A New York Times article this week reported troubles in Iowa and insurers pulling up stakes from the Hawkeye State, leaving the homeowners’ insurance market. The exits were prompted by horrendous financial results driven by off the charts weather patterns. …
Almost one year ago, on May 31, 2023, Florida Gov. Ron DeSantis signed sweeping insurance reform legislation into law. At that time, the Florida insurance market was on life support. Homeowners’ insurance companies, stung by massive losses, were leaving the …
2023 was an unremarkable year for insurers. And that’s a good thing. Insurers and their shareholders prefer boring predictable results over unexpected volatile shocks. Property & casualty insurance company stocks performed relatively well. In 2023 the S&P Å˽ðÁ«´«Ã½Ó³» Stock Index …
Bonnie and Clyde, Ma Barker, Baby Face Nelson and Willie Sutton robbed banks. When asked by a journalist asked why he did, Sutton famously replied “because that’s where the money is.” If banks’ $3.1 trillion in cash and invested assets …
On January 12, Representative Adam Schiff (D-Calif.) introduced a bill, the “Incorporating National Support for Unprecedented Risks and Emergencies (INSURE) Act.” The stated goal of the bill is to “stabilize the home insurance market while ensuring vulnerable communities are not …
The insurance industry faces an image challenge. Plaintiff attorney highway billboards and websites routinely disparage insurance companies as fat, greedy and collusive. One plaintiff law firm website declares that “at the end of the day, the liars, cheats and the …
Property & casualty insurers are remarkably durable. Many of the country’s 2,422 insurers have been in business for over a century. Two – the Å˽ðÁ«´«Ã½Ó³» Company of the State of Pennsylvania and the Philadelphia Contributionship–were formed in the 18th century, …
The temperature of the debate surrounding environmental, social and corporate governance (ESG) is already quite high and continues to rise. Last November, Elon Musk commented, “ESG is the devil.” More recently, in March 2023, Utah State Treasurer Marlo Oaks pronounced …
Last week, a special session of the Louisiana Legislature passed and funded an effort to deter insurance companies from leaving the Pelican State after a raft of hurricanes wreaked havoc on the financials of several insurers, driving some to insolvency. …
California’s destructive Christmas Eve and January storms are a grim reminder that the state is perilously exposed to massive flooding. A paltry 215,000 Californians—less than 2 percent of the state’s homeowners—buy flood insurance, which is excluded in conventional homeowners insurance …
