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- Insurance News Digest 1-15-2025
Insurance News Digest 1-15-2025
Fires in Southern California dominate the insurance news this week. Our hearts go out to those of you in the danger zone.
We deliver the latest insights and developments shaping insurance, focused on insights and opportunities for those who serve the insurance industry. Stay informed on how emerging trends like current events, regulatory changes, AI, and innovative products can help you better serve your clients and partners and drive business growth.
Climate change accelerates risks, outpacing governmental responses, leading to increased premiums and policy non-renewals in high-risk areas.
Analysts estimate that ongoing Los Angeles wildfires may result in up to $30 billion in insured losses, heavily impacting home-insurance providers.
California officials implement a one-year moratorium on policy cancellations in wildfire-affected areas to support impacted residents.
The recent wildfires highlight the need for the insurance industry to adapt to increasing natural disaster risks and reassess coverage strategies.
Forecasted high winds are expected to exacerbate ongoing wildfires in Los Angeles, posing further challenges to containment efforts.
A Florida appeals court upheld a decision limiting assignment of benefits (AOB) agreements, affecting contractors and policyholder advocates.
Mercury General anticipates that losses from the Los Angeles wildfires will exceed its reinsurance retention limit, impacting its financial outlook.
The increasing number of older workers introduces complexities in workers' compensation claims, necessitating adjusters to consider age-related health issues.
Canada experienced its highest-ever insured losses in 2024, totaling C$8.5 billion, due to severe weather events like wildfires and floods.
Despite significant damages from the Los Angeles wildfires, insurers and reinsurers are expected to manage the financial impact without severe strain.
Dashcams provide real-time evidence, leading to a 27% reduction in disputed claims and a 15% decrease in fraudulent insurance claims.
Juan C. Andrade, former CEO of Everest Group, will assume the role of USAA's president and CEO on April 2, succeeding Wayne Peacock.
Advancements in technology are streamlining claims processing, reducing costs, and improving customer satisfaction in the insurance industry.
The Centers for Medicare & Medicaid Services propose a 2.23% increase in Medicare Advantage benchmark payments, amounting to an additional $21 billion for insurers.
U.S. commercial property insurance rates are projected to decrease in the first quarter as insurers adopt selective growth strategies.
The Texas Attorney General has filed a lawsuit against Allstate, alleging the insurer secretly embedded software in mobile apps to collect driver data without consent, using it to adjust insurance rates and sell to third parties.
eBay has signed an agreement to acquire Caramel, an online automotive transaction platform that streamlines vehicle buying and selling by handling paperwork, ownership transfer, financing, and insurance.
In 2024, insured losses from natural catastrophes reached $140 billion globally, the highest since 2017, with hurricanes Milton and Helene being the costliest events.
The commercial insurance sector in 2025 is expected to experience increased capacity, rate stabilization, and a focus on emerging risks, according to industry analysis.
Lincoln-Leavitt Insurance has announced the acquisition of Pyorre Insurance Agency, expanding its presence in California with offices in Lakeport and Fort Bragg.