza Ceasefire: Industry Executives
Companies transporting their products around the world are not ready to return to the Red Sea trade route in the wake of a Gaza ceasefire deal because of uncertainty over whether Yemen’s Houthis will continue to attack shipping, industry executives …
POSTED JANUARY 20, 2025 10:29 AM |
EU Plans Ban on ‘Forever Chemicals’ in Consumer Products
The European Commission intends to propose a ban on the use of PFAS, or “forever chemicals,” in consumer products, with exemptions for essential industrial uses, the EU’s environment chief told Reuters. PFAS, or Perfluoroalkyl and Polyfluoroalkyl Substances, do not break …
POSTED JANUARY 20, 2025 9:52 AM |
Louisiana Citizens Ends Assessment on Property Policies Ahead of Schedule
The Louisiana Citizens Property Insurance Corporation (Louisiana Citizens) Board of Directors voted last week to end the 1.36% assessment it makes on all residential and commercial property insurance policies in the state in April of this year. The assessment, which …
POSTED JANUARY 17, 2025 5:39 PM |
Wisconsin’s Rural Mutual and Badger Mutual Finalize Affiliation Agreement
Rural Mutual Insurance Company and Badger Mutual Insurance Company, with a combined 227 years of providing farm, commercial, and personal policies, have finalized their affiliation agreement based on regulatory approval from the Wisconsin Office of the Commissioner of Insurance (OCI) …
POSTED JANUARY 17, 2025 5:24 PM |
Cleveland City Files Lawsuit to Prevent Browns’ Move to Suburban Dome
Cleveland’s fight to keep the Browns from moving from downtown and into a proposed dome in the suburbs has taken yet another legal turn. The city has filed a lawsuit to stop the NFL team from leaving Cleveland’s lakefront when …
POSTED JANUARY 17, 2025 5:21 PM |
Deere & Co. Accused of Forcing Farmers to Use Authorized Dealers for Equipment Repair
Deere & Co. unfairly forces farmers to visit authorized dealers to repair their equipment, resulting in higher prices than if they could fix it themselves or get help from independent shops, the Federal Trade Commission claims in a federal lawsuit …
POSTED JANUARY 17, 2025 5:16 PM |
CFPB Finds Properties May be Underinsured in Non-Coastal Flood Zones
Homeowners with mortgages who are at risk of flooding from rivers and creeks are more likely to be underinsured for floods than coastal residents, according to a new report from the Consumer Financial Protection Bureau. Using a sample of mortgage …
POSTED JANUARY 17, 2025 5:05 PM |
West News Archives - Insurance Journal
Los Angeles Pushes to Rebuild Homes Fast, Despite Wildfire Danger
California politicians are rushing to make it easier for residents to rebuild their homes incinerated in the Los Angeles firestorms. That means waiving green construction mandates designed to combat climate change — which is driving such conflagrations by making conditions …
POSTED JANUARY 17, 2025 4:31 PM |
California Workers’ Comp Public Self-Insured Losses Rise Despite Claim Volume Decline
Increases in average medical payments and average indemnity payments drove public self-insureds’ total paid losses up last year even though the number of claims fell, a new report shows. The California Workers’ Compensation Institute reviewed the initial report on fiscal …
POSTED JANUARY 17, 2025 6:00 AM |
MGIS Extends Specialized Disability Insurance to Advanced Practice Clinicians
MGIS and Reliance Matrix are extending their disability insurance and specialty coverages to advanced practice clinicians. APCs, such as nurse practitioners and physician assistants, are professionals with advanced education and specialized experience, and are trained and capable of performing many …
POSTED JANUARY 17, 2025 6:00 AM |
Moody’s Says LA Fire May Pose Risk to Southern California Edison
The Eaton Fire in central Los Angeles County poses a potential credit risk to power provider Southern California Edison, which operates electrical lines in the area where the destructive blaze first started, Moody’s Ratings said in a report on Thursday. …
POSTED JANUARY 16, 2025 8:55 PM |
Will California’s FAIR Plan Have Enough Cash for Its Wildfire Claims?
There has been some question about whether California’s insurer of last resort – the FAIR Plan – has enough cash on hand to pay for its share of wildfire claims. As surplus is inadequate and reinsurance has a deductible that …
POSTED JANUARY 16, 2025 4:39 PM |
A Los Angeles Actuary on Lessons From the Palisades Fire
I watched as the skies over my home in Los Angeles turned an apocalyptic orange on January 7, 2025, as wildfires raged across the state. Among the most devastating, the Palisades Fire consumed thousands of acres, leaving a wake of …
POSTED JANUARY 16, 2025 4:16 PM |
Fire-Ravaged LA to See Respite But Danger ‘Not Yet Passed’
The dry, dangerous winds that have kept fire-scarred Los Angeles on edge for days are finally forecast to end — but a lack of rain and another round of winds forecast next week has officials worried. “Things are starting to …
POSTED JANUARY 16, 2025 3:42 PM |
Kuderer Sworn in as Washington Insurance Commissioner
Patty Kuderer was sworn in as Washington’s ninth insurance commissioner on Wednesday. She is one of only 11 elected insurance commissioners in the U.S., and she’s Washington’s first new commissioner in 24 years. Kuderer defeated Republican Phil Fortunato in the …
POSTED JANUARY 16, 2025 6:00 AM |
Trucordia Acquires Insurance Business of Boulder Insurance in Colorado
Trucordia acquired the insurance business of Boulder Insurance Solutions in Colorado. Boulder Insurance Solutions is full-service brokerage in serving small- to mid-sized businesses. Trucordia, formerly PCF Insurance Services, is the group name for the brokerage headquartered in Lindon, Utah.
POSTED JANUARY 16, 2025 6:00 AM |
California Expands Moratorium on Homeowners Insurance Cancellations, Non-Renewals
California Insurance Commissioner Ricardo Lara expanded emergency insurance protections for Southern California homeowners, adding new ZIP Codes to those already under a mandatory one-year moratorium on insurance non-renewals and cancellations. The expanded order shields those within the perimeters or adjoining …
POSTED JANUARY 15, 2025 6:13 PM |
NOTICE: The links and articles found on or within this news center are simply for informational purposes that we believe may be of benefit to our clients and/or website visitors. By providing these links on our website, we are not recommending or endorsing the use of the particular products or services these third parties offer. Nor does Premier Group Insurance confirm, corroborate or agree to the statistics or opinions on these links and articles. We urge you to review each website’s Privacy Policy, Disclaimers, and develop an independent opinion of the service or product for any link pursued.
|